EM PM, Ecstrat

Emad Mostaque

EM PM

Ecstrat

Ecstrat is a consultancy advising on asset allocation between global equity markets, with a focus on the intersection of governments, geopolitics, governance and markets.
 
Over the past few years and more especially since the Great Financial Crisis (GFC), investors have become more focused on short-term market movements and real-time returns and have consequently neglected the analysis of the underlying structural themes that underpin longer term performance.
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More specifically we believe that the evolution of governance-based relationships between investors, controlling shareholders, labour and the state is one of the primary determinants of both relative and absolute performance between individual equity markets.
 
We will endeavour to provide investors with some of the context surrounding governance-related issues which encompass many different disciplines including history, economics and political science, as well as the financial metrics which are the most obvious manifestation of the structural characteristics of each market.
 
We will pay particular attention to the shifts and potential inflection points for governance in individual markets as these are often the best lead indicators for both economic and market performance.

Thematic (Sector/Industry)

Against market expectations the British have voted to exit the European Union, a process that could take a few years. The first order impact is being felt in the Eurozone, but the shockwaves could lead to one more leg down in Emerging Markets and potentially the US this year.

Against market expectations the British have voted to exit the European Union, a process that could take a few years. The first order impact is being felt in the Eurozone, but the shockwaves could lead to one more leg down in Emerging Markets and potentially the US this year.

Frontier and emerging markets (Vietnam)

Dylan Waller

Nomadic Equity

Transition from the Irish Stock Exchange to the London Stock ExchangeDragon Capital’s fund <a href="https://www.smartkarma.com/entities/22754" target="_blank" data-smartkarma-citation="entities:22754">Vietnam Enterprise Investments Limited</a>, which currently trades on the Irish Stock Exchange, may trade on the main market of the London Stock Exchange next month.  The company plans to hold an Extraordinary General Meeting on June the 21st to vote on the approval of this transfer, which is expected to potentially take place next month.  The fund currently manages over $850 million, and is most notable for…

Transition from the Irish Stock Exchange to the London Stock ExchangeDragon Capital’s fund Vietnam Enterprise Investments Limited, which currently trades on the Irish Stock Exchange, may trade on the main market of the London Stock Exchange next month.  The company plans to hold an Extraordinary General Meeting on June the 21st to vote on the approval of this transfer, which is expected to potentially take place next month.  The fund currently manages over $850 million, and is most notable for…

Dragon Capital's VEIL Fund: A 3rd London Listing for Vietnam May Emerge Next Month

Information Technology Consultant

Ishita Jain

A few months ago, I wrote a piece titled "Investing in the Internet of Things" and I made a case for the bright future of IoT and its myriad applications. At that time, I had noted that one of the top users of IoT was the agriculture sector and today it continues to surge ahead in its use of smart devices. This article serves to explore the innovative ways in which the agriculture industry is exploiting IoT and also serves to bolster the case for investing in IoT.

A few months ago, I wrote a piece titled "Investing in the Internet of Things" and I made a case for the bright future of IoT and its myriad applications. At that time, I had noted that one of the top users of IoT was the agriculture sector and today it continues to surge ahead in its use of smart devices. This article serves to explore the innovative ways in which the agriculture industry is exploiting IoT and also serves to bolster the case for investing in IoT.

Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/hansoh-pharmaceutical-group-co" target="_blank" data-smartkarma-citation="entities:23675:1" rel="noopener">Hansoh Pharmaceutical Group (3692 HK)</a> has announced 2025 result, with net profit increasing 27% YoY to RMB6B, beating market expectations, on 23% YoY revenue growth to RMB15B.</li>
<li>In 2025, revenue of innovative medicines increased 30% YoY to RMB12B and accounted for 82% (2024: 77%) of the revenue, becoming a core driver for sustainable growth.</li>
<li>Along with providing long-term revenue visibility, innovative pipeline is well-positioned to proactively seize opportunities for out-licensing and collaboration, enabling the company to explore the ex-China commercialization potential of its pipeline.</li>
</ul>



Hansoh Pharmaceutical Group (3692 HK) has announced 2025 result, with net profit increasing 27% YoY to RMB6B, beating market expectations, on 23% YoY revenue growth to RMB15B.
In 2025, revenue of innovative medicines increased 30% YoY to RMB12B and accounted for 82% (2024: 77%) of the revenue, becoming a core driver for sustainable growth.
Along with providing long-term revenue visibility, innovative pipeline is well-positioned to proactively seize opportunities for out-licensing and collaboration, enabling the company to explore the ex-China commercialization potential of its pipeline.


Hansoh Pharmaceutical (3692 HK): Innovative Drugs and BD Momentum Drive 2025 Performance

Leading Independent Investment Research, Morningstar, Inc.

Morningstar

Leading Independent Investment Research

Morningstar, Inc.

Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. We offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors. 

Morningstar provides data on more than 500,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 16 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries, with more than $180 billion in assets under advisement or management as of June 30, 2015. We have operations in 27 countries.

Download the Morningstar Fact Sheet : http://corporate.morningstar.com/US/documents/MarketingFactSheets/AboutMorningstarFactsheet.pdf

<ul><li class="p1">All fixed-income indexes posted especially strong returns considering the current low-yield environment, because of falling interest rates and narrowing credit spreads</li><li class="p1">After many years of underperformance, value stocks reasserted themselves in the first quarter, outperforming growth</li><li class="p1">A year ago, small stocks looked overvalued, but after a 9.8% drop (versus a 1.8% gain for large stocks), they are now closer to fairly valued territory</li></ul>Analysts: Bob Johnson, Timothy Strauts, Alina Lamy

All fixed-income indexes posted especially strong returns considering the current low-yield environment, because of falling interest rates and narrowing credit spreadsAfter many years of underperformance, value stocks reasserted themselves in the first quarter, outperforming growthA year ago, small stocks looked overvalued, but after a 9.8% drop (versus a 1.8% gain for large stocks), they are now closer to fairly valued territoryAnalysts: Bob Johnson, Timothy Strauts, Alina Lamy

United Kingdom

AstraZeneca is a multinational pharmaceutical and biotechnology company that researches, develops, and manufactures prescription medicines. The company focuses on core therapeutic areas including oncology, cardiovascular, renal and metabolic diseases, respiratory and immunology, and rare diseases. It was founded in 1999 and is headquartered in Cambridge, UK.

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AstraZeneca (AZNN MM)

Will Brexit Break EM's Back?

Against market expectations the British have voted to exit the European Union, a process that could take a few years. The first order impact is...

Emad Mostaque

Dragon Capital's VEIL Fund: A 3rd London Listing for Vietnam May Emerge Next Month

Transition from the Irish Stock Exchange to the London Stock ExchangeDragon Capital’s fund Vietnam Enterprise Investments Limited, which currently...

Nomadic Equity

Internet of Things in Agriculture

A few months ago, I wrote a piece titled "Investing in the Internet of Things" and I made a case for the bright future of IoT and its myriad...

Ishita Jain

Hansoh Pharmaceutical (3692 HK): Innovative Drugs and BD Momentum Drive 2025 Performance

Hansoh beats expectations with 27% YoY net profit growth to RMB6B in 2025, on 23% YoY revenue growth to RMB15B. Innovative medicines revenue...

Tina Banerjee

Morningstar Markets Observer: Q2 2016

All fixed-income indexes posted especially strong returns considering the current low-yield environment, because of falling interest rates and...

Morningstar, Inc.

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Will Brexit Break EM's Back?

Against market expectations the British have voted to exit the European Union, a process that could take a few years. The first order impact is...

Emad Mostaque

Dragon Capital's VEIL Fund: A 3rd London Listing for Vietnam May Emerge Next Month

Transition from the Irish Stock Exchange to the London Stock ExchangeDragon Capital’s fund Vietnam Enterprise Investments Limited, which currently...

Nomadic Equity

Internet of Things in Agriculture

A few months ago, I wrote a piece titled "Investing in the Internet of Things" and I made a case for the bright future of IoT and its myriad...

Ishita Jain

Hansoh Pharmaceutical (3692 HK): Innovative Drugs and BD Momentum Drive 2025 Performance

​Hansoh beats expectations with 27% YoY net profit growth to RMB6B in 2025, on 23% YoY revenue growth to RMB15B. Innovative medicines revenue...

Tina Banerjee

Morningstar Markets Observer: Q2 2016

All fixed-income indexes posted especially strong returns considering the current low-yield environment, because of falling interest rates and...

Morningstar, Inc.

Hansoh beats expectations with 27% YoY net profit growth to RMB6B in 2025, on 23% YoY revenue growth to RMB15B. Innovative medicines revenue...