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>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

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

<ul>
<li>We discuss the five most important factors driving the Korean stock market this year which was the best performing among all major country equity markets in the world in 2025.</li>
<li>These five factors included the global AI boom, wars and rumors of wars, beneficiaries of MASGA, Korea Value-Up initiatives, and reduced political uncertainties with new President elected in June 2025. </li>
<li>Our best bet to diversify one's portfolio and be more cautious because staying alive will be a key in 2026 rather than FOMO, especially in 2H 2026. </li>
</ul>


We discuss the five most important factors driving the Korean stock market this year which was the best performing among all major country equity markets in the world in 2025.
These five factors included the global AI boom, wars and rumors of wars, beneficiaries of MASGA, Korea Value-Up initiatives, and reduced political uncertainties with new President elected in June 2025. 
Our best bet to diversify one's portfolio and be more cautious because staying alive will be a key in 2026 rather than FOMO, especially in 2H 2026. 


Korean Stock Market - The Best Performing Among Major Countries Indices in 2025

Event-Driven

Korea Aerospace Industries / Event-Driven

<ul>
<li>In the past several months, Hanwha Group companies purchased additional shares in Korea Aerospace Industries (KAI) so their combined stake is now 15.89%. </li>
<li>Hanwha Aerospace owns 9.9% stake in KAI, followed by Hanwha Systems (4.98%), and Hanwha Aerospace USA (1.01%). </li>
<li>I provide four main scenarios of the potential next moves by the Hanwha Group companies regarding Korea Aerospace Industries. </li>
</ul>


In the past several months, Hanwha Group companies purchased additional shares in Korea Aerospace Industries (KAI) so their combined stake is now 15.89%. 
Hanwha Aerospace owns 9.9% stake in KAI, followed by Hanwha Systems (4.98%), and Hanwha Aerospace USA (1.01%). 
I provide four main scenarios of the potential next moves by the Hanwha Group companies regarding Korea Aerospace Industries. 


Hanwha Aerospace and Other Hanwha Affiliates Now Own 15.9% of KAI - Next Move?

<ul>
<li>On 25 November, the Democratic Party of Korea confirmed that the cancellation of treasury shares will be made into law by the end of 2025.</li>
<li>Companies that buyback their shares (as treasury shares) will be required to cancel them within one year of the buyback. </li>
<li>There may be a LOOPHOLE if the company fails to cancel the treasury shares on time. Fine per director is only 50 million won and this may be too low. </li>
</ul>


On 25 November, the Democratic Party of Korea confirmed that the cancellation of treasury shares will be made into law by the end of 2025.
Companies that buyback their shares (as treasury shares) will be required to cancel them within one year of the buyback. 
There may be a LOOPHOLE if the company fails to cancel the treasury shares on time. Fine per director is only 50 million won and this may be too low. 


Confirmation of Cancellation of Treasury Shares To Be Made Into Law by End of 2025 and a Loophole?

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)

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

Korean Stock Market - The Best Performing Among Major Countries Indices in 2025

We discuss the five most important factors driving the Korean stock market this year which was the best performing among all major country equity...

Douglas Kim

Hanwha Aerospace and Other Hanwha Affiliates Now Own 15.9% of KAI - Next Move?

In the past several months, Hanwha Group companies purchased additional shares in Korea Aerospace Industries (KAI) so their combined stake is now...

Douglas Kim

Confirmation of Cancellation of Treasury Shares To Be Made Into Law by End of 2025 and a Loophole?

There may be a LOOPHOLE if the company fails to cancel the treasury shares on time. Fine per director is only 50 million won and this may be too low.

Douglas Kim

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

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

Korean Stock Market - The Best Performing Among Major Countries Indices in 2025

We discuss the five most important factors driving the Korean stock market this year which was the best performing among all major country equity...

Douglas Kim

Hanwha Aerospace and Other Hanwha Affiliates Now Own 15.9% of KAI - Next Move?

In the past several months, Hanwha Group companies purchased additional shares in Korea Aerospace Industries (KAI) so their combined stake is now...

Douglas Kim

Confirmation of Cancellation of Treasury Shares To Be Made Into Law by End of 2025 and a Loophole?

There may be a LOOPHOLE if the company fails to cancel the treasury shares on time. Fine per director is only 50 million won and this may be too low.

Douglas Kim

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