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>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

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 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

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>We know that Bain knew that their mid-September overbid for <a href="https://www.smartkarma.com/entities/kakaku-com-inc" target="_blank" data-smartkarma-citation="entities:7408:1" rel="noopener">Kakaku.com Inc (2371 JP)</a> did not meet the so-called KDDI Threshold, yet they made that bid anyway (¥3,720 vs EQT's ¥3,680).</li>
<li>IF <a href="https://www.smartkarma.com/entities/sankei-real-estate-inc" target="_blank" data-smartkarma-citation="entities:35239:1" rel="noopener">Sankei Real Estate (2972 JP)</a> trades wide, consider going long the arb, but generally, need to participate unless it does trade wide. There're other more interesting deals out there.</li>
<li>Despite the lower-than-expected bid optics compared to prior negotiations, <a href="https://www.smartkarma.com/entities/renew-energy-global-plc-class-a" target="_blank" data-smartkarma-citation="entities:37038:1" rel="noopener">ReNew Energy Global (RNW US)</a>'s Offer looks done. All ducks are lined up. Just a question of timing on regulatory approvals.</li>
</ul>


We know that Bain knew that their mid-September overbid for Kakaku.com Inc (2371 JP) did not meet the so-called KDDI Threshold, yet they made that bid anyway (¥3,720 vs EQT's ¥3,680).
IF Sankei Real Estate (2972 JP) trades wide, consider going long the arb, but generally, need to participate unless it does trade wide. There're other more interesting deals out there.
Despite the lower-than-expected bid optics compared to prior negotiations, ReNew Energy Global (RNW US)'s Offer looks done. All ducks are lined up. Just a question of timing on regulatory approvals.


Last Week In Event SPACE: Kakaku.com, Sankei Real Estate, ReNew Energy Global, Korea Aerospace Ind

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

<ul>
<li>Hanwha Asset Management has launched the process of listing the PLUS Korea Manufacturing Core Alliance (KMCA) Index ETF on the NYSE in 1H 2026.</li>
<li>KMCA ETF will includes companies in six core sectors: 1) AI semiconductors, 2) batteries, 3) shipbuilding, 4), defense, 5) power grids and nuclear energy, and 6) robots and humanoids.</li>
<li>This is likely to attract additional foreign capital into Korean stocks in the coming months. </li>
</ul>


Hanwha Asset Management has launched the process of listing the PLUS Korea Manufacturing Core Alliance (KMCA) Index ETF on the NYSE in 1H 2026.
KMCA ETF will includes companies in six core sectors: 1) AI semiconductors, 2) batteries, 3) shipbuilding, 4), defense, 5) power grids and nuclear energy, and 6) robots and humanoids.
This is likely to attract additional foreign capital into Korean stocks in the coming months. 


Hanwha Asset Mgmt Launching the PLUS Korea Manufacturing Core Alliance Index ETF (KMCA) On NYSE

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: 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

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

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

Last Week In Event SPACE: Kakaku.com, Sankei Real Estate, ReNew Energy Global, Korea Aerospace Ind

It’s Sunday! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed during the...

David Blennerhassett

Hanwha Asset Mgmt Launching the PLUS Korea Manufacturing Core Alliance Index ETF (KMCA) On NYSE

Hanwha Asset Management has launched the process of listing the PLUS Korea Manufacturing Core Alliance (KMCA) Index ETF on the NYSE in 1H 2026.

Douglas Kim

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Market Cap (USDm)

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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

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

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

Last Week In Event SPACE: Kakaku.com, Sankei Real Estate, ReNew Energy Global, Korea Aerospace Ind

It’s Sunday! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed during the...

David Blennerhassett

Hanwha Asset Mgmt Launching the PLUS Korea Manufacturing Core Alliance Index ETF (KMCA) On NYSE

Hanwha Asset Management has launched the process of listing the PLUS Korea Manufacturing Core Alliance (KMCA) Index ETF on the NYSE in 1H 2026.

Douglas Kim

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