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 April-June quarter earnings season winds down, positive surprises outnumber disappointments. Consensus earnings estimates keep getting upgraded in Asia and the US. Asian EPS upgrade has lately outpaced US's.</li>
<li>Over the last month, consensus 2026 EPS estimate of Asia-ex-Japan has been upgraded 4.4%, driven by Korea (12.8%), Taiwan (5.8%), Thailand (5.5%). 105 of 162 market-sectors have seen EPS upgrades.</li>
<li>The encouraging signs are: breadth across a wide range of sectors and not driven by AI capex only. Sectors not directly linked to AI exuberance are among top earnings gainers.</li>
</ul>


As the April-June quarter earnings season winds down, positive surprises outnumber disappointments. Consensus earnings estimates keep getting upgraded in Asia and the US. Asian EPS upgrade has lately outpaced US's.
Over the last month, consensus 2026 EPS estimate of Asia-ex-Japan has been upgraded 4.4%, driven by Korea (12.8%), Taiwan (5.8%), Thailand (5.5%). 105 of 162 market-sectors have seen EPS upgrades.
The encouraging signs are: breadth across a wide range of sectors and not driven by AI capex only. Sectors not directly linked to AI exuberance are among top earnings gainers.


Asian Equities: A Stupendous Earnings Quarter; Asia Matching US in Upgrades

External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

Thematic (Sector/Industry)

<ul><li>The latest 2Q26 results from major overseas cloud service providers (Amazon, Microsoft and Google) highlighted that ROI in AI-related investment showed continued improvement.</li><li>Despite unchanged CapEx guidance, or only modest increases due to higher memory costs and earlier capacity delivery, cloud revenue and OP growth came in materially ahead of expectations and prompted upgrades to group-level earnings outlooks.</li><li>Clear disclosure by mgmt. on cloud investment payback periods and backlog-implied demand, together with a stronger focus on cash flow and investment efficiency, was well received by the market. </li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

The latest 2Q26 results from major overseas cloud service providers (Amazon, Microsoft and Google) highlighted that ROI in AI-related investment showed continued improvement.Despite unchanged CapEx guidance, or only modest increases due to higher memory costs and earlier capacity delivery, cloud revenue and OP growth came in materially ahead of expectations and prompted upgrades to group-level earnings outlooks.Clear disclosure by mgmt. on cloud investment payback periods and backlog-implied demand, together with a stronger focus on cash flow and investment efficiency, was well received by the market. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Internet - Implications from Earnings Beats by North American Cloud Majors

Managing Partner, VRS (Valuation & Research Specialists)

VRS (Valuation & Research Specialists)

Managing Partner

Valuation & Research Specialists (VRS) is a boutique financial advisor with more than 17 years of experience in Corporate Valuation and Finance, and a diversified client base including some of the largest Companies in Greece.

Since 2002, VRS has completed more than 200 engagements in the areas of business valuation and financial analysis for more than 100 clients in a wide range of industries.

VRS has been honored to work with small and large private and publicly traded companies in Europe and overseas.

Boutique Financial Advisor

Equity Bottom-Up

<ul><li>Since the late 1990s, Amazon has emerged as a paradigmatic case in business history.</li><li>From its origins as an online bookstore to becoming a global powerhouse reshaping retail, cloud computing, and digital entertainment, Amazon’s trajectory has been defined by disruptive innovation and strategic foresight.</li><li>By analyzing its stock price evolution (based on closing prices), we can trace how the company navigated cyclical challenges, seized opportunities, and ultimately solidified its market dominance.</li></ul>

Since the late 1990s, Amazon has emerged as a paradigmatic case in business history.From its origins as an online bookstore to becoming a global powerhouse reshaping retail, cloud computing, and digital entertainment, Amazon’s trajectory has been defined by disruptive innovation and strategic foresight.By analyzing its stock price evolution (based on closing prices), we can trace how the company navigated cyclical challenges, seized opportunities, and ultimately solidified its market dominance.

Company & Stock Analysis:  Amazon, Inc. - October 31, 2025

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

<ul><li>Amazon.com reported robust financial results for the third quarter of 2025, highlighting both progress and challenges across its business segments.</li><li>Total revenue reached $180.2 billion, marking a year-over-year increase of 12% when adjusting for foreign exchange impacts.</li><li>Operating income was reported at $17.4 billion, however, this was impacted by two significant expenses: a $2.5 billion FTC settlement and $1.8 billion in estimated severance costs.</li></ul>

Amazon.com reported robust financial results for the third quarter of 2025, highlighting both progress and challenges across its business segments.Total revenue reached $180.2 billion, marking a year-over-year increase of 12% when adjusting for foreign exchange impacts.Operating income was reported at $17.4 billion, however, this was impacted by two significant expenses: a $2.5 billion FTC settlement and $1.8 billion in estimated severance costs.

Amazon’s New AI Fortress: A $50 Billion Investment In Data Centres To Transform Government Computing!

Amazon.com Inc - Amazon’s Robot Army Hits 1 Million—Is This the Future of Fast Delivery?

United States

Amazon.com, Inc. is an online retailer that offers a wide range of products. The Company's products include books, music, videotapes, computers, electronics, home and garden, and numerous other products.  Amazon offers personalized shopping services, Web-based credit card payment, and direct shipping to customers.

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Amazon (AMZN US)

Asian Equities: A Stupendous Earnings Quarter; Asia Matching US in Upgrades

Positive earnings surprises continue as consensus EPS est are upgraded in Asia & the US, with Asian EPS upgrades surpassing those in US. Various...

Manishi Raychaudhuri

Internet - Implications from Earnings Beats by North American Cloud Majors

The latest 2Q26 results from major overseas cloud service providers (Amazon, Microsoft and Google) highlighted that ROI in AI-related investment...

CMB International

Company & Stock Analysis: Amazon, Inc. - October 31, 2025

By analyzing its stock price evolution (based on closing prices), we can trace how the company navigated cyclical challenges, seized opportunities...

VRS (Valuation & Research Specialists)

Amazon’s New AI Fortress: A $50 Billion Investment In Data Centres To Transform Government Computing!

Amazon.com reported robust financial results for the third quarter of 2025, highlighting both progress and challenges across its business...

Baptista Research

Amazon.com Inc - Amazon’s Robot Army Hits 1 Million—Is This the Future of Fast Delivery?

Amazon.com reported robust financial results for the third quarter of 2025, highlighting both progress and challenges across its business...

Baptista Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Asian Equities: A Stupendous Earnings Quarter; Asia Matching US in Upgrades

​Positive earnings surprises continue as consensus EPS est are upgraded in Asia & the US, with Asian EPS upgrades surpassing those in US. Various...

Manishi Raychaudhuri

Internet - Implications from Earnings Beats by North American Cloud Majors

The latest 2Q26 results from major overseas cloud service providers (Amazon, Microsoft and Google) highlighted that ROI in AI-related investment...

CMB International

Company & Stock Analysis: Amazon, Inc. - October 31, 2025

By analyzing its stock price evolution (based on closing prices), we can trace how the company navigated cyclical challenges, seized opportunities...

VRS (Valuation & Research Specialists)

Amazon’s New AI Fortress: A $50 Billion Investment In Data Centres To Transform Government Computing!

Amazon.com reported robust financial results for the third quarter of 2025, highlighting both progress and challenges across its business...

Baptista Research

Amazon.com Inc - Amazon’s Robot Army Hits 1 Million—Is This the Future of Fast Delivery?

Amazon.com reported robust financial results for the third quarter of 2025, highlighting both progress and challenges across its business...

Baptista Research

Positive earnings surprises continue as consensus EPS est are upgraded in Asia & the US, with Asian EPS upgrades surpassing those in US. Various...