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

HD Hyundai Heavy Industries  / Equity Bottom-Up

<ul>
<li>The memory giants, Samsung and SK Hynix, have driven the Korean collapse, as AI anxiety and competition concern takes hold. However, there's more to Korea than memory and AI capex.</li>
<li>Throughout last month's carnage, Korean earnings estimates continued to be upgraded - not only in tech but also in financials, retail, basic materials, energy and industrial services.</li>
<li>Based on strong growth, attractive valuations, healthy balance-sheets, robust earnings upgrades, we highlight 15 non-tech Korean companies. Companies from industrials, select household products, basic materials have the strongest growth forecasts.</li>
</ul>


The memory giants, Samsung and SK Hynix, have driven the Korean collapse, as AI anxiety and competition concern takes hold. However, there's more to Korea than memory and AI capex.
Throughout last month's carnage, Korean earnings estimates continued to be upgraded - not only in tech but also in financials, retail, basic materials, energy and industrial services.
Based on strong growth, attractive valuations, healthy balance-sheets, robust earnings upgrades, we highlight 15 non-tech Korean companies. Companies from industrials, select household products, basic materials have the strongest growth forecasts.


Asian Equities: Korea - If Not Memory, Then What?

Research from Quam Securities, Quam Securities

Quam Securities Research

Research from Quam Securities

Quam Securities

Since its inception in 1986, Quam Securities Limited (Quam Securities) has grown to become one of the few mid-tier securities brokerages in Hong Kong with global execution capabilities for both private and institutional clients. It boasts a well-established network in Greater China including Taiwan and in major world markets through the Global Alliance Partners (GAP). Quam Securities is well-positioned not only to harness and drive business within the China Tonghai International Financial Limited but also between China and the world markets.

<ul>
<li>The HSI opened down 99 pts, with losses widening to more than 280 pts at one stage and briefly falling below the 24,000 mark intraday.</li>
<li>Sentiment remained fragile amid a global selloff in AI-related shares, driven by concerns over intensifying competition in the semiconductor industry, elevated valuations and the returns on heavy AI spending.</li>
<li>However, reports that CXMT made key advances in high-density chip design offered some support, highlighting China’s push to strengthen its position in a critical segment of the semiconductor industry.</li>
</ul>


The HSI opened down 99 pts, with losses widening to more than 280 pts at one stage and briefly falling below the 24,000 mark intraday.
Sentiment remained fragile amid a global selloff in AI-related shares, driven by concerns over intensifying competition in the semiconductor industry, elevated valuations and the returns on heavy AI spending.
However, reports that CXMT made key advances in high-density chip design offered some support, highlighting China’s push to strengthen its position in a critical segment of the semiconductor industry.


Semiconductor & Technology Specialist, Ingenuity

William Keating

Semiconductor & Technology Specialist

Ingenuity

Our focus is exclusively on in-depth research & consulting in the broader semiconductor industry. We focus on the key players, namely Intel, Micron, Qualcomm, Apple, Samsung, NVIDIA, AMD, TSMC & Global Foundries - as well as some of the lesser known, but nonetheless critical, companies such as ASML (for EUV), Mellanox, Cavium, Xilinx etc. We specialise in their products, roadmaps, process technologies, competitive advantages & threats etc. We also help our clients understand the implications of new and emerging technologies, e.g. 3D X-Point, 3D NAND, Carbon Nanotubes, Autonomous Driving, Graphene, Silicon Photonics, Wafer-Level Optics, Artificial Intelligence, FPGA, GPU, ASIC etc. 

Semiconductor Analysis & Research

Equity Capital Markets

CXMT Corporation / Equity Capital Markets

<ul>
<li>CXMT is seeking a Shanghai STAR Market listing through an A-share IPO of up to 10.62 billion shares, equal to at least 10% of post-issue share capital</li>
<li>For Q1 2026, CXMT reported RMB 50.800 billion of revenue, +719% YoY and RMB 24.762 billion of attributable net profit versus a RMB 1.559 billion loss in Q1 2025.</li>
<li>CXMT says that based on Omdia data for Q4 2025 DRAM sales, its global market share had risen to 7.67%, making it #4 globally and #1 in China</li>
</ul>


CXMT is seeking a Shanghai STAR Market listing through an A-share IPO of up to 10.62 billion shares, equal to at least 10% of post-issue share capital
For Q1 2026, CXMT reported RMB 50.800 billion of revenue, +719% YoY and RMB 24.762 billion of attributable net profit versus a RMB 1.559 billion loss in Q1 2025.
CXMT says that based on Omdia data for Q4 2025 DRAM sales, its global market share had risen to 7.67%, making it #4 globally and #1 in China


CXMT’s IPO Filing. China’s DRAM Comes Of Age

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

<ul>
<li>Changxin Memory Technologies (CXMT) is getting ready to complete its IPO on China's Star market in 2H 2026.</li>
<li>In May 2026, CXMT submitted its updated initial public offering (IPO) prospectus to the Shanghai Stock Exchange's STAR Market.</li>
<li>CXMT is seeking to raise 29.5 billion yuan ($4.3 billion) in this IPO in what is poised to be one of the largest IPOs in China in 2026. </li>
</ul>


Changxin Memory Technologies (CXMT) is getting ready to complete its IPO on China's Star market in 2H 2026.
In May 2026, CXMT submitted its updated initial public offering (IPO) prospectus to the Shanghai Stock Exchange's STAR Market.
CXMT is seeking to raise 29.5 billion yuan ($4.3 billion) in this IPO in what is poised to be one of the largest IPOs in China in 2026. 


Initial Thoughts on the Changxin Memory Technologies (CXMT) IPO

Articles from Caixin Global, Caixin Global

Caixin Global

Articles from Caixin Global

Caixin is a media group dedicated to providing financial and business news through periodicals, online content, mobile apps, conferences, books and TV/video programs. Caixin aims to blaze a trail that helps traditional media prosper in the new media age through integrated multimedia platforms.

News from Caixin

Cross Asset Strategy

<ul><li>Cover Story: China Tech Firms Drive AI Data Center Boom in Southeast Asia Inside the Hong Kong Convention and Exhibition Centre on a hot and humid day in July, the Data Center Asia event was packed.</li><li>The crowd included Chinese data center operators, colocation providers and suppliers of energy and liquid-cooling systems.</li><li>But Southeast Asian companies were just as visible.</li></ul>

Cover Story: China Tech Firms Drive AI Data Center Boom in Southeast Asia Inside the Hong Kong Convention and Exhibition Centre on a hot and humid day in July, the Data Center Asia event was packed.The crowd included Chinese data center operators, colocation providers and suppliers of energy and liquid-cooling systems.But Southeast Asian companies were just as visible.

CX Daily Aug. 25: China Tech Firms Drive AI Data Center Boom in Southeast Asia 

China

CXMT Corporation develops, manufactures, and distributes integrated circuit products. The Company produces dynamic random-access memory chips. CXMT conducts businesses in China.

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CXMT Corporation (688825 CH)

Asian Equities: Korea - If Not Memory, Then What?

KR memory giants have driven equity crash, but many non-tech firms show strong growth, cheap valuation, healthy balance sheets & EPS upgrades. We...

Manishi Raychaudhuri

Quam Morning Note (14 Oct)

The HSI opened down 99 pts, with losses widening to more than 280 pts at one stage and briefly falling below the 24,000 mark intraday. Sentiment...

Quam Securities

CXMT’s IPO Filing. China’s DRAM Comes Of Age

CXMT says that based on Omdia data for Q4 2025 DRAM sales, its global market share had risen to 7.67%, making it #4 globally and #1 in China

William Keating

Initial Thoughts on the Changxin Memory Technologies (CXMT) IPO

Changxin Memory Technologies (CXMT) is getting ready to complete its IPO on China's Star market in 2H 2026. CXMT is seeking to raise 29.5 billion...

Douglas Kim

CX Daily Aug. 25: China Tech Firms Drive AI Data Center Boom in Southeast Asia

Cover Story: China Tech Firms Drive AI Data Center Boom in Southeast Asia Inside the Hong Kong Convention and Exhibition Centre on a...

Caixin Global

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Asian Equities: Korea - If Not Memory, Then What?

​KR memory giants have driven equity crash, but many non-tech firms show strong growth, cheap valuation, healthy balance sheets & EPS upgrades. We...

Manishi Raychaudhuri

Quam Morning Note (14 Oct)

The HSI opened down 99 pts, with losses widening to more than 280 pts at one stage and briefly falling below the 24,000 mark intraday. Sentiment...

Quam Securities

CXMT’s IPO Filing. China’s DRAM Comes Of Age

CXMT says that based on Omdia data for Q4 2025 DRAM sales, its global market share had risen to 7.67%, making it #4 globally and #1 in China

William Keating

Initial Thoughts on the Changxin Memory Technologies (CXMT) IPO

Changxin Memory Technologies (CXMT) is getting ready to complete its IPO on China's Star market in 2H 2026. CXMT is seeking to raise 29.5 billion...

Douglas Kim

CX Daily Aug. 25: China Tech Firms Drive AI Data Center Boom in Southeast Asia

Cover Story: China Tech Firms Drive AI Data Center Boom in Southeast Asia Inside the Hong Kong Convention and Exhibition Centre on a...

Caixin Global

KR memory giants have driven equity crash, but many non-tech firms show strong growth, cheap valuation, healthy balance sheets & EPS upgrades. We...