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>As the April-June quarter earnings season winds down, positive surprises outnumber disappointments. Consensus earnings estimates keep getting upgraded in Asia and the US. Asian EPS upgrade has lately outpaced US's.</li>
<li>Over the last month, consensus 2026 EPS estimate of Asia-ex-Japan has been upgraded 4.4%, driven by Korea (12.8%), Taiwan (5.8%), Thailand (5.5%). 105 of 162 market-sectors have seen EPS upgrades.</li>
<li>The encouraging signs are: breadth across a wide range of sectors and not driven by AI capex only. Sectors not directly linked to AI exuberance are among top earnings gainers.</li>
</ul>


As the April-June quarter earnings season winds down, positive surprises outnumber disappointments. Consensus earnings estimates keep getting upgraded in Asia and the US. Asian EPS upgrade has lately outpaced US's.
Over the last month, consensus 2026 EPS estimate of Asia-ex-Japan has been upgraded 4.4%, driven by Korea (12.8%), Taiwan (5.8%), Thailand (5.5%). 105 of 162 market-sectors have seen EPS upgrades.
The encouraging signs are: breadth across a wide range of sectors and not driven by AI capex only. Sectors not directly linked to AI exuberance are among top earnings gainers.


Asian Equities: A Stupendous Earnings Quarter; Asia Matching US in Upgrades

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

Equity Bottom-Up

HD Hyundai Heavy Industries  / Equity Bottom-Up

<ul><li>For 3Q25, HD Hyundai Heavy Industries (HD HHI) posted revenue of W4.4tr (+22.4% YoY; 10.1% above the consensus), operating profit of W557.3bn (+170.3% YoY; 15.5% above the consensus), and an OP margin of 12.6%. The consensus beat was mainly driven by: 1) a 2.1% QoQ increase in revenue despite fewer working days;</li><li>2) higher shipbuilding prices and productivity gains; and</li><li>3) strong engine/machinery earnings (OP margin of 20.8%). </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 3Q25, HD Hyundai Heavy Industries (HD HHI) posted revenue of W4.4tr (+22.4% YoY; 10.1% above the consensus), operating profit of W557.3bn (+170.3% YoY; 15.5% above the consensus), and an OP margin of 12.6%. The consensus beat was mainly driven by: 1) a 2.1% QoQ increase in revenue despite fewer working days;2) higher shipbuilding prices and productivity gains; and3) strong engine/machinery earnings (OP margin of 20.8%). 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.

HD Hyundai Heavy Industries (329180 KS/Buy)Solid Commercial Ship and Engine Margins

<ul><li>For 3Q25, we expect HD Hyundai Heavy Industries (HD HHI) to post revenue of W4tr (+11.9% YoY; in line with the consensus), operating profit of W496bn (+140.6% YoY; 2.8% above the consensus), and an OP margin of 12.3%.</li><li>We believe additional shifts by foreign workers during the holidays partially offset the impact of fewer working days, supporting earnings.</li><li>In addition, despite one-off costs related to the conclusion of wage negotiations and post-merger bonuses, mix improvements (in terms of both pricing and vessel type) likely supported solid earnings.</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 3Q25, we expect HD Hyundai Heavy Industries (HD HHI) to post revenue of W4tr (+11.9% YoY; in line with the consensus), operating profit of W496bn (+140.6% YoY; 2.8% above the consensus), and an OP margin of 12.3%.We believe additional shifts by foreign workers during the holidays partially offset the impact of fewer working days, supporting earnings.In addition, despite one-off costs related to the conclusion of wage negotiations and post-merger bonuses, mix improvements (in terms of both pricing and vessel type) likely supported solid earnings.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.

HD Hyundai Heavy Industries (329180 KS/Buy)Earnings Growth Remains on Track

External broker reports(aggregated public sources), Daishin Securities

Daishin Securities

Founded in 1962, Daishin Securities is a leading financial services provider in Korea. Daishin securities does its best to provide high quality financial service and to satisfy the various needs of investors. Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>3Q25 revenue forecast at W4.0tn, OP at W500bn, OPM at 12.4%</li><li>Thanks to enhanced productivity, margins remain solid despite fewer working days due to summer holidays</li><li>Meaningful Offshore earnings anticipated as FPU revenue recognition starts</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.

3Q25 revenue forecast at W4.0tn, OP at W500bn, OPM at 12.4%Thanks to enhanced productivity, margins remain solid despite fewer working days due to summer holidaysMeaningful Offshore earnings anticipated as FPU revenue recognition startsContent 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.

HD Hyundai Heavy Industries (329180 KS) - Every Segment Strong; Outlook Brightens

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 short interest of KRX stocks as of Oct 2nd. The aggregated short interest was USD19.5bn.</li>
<li>We tabulate league tables for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.</li>
<li>We highlight short interest changes in HLB, DWEC, NAVER, Samsung Elec (PREF), Doosan Enerbility.</li>
</ul>


We analyzed the changes in short interest of KRX stocks as of Oct 2nd. The aggregated short interest was USD19.5bn.
We tabulate league tables for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.
We highlight short interest changes in HLB, DWEC, NAVER, Samsung Elec (PREF), Doosan Enerbility.


KRX Short Interest Weekly (Oct 2nd): HLB, DWEC, NAVER, Samsung Elec (PREF), Doosan Enerbility

South Korea

HD Hyundai Heavy Industries Co., Ltd. operates as a shipbuilding company. The Company provides naval shipbuilding, industrial shipbuilding, crude oil tanker, bulk carrier, container carrier, and other related services. HD Hyundai Heavy Industries also offers offshore and engineering, engine and machinery, offshore, industrial, and marine plant services.

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HD Hyundai Heavy Industries (329180 KS)

Asian Equities: A Stupendous Earnings Quarter; Asia Matching US in Upgrades

Positive earnings surprises continue as consensus EPS est are upgraded in Asia & the US, with Asian EPS upgrades surpassing those in US. Various...

Manishi Raychaudhuri