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?

Korea / Special Situations, Clepsydra Capital

Sanghyun Park

Korea / Special Situations

Korea / Special Sits, Pairs, Index Rebalancing

Clepsydra Capital

Investigate special situations, pairs, and index rebalancing trades in Korea.

Event-Driven

Korea Stock Exchange Kospi Index / Event-Driven

Korea Stock Exchange Kospi Index (KOSPI INDEX)

<ul>
<li>Martial law has been declared 11 times since 1945, but this is the first since Korea’s post-‘90 democratization.</li>
<li>The Martial Law Command's first proclamation blocks parliament, raising legal questions about its constitutionality and making any immediate attempt to end martial law uncertain.</li>
<li>Defense and telecom stocks could outperform short-term due to martial law, making them strong trading targets to watch.</li>
</ul>


Martial law has been declared 11 times since 1945, but this is the first since Korea’s post-‘90 democratization.
The Martial Law Command's first proclamation blocks parliament, raising legal questions about its constitutionality and making any immediate attempt to end martial law uncertain.
Defense and telecom stocks could outperform short-term due to martial law, making them strong trading targets to watch.


Breaking: Korea Drops Martial Law, Local Markets in Turmoil—What’s the Short-Term Trade Play Here?

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

<ul>
<li>On the 11th September, <a href="https://www.smartkarma.com/entities/hanwha-ocean-co-ltd" target="_blank" data-smartkarma-citation="entities:12531:1" rel="noopener">Hanwha Ocean (042660 KS)</a> and <a href="https://www.smartkarma.com/entities/hanwha-aerospace-co-ltd" target="_blank" data-smartkarma-citation="entities:504:1" rel="noopener">Hanwha Aerospace (012450 KS)</a>, collectively holding 25.36%, made a S$0.60/share cash Offer for shares not owned, conditional on a 50% acceptance.</li>
<li>The transaction stalled on the 24th September, when the estate of Dyna-Mac’s founding shareholder, Desmond Lim Tze Jong (holding ~35% currently) reckoned the Offer “does not adequately reflect” Dyna-Mac’s value.</li>
<li>Hanwha Group has now bumped terms by 11.67% to S$0.67/share, best &amp; final. That's a 35.4% premium to undisturbed, and a decade high. No word, yet, from the Lim estate.</li>
</ul>


On the 11th September, Hanwha Ocean (042660 KS) and Hanwha Aerospace (012450 KS), collectively holding 25.36%, made a S$0.60/share cash Offer for shares not owned, conditional on a 50% acceptance.
The transaction stalled on the 24th September, when the estate of Dyna-Mac’s founding shareholder, Desmond Lim Tze Jong (holding ~35% currently) reckoned the Offer “does not adequately reflect” Dyna-Mac’s value.
Hanwha Group has now bumped terms by 11.67% to S$0.67/share, best &amp; final. That's a 35.4% premium to undisturbed, and a decade high. No word, yet, from the Lim estate.


Dyna-Mac (DMHL SP): No Alternative As Hanwha Group Bumps

External broker reports(aggregated public sources), Mirae Asset Securities

Mirae Asset Securities

External broker reports(aggregated public sources)

Mirae Asset Securities Co.,Ltd. provides comprehensive wealth management services. The Company offers fixed income securities brokerage, securities dealing, equity underwriting, and other services. Mirae Asset Securities also deals with mergers and acquisitions, foreign currency, and financial derivatives

<ul><li>For 4Q25, Hanwha Aerospace reported revenue of W8.3tr (+72.6% YoY; 3% below the consensus), operating profit of W752.8bn (-16.3% YoY; 36% below the consensus), and an OP margin of 9%.</li><li>The earnings miss was driven by: 1) a higher revenue mix of low-margin domestic projects; 2) one-off provisions (W55bn) and elevated SG&amp;A expenses (W40bn); and 3) weakness at consolidated subsidiaries (Hanwha Ocean, Hanwha Systems, etc.).</li><li>The land systems division posted revenue of W3.1tr (-8.1% YoY) and operating profit of W616bn (-29.2% YoY; OP margin of 19.9%).</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

For 4Q25, Hanwha Aerospace reported revenue of W8.3tr (+72.6% YoY; 3% below the consensus), operating profit of W752.8bn (-16.3% YoY; 36% below the consensus), and an OP margin of 9%.The earnings miss was driven by: 1) a higher revenue mix of low-margin domestic projects; 2) one-off provisions (W55bn) and elevated SG&amp;A expenses (W40bn); and 3) weakness at consolidated subsidiaries (Hanwha Ocean, Hanwha Systems, etc.).The land systems division posted revenue of W3.1tr (-8.1% YoY) and operating profit of W616bn (-29.2% YoY; OP margin of 19.9%).Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Hanwha Aerospace (012450 KS/Buy)Big Picture Remains Intact Despite Near-Term Headwinds

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

<ul>
<li>Hanwha Aerospace (012450 KS) reported its best ever results in 2025 despite missing its operating profit estimate in 4Q 2025. </li>
<li>The company missed the consensus operating profit estimate by 35.9% in 4Q 2025. Hanwha Aerospace is not out of bullets after its poor quarterly results in 4Q 2025. </li>
<li>Nevertheless, if the company misses quarterly earnings once again in 1H 2026 (either 1Q or 2Q), this could result in a nasty sell-off on the stock.</li>
</ul>


Hanwha Aerospace (012450 KS) reported its best ever results in 2025 despite missing its operating profit estimate in 4Q 2025. 
The company missed the consensus operating profit estimate by 35.9% in 4Q 2025. Hanwha Aerospace is not out of bullets after its poor quarterly results in 4Q 2025. 
Nevertheless, if the company misses quarterly earnings once again in 1H 2026 (either 1Q or 2Q), this could result in a nasty sell-off on the stock.


Hanwha Aerospace: Out of Bullets After Missing Earnings in 4Q 2025?

South Korea

Hanwha Aerospace Co., Ltd. operates as an aircraft parts manufacturing company. The Company produces and sells aircraft gas turbine engine products, aircraft compressors, low pressure turbines, and other products. Hanwha Aerospace markets its products worldwide.

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Hanwha Aerospace (012450 KS)

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

Breaking: Korea Drops Martial Law, Local Markets in Turmoil—What’s the Short-Term Trade Play Here?

Breaking news: Korea has declared martial law, causing local markets to be in turmoil—what’s the short-term trading strategy moving forward?

Sanghyun Park

Dyna-Mac (DMHL SP): No Alternative As Hanwha Group Bumps

Trading at S$0.65/share as I type. If I was an arbitrageur, and already in, I'd be selling here and into strength Look to (re) enter on any...

David Blennerhassett