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>While focus on dividend yield is common, we think secular growth in DPS over a long period of time is a stronger marker of robust earnings trajectory and shareholder friendliness. </li>
<li>Among stocks in Asian EM and DM, we screen 50 that raised their DPS every year over the past decade - a commendable performance given earnings dislocations during this period.</li>
<li>Stocks from Japan (24), HK (10), onshore China (6), India (6), Singapore (2) and Taiwan (2) make up our list. 10 are large and liquid with strong forecast EPS growth.</li>
</ul>


While focus on dividend yield is common, we think secular growth in DPS over a long period of time is a stronger marker of robust earnings trajectory and shareholder friendliness. 
Among stocks in Asian EM and DM, we screen 50 that raised their DPS every year over the past decade - a commendable performance given earnings dislocations during this period.
Stocks from Japan (24), HK (10), onshore China (6), India (6), Singapore (2) and Taiwan (2) make up our list. 10 are large and liquid with strong forecast EPS growth.


Asian Equities: Secular DPS Growth Matters, Not Just Dividend Yield. Presenting Our "Asia 50".

Japan Specialist

Mark Chadwick

<ul>
<li>
 Record Q1: UNIQLO International revenue +20% to ¥604bn; operating profit +42% to ¥118bn, margin +2.9p, with Europe and North America now leading growth.</li>
<li>
 Market underestimates scalability: Operating leverage driving profit nearly twice sales growth; FY26 guidance raised to ¥650bn EBIT, with potential upside toward ~¥700bn.</li>
<li>
 Key risks and catalysts: Weather volatility, yen-driven cost pressure; offset by international store expansion and sustained inventory/SG&amp;A discipline supporting margins.</li>
</ul>



 Record Q1: UNIQLO International revenue +20% to ¥604bn; operating profit +42% to ¥118bn, margin +2.9p, with Europe and North America now leading growth.

 Market underestimates scalability: Operating leverage driving profit nearly twice sales growth; FY26 guidance raised to ¥650bn EBIT, with potential upside toward ~¥700bn.

 Key risks and catalysts: Weather volatility, yen-driven cost pressure; offset by international store expansion and sustained inventory/SG&amp;A discipline supporting margins.


Fast Retailing (9983) | UNIQLO’s Global Flywheel Is Accelerating

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

Nico Rosti

Pan-Asia Tactical Market Calls (Quant-Driven)

MRM Research

Quantitative Research

Equity Derivatives

<ul>
<li>
<a href="https://www.smartkarma.com/insights/fast-retailing-9983-jp-tactical-outlook-waiting-for-a-rally" target="_blank" rel="noopener">In our previous, September 29th insight</a> about <a href="https://www.smartkarma.com/entities/fast-retailing-co-ltd" target="_blank" data-smartkarma-citation="entities:751:1" rel="noopener">Fast Retailing (9983 JP)</a> , we flagged the stock for a rally. But boy, we didn't anticipate how far it would run!</li>
<li>6 weeks have passed and the stock has rallied up nearly 30% as of Tuesday's Close. We think it's time to sell (or at least hedge your position).</li>
<li>
Rationale: the stock is incredibly overbought according to our model, plus it is one of the few stocks we track in Asia that has not started a pull back (yet).</li>
</ul>



In our previous, September 29th insight about Fast Retailing (9983 JP) , we flagged the stock for a rally. But boy, we didn't anticipate how far it would run!
6 weeks have passed and the stock has rallied up nearly 30% as of Tuesday's Close. We think it's time to sell (or at least hedge your position).

Rationale: the stock is incredibly overbought according to our model, plus it is one of the few stocks we track in Asia that has not started a pull back (yet).


Fast Retailing (9983 JP) Tactical Outlook: Exit or Hedge Your Position

Derivatives and Quantitative Strategist

Gaudenz Schneider

<ul>
<li>
Context: This Insight follows up on previously highlighted relative value opportunities, using a statistical methodology based on mean-reversion to identify opportunities in paired securities.</li>
<li>
Highlights: Currently ten pair trade opportunities across three markets and three sectors persist.</li>
<li>
Why read: Statistical analysis offers a unique perspective on relative value. Gain insights into actionable statistical pair trade opportunities and monitor performance of previously highlighted pairs.</li>
</ul>



Context: This Insight follows up on previously highlighted relative value opportunities, using a statistical methodology based on mean-reversion to identify opportunities in paired securities.

Highlights: Currently ten pair trade opportunities across three markets and three sectors persist.

Why read: Statistical analysis offers a unique perspective on relative value. Gain insights into actionable statistical pair trade opportunities and monitor performance of previously highlighted pairs.


Relative Value Opportunities in Asia-Pac, Pair Trade Roundup (3 Nov)

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

Mitsubishi UFJ Financial (MUFG) / Technical Analysis

Mitsubishi UFJ Financial (MUFG) (8306 JP)

<ul>
<li>Our global intermediate-term outlook remains bullish on MSCI ACWI (in place since our 5/14/25 Compass). We also remain near-term bullish on MSCI ACWI (since our April 23, 2026 Int’l Compass).</li>
<li>With that said, the market is going through a short-term consolidation; the first clue was that a bullish gap finally got filled at $156-$157.20 on ACWI-US.</li>
<li>We've maintained that pullbacks to the 50-day MA on ACWI-US would be infrequent (~once every 1-2 months), but that they'd be buying opportunities, and that's what we believe is happening.</li>
</ul>


Our global intermediate-term outlook remains bullish on MSCI ACWI (in place since our 5/14/25 Compass). We also remain near-term bullish on MSCI ACWI (since our April 23, 2026 Int’l Compass).
With that said, the market is going through a short-term consolidation; the first clue was that a bullish gap finally got filled at $156-$157.20 on ACWI-US.
We've maintained that pullbacks to the 50-day MA on ACWI-US would be infrequent (~once every 1-2 months), but that they'd be buying opportunities, and that's what we believe is happening.


Looking Outside of Technology/A.I. Themes; Korea and Taiwan Likely to Consolidate?

Japan

FAST RETAILING CO., LTD. operates a chain of clothing stores, UNIQLO, throughout Japan and in other markets overseas including UK, China, Hong Kong, South Korea, US, France, Singapore and Russia.  The Company designs, manufactures, and retails its own line of casual clothing.

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Fast Retailing (9983 JP)

Asian Equities: Secular DPS Growth Matters, Not Just Dividend Yield. Presenting Our "Asia 50".

2026 began with a bang & so did our High Conviction ideas. In less than 2 weeks TSMC is up 9.7%, Zijin Mining up 8.4% & Hanwha Aerospace a...

Manishi Raychaudhuri

Fast Retailing (9983) | UNIQLO’s Global Flywheel Is Accelerating

UNIQLO's record Q1 performance shows strong international growth, with operating leverage driving profit and potential for further upside in FY26...

Mark Chadwick