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>We study Implied Equity Risk Premium (IERP) of Asian markets over the past 20 years to assess whether the markets are adequately factoring in the present risks or not.</li>
<li>In most markets, risk perceptions were much higher during the COVID pandemic or during the Russia-Ukraine conflict. It seems Asia is hoping for a quick resolution to the Middle-East conflict.</li>
<li>In particular, we think investors are complacent, reflected in low IERP, in Taiwan and Singapore. IERP's in these markets are near their lowest ever.</li>
</ul>


We study Implied Equity Risk Premium (IERP) of Asian markets over the past 20 years to assess whether the markets are adequately factoring in the present risks or not.
In most markets, risk perceptions were much higher during the COVID pandemic or during the Russia-Ukraine conflict. It seems Asia is hoping for a quick resolution to the Middle-East conflict.
In particular, we think investors are complacent, reflected in low IERP, in Taiwan and Singapore. IERP's in these markets are near their lowest ever.


Asian Equities: Risks Not Adequately Factored in Asian Markets, IERP Tells Us

Singapore Market Roundup, Singapore Market Roundup

Singapore Market Roundup

Thematic (Sector/Industry)

<ul><li>DBS keeps 'buy' rating on Yangzijiang after announcing 10% stake acquisition.</li><li>Maybank Securities upgrades Wilmar to 'buy' due to improving earnings.</li><li>Jardine Matheson's FY2025 profit rises 11%; announces US$2.35 per share dividend.</li></ul>

DBS keeps 'buy' rating on Yangzijiang after announcing 10% stake acquisition.Maybank Securities upgrades Wilmar to 'buy' due to improving earnings.Jardine Matheson's FY2025 profit rises 11%; announces US$2.35 per share dividend.

Singapore Market Roundup (11-Mar-2026): DBS maintains 'buy' rating on Yangzijiang post stake

<ul>
<li>Asia's dependence on Middle Eastern energy and the Strait of Hormuz transit route has driven immense share price volatility - especially in Korea, Japan and pockets of ASEAN.  </li>
<li>The top winners and top losers across market-sectors indicate that the market is most worried about input shortage across industries and potential demand destruction driven by heightened inflation expectation.</li>
<li>Manufacturing sectors and consumer proxies across Asia could continue to underperform if the conflict lingers. Energy, high dividend yield, precious metals and developed Asia financials could be the safe havens.</li>
</ul>


Asia's dependence on Middle Eastern energy and the Strait of Hormuz transit route has driven immense share price volatility - especially in Korea, Japan and pockets of ASEAN.  
The top winners and top losers across market-sectors indicate that the market is most worried about input shortage across industries and potential demand destruction driven by heightened inflation expectation.
Manufacturing sectors and consumer proxies across Asia could continue to underperform if the conflict lingers. Energy, high dividend yield, precious metals and developed Asia financials could be the safe havens.


Asian Equities: What's Being Discounted Now, After the Carnage?

<ul><li>Maybank Securities upgrades Wilmar to 'buy' due to stronger earnings and reduced regulatory issues.</li><li>OCBC advises looking at SIA Engineering and China Aviation Oil amid war.</li><li>JPMorgan maintains 'overweight' rating on Singtel as buybacks start early.</li></ul>

Maybank Securities upgrades Wilmar to 'buy' due to stronger earnings and reduced regulatory issues.OCBC advises looking at SIA Engineering and China Aviation Oil amid war.JPMorgan maintains 'overweight' rating on Singtel as buybacks start early.

Singapore Market Roundup (10-Mar-2026): Maybank Securities upgrades Wilmar to 'buy' on strong

<ul><li>OCBC advises to consider SIA Engineering, China Aviation Oil amid war.</li><li>JPMorgan maintains 'overweight' on Singtel as share buybacks start early.</li><li>PhillipCapital maintains 'buy' on 17Live, lowers target price due to growth concerns.</li></ul>

OCBC advises to consider SIA Engineering, China Aviation Oil amid war.JPMorgan maintains 'overweight' on Singtel as share buybacks start early.PhillipCapital maintains 'buy' on 17Live, lowers target price due to growth concerns.

Singapore Market Roundup (09-Mar-2026): OCBC recommends SIA Engineering, China Aviation Oil amid

Singapore

DBS Group Holdings Ltd is a leading financial services group in Asia, providing retail, small and medium-sized enterprise, corporate, and investment banking services. Its offerings include current and savings accounts, loans, cards, payments, investment, and insurance products. The company was founded in 1968 and is headquartered in Singapore.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

DBS Group (DBS SP)

Asian Equities: Risks Not Adequately Factored in Asian Markets, IERP Tells Us

Study of Asian markets' Implied Equity Risk Premium over 20 years shows potential complacency in Taiwan and Singapore, with low IERP levels...

Manishi Raychaudhuri

Singapore Market Roundup (11-Mar-2026): DBS maintains 'buy' rating on Yangzijiang post stake

DBS maintains 'buy' on Yangzijiang after 10% stake acquisition; Maybank upgrades Wilmar to 'buy'; Jardine Matheson's FY2025 profit up 11% with...

Singapore Market Roundup

Asian Equities: What's Being Discounted Now, After the Carnage?

Asia's equity volatility is driven by its reliance on ME energy. Top worries are about input shortages & demand destruction. Safe havens: Energy,...

Manishi Raychaudhuri

Singapore Market Roundup (10-Mar-2026): Maybank Securities upgrades Wilmar to 'buy' on strong

Maybank upgrades Wilmar to 'buy' for stronger earnings; OCBC suggests SIA Engineering and China Aviation Oil; JPMorgan keeps Singtel at...

Singapore Market Roundup

Singapore Market Roundup (09-Mar-2026): OCBC recommends SIA Engineering, China Aviation Oil amid

OCBC recommends SIA Engineering and China Aviation Oil; JPMorgan keeps 'overweight' on Singtel with early buybacks; PhillipCapital lowers target on...

Singapore Market Roundup

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Asian Equities: Risks Not Adequately Factored in Asian Markets, IERP Tells Us

​Study of Asian markets' Implied Equity Risk Premium over 20 years shows potential complacency in Taiwan and Singapore, with low IERP levels...

Manishi Raychaudhuri

Singapore Market Roundup (11-Mar-2026): DBS maintains 'buy' rating on Yangzijiang post stake

DBS maintains 'buy' on Yangzijiang after 10% stake acquisition; Maybank upgrades Wilmar to 'buy'; Jardine Matheson's FY2025 profit up 11% with...

Singapore Market Roundup

Asian Equities: What's Being Discounted Now, After the Carnage?

​Asia's equity volatility is driven by its reliance on ME energy. Top worries are about input shortages & demand destruction. Safe havens: Energy,...

Manishi Raychaudhuri

Singapore Market Roundup (10-Mar-2026): Maybank Securities upgrades Wilmar to 'buy' on strong

Maybank upgrades Wilmar to 'buy' for stronger earnings; OCBC suggests SIA Engineering and China Aviation Oil; JPMorgan keeps Singtel at...

Singapore Market Roundup

Singapore Market Roundup (09-Mar-2026): OCBC recommends SIA Engineering, China Aviation Oil amid

OCBC recommends SIA Engineering and China Aviation Oil; JPMorgan keeps 'overweight' on Singtel with early buybacks; PhillipCapital lowers target on...

Singapore Market Roundup

Study of Asian markets' Implied Equity Risk Premium over 20 years shows potential complacency in Taiwan and Singapore, with low IERP levels...

Asia's equity volatility is driven by its reliance on ME energy. Top worries are about input shortages & demand destruction. Safe havens: Energy,...