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>China's service sector is growing faster than manufacturing and construction, especially the business-to-business services, like IT Services, cloud services leasing and other business services.</li>
<li>Among merchandize retail sectors, household and communication appliances, sports and recreational goods and gold and silver jewelry are growing the fastest. Some segments of food are enjoying healthy growth too.</li>
<li>From a universe of 35 stocks in these sectors, we screen our favored 10, based on valuations more than justified by forecast earnings growth, high ROE and consensus Buy rating. </li>
</ul>


China's service sector is growing faster than manufacturing and construction, especially the business-to-business services, like IT Services, cloud services leasing and other business services.
Among merchandize retail sectors, household and communication appliances, sports and recreational goods and gold and silver jewelry are growing the fastest. Some segments of food are enjoying healthy growth too.
From a universe of 35 stocks in these sectors, we screen our favored 10, based on valuations more than justified by forecast earnings growth, high ROE and consensus Buy rating. 


How to Play the Chinese Domestic Economic Drivers

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Capital Markets

Shenzhen Hipine Precision Technology / Equity Capital Markets

<ul>
<li>Although high gold price helps drive revenue growth as Hipine generally adjusts selling prices, consumer sentiment and demand for purchasing non-essential items such as precious metal watch would be suppressed.</li>
<li>The biggest challenge is that ceiling in gold watch industry is not high. It’s not easy to create new imagination space in a segmented market, which would affect valuation expansion.</li>
<li>Due to the concerns on the future growth potential and profitability, we'e not optimistic about the outlook of Hipine. We think the valuation of Hipine could be lower than peers.</li>
</ul>


Although high gold price helps drive revenue growth as Hipine generally adjusts selling prices, consumer sentiment and demand for purchasing non-essential items such as precious metal watch would be suppressed.
The biggest challenge is that ceiling in gold watch industry is not high. It’s not easy to create new imagination space in a segmented market, which would affect valuation expansion.
Due to the concerns on the future growth potential and profitability, we'e not optimistic about the outlook of Hipine. We think the valuation of Hipine could be lower than peers.


Pre-IPO Shenzhen Hipine Precision Technology (PHIP Updates) - Some Points Worth the Attention

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Quantitative Analysis

<ul>
<li>We analyze statistics on top repurchases over one week, one month, one quarter and one year periods ended on Sep 12th based on HKEx daily reports.</li>
<li>In the past 7 days, the top 3 companies that repurchased the most shares from the market were Tencent (700 HK), Hang Seng Bank (11 HK), China Hongqiao (1378 HK).</li>
<li>In the past 30 days, the top 3 companies that repurchased the most shares from the market were Tencent (700 HK), China Hongqiao (1378 HK), Hang Seng Bank (11 HK).</li>
</ul>


We analyze statistics on top repurchases over one week, one month, one quarter and one year periods ended on Sep 12th based on HKEx daily reports.
In the past 7 days, the top 3 companies that repurchased the most shares from the market were Tencent (700 HK), Hang Seng Bank (11 HK), China Hongqiao (1378 HK).
In the past 30 days, the top 3 companies that repurchased the most shares from the market were Tencent (700 HK), China Hongqiao (1378 HK), Hang Seng Bank (11 HK).


Hong Kong Buybacks Weekly (Sep 12th): Tencent, Hang Seng Bank, China Hongqiao

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: Four stocks remain, 10 stocks added into portfolio</li>
<li>Since its inception, it has generated a before-fee total return of 268% versus the MSCI Asia ex Japan of 128%</li>
</ul>


We highlight 14 stocks in Asia that look interesting to us based on our FVMR methodology
Portfolio changes: Four stocks remain, 10 stocks added into portfolio
Since its inception, it has generated a before-fee total return of 268% versus the MSCI Asia ex Japan of 128%


Equity Analyst - Asia Consumer Sector, Investory

Devi Subhakesan

Equity Analyst - Asia Consumer Sector

ASIA CONSUMER: INSIGHTS AND INVESTMENT IDEAS

Investory

Investory is a Singapore-based boutique independent equity research firm founded in January 2017 with a primary focus on consumption themes across Asia-Pacific.

We aim to generate investible ideas based on consumption trends and outlook. We screen our ideas on several parameters - product potential, long-term growth and management commitment being the most critical.  We follow a fundamental analysis approach in our stock selection process and are not restricted by market cap.

We aspire to grow into a leading source of unbiased research, free of conflict of interest, for investors yearning for independent and disciplined analysis. 

We also undertake bespoke research mandates to support our Institutional clients’ investment needs.

Our team comprises of professionals with extensive experience in the Asian equity markets, in areas ranging from research, servicing institutional clients and investment management.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/laopu-gold-co-ltd" target="_blank" data-smartkarma-citation="entities:44036:1" rel="noopener">Laopu Gold (6181 HK)</a>  is down nearly 20% since June’s lock-up expiry, despite strong 1H2025 results and subsequent analyst earnings upgrades.</li>
<li>The stock trades at 22x FY26E, the low end of its YTD P/E range, with a PEG below 0.8x.</li>
<li>China’s retail gold demand in 2Q2025 has shifted toward investment products - a trend that could support Laopu’s mostly investment-driven sales.</li>
</ul>



Laopu Gold (6181 HK)  is down nearly 20% since June’s lock-up expiry, despite strong 1H2025 results and subsequent analyst earnings upgrades.
The stock trades at 22x FY26E, the low end of its YTD P/E range, with a PEG below 0.8x.
China’s retail gold demand in 2Q2025 has shifted toward investment products - a trend that could support Laopu’s mostly investment-driven sales.


Laopu Gold (6181 HK): Technical Overhang Masks Strong Fundamentals – Gold Bulls Stay Put

Hong Kong

Chow Tai Fook Jewellery Group Limited retails jewelry.  The Company sells rings, necklaces, earrings, pendants, bracelets, and small statues.  Chow Tai Fook Jewellery operates retail stores in China, Hong Kong, Macau, Taiwan, Malaysia, and Singapore.

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Chow Tai Fook Jewellery (1929 HK)

How to Play the Chinese Domestic Economic Drivers

As we wrote in Feb-25 (Asian Equities: It's China's Year: Our China Twelve in the Year of the Snake), 2025 is indeed turning out China's year. Of...

Manishi Raychaudhuri

Pre-IPO Shenzhen Hipine Precision Technology (PHIP Updates) - Some Points Worth the Attention

High gold price drive revenue growth for Hipine but consumer sentiment and limited market size will hinder valuation expansion. Outlook for Hipine...

Xinyao (Criss) Wang

Hong Kong Buybacks Weekly (Sep 12th): Tencent, Hang Seng Bank, China Hongqiao

We analyzed the Hong Kong buyback data in the past week and highlight the top 3 companies that repurchased the most shares were Tencent (700 HK),...

Ke Yan, CFA, FRM

The Stocks to Own in Asia – Vol. 50

We highlight 14 stocks in ASEAN that look interesting to us based on our FVMR Methodology. Portfolio changes: Four stocks remain, 10 stocks added.

A. Stotz Investment Research

Laopu Gold (6181 HK): Technical Overhang Masks Strong Fundamentals – Gold Bulls Stay Put

Investors confident in rising gold prices can see Laopu's current technicals driven stock weakness as an opportunity given it's strong growth...

Devi Subhakesan

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

How to Play the Chinese Domestic Economic Drivers

As we wrote in Feb-25 (Asian Equities: It's China's Year: Our China Twelve in the Year of the Snake), 2025 is indeed turning out China's year. Of...

Manishi Raychaudhuri

Pre-IPO Shenzhen Hipine Precision Technology (PHIP Updates) - Some Points Worth the Attention

​High gold price drive revenue growth for Hipine but consumer sentiment and limited market size will hinder valuation expansion. Outlook for Hipine...

Xinyao (Criss) Wang

Hong Kong Buybacks Weekly (Sep 12th): Tencent, Hang Seng Bank, China Hongqiao

We analyzed the Hong Kong buyback data in the past week and highlight the top 3 companies that repurchased the most shares were Tencent (700 HK),...

Ke Yan, CFA, FRM

The Stocks to Own in Asia – Vol. 50

We highlight 14 stocks in ASEAN that look interesting to us based on our FVMR Methodology. Portfolio changes: Four stocks remain, 10 stocks added.

A. Stotz Investment Research

Laopu Gold (6181 HK): Technical Overhang Masks Strong Fundamentals – Gold Bulls Stay Put

Investors confident in rising gold prices can see Laopu's current technicals driven stock weakness as an opportunity given it's strong growth...

Devi Subhakesan

High gold price drive revenue growth for Hipine but consumer sentiment and limited market size will hinder valuation expansion. Outlook for Hipine...