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

CEO, A. Stotz Investment Research

Dr. Andrew Stotz, CFA

Quantamental Investing to beat Benchmarks

A. Stotz Investment Research

We pick stocks. We construct portfolios. All our effort is focused on how to better pick stocks and construct portfolios. We serve fund management companies, family offices, and high net worth individuals.

Thematic (Sector/Industry)

<ul>
<li>We highlight 14 stocks in Asia that look interesting to us based on our FVMR methodology</li>
<li>Portfolio changes: Five stocks remain, nine new join the fray</li>
<li>Since its inception, it has generated a before-fee total return of 312% versus the MSCI Asia ex Japan of 179%</li>
</ul>


We highlight 14 stocks in Asia that look interesting to us based on our FVMR methodology
Portfolio changes: Five stocks remain, nine new join the fray
Since its inception, it has generated a before-fee total return of 312% versus the MSCI Asia ex Japan of 179%


Head of Research, Krungthai XSpring

Waraporn Wiboonkanarak

Head of Research

A full service Thai brokerage

Krungthai XSpring

Krungthai XSpring is a full service broker. The company provides a wide range of investment services such as Securities Brokerage, Derivative Agent Business, Securities Borrowing and Lending, Securities Trading, Underwriting, Financial Advisory, Wealth Advisory, Private Fund Management and International Markets Securities Trading. 

In terms of credibility, Fitch Ratings has assigned Krunghtai XSpring a long-term rating of AA- and a national short-term rating of F1+ with stable outlook.

<ul><li>The SET, in line with other global markets, rallied on news of twoweek ceasefire negotiations between the US and Iran, which significantly eased market concerns.</li><li>The index rebounded quickly and remained relatively stable, with no sharp intraday declines and broad-based buying across sectors—particularly those benefiting from easing Middle East tensions.</li><li>We expect the index to test the 1,500 resistance, supported by positive indicator signals.</li></ul>

The SET, in line with other global markets, rallied on news of twoweek ceasefire negotiations between the US and Iran, which significantly eased market concerns.The index rebounded quickly and remained relatively stable, with no sharp intraday declines and broad-based buying across sectors—particularly those benefiting from easing Middle East tensions.We expect the index to test the 1,500 resistance, supported by positive indicator signals.

Krungthai XSpring Technical Eng. April 9, 2026

<ul><li>The US-Iran: Trump announced a two-week ceasefire with Iran, conditional on reopening the Strait of Hormuz, and stated that the agreement has been approved by both sides.</li><li>The US: We are monitoring the March Fed Minutes, focusing on how policymakers assess Middle East tensions.</li><li>Thailand: Thailand’s March inflation remained in contraction at -0.08% YoY, versus market expectations of +0.2%, due to oil price caps in the first half of the month.</li></ul>

The US-Iran: Trump announced a two-week ceasefire with Iran, conditional on reopening the Strait of Hormuz, and stated that the agreement has been approved by both sides.The US: We are monitoring the March Fed Minutes, focusing on how policymakers assess Middle East tensions.Thailand: Thailand’s March inflation remained in contraction at -0.08% YoY, versus market expectations of +0.2%, due to oil price caps in the first half of the month.

Krungthai XSpring Zoom Eng. April 8, 2026

<ul><li>The index has resumed rapid fluctuations, while blue-chip stocks continue to lead through sector rotation.</li><li>We recommend buying on weakness, as the index has the potential to rebound quickly.</li><li>Many global markets were closed for Good Friday.</li></ul>

The index has resumed rapid fluctuations, while blue-chip stocks continue to lead through sector rotation.We recommend buying on weakness, as the index has the potential to rebound quickly.Many global markets were closed for Good Friday.

Krungthai XSpring Technical Eng. April 7, 2026

Thailand

Advanced Info Service is Thailand's largest telecommunications and technology company, providing mobile phone services, including prepaid, postpaid, and 5G network services, along with mobile devices. The company also offers high-speed home broadband services under the AIS Fibre and 3BB brands, as well as digital services such as cloud solutions, IoT, digital payments, and enterprise solutions. Headquartered in Bangkok, Thailand, the company was founded in 1986.

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Advanced Info Service (ADVANC-R TB)

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

The Stocks to Own in Asia – Vol. 52

We highlight 14 stocks in Asia that look interesting to us based on our FVMR methodology. Portfolio changes: Five stocks remain, nine new join the...

A. Stotz Investment Research

Krungthai XSpring Technical Eng. April 9, 2026

The SET, in line with other global markets, rallied on news of twoweek ceasefire negotiations between the US and Iran, which significantly eased...

Krungthai XSpring

Krungthai XSpring Zoom Eng. April 8, 2026

The US-Iran: Trump announced a two-week ceasefire with Iran, conditional on reopening the Strait of Hormuz, and stated that the agreement has been...

Krungthai XSpring

Krungthai XSpring Technical Eng. April 7, 2026

We recommend buying on weakness, as the index has the potential to rebound quickly. Many global markets were closed for Good Friday.

Krungthai XSpring

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

The Stocks to Own in Asia – Vol. 52

We highlight 14 stocks in Asia that look interesting to us based on our FVMR methodology. Portfolio changes: Five stocks remain, nine new join the...

A. Stotz Investment Research

Krungthai XSpring Technical Eng. April 9, 2026

The SET, in line with other global markets, rallied on news of twoweek ceasefire negotiations between the US and Iran, which significantly eased...

Krungthai XSpring

Krungthai XSpring Zoom Eng. April 8, 2026

The US-Iran: Trump announced a two-week ceasefire with Iran, conditional on reopening the Strait of Hormuz, and stated that the agreement has been...

Krungthai XSpring

Krungthai XSpring Technical Eng. April 7, 2026

We recommend buying on weakness, as the index has the potential to rebound quickly. Many global markets were closed for Good Friday.

Krungthai XSpring

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...