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

Cross Asset Strategy

<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

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

Thematic (Sector/Industry)

<ul><li>The KOSPI continues its semiconductor-led rally, surpassing 5,000p only three months after crossing the 4,000p mark.</li><li>Because the rally has been primarily earnings-driven, valuation pressure remains limited, with the KOSPI’s 12-month forward P/E standing at 10.6x.</li><li>Over the past three months, the KOSPI has climbed approximately 30%, while the EPS consensus has been revised up 37%. </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.

The KOSPI continues its semiconductor-led rally, surpassing 5,000p only three months after crossing the 4,000p mark.Because the rally has been primarily earnings-driven, valuation pressure remains limited, with the KOSPI’s 12-month forward P/E standing at 10.6x.Over the past three months, the KOSPI has climbed approximately 30%, while the EPS consensus has been revised up 37%. 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.

Equity Strategy[February] Positioning for the Market’s Next Phase

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.

<ul>
<li>Concerns about trade tensions, geopolitics and high debt persist. But DMs' fiscal expansion, continued Fed rate cuts, ongoing AI boom and healthy balance sheets should keep Asia resilient in 2026.</li>
<li>With record low inflation, Asian rates and COE should stay low. We expect USD moderation, boosting Asian flows. Key themes: Defense expenditure, select base metal super-cycle, continued focus on dividends.</li>
<li>2026 targets: MXASJ 985, SHCOMP 4400, Hang Seng 29000, KOSPI 5000, TWSE 30000, Sensex 91000, Strait Times 4730. Overweight HK/China, Korea and India - the latter on stock picking considerations.</li>
</ul>


Concerns about trade tensions, geopolitics and high debt persist. But DMs' fiscal expansion, continued Fed rate cuts, ongoing AI boom and healthy balance sheets should keep Asia resilient in 2026.
With record low inflation, Asian rates and COE should stay low. We expect USD moderation, boosting Asian flows. Key themes: Defense expenditure, select base metal super-cycle, continued focus on dividends.
2026 targets: MXASJ 985, SHCOMP 4400, Hang Seng 29000, KOSPI 5000, TWSE 30000, Sensex 91000, Strait Times 4730. Overweight HK/China, Korea and India - the latter on stock picking considerations.


Outlook 2026: Fiscal Expansion + Monetary Divergence + Robust AI + Ebbing USD = Resilient Asia

<ul>
<li>In December FIIs sold US$2.1bn in Asia-6, far lower than the US$21.8bn they sold in November. Primarily India (US$2.5bn) and Taiwan ($1.9bn) were sold, counterbalanced by buying in Korea (US$2.4bn).</li>
<li>There are some nascent signs of FII buying recovering in ASEAN - particularly in Indonesia (US$1.46bn bought in Q4 2025) and lately in Thailand ($196m bought in December).</li>
<li>FIIs sold US$45.3 bn in 2025, the second highest after US$52.1bn selling in 2022. Asian equity performance is getting uncorrelated with FII activity, as MXASJ's stupendous 29.6% appreciation shows.</li>
</ul>


In December FIIs sold US$2.1bn in Asia-6, far lower than the US$21.8bn they sold in November. Primarily India (US$2.5bn) and Taiwan ($1.9bn) were sold, counterbalanced by buying in Korea (US$2.4bn).
There are some nascent signs of FII buying recovering in ASEAN - particularly in Indonesia (US$1.46bn bought in Q4 2025) and lately in Thailand ($196m bought in December).
FIIs sold US$45.3 bn in 2025, the second highest after US$52.1bn selling in 2022. Asian equity performance is getting uncorrelated with FII activity, as MXASJ's stupendous 29.6% appreciation shows.


Asian Equities: FII Selling Slowed in Dec but Continued Nonetheless; 2025 Saw Near-Peak FII Outflow

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)

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

Equity Strategy[February] Positioning for the Market’s Next Phase

Because the rally has been primarily earnings-driven, valuation pressure remains limited, with the KOSPI’s 12-month forward P/E standing at 10.6x.

Mirae Asset Securities

Outlook 2026: Fiscal Expansion + Monetary Divergence + Robust AI + Ebbing USD = Resilient Asia

As we enter 2026, it's worthwhile recalling our '26 themes - fiscal stimuli in DM, ongoing geopolitical tensions (driving defense expenditure),...

Manishi Raychaudhuri

Asian Equities: FII Selling Slowed in Dec but Continued Nonetheless; 2025 Saw Near-Peak FII Outflow

FIIs sold significantly less in Asia-6 in December compared to November, with signs of recovery in select ASEAN markets. Asian equity performance...

Manishi Raychaudhuri

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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

Equity Strategy[February] Positioning for the Market’s Next Phase

Because the rally has been primarily earnings-driven, valuation pressure remains limited, with the KOSPI’s 12-month forward P/E standing at 10.6x.

Mirae Asset Securities

Outlook 2026: Fiscal Expansion + Monetary Divergence + Robust AI + Ebbing USD = Resilient Asia

As we enter 2026, it's worthwhile recalling our '26 themes - fiscal stimuli in DM, ongoing geopolitical tensions (driving defense expenditure),...

Manishi Raychaudhuri

Asian Equities: FII Selling Slowed in Dec but Continued Nonetheless; 2025 Saw Near-Peak FII Outflow

​FIIs sold significantly less in Asia-6 in December compared to November, with signs of recovery in select ASEAN markets. Asian equity performance...

Manishi Raychaudhuri

FIIs sold significantly less in Asia-6 in December compared to November, with signs of recovery in select ASEAN markets. Asian equity performance...