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>As the earnings season draws to a close, we look at Asian markets'/sectors' EPS estimate progression during the reporting season and earlier. Specifically, we search for upward or downward inflections.</li>
<li>Korea and Taiwan had the strongest EPS upgrades during this reporting season, despite the trade uncertainties. Philippines, Indonesia, Malaysia also had decent upgrades. HK/China and India continue to be downgraded.</li>
<li>Korean and Taiwanese technology, Korean industrials, HK Technology Services had strong upgrades. So did Singapore and Philippines financials, and Thailand Communications - the latter two with a long upgrade history.</li>
</ul>


As the earnings season draws to a close, we look at Asian markets'/sectors' EPS estimate progression during the reporting season and earlier. Specifically, we search for upward or downward inflections.
Korea and Taiwan had the strongest EPS upgrades during this reporting season, despite the trade uncertainties. Philippines, Indonesia, Malaysia also had decent upgrades. HK/China and India continue to be downgraded.
Korean and Taiwanese technology, Korean industrials, HK Technology Services had strong upgrades. So did Singapore and Philippines financials, and Thailand Communications - the latter two with a long upgrade history.


Asian Equities: Taking Stock After the Result Season: Where Are EPS Estimates Rising and Falling?

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.

Technical Analysis

Advanced Info Service / Technical Analysis

<ul><li>Asian stock markets declined amid concerns over escalating US-Iran tensions, surging oil prices, and a sharp sell-off in technology stocks.</li><li>Moreover, the 1,600-point support level has previously triggered technical rebounds, allowing the index to recover quickly.</li><li>As the index continues to show a pattern of advancing and then pulling back, we maintain our recommendation to buy on weakness.</li></ul>

Asian stock markets declined amid concerns over escalating US-Iran tensions, surging oil prices, and a sharp sell-off in technology stocks.Moreover, the 1,600-point support level has previously triggered technical rebounds, allowing the index to recover quickly.As the index continues to show a pattern of advancing and then pulling back, we maintain our recommendation to buy on weakness.

Krungthai XSpring Technical Eng. August 20, 2026

<ul><li>Electronics stocks are supported by easing US Treasury yields.</li><li>Chinese refiners will suspend oil-product exports in October to preserve domestic inventories, supporting refinery crack spreads (TOP, SPRC, BCP).</li><li>The US dollar strengthened for a sixth consecutive quarter, and the baht may weaken toward Bt33.90/USD.</li></ul>

Electronics stocks are supported by easing US Treasury yields.Chinese refiners will suspend oil-product exports in October to preserve domestic inventories, supporting refinery crack spreads (TOP, SPRC, BCP).The US dollar strengthened for a sixth consecutive quarter, and the baht may weaken toward Bt33.90/USD.

<ul><li>Tokyo, Taiwan and South Korean stock markets surged, while the US PCE inflation figure came in below expectations, raising hopes for a rebound in the SET after its sharp decline.</li><li>The modest rebound following the sharp decline suggests that selling pressure at higher levels continues to limit gains, leaving the index vulnerable to further weakness.</li><li>We recommend buying on weakness near key support levels, as the index is likely to trade sideways.</li></ul>

Tokyo, Taiwan and South Korean stock markets surged, while the US PCE inflation figure came in below expectations, raising hopes for a rebound in the SET after its sharp decline.The modest rebound following the sharp decline suggests that selling pressure at higher levels continues to limit gains, leaving the index vulnerable to further weakness.We recommend buying on weakness near key support levels, as the index is likely to trade sideways.

<ul><li>Although oil prices declined, US bond yields remained elevated, and foreign investors were net sellers for the seventh consecutive session.</li><li>The SET Index posted the region's steepest decline, falling closer to its previous base at 1,550 points.</li><li>We continue to recommend buying on weakness near key support levels, where a rebound remains possible.</li></ul>

Although oil prices declined, US bond yields remained elevated, and foreign investors were net sellers for the seventh consecutive session.The SET Index posted the region's steepest decline, falling closer to its previous base at 1,550 points.We continue to recommend buying on weakness near key support levels, where a rebound remains possible.

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: Taking Stock After the Result Season: Where Are EPS Estimates Rising and Falling?

Asian markets' EPS est show strong upgrades in Korea and Taiwan, while HK/CN & India continue to be downgraded. KR & TW Tech, HK Tech Services, SG...

Manishi Raychaudhuri

Krungthai XSpring Technical Eng. August 20, 2026

Asian stock markets declined amid concerns over escalating US-Iran tensions, surging oil prices, and a sharp sell-off in technology...

Krungthai XSpring

SET Index Outlook

Electronics stocks are supported by easing US Treasury yields. Chinese refiners will suspend oil-product exports in October to preserve domestic...

Krungthai XSpring

Recommendation: Buy On Weakness

Tokyo, Taiwan and South Korean stock markets surged, while the US PCE inflation figure came in below expectations, raising hopes for a rebound in...

Krungthai XSpring

Technical Analysis

Although oil prices declined, US bond yields remained elevated, and foreign investors were net sellers for the seventh consecutive session. The...

Krungthai XSpring

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Asian Equities: Taking Stock After the Result Season: Where Are EPS Estimates Rising and Falling?

​Asian markets' EPS est show strong upgrades in Korea and Taiwan, while HK/CN & India continue to be downgraded. KR & TW Tech, HK Tech Services, SG...

Manishi Raychaudhuri

Krungthai XSpring Technical Eng. August 20, 2026

Asian stock markets declined amid concerns over escalating US-Iran tensions, surging oil prices, and a sharp sell-off in technology...

Krungthai XSpring

SET Index Outlook

Electronics stocks are supported by easing US Treasury yields. Chinese refiners will suspend oil-product exports in October to preserve domestic...

Krungthai XSpring

Recommendation: Buy On Weakness

Tokyo, Taiwan and South Korean stock markets surged, while the US PCE inflation figure came in below expectations, raising hopes for a rebound in...

Krungthai XSpring

Technical Analysis

Although oil prices declined, US bond yields remained elevated, and foreign investors were net sellers for the seventh consecutive session. The...

Krungthai XSpring

Asian markets' EPS est show strong upgrades in Korea and Taiwan, while HK/CN & India continue to be downgraded. KR & TW Tech, HK Tech Services, SG...