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.

Equity Bottom-Up

<ul>
<li>Consistent compounders, stocks with steady earnings growth and excess returns over a long period of time, are difficult to find. It's even more difficult to find reasonably valued compounders.</li>
<li>From the universe of large Asian companies, we screen those with steady profit growth (&gt;10%) and excess returns in each of last 10 years and over next three forecast years.</li>
<li>Our list of 20 inexpensive compounders comprises 10 from onshore China, 5 from HK, 3 from India and 1 each from Japan and the Philippines.</li>
</ul>


Consistent compounders, stocks with steady earnings growth and excess returns over a long period of time, are difficult to find. It's even more difficult to find reasonably valued compounders.
From the universe of large Asian companies, we screen those with steady profit growth (&gt;10%) and excess returns in each of last 10 years and over next three forecast years.
Our list of 20 inexpensive compounders comprises 10 from onshore China, 5 from HK, 3 from India and 1 each from Japan and the Philippines.


Asian Equities: Twenty Inexpensive Consistent Compounders

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

Vishal Mega Mart / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/vishal-mega-mart" target="_blank" data-smartkarma-citation="entities:44041:1" rel="noopener">Vishal Mega Mart</a> is planning to raise around US$950m through its upcoming IPO in India.</li>
<li>Vishal Mega Mart Limited (VMM), is a one-stop retail destination. As per the company it targets middle and lower-middle income consumers across India</li>
<li>We have looked at the company’s past performance in our previous notes. In this note, we will talk about the IPO valuations.</li>
</ul>



Vishal Mega Mart is planning to raise around US$950m through its upcoming IPO in India.
Vishal Mega Mart Limited (VMM), is a one-stop retail destination. As per the company it targets middle and lower-middle income consumers across India
We have looked at the company’s past performance in our previous notes. In this note, we will talk about the IPO valuations.


Vishal Mega Mart IPO - Showcasing the Wrong Peers, Somewhat Limited Upside

Kioxia Holdings  / 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,  the deal flow doesn't seem to be slowing down much into the year end. The coming two weeks will see some of the past IPOs listing.</li>
<li>On the placements front, <a href="https://www.smartkarma.com/entities/goodman-group" target="_blank" data-smartkarma-citation="entities:959:1" rel="noopener">Goodman Group (GMG AU)</a>'s block trade was hogging all of the limelight this week. </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,  the deal flow doesn't seem to be slowing down much into the year end. The coming two weeks will see some of the past IPOs listing.
On the placements front, Goodman Group (GMG AU)'s block trade was hogging all of the limelight this week. 


ECM Weekly (9th Dec 2024) - Goodman, Auckland Airport, Kioxia, MNC, DIY, Vishal Mega, Mao Geping

<ul>
<li>
<a href="https://www.smartkarma.com/entities/vishal-mega-mart" target="_blank" data-smartkarma-citation="entities:44041:1" rel="noopener">Vishal Mega Mart</a> is planning to raise around US$950m through its upcoming IPO in India.</li>
<li>Vishal Mega Mart Limited (VMM), is a one-stop retail destination. As per the company it targets middle and lower-middle income consumers across India</li>
<li>In this note, we talk about the not-so-good aspects of the deal.</li>
</ul>



Vishal Mega Mart is planning to raise around US$950m through its upcoming IPO in India.
Vishal Mega Mart Limited (VMM), is a one-stop retail destination. As per the company it targets middle and lower-middle income consumers across India
In this note, we talk about the not-so-good aspects of the deal.


Vishal Mega Mart Pre-IPO - The Negatives - No Online Presence, PE Overhang

Head of Trading/ Partner, AceGama Advisors

Sankalp Singh

Head of Trading/ Partner

Proprietary Trading Desk

AceGama Advisors

Trading desk specializing in the Listed & OTC options strategies for risk management & investment purposes.

Equity Derivatives

<ul>
<li>IV PercentRank metrics indicate middle-of-the-range Risk Premia. "High &amp; Down" vol-state persists for the Vol Regime-Switching model.   </li>
<li>Front-End IVs battered  as Weekly options expire prior to Friday's tier-1 event risks. IVs marked down -3.6 vols. </li>
<li>IV Term-Structure shifts drastically - from Backwardation to Kinked-Shape. Year-end calendar effects causing Vol-surface distortions.</li>
</ul>


IV PercentRank metrics indicate middle-of-the-range Risk Premia. "High &amp; Down" vol-state persists for the Vol Regime-Switching model.   
Front-End IVs battered  as Weekly options expire prior to Friday's tier-1 event risks. IVs marked down -3.6 vols. 
IV Term-Structure shifts drastically - from Backwardation to Kinked-Shape. Year-end calendar effects causing Vol-surface distortions.


EQD / NSE Vol Update / Front-End IVs Battered as Wkly. Expiry Date Misses Out on Tier-1 Event Risks.

India

HDFC Bank Ltd. offers a wide range of services to the global corporate sector. The Bank provides corporate banking and custodial services and is active in the treasury and capital markets. HDFC also markets project advisory services and capital market products such as Global Deposit Receipts, Euro currency loans, and Euro currency bonds.

Price Gauge
52-week Range	0.00 - 0.00
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HDFC Bank (HDFCB IN)

Asian Equities: Twenty Inexpensive Consistent Compounders

Finding consistent compounders with steady earnings growth and excess returns is challenging, especially those that are reasonably valued. We...

Manishi Raychaudhuri

Vishal Mega Mart IPO - Showcasing the Wrong Peers, Somewhat Limited Upside

Vishal Mega Mart is planning to raise around US$950m through its upcoming IPO in India. In this note, we talk about valuations.

Sumeet Singh

ECM Weekly (9th Dec 2024) - Goodman, Auckland Airport, Kioxia, MNC, DIY, Vishal Mega, Mao Geping

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

Vishal Mega Mart Pre-IPO - The Negatives - No Online Presence, PE Overhang

Vishal Mega Mart is planning to raise around US$950m through its upcoming IPO in India. In this note, we talk about the not-so-positive aspects of...

Sumeet Singh

EQD / NSE Vol Update / Front-End IVs Battered as Wkly. Expiry Date Misses Out on Tier-1 Event Risks.

IV metrics show moderate risk premia. Front-end IVs dropping before tier-1 event risks. Term structure shifts from backwardation to kinked-shape...

AceGama Advisors

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Asian Equities: Twenty Inexpensive Consistent Compounders

​Finding consistent compounders with steady earnings growth and excess returns is challenging, especially those that are reasonably valued. We...

Manishi Raychaudhuri

Vishal Mega Mart IPO - Showcasing the Wrong Peers, Somewhat Limited Upside

Vishal Mega Mart is planning to raise around US$950m through its upcoming IPO in India. In this note, we talk about valuations.

Sumeet Singh

ECM Weekly (9th Dec 2024) - Goodman, Auckland Airport, Kioxia, MNC, DIY, Vishal Mega, Mao Geping

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

Vishal Mega Mart Pre-IPO - The Negatives - No Online Presence, PE Overhang

Vishal Mega Mart is planning to raise around US$950m through its upcoming IPO in India. In this note, we talk about the not-so-positive aspects of...

Sumeet Singh

EQD / NSE Vol Update / Front-End IVs Battered as Wkly. Expiry Date Misses Out on Tier-1 Event Risks.

​IV metrics show moderate risk premia. Front-end IVs dropping before tier-1 event risks. Term structure shifts from backwardation to kinked-shape...

AceGama Advisors

Finding consistent compounders with steady earnings growth and excess returns is challenging, especially those that are reasonably valued. We...

IV metrics show moderate risk premia. Front-end IVs dropping before tier-1 event risks. Term structure shifts from backwardation to kinked-shape...