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>Combination of concerns about Fed rate trajectory, AI capex monetization, Chinese growth slowdown and Japanese Yen carry trade unwinding brought the US and Asian markets 4-5% down since late October.</li>
<li>Expensive valuations are now justifiably correcting. Notwithstanding worries about a December cut, the interest rate trajectory remains resolutely downwards. Asian disinflation offers several central banks further room for monetary easing. </li>
<li>AI capex monetization worries will wax and wane. But Asian AI enablers' cash flows seem safe and valuations inexpensive. Corporate earnings environment is solid in US and recovering in Asia.</li>
</ul>


Combination of concerns about Fed rate trajectory, AI capex monetization, Chinese growth slowdown and Japanese Yen carry trade unwinding brought the US and Asian markets 4-5% down since late October.
Expensive valuations are now justifiably correcting. Notwithstanding worries about a December cut, the interest rate trajectory remains resolutely downwards. Asian disinflation offers several central banks further room for monetary easing. 
AI capex monetization worries will wax and wane. But Asian AI enablers' cash flows seem safe and valuations inexpensive. Corporate earnings environment is solid in US and recovering in Asia.


Asian Equities: A Correction, Not a Bear Market; Rates Still Falling and Earnings Are Catching Up

<ul>
<li>Breadth of Asian market-sectors with robust earnings estimate upgrades improved remarkably. We spot 24 with upgrades over the past 1-month, 3-months and 6-months. Couple of weeks ago there were 18.</li>
<li>The new sectors that joined the list from our previous study are Chinese technology services, Korean utilities, Indian energy, Malaysian consumer durables and financials and Philippines basic materials.</li>
<li>Across Asia, basic materials, financials and electronic technology are prominent earnings gainers. They are driving upgrades in the US also. The AI capex and base metal demand themes seem robust.</li>
</ul>


Breadth of Asian market-sectors with robust earnings estimate upgrades improved remarkably. We spot 24 with upgrades over the past 1-month, 3-months and 6-months. Couple of weeks ago there were 18.
The new sectors that joined the list from our previous study are Chinese technology services, Korean utilities, Indian energy, Malaysian consumer durables and financials and Philippines basic materials.
Across Asia, basic materials, financials and electronic technology are prominent earnings gainers. They are driving upgrades in the US also. The AI capex and base metal demand themes seem robust.


Asian Equities: Strong Step-Up in Earnings Environment. 24 Market-Sectors Show Robust EPS Upgrades

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Equity Capital Markets

Kioxia Holdings  / Equity Capital Markets

<ul>
<li>Bloomberg reports that Bain Capital is selling 36.0 million <a href="https://www.smartkarma.com/entities/kioxia-holdings-corp" target="_blank" data-smartkarma-citation="entities:29243:1" rel="noopener">Kioxia Holdings (285A JP)</a> shares through a block trade. IFR reports that the offering is worth up to JPY330 billion (US$2.1 billion).</li>
<li>The offering is unsurprising given the shares are up around 7x since the IPO. The offering is easily digestible as it represents 2.7 days of the average ADV since listing.</li>
<li>Kioxia is anticipated to return to growth in 3Q, and the underlying margin is recovering from recent lows. However, Kioxia’s EV/EBITDA multiple is full compared to peers and historical ranges. </li>
</ul>


Bloomberg reports that Bain Capital is selling 36.0 million Kioxia Holdings (285A JP) shares through a block trade. IFR reports that the offering is worth up to JPY330 billion (US$2.1 billion).
The offering is unsurprising given the shares are up around 7x since the IPO. The offering is easily digestible as it represents 2.7 days of the average ADV since listing.
Kioxia is anticipated to return to growth in 3Q, and the underlying margin is recovering from recent lows. However, Kioxia’s EV/EBITDA multiple is full compared to peers and historical ranges. 


Kioxia (285A JP): Bain’s US$2.1 Billion Selldown

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.

<ul>
<li>Bain aims to raise around US$2bn via selling around 6% of its stake in <a href="https://www.smartkarma.com/entities/kioxia-holdings-corp" target="_blank" data-smartkarma-citation="entities:29243:1" rel="noopener">Kioxia Holdings (285A JP)</a>. The IPO linked lockup on its shareholding had expired in Jun 2025.</li>
<li>Kioxia is a manufacturer and a global leader in flash memory and solid state drives for smartphones, PCs, enterprise servers and data centers.</li>
<li>In this note, we will talk about deal dynamics and run the deal through our ECM framework.</li>
</ul>


Bain aims to raise around US$2bn via selling around 6% of its stake in Kioxia Holdings (285A JP). The IPO linked lockup on its shareholding had expired in Jun 2025.
Kioxia is a manufacturer and a global leader in flash memory and solid state drives for smartphones, PCs, enterprise servers and data centers.
In this note, we will talk about deal dynamics and run the deal through our ECM framework.


Kioxia Placement - US$2bn Deal, Relatively Small, Index Upweight but the Shares Have Runup

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/kioxia-holdings-corp" target="_blank" data-smartkarma-citation="entities:29243:1" rel="noopener">Kioxia Holdings (285A JP)</a> raised around US$800m (including over-allocation) in its Japan IPO, after pricing its IPO in the middle of its range. Its IPO linked lockup will expire soon.</li>
<li>Kioxia is a manufacturer and a global leader in flash memory and solid state drives for smartphones, PCs, enterprise servers and data centers.</li>
<li>In this note, we will talk about the lock-up dynamics and updates since our last note.</li>
</ul>



Kioxia Holdings (285A JP) raised around US$800m (including over-allocation) in its Japan IPO, after pricing its IPO in the middle of its range. Its IPO linked lockup will expire soon.
Kioxia is a manufacturer and a global leader in flash memory and solid state drives for smartphones, PCs, enterprise servers and data centers.
In this note, we will talk about the lock-up dynamics and updates since our last note.


Kioxia IPO Lockup Expiry - US$6.7bn Release, with Shareholders Eager to Sell

South Korea

Samsung Electronics Co., Ltd. manufactures a wide range of consumer and industrial electronic equipment and products such as semiconductors, personal computers, peripherals, monitors, televisions, and home appliances including air conditioners and microwave ovens. The Company also produces Internet access network systems and telecommunications equipment including mobile phones.

Samsung Electronics Pref Shares (005935 KS)

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Samsung Electronics Pref Shares (005935 KS)

Asian Equities: A Correction, Not a Bear Market; Rates Still Falling and Earnings Are Catching Up

Markets bottomed out over 20-24 Nov. Since then S&P500 is up 5.2%, HSI is up 3.2% & KOSPI is up 4.2%. Predictably, the USD (DXY) is down c1%. The...

Manishi Raychaudhuri

Asian Equities: Strong Step-Up in Earnings Environment. 24 Market-Sectors Show Robust EPS Upgrades

24 Asian market-sectors see EPS est upgrades over past 1-month, 3-month & 6-month. Couple of weeks ago there were 18. Basic materials, financials...

Manishi Raychaudhuri

Kioxia (285A JP): Bain’s US$2.1 Billion Selldown

The offering is unsurprising given the shares are up around 7x since the IPO and easily digestible as it represents 2.7 days of the average ADV...

Arun George

Kioxia Placement - US$2bn Deal, Relatively Small, Index Upweight but the Shares Have Runup

Bain aims to raise around US$2bn via selling around 6% of its stake in Kioxia Holdings (285A JP). The IPO linked lockup on its shareholding had...

Sumeet Singh

Kioxia IPO Lockup Expiry - US$6.7bn Release, with Shareholders Eager to Sell

Bain is now looking to sell some of its stake in Kioxia after a recent surge in the stock price. It will sell part of its holdings to raise around...

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

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Asian Equities: A Correction, Not a Bear Market; Rates Still Falling and Earnings Are Catching Up

Markets bottomed out over 20-24 Nov. Since then S&P500 is up 5.2%, HSI is up 3.2% & KOSPI is up 4.2%. Predictably, the USD (DXY) is down c1%. The...

Manishi Raychaudhuri

Asian Equities: Strong Step-Up in Earnings Environment. 24 Market-Sectors Show Robust EPS Upgrades

​24 Asian market-sectors see EPS est upgrades over past 1-month, 3-month & 6-month. Couple of weeks ago there were 18. Basic materials, financials...

Manishi Raychaudhuri

Kioxia (285A JP): Bain’s US$2.1 Billion Selldown

The offering is unsurprising given the shares are up around 7x since the IPO and easily digestible as it represents 2.7 days of the average ADV...

Arun George

Kioxia Placement - US$2bn Deal, Relatively Small, Index Upweight but the Shares Have Runup

Bain aims to raise around US$2bn via selling around 6% of its stake in Kioxia Holdings (285A JP). The IPO linked lockup on its shareholding had...

Sumeet Singh

Kioxia IPO Lockup Expiry - US$6.7bn Release, with Shareholders Eager to Sell

Bain is now looking to sell some of its stake in Kioxia after a recent surge in the stock price. It will sell part of its holdings to raise around...

Sumeet Singh

24 Asian market-sectors see EPS est upgrades over past 1-month, 3-month & 6-month. Couple of weeks ago there were 18. Basic materials, financials...