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>Combination of concerns about Fed rate trajectory, AI capex monetization, Chinese growth slowdown and Japanese Yen carry trade unwinding brought the US and Asian markets 4-5% down since late October.</li>
<li>Expensive valuations are now justifiably correcting. Notwithstanding worries about a December cut, the interest rate trajectory remains resolutely downwards. Asian disinflation offers several central banks further room for monetary easing. </li>
<li>AI capex monetization worries will wax and wane. But Asian AI enablers' cash flows seem safe and valuations inexpensive. Corporate earnings environment is solid in US and recovering in Asia.</li>
</ul>


Combination of concerns about Fed rate trajectory, AI capex monetization, Chinese growth slowdown and Japanese Yen carry trade unwinding brought the US and Asian markets 4-5% down since late October.
Expensive valuations are now justifiably correcting. Notwithstanding worries about a December cut, the interest rate trajectory remains resolutely downwards. Asian disinflation offers several central banks further room for monetary easing. 
AI capex monetization worries will wax and wane. But Asian AI enablers' cash flows seem safe and valuations inexpensive. Corporate earnings environment is solid in US and recovering in Asia.


Asian Equities: A Correction, Not a Bear Market; Rates Still Falling and Earnings Are Catching Up

Derivatives and Quantitative Strategist

Gaudenz Schneider

Equity Bottom-Up

<ul>
<li>
Context: This Insight follows up on previously highlighted relative value opportunities, using a statistical methodology based on mean-reversion to identify opportunities in paired securities.</li>
<li>
Highlights: Currently twelve pair trade opportunities across three markets and five sectors persist.</li>
<li>
Why read: Statistical analysis offers a unique perspective on relative value. Gain insights into actionable statistical pair trade opportunities and monitor performance of previously highlighted pairs.</li>
</ul>



Context: This Insight follows up on previously highlighted relative value opportunities, using a statistical methodology based on mean-reversion to identify opportunities in paired securities.

Highlights: Currently twelve pair trade opportunities across three markets and five sectors persist.

Why read: Statistical analysis offers a unique perspective on relative value. Gain insights into actionable statistical pair trade opportunities and monitor performance of previously highlighted pairs.


Relative Value Opportunities in Asia-Pac, Pair Trade Roundup (24 Nov)

<ul>
<li>
Context: The <a href="https://www.smartkarma.com/entities/icici-bank-ltd" target="_blank" data-smartkarma-citation="entities:547:1" rel="noopener">ICICI Bank (ICICIBC IN)</a> vs. <a href="https://www.smartkarma.com/entities/hdfc-bank-ltd-4b6b7a92-9087-468d-9dbe-ab169e77f014" target="_blank" data-smartkarma-citation="entities:558:1" rel="noopener">HDFC Bank (HDFCB IN)</a> price-ratio has deviated more than two standard deviations from its one-year average, presenting a potential relative value opportunity.</li>
<li>
Highlights: The combination of going long <a href="https://www.smartkarma.com/entities/icici-bank-ltd" target="_blank" data-smartkarma-citation="entities:547:1" rel="noopener">ICICI Bank (ICICIBC IN)</a> and short <a href="https://www.smartkarma.com/entities/hdfc-bank-ltd-4b6b7a92-9087-468d-9dbe-ab169e77f014" target="_blank" data-smartkarma-citation="entities:558:1" rel="noopener">HDFC Bank (HDFCB IN)</a> has traded profitably in July and is now flagged again as a fresh opportunity.</li>
<li>
Why Read: Essential for quantitative traders seeking mean-reversion opportunities, with detailed execution framework, risk management protocols, and historical simulation showing the statistical basis for this relative value play.</li>
</ul>



Context: The ICICI Bank (ICICIBC IN) vs. HDFC Bank (HDFCB IN) price-ratio has deviated more than two standard deviations from its one-year average, presenting a potential relative value opportunity.

Highlights: The combination of going long ICICI Bank (ICICIBC IN) and short HDFC Bank (HDFCB IN) has traded profitably in July and is now flagged again as a fresh opportunity.

Why Read: Essential for quantitative traders seeking mean-reversion opportunities, with detailed execution framework, risk management protocols, and historical simulation showing the statistical basis for this relative value play.


Long ICICI (ICICIBC IN), Short HDFC (HDFCB IN): Fresh Statistical Arbitrage Signal in Indian Banks

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

Physicswallah Limited / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/physicswallah-limited" target="_blank" data-smartkarma-citation="entities:45792:1" rel="noopener">Physicswallah</a> raised around US$430m in its India IPO, despite having a decent anchor book.</li>
<li>Physicswallah Ltd (PWL) offers test preparation courses for competitive examinations, and other courses such as for upskilling, across 13 education categories, including JEE, NEET, and UPSC, among others.</li>
<li>We have looked at the past performance in our previous note. In this note, we talk about the trading dynamics.</li>
</ul>



Physicswallah raised around US$430m in its India IPO, despite having a decent anchor book.
Physicswallah Ltd (PWL) offers test preparation courses for competitive examinations, and other courses such as for upskilling, across 13 education categories, including JEE, NEET, and UPSC, among others.
We have looked at the past performance in our previous note. In this note, we talk about the trading dynamics.


Physicswallah IPO Trading - Decent Anchor but Low Demand

APAC IPOs & Placements, Aequitas Research

Akshat Shah

APAC IPOs & Placements

Emmvee Photovoltaic Power Limited / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/emmvee-photovoltaic-power-limited" target="_blank" data-smartkarma-citation="entities:45501:1" rel="noopener">Emmvee Photovoltaic Power Limited (0198068D IN)</a> (EPPL) raised around US$327m in its India IPO.</li>
<li>EPPL is a vertically-integrated solar PV module and cell manufacturer in India, with operations spanning the solar PV modules production cycle from solar cell production to solar PV module assembly.</li>
<li>We have looked at the company’s past performance and valuations in our previous notes. In this note, we will talk about the trading dynamics.</li>
</ul>



Emmvee Photovoltaic Power Limited (0198068D IN) (EPPL) raised around US$327m in its India IPO.
EPPL is a vertically-integrated solar PV module and cell manufacturer in India, with operations spanning the solar PV modules production cycle from solar cell production to solar PV module assembly.
We have looked at the company’s past performance and valuations in our previous notes. In this note, we will talk about the trading dynamics.


Emmvee Photovoltaic Power IPO Trading - Lacklustre Demand

India

HDFC Bank Ltd. offers a wide range of services to the global corporate sector. The Bank provides corporate banking and custodial services and is active in the treasury and capital markets. HDFC also markets project advisory services and capital market products such as Global Deposit Receipts, Euro currency loans, and Euro currency bonds.

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HDFC Bank (HDFCB IN)

Asian Equities: A Correction, Not a Bear Market; Rates Still Falling and Earnings Are Catching Up

Markets bottomed out over 20-24 Nov. Since then S&P500 is up 5.2%, HSI is up 3.2% & KOSPI is up 4.2%. Predictably, the USD (DXY) is down c1%. The...

Manishi Raychaudhuri

Relative Value Opportunities in Asia-Pac, Pair Trade Roundup (24 Nov)

Statistical methodology identifies twelve pair trade opportunities across three markets and five sectors, offering unique insights into relative...

Gaudenz Schneider

Long ICICI (ICICIBC IN), Short HDFC (HDFCB IN): Fresh Statistical Arbitrage Signal in Indian Banks

A fresh entry opportunity has emerged as the price ratio crosses the two-standard-deviation threshold again, after fluctuating between the one- and...

Gaudenz Schneider

Physicswallah IPO Trading - Decent Anchor but Low Demand

Physicswallah raised around US$430m in its India IPO, despite having a decent anchor book. In this note, we talk about the trading dynamics.

Sumeet Singh

Emmvee Photovoltaic Power IPO Trading - Lacklustre Demand

Emmvee Photovoltaic Power Ltd raised around US$327m in its India IPO. In this note, we will talk about the demand and the trading dynamics.

Akshat Shah

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Asian Equities: A Correction, Not a Bear Market; Rates Still Falling and Earnings Are Catching Up

Markets bottomed out over 20-24 Nov. Since then S&P500 is up 5.2%, HSI is up 3.2% & KOSPI is up 4.2%. Predictably, the USD (DXY) is down c1%. The...

Manishi Raychaudhuri

Relative Value Opportunities in Asia-Pac, Pair Trade Roundup (24 Nov)

​Statistical methodology identifies twelve pair trade opportunities across three markets and five sectors, offering unique insights into relative...

Gaudenz Schneider

Long ICICI (ICICIBC IN), Short HDFC (HDFCB IN): Fresh Statistical Arbitrage Signal in Indian Banks

A fresh entry opportunity has emerged as the price ratio crosses the two-standard-deviation threshold again, after fluctuating between the one- and...

Gaudenz Schneider

Physicswallah IPO Trading - Decent Anchor but Low Demand

Physicswallah raised around US$430m in its India IPO, despite having a decent anchor book. In this note, we talk about the trading dynamics.

Sumeet Singh

Emmvee Photovoltaic Power IPO Trading - Lacklustre Demand

Emmvee Photovoltaic Power Ltd raised around US$327m in its India IPO. In this note, we will talk about the demand and the trading dynamics.

Akshat Shah

Statistical methodology identifies twelve pair trade opportunities across three markets and five sectors, offering unique insights into relative...