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>The resilience of Asian earnings is surprising.  Consensus 2026 EPS estimate of Asia-ex-Japan (Factset Market Index) is up 3% over the past month and 10% over the past 3 months.</li>
<li>29 market-sectors have had robust upgrades over 1-month, 3-month and 6-month timeframes. Energy and basic materials and the prominent AI beneficiaries, Korean and Taiwanese tech, figure prominently among earnings gainers.</li>
<li>Among the earnings winners, nine sectors have declined significantly since the beginning of the war. The HK/Chinese, Korean and Indonesian basic materials and Korean financials and Thai communications stand out.</li>
</ul>


The resilience of Asian earnings is surprising.  Consensus 2026 EPS estimate of Asia-ex-Japan (Factset Market Index) is up 3% over the past month and 10% over the past 3 months.
29 market-sectors have had robust upgrades over 1-month, 3-month and 6-month timeframes. Energy and basic materials and the prominent AI beneficiaries, Korean and Taiwanese tech, figure prominently among earnings gainers.
Among the earnings winners, nine sectors have declined significantly since the beginning of the war. The HK/Chinese, Korean and Indonesian basic materials and Korean financials and Thai communications stand out.


Asian Equities: Higher Earnings Estimates, Lower Stock Prices - Nine Notable Sectors

<ul>
<li>Since the beginning of the Iran War, the MSCI Asia ex Japan index has declined 12%. But remarkably, consensus EPS estimate for Asia ex Japan has increased 1.42%.</li>
<li>The earnings upgrades are led by Korea, Indonesia, Taiwan and China. Technology, energy, process industries and basic materials figure prominently among the top 20 sectors with upgrades.</li>
<li>Consumer services and retail figure prominently among the sectors with largest downgrades. Analysts seem complacent about disruption to tech hardware, process industries and basic materials from energy and input shortages.</li>
</ul>


Since the beginning of the Iran War, the MSCI Asia ex Japan index has declined 12%. But remarkably, consensus EPS estimate for Asia ex Japan has increased 1.42%.
The earnings upgrades are led by Korea, Indonesia, Taiwan and China. Technology, energy, process industries and basic materials figure prominently among the top 20 sectors with upgrades.
Consumer services and retail figure prominently among the sectors with largest downgrades. Analysts seem complacent about disruption to tech hardware, process industries and basic materials from energy and input shortages.


Asian Equities: Notwithstanding the Global Turmoil, EPS Estimates Are Surprisingly Strong

<ul>
<li>Asia's dependence on Middle Eastern energy and the Strait of Hormuz transit route has driven immense share price volatility - especially in Korea, Japan and pockets of ASEAN.  </li>
<li>The top winners and top losers across market-sectors indicate that the market is most worried about input shortage across industries and potential demand destruction driven by heightened inflation expectation.</li>
<li>Manufacturing sectors and consumer proxies across Asia could continue to underperform if the conflict lingers. Energy, high dividend yield, precious metals and developed Asia financials could be the safe havens.</li>
</ul>


Asia's dependence on Middle Eastern energy and the Strait of Hormuz transit route has driven immense share price volatility - especially in Korea, Japan and pockets of ASEAN.  
The top winners and top losers across market-sectors indicate that the market is most worried about input shortage across industries and potential demand destruction driven by heightened inflation expectation.
Manufacturing sectors and consumer proxies across Asia could continue to underperform if the conflict lingers. Energy, high dividend yield, precious metals and developed Asia financials could be the safe havens.


Asian Equities: What's Being Discounted Now, After the Carnage?

Pan-Asia Tactical Market Calls (Quant-Driven), MRM Research

Nico Rosti

Pan-Asia Tactical Market Calls (Quant-Driven)

MRM Research

Quantitative Research

Equity Derivatives

Contemporary Amperex Technology (CATL) / Equity Derivatives

Contemporary Amperex Technology (CATL) (300750 CH)

<ul>
<li>WEEKLY tactical global macro recap/analysis for several markets and stocks we track, grouped by sector.</li>
<li>We apply our quantitative models to each instrument's trend, to determine which stocks/markets are just starting a trend, are in the middle of it, or are about to end it.</li>
<li>
<strong>Most overbought</strong>:  Nikkei 225, Hanwha Solutions (009830 KS), Tokyo Electron (8035 JP), Advantest Corp (6857 JP)<strong> Most oversold</strong>: NIFTY, CATL (300750 CH), GLD, Zijin Mining, Nippon Steel Corporation (5401 JP)</li>
</ul>


WEEKLY tactical global macro recap/analysis for several markets and stocks we track, grouped by sector.
We apply our quantitative models to each instrument's trend, to determine which stocks/markets are just starting a trend, are in the middle of it, or are about to end it.

Most overbought:  Nikkei 225, Hanwha Solutions (009830 KS), Tokyo Electron (8035 JP), Advantest Corp (6857 JP) Most oversold: NIFTY, CATL (300750 CH), GLD, Zijin Mining, Nippon Steel Corporation (5401 JP)


WEEKLY Tactical Recap | Asymmetric Setup: CATL, Advantest Corp, Tokyo Electron, Zijin Mining, NIFTY

Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

Shenton Research

Shenton Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Quantitative Analysis

<ul>
<li>We analyzed the latest HK SFC report for aggregate short position as of Sep 25th.</li>
<li>Top short increases and decreases were tabulated for one week and four week period.</li>
<li>We highlight short changes in Zijin Gold Intl, Alibaba, CCB, Trip.Com, Meituan, BOC, Wuxi Apptec, Wanguo Gold Gp.</li>
</ul>


We analyzed the latest HK SFC report for aggregate short position as of Sep 25th.
Top short increases and decreases were tabulated for one week and four week period.
We highlight short changes in Zijin Gold Intl, Alibaba, CCB, Trip.Com, Meituan, BOC, Wuxi Apptec, Wanguo Gold Gp.


HK Short Interest Weekly: Zijin Gold Intl, Alibaba, CCB, Trip.Com, Meituan, BOC, Wuxi Apptec

China

Zijin Mining Group Company Limited operates metal mineral resources exploration and mining businesses. The Company produces gold, copper, zinc, iron, and other base metals. Zijin Mining Group also conducts metal trade and investment businesses domestically and internationally.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Zijin Mining Group (601899 CH)

Asian Equities: Higher Earnings Estimates, Lower Stock Prices - Nine Notable Sectors

Asian earnings are remarkably resilient. Consensus 26 EPS est up 3% last month & 10% in past 3 months. Shares of 9 EPS gainers dropped sharply. HK...

Manishi Raychaudhuri

Asian Equities: Notwithstanding the Global Turmoil, EPS Estimates Are Surprisingly Strong

MXASJ has dived 12% during the Iran War. But Asian EPS est is up 1.42%, led by KR, Indo, TW, CN. Analysts are more worried abt demand destruction...

Manishi Raychaudhuri

Asian Equities: What's Being Discounted Now, After the Carnage?

Asia's equity volatility is driven by its reliance on ME energy. Top worries are about input shortages & demand destruction. Safe havens: Energy,...

Manishi Raychaudhuri

WEEKLY Tactical Recap | Asymmetric Setup: CATL, Advantest Corp, Tokyo Electron, Zijin Mining, NIFTY

Weekly Macro Tactical Recap | Asymmetric Setups - Quantitative models tracking momentum extremes across Asian/Global equities and commodities to...

Nico Rosti

HK Short Interest Weekly: Zijin Gold Intl, Alibaba, CCB, Trip.Com, Meituan, BOC, Wuxi Apptec

We analyzed the latest HK SFC report for aggregate short position as of Sep 25th and highlight short interest changes in Zijin Gold Intl (2259 HK),...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Asian Equities: Higher Earnings Estimates, Lower Stock Prices - Nine Notable Sectors

​Asian earnings are remarkably resilient. Consensus 26 EPS est up 3% last month & 10% in past 3 months. Shares of 9 EPS gainers dropped sharply. HK...

Manishi Raychaudhuri

Asian Equities: Notwithstanding the Global Turmoil, EPS Estimates Are Surprisingly Strong

​MXASJ has dived 12% during the Iran War. But Asian EPS est is up 1.42%, led by KR, Indo, TW, CN. Analysts are more worried abt demand destruction...

Manishi Raychaudhuri

Asian Equities: What's Being Discounted Now, After the Carnage?

​Asia's equity volatility is driven by its reliance on ME energy. Top worries are about input shortages & demand destruction. Safe havens: Energy,...

Manishi Raychaudhuri

WEEKLY Tactical Recap | Asymmetric Setup: CATL, Advantest Corp, Tokyo Electron, Zijin Mining, NIFTY

Weekly Macro Tactical Recap | Asymmetric Setups - Quantitative models tracking momentum extremes across Asian/Global equities and commodities to...

Nico Rosti

HK Short Interest Weekly: Zijin Gold Intl, Alibaba, CCB, Trip.Com, Meituan, BOC, Wuxi Apptec

We analyzed the latest HK SFC report for aggregate short position as of Sep 25th and highlight short interest changes in Zijin Gold Intl (2259 HK),...

Ke Yan, CFA, FRM

Asian earnings are remarkably resilient. Consensus 26 EPS est up 3% last month & 10% in past 3 months. Shares of 9 EPS gainers dropped sharply. HK...

MXASJ has dived 12% during the Iran War. But Asian EPS est is up 1.42%, led by KR, Indo, TW, CN. Analysts are more worried abt demand destruction...

Asia's equity volatility is driven by its reliance on ME energy. Top worries are about input shortages & demand destruction. Safe havens: Energy,...