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 argued that Asia was oversold in March. In April FIIs bought back a little, US$1.58bn, predominantly in Taiwan (US$7.83bn). They bought US$493m in Korea and sold US$6.47bn in India.</li>
<li>Our study of last 20 years FII investment shows that the present episode is the largest quantum of FII selling in Asia in a short period. </li>
<li>The large Asian markets, Korea, Taiwan and India, are all near their troughs in terms of 6-monthly cumulative FII selling as percentage of market cap. India could get sold more.</li>
</ul>


We argued that Asia was oversold in March. In April FIIs bought back a little, US$1.58bn, predominantly in Taiwan (US$7.83bn). They bought US$493m in Korea and sold US$6.47bn in India.
Our study of last 20 years FII investment shows that the present episode is the largest quantum of FII selling in Asia in a short period. 
The large Asian markets, Korea, Taiwan and India, are all near their troughs in terms of 6-monthly cumulative FII selling as percentage of market cap. India could get sold more.


Asian Equities: Nascent Revival in FII Flows in April, but a Long Way to Go

<ul>
<li>KOSPI is just 10% shy of 7000, a level unimaginable till recently. After a stunning 56% rally since late October, KOSPI is 16% cheaper, due to humungous earnings estimate upgrades.</li>
<li>Technology, industrials, defense, financials largely drove EPS upgrades and market performance. Sectors that have lagged but have robust growth forecasts and cheap valuations: consumer services, staples, retail and basic materials.</li>
<li>Foreign institutions under-own Korea. They have cumulatively sold US$28bn over past 6 years, and astonishingly, US$10.3bn since November. They'll find Korea's earnings boom and global macro tailwinds difficult to ignore.</li>
</ul>


KOSPI is just 10% shy of 7000, a level unimaginable till recently. After a stunning 56% rally since late October, KOSPI is 16% cheaper, due to humungous earnings estimate upgrades.
Technology, industrials, defense, financials largely drove EPS upgrades and market performance. Sectors that have lagged but have robust growth forecasts and cheap valuations: consumer services, staples, retail and basic materials.
Foreign institutions under-own Korea. They have cumulatively sold US$28bn over past 6 years, and astonishingly, US$10.3bn since November. They'll find Korea's earnings boom and global macro tailwinds difficult to ignore.


Asian Equities: KOSPI 7000 Appears Within Reach; Some Laggard Sectors Warrant Closer Look

<ul>
<li>The resilience of Asian earnings is surprising.  Consensus 2026 EPS estimate of Asia-ex-Japan (Factset Market Index) is up 3% over the past month and 10% over the past 3 months.</li>
<li>29 market-sectors have had robust upgrades over 1-month, 3-month and 6-month timeframes. Energy and basic materials and the prominent AI beneficiaries, Korean and Taiwanese tech, figure prominently among earnings gainers.</li>
<li>Among the earnings winners, nine sectors have declined significantly since the beginning of the war. The HK/Chinese, Korean and Indonesian basic materials and Korean financials and Thai communications stand out.</li>
</ul>


The resilience of Asian earnings is surprising.  Consensus 2026 EPS estimate of Asia-ex-Japan (Factset Market Index) is up 3% over the past month and 10% over the past 3 months.
29 market-sectors have had robust upgrades over 1-month, 3-month and 6-month timeframes. Energy and basic materials and the prominent AI beneficiaries, Korean and Taiwanese tech, figure prominently among earnings gainers.
Among the earnings winners, nine sectors have declined significantly since the beginning of the war. The HK/Chinese, Korean and Indonesian basic materials and Korean financials and Thai communications stand out.


Asian Equities: Higher Earnings Estimates, Lower Stock Prices - Nine Notable Sectors

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 Oct 2nd. The aggregated holding was USD1,724.3bn.</li>
<li>We estimate that foreign flows to be outflows of USD6,402mln. 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, Samsung Electronics, Woori Financial, SamsungElecMech, Doosan Enerbility.</li>
</ul>


We analyzed the changes in foreign holdings of KRX stocks as of Oct 2nd. The aggregated holding was USD1,724.3bn.
We estimate that foreign flows to be outflows of USD6,402mln. 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, Samsung Electronics, Woori Financial, SamsungElecMech, Doosan Enerbility.


KRX Foreign Holding Weekly (Oct 2nd): SK Hynix, Samsung Electronics, Woori Financial

<ul>
<li>We analysed the earning revision of component stocks of MS-South Korea in the past month.</li>
<li>We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.</li>
<li>We highlighted EPS revision on SK Hynix, Samsung Electronics, KB Financial, Hana Financial, KIH, LG Chem, SK Innovation, LG Energy Solution.</li>
</ul>


We analysed the earning revision of component stocks of MS-South Korea in the past month.
We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.
We highlighted EPS revision on SK Hynix, Samsung Electronics, KB Financial, Hana Financial, KIH, LG Chem, SK Innovation, LG Energy Solution.


MS-South Korea Index Earning Revision (Sep): SK Hynix, Samsung Electronics, KB Financial, KIH

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: Nascent Revival in FII Flows in April, but a Long Way to Go

FIIs bought back $1.58bn in Asia in April, with Taiwan leading the way. FII selling in India, TW & KR as percentage of market cap are near...

Manishi Raychaudhuri

Asian Equities: KOSPI 7000 Appears Within Reach; Some Laggard Sectors Warrant Closer Look

KOSPI is steadily climbing the 7000 peak, after a brief wobble due to energy shortage worries. Lat week, Q1 flash GDP growth estimate (1.7%)...

Manishi Raychaudhuri

Asian Equities: Higher Earnings Estimates, Lower Stock Prices - Nine Notable Sectors

Asian earnings are remarkably resilient. Consensus 26 EPS est up 3% last month & 10% in past 3 months. Shares of 9 EPS gainers dropped sharply. HK...

Manishi Raychaudhuri

KRX Foreign Holding Weekly (Oct 2nd): SK Hynix, Samsung Electronics, Woori Financial

We analyzed KRX foreign holding data for the past week and highlighted foreign holding changes in SK Hynix, Samsung Electronics, Woori Financial,...

Ke Yan, CFA, FRM

MS-South Korea Index Earning Revision (Sep): SK Hynix, Samsung Electronics, KB Financial, KIH

We analyzed MS-South Korea's consensus for Sep 2026 and highlighted changes of EPS in SK Hynix, Samsung Electronics, KB Financial, Hana Financial,...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Asian Equities: Nascent Revival in FII Flows in April, but a Long Way to Go

​FIIs bought back $1.58bn in Asia in April, with Taiwan leading the way. FII selling in India, TW & KR as percentage of market cap are near...

Manishi Raychaudhuri

Asian Equities: KOSPI 7000 Appears Within Reach; Some Laggard Sectors Warrant Closer Look

KOSPI is steadily climbing the 7000 peak, after a brief wobble due to energy shortage worries. Lat week, Q1 flash GDP growth estimate (1.7%)...

Manishi Raychaudhuri

Asian Equities: Higher Earnings Estimates, Lower Stock Prices - Nine Notable Sectors

​Asian earnings are remarkably resilient. Consensus 26 EPS est up 3% last month & 10% in past 3 months. Shares of 9 EPS gainers dropped sharply. HK...

Manishi Raychaudhuri

KRX Foreign Holding Weekly (Oct 2nd): SK Hynix, Samsung Electronics, Woori Financial

We analyzed KRX foreign holding data for the past week and highlighted foreign holding changes in SK Hynix, Samsung Electronics, Woori Financial,...

Ke Yan, CFA, FRM

MS-South Korea Index Earning Revision (Sep): SK Hynix, Samsung Electronics, KB Financial, KIH

We analyzed MS-South Korea's consensus for Sep 2026 and highlighted changes of EPS in SK Hynix, Samsung Electronics, KB Financial, Hana Financial,...

Ke Yan, CFA, FRM

FIIs bought back $1.58bn in Asia in April, with Taiwan leading the way. FII selling in India, TW & KR as percentage of market cap are near...

Asian earnings are remarkably resilient. Consensus 26 EPS est up 3% last month & 10% in past 3 months. Shares of 9 EPS gainers dropped sharply. HK...