Chief Executive Officer, Emmer Capital Partners Limited

Manishi Raychaudhuri

Chief Executive Officer

Emmer Capital Partners Limited

Emmer Capital Partners is an Asia Pacific focused financial advisory firm engaging in strategic financial asset allocation advice, bespoke thematic research and advising early-stage companies and connecting them to investors. Emmer Capital provides macro-economic and multi-asset investment strategy inputs to institutions, family offices, private wealth managers, private equity, and corporate boards directly and through independent research platforms. Emmer Capital also advises a wide range of startup companies on fund raising and business strategy. Emmer Capital's active engagement with the print and electronic media reaches a broad spectrum of investors across the globe.

Cross Asset Strategy

<ul>
<li>Near the end of the earnings reporting season, our earnings estimate tracker identified 11 robust earnings estimate gainers - with consensus EPS estimates up across 3-month and 6-month time horizons.</li>
<li>Onshore China communications and financials, HK technology, Korean and Singapore financials are the prominent "winner" sectors. Five other ASEAN sectors also figure on the list. </li>
<li>Earlier, in June, we detected 16 "consistent winner" market-sectors. The earnings environment has deteriorated slightly. Of the prominent stocks, Tencent, Hana Financials and DBS Group figure in our Model Portfolio.</li>
</ul>


Near the end of the earnings reporting season, our earnings estimate tracker identified 11 robust earnings estimate gainers - with consensus EPS estimates up across 3-month and 6-month time horizons.
Onshore China communications and financials, HK technology, Korean and Singapore financials are the prominent "winner" sectors. Five other ASEAN sectors also figure on the list. 
Earlier, in June, we detected 16 "consistent winner" market-sectors. The earnings environment has deteriorated slightly. Of the prominent stocks, Tencent, Hana Financials and DBS Group figure in our Model Portfolio.


Asian Equities: Eleven Robust Earnings Gainers Post Reporting Season

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

<ul>
<li>Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.</li>
<li>On the IPO front, there was a lack of fireworks from last week's listing. This week might have some better luck.</li>
<li>On the placements front, there was no dearth of deals with raisings across the region.</li>
</ul>


Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
On the IPO front, there was a lack of fireworks from last week's listing. This week might have some better luck.
On the placements front, there was no dearth of deals with raisings across the region.


ECM Weekly (25 August 2025)- Hansoh, Daiichi, IFAST, Guzman, Vikram, Shuandeng, Jiaxin, Forest, Aux

Derivatives and Quantitative Strategist

Gaudenz Schneider

Equity Derivatives

<ul>
<li>
Context: Volatility cones chart implied volatility against historical percentiles across the term structure, providing a clear framework to evaluate whether options are trading cheap or rich.</li>
<li>
Highlight: Several high-profile HK stocks currently show historically cheap implied volatility. With some of them trading near 52-week highs, now may be an opportune time to hedge.</li>
<li>
Why Read: Spot opportunities, assess regime shifts, and manage risk effectively — volatility cones turn complex data into actionable insights for traders and investors.</li>
</ul>



Context: Volatility cones chart implied volatility against historical percentiles across the term structure, providing a clear framework to evaluate whether options are trading cheap or rich.

Highlight: Several high-profile HK stocks currently show historically cheap implied volatility. With some of them trading near 52-week highs, now may be an opportune time to hedge.

Why Read: Spot opportunities, assess regime shifts, and manage risk effectively — volatility cones turn complex data into actionable insights for traders and investors.


Volatility Cones: Opportunities Across 8 Hong Kong Stocks

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Index Rebalance

<ul>
<li>
<a href="https://www.smartkarma.com/entities/china-telecom-corp-ltd-h" target="_blank" data-smartkarma-citation="entities:1015:1" rel="noopener">China Telecom (H) (728 HK)</a>, <a href="https://www.smartkarma.com/entities/jd-logistics-inc" target="_blank" data-smartkarma-citation="entities:31500:1" rel="noopener">JD Logistics (2618 HK)</a> and <a href="https://www.smartkarma.com/entities/pop-mart-international-group-l" target="_blank" data-smartkarma-citation="entities:29016:1" rel="noopener">Pop Mart (9992 HK)</a> will be added to the <a href="https://www.smartkarma.com/entities/hong-kong-hang-seng-index" target="_blank" data-smartkarma-citation="entities:22899:1" rel="noopener">Hang Seng Index (HSI INDEX)</a> at the close on 5 September.</li>
<li>Estimated one-way turnover is 2.5% and the estimated round-trip trade is HK$11.25bn (US$1.44bn). The official capping will be done based on closing prices from 2 September.</li>
<li>At 88 constituents, we near the 100-index member target. The target is likely to be reached by early-2027 - maybe 2026 given mainland companies listing of H-shares on the <a href="https://www.smartkarma.com/entities/hong-kong-exchanges-clearing" target="_blank" data-smartkarma-citation="entities:490:1" rel="noopener">HKEX</a>.</li>
</ul>



China Telecom (H) (728 HK), JD Logistics (2618 HK) and Pop Mart (9992 HK) will be added to the Hang Seng Index (HSI INDEX) at the close on 5 September.
Estimated one-way turnover is 2.5% and the estimated round-trip trade is HK$11.25bn (US$1.44bn). The official capping will be done based on closing prices from 2 September.
At 88 constituents, we near the 100-index member target. The target is likely to be reached by early-2027 - maybe 2026 given mainland companies listing of H-shares on the HKEX.


Hang Seng Index (HSI) Rebalance: Pop Mart, China Telecom, JD Logistics Added to Get to 88 Members

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>On Friday 22 August, the Hang Seng Index team announced the changes to the Hang Seng Index for the September 2025 rebalance. That takes us to 88 constituents. </li>
<li>There were three ADDs - <a href="https://www.smartkarma.com/entities/pop-mart-international-group-l" target="_blank" data-smartkarma-citation="entities:29016:1" rel="noopener">Pop Mart (9992 HK)</a> and <a href="https://www.smartkarma.com/entities/jd-logistics-inc" target="_blank" data-smartkarma-citation="entities:31500:1" rel="noopener">JD Logistics (2618 HK)</a> were expected. <a href="https://www.smartkarma.com/entities/china-telecom-corp-ltd-h" target="_blank" data-smartkarma-citation="entities:1015:1" rel="noopener">China Telecom (H) (728 HK)</a> was in our LOW conviction ranks but added.</li>
<li>It's not big at US$1.3bn to trade, but we have until 2 Sep to see capping or funding changes and the event will be effective 5 September at the close.</li>
</ul>


On Friday 22 August, the Hang Seng Index team announced the changes to the Hang Seng Index for the September 2025 rebalance. That takes us to 88 constituents. 
There were three ADDs - Pop Mart (9992 HK) and JD Logistics (2618 HK) were expected. China Telecom (H) (728 HK) was in our LOW conviction ranks but added.
It's not big at US$1.3bn to trade, but we have until 2 Sep to see capping or funding changes and the event will be effective 5 September at the close.


[Quiddity Index] Sep25 Hang Seng Index Review Announced; 3 ADDs, Now 88 Names

China

Tencent Holdings Limited operates as an investment holding company. The Company, through its subsidiaries, provides Internet and mobile value-added services (VAS), online advertising, and e-commerce transactions. Tencent Holdings offers services to users worldwide.

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Tencent Holdings (ADR) (TCEHY US)

Asian Equities: Eleven Robust Earnings Gainers Post Reporting Season

Eleven sectors show robust earnings estimate gains, with CN communications, HK technology, Korean & SGP financials leading the way. Tencent, Hana...

Manishi Raychaudhuri

ECM Weekly (25 August 2025)- Hansoh, Daiichi, IFAST, Guzman, Vikram, Shuandeng, Jiaxin, Forest, Aux

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

Volatility Cones: Opportunities Across 8 Hong Kong Stocks

Spot opportunities and manage risk in HK stocks reporting soon: Meituan (27 Aug), Ping An Ins. (27 Aug), Alibaba (29 Aug), BYD (29 Aug). Several...

Gaudenz Schneider

Hang Seng Index (HSI) Rebalance: Pop Mart, China Telecom, JD Logistics Added to Get to 88 Members

Pop Mart, JD Logistics, China Telecom added to get to 88 index members. Estimated one-way turnover is 2.5% and the round-trip trade is HK$11.25bn....

Brian Freitas

[Quiddity Index] Sep25 Hang Seng Index Review Announced; 3 ADDs, Now 88 Names

The Hang Seng Index adds 3 names getting us to 88 names. 12 more to go to 100 but still missing healthcare names. Telecom and JD Logistics are the...

Travis Lundy

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Asian Equities: Eleven Robust Earnings Gainers Post Reporting Season

​Eleven sectors show robust earnings estimate gains, with CN communications, HK technology, Korean & SGP financials leading the way. Tencent, Hana...

Manishi Raychaudhuri

ECM Weekly (25 August 2025)- Hansoh, Daiichi, IFAST, Guzman, Vikram, Shuandeng, Jiaxin, Forest, Aux

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

Volatility Cones: Opportunities Across 8 Hong Kong Stocks

Spot opportunities and manage risk in HK stocks reporting soon: Meituan (27 Aug), Ping An Ins. (27 Aug), Alibaba (29 Aug), BYD (29 Aug). Several...

Gaudenz Schneider

Hang Seng Index (HSI) Rebalance: Pop Mart, China Telecom, JD Logistics Added to Get to 88 Members

Pop Mart, JD Logistics, China Telecom added to get to 88 index members. Estimated one-way turnover is 2.5% and the round-trip trade is HK$11.25bn....

Brian Freitas

[Quiddity Index] Sep25 Hang Seng Index Review Announced; 3 ADDs, Now 88 Names

The Hang Seng Index adds 3 names getting us to 88 names. 12 more to go to 100 but still missing healthcare names. Telecom and JD Logistics are the...

Travis Lundy

Eleven sectors show robust earnings estimate gains, with CN communications, HK technology, Korean & SGP financials leading the way. Tencent, Hana...