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>US recession chatter is back. During past recessions, US declined less than Asia. Within Asia, select consumer staples, telecommunication, energy outperformed. Surprisingly, so did Korea and Taiwan tech, HK industrials.</li>
<li>Asian equity drawdown was driven more by valuation derating than by earnings decline. During every US recession, all Asian currencies depreciated and FIIs sold almost all Asian markets. </li>
<li>In the event of a US recession, we think Asia would outperform US. We like attractively valued domestic-focused sectors and stocks, unless a globally linked stock is egregiously undervalued.</li>
</ul>


US recession chatter is back. During past recessions, US declined less than Asia. Within Asia, select consumer staples, telecommunication, energy outperformed. Surprisingly, so did Korea and Taiwan tech, HK industrials.
Asian equity drawdown was driven more by valuation derating than by earnings decline. During every US recession, all Asian currencies depreciated and FIIs sold almost all Asian markets. 
In the event of a US recession, we think Asia would outperform US. We like attractively valued domestic-focused sectors and stocks, unless a globally linked stock is egregiously undervalued.


Asian Equities: What if There's a US Recession?

<ul>
<li>As the trade war unfolds, more market volatility seems likely. In the 2018 episode China and Korea drove Asian drawdown. But today, China exports far less to America than earlier.</li>
<li>The 2025 trade war is more expansive, with larger tariffs being imposed. In 2018, the defensives and non-tradables outperformed. Similar sectors, but not the same markets could do well now.</li>
<li>Our Capital Preservation Basket presents eight cheap stocks with domestic revenue exposure and earnings estimate increases over past six months. They are from HK/China (5), Philippines (2) and Korea (1).</li>
</ul>


As the trade war unfolds, more market volatility seems likely. In the 2018 episode China and Korea drove Asian drawdown. But today, China exports far less to America than earlier.
The 2025 trade war is more expansive, with larger tariffs being imposed. In 2018, the defensives and non-tradables outperformed. Similar sectors, but not the same markets could do well now.
Our Capital Preservation Basket presents eight cheap stocks with domestic revenue exposure and earnings estimate increases over past six months. They are from HK/China (5), Philippines (2) and Korea (1).


Asian Equities: Preserving Capital in 2025 – Parallels and Contrasts from 2018

<ul>
<li>In today's uncertain scenario, cash is king. Moreover, the high US treasury yields, which had rendered a dividend yield strategy relatively unattractive, are beginning to decline again.</li>
<li>In addition to considering today's dividend yields, we think it's also imperative to take into account companies' future earnings potential to assess future dividend stability.</li>
<li>Screening companies with at least 6% forward dividend yield and 5% forecast EPS CAGR over next 2 years, we arrive at our basket of 23 dividend yielders, 13 from HK/China.</li>
</ul>


In today's uncertain scenario, cash is king. Moreover, the high US treasury yields, which had rendered a dividend yield strategy relatively unattractive, are beginning to decline again.
In addition to considering today's dividend yields, we think it's also imperative to take into account companies' future earnings potential to assess future dividend stability.
Screening companies with at least 6% forward dividend yield and 5% forecast EPS CAGR over next 2 years, we arrive at our basket of 23 dividend yielders, 13 from HK/China.


Asian Equities: Asia's Robust Dividend Yielders

Director, Head of Research, Smartkarma

Pranav Rao

Director, Head of Research

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

Equity Bottom-Up

Sumitomo Mitsui Trust Holdings / Equity Bottom-Up

<ul>
<li>Welcome to Curator’s Cut - a fortnightly roundup of standout themes from the 1,200+ insights shared on Smartkarma.</li>
<li>In this cut, we survey the consumer staples sector at historic positioning lows, follow the rotation into (Asian) financials, and assess the sometimes mixed track record of spin-offs. </li>
<li>Want to dig deeper? Comment or message with the themes you'd like to see highlighted next.</li>
</ul>


Welcome to Curator’s Cut - a fortnightly roundup of standout themes from the 1,200+ insights shared on Smartkarma.
In this cut, we survey the consumer staples sector at historic positioning lows, follow the rotation into (Asian) financials, and assess the sometimes mixed track record of spin-offs. 
Want to dig deeper? Comment or message with the themes you'd like to see highlighted next.


Curator's Cut: Few Want Consumer Staples, Many Want Financials, & Spin-Off Lessons

Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

Shenton Research

Shenton Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Quantitative Analysis

<ul>
<li>We analyzed the changes in foreign holdings of KRX stocks as of Sep 11th. The aggregated holding was USD1,714.2bn.</li>
<li>We estimate that foreign flows to be inflows of USD1,692mln. We tabulate the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.</li>
<li>We highlight changes of foreign holdings in SK Hynix, SKSQUARE, Samsung Elec (PREF), KAL, EO Technics.</li>
</ul>


We analyzed the changes in foreign holdings of KRX stocks as of Sep 11th. The aggregated holding was USD1,714.2bn.
We estimate that foreign flows to be inflows of USD1,692mln. We tabulate the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.
We highlight changes of foreign holdings in SK Hynix, SKSQUARE, Samsung Elec (PREF), KAL, EO Technics.


KRX Foreign Holding Weekly (Sep 11th): SK Hynix, SKSQUARE, Samsung Elec (PREF), KAL, EO Technics

South Korea

Hana Financial Group Inc., in accordance with Financial Holding Companies Act, was established on December 1, 2005, through stock transfer with the former shareholders of its subsidiaries in order to provide management services and financing to associated companies.

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Hana Financial (086790 KS)

Asian Equities: What if There's a US Recession?

US recession chatter is back. US declined less than Asia in past recessions. This time it could be different. Valn derating, not EPS cuts, drove...

Manishi Raychaudhuri

Asian Equities: Preserving Capital in 2025 – Parallels and Contrasts from 2018

Volatility could rise as trade war escalates. But China exports much less to US now, Korea & Taiwan much more. Our Capital Preservation Basket has...

Manishi Raychaudhuri

Asian Equities: Asia's Robust Dividend Yielders

In uncertain times, firms distributing cash as dividends are naturally investors' darlings. Screening large caps on min 6% div yield and future...

Manishi Raychaudhuri

Curator's Cut: Few Want Consumer Staples, Many Want Financials, & Spin-Off Lessons

In this Curator's Cut, we examine poor positioning in Consumer Staples, the (continued) rotation into (Asian) Financials and mixed views on spin...

Pranav Rao

KRX Foreign Holding Weekly (Sep 11th): SK Hynix, SKSQUARE, Samsung Elec (PREF), KAL, EO Technics

We analyzed KRX foreign holding data for the past week and highlighted foreign holding changes in SK Hynix, SKSQUARE, Samsung Elec (PREF), KAL, EO...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Asian Equities: What if There's a US Recession?

​US recession chatter is back. US declined less than Asia in past recessions. This time it could be different. Valn derating, not EPS cuts, drove...

Manishi Raychaudhuri

Asian Equities: Preserving Capital in 2025 – Parallels and Contrasts from 2018

​Volatility could rise as trade war escalates. But China exports much less to US now, Korea & Taiwan much more. Our Capital Preservation Basket has...

Manishi Raychaudhuri

Asian Equities: Asia's Robust Dividend Yielders

​In uncertain times, firms distributing cash as dividends are naturally investors' darlings. Screening large caps on min 6% div yield and future...

Manishi Raychaudhuri

Curator's Cut: Few Want Consumer Staples, Many Want Financials, & Spin-Off Lessons

In this Curator's Cut, we examine poor positioning in Consumer Staples, the (continued) rotation into (Asian) Financials and mixed views on spin...

Pranav Rao

KRX Foreign Holding Weekly (Sep 11th): SK Hynix, SKSQUARE, Samsung Elec (PREF), KAL, EO Technics

We analyzed KRX foreign holding data for the past week and highlighted foreign holding changes in SK Hynix, SKSQUARE, Samsung Elec (PREF), KAL, EO...

Ke Yan, CFA, FRM

US recession chatter is back. US declined less than Asia in past recessions. This time it could be different. Valn derating, not EPS cuts, drove...

Volatility could rise as trade war escalates. But China exports much less to US now, Korea & Taiwan much more. Our Capital Preservation Basket has...

In uncertain times, firms distributing cash as dividends are naturally investors' darlings. Screening large caps on min 6% div yield and future...