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.

Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing) / Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing) (2330 TT)

TSMC (Taiwan Semiconductor Manufacturing)

<ul>
<li>Since the last rebalancing on 30th January, our portfolio appreciated 3.4% against MSCI Asia-ex-Japan's 1%. Since inception on May 15, 2025, our portfolio has appreciated 35.8%, vs MXASJ's 32.8%. </li>
<li>Since last reshuffle, the portfolio was driven by Korea (2.57% return contribution), Taiwan (1.3%) and India (0.75%). Four Chinese internet stocks, Alibaba, Tencent, Tencent Music and Netease, contributed -1.97% return.</li>
<li>We now exclude Dr Lal Pathlabs in India and include Tata Steel. We also include Maybank in Malaysia. All our inclusions have seen sharp EPS estimate upgrades lately.</li>
</ul>


Since the last rebalancing on 30th January, our portfolio appreciated 3.4% against MSCI Asia-ex-Japan's 1%. Since inception on May 15, 2025, our portfolio has appreciated 35.8%, vs MXASJ's 32.8%. 
Since last reshuffle, the portfolio was driven by Korea (2.57% return contribution), Taiwan (1.3%) and India (0.75%). Four Chinese internet stocks, Alibaba, Tencent, Tencent Music and Netease, contributed -1.97% return.
We now exclude Dr Lal Pathlabs in India and include Tata Steel. We also include Maybank in Malaysia. All our inclusions have seen sharp EPS estimate upgrades lately.


Asian Equities: Model Portfolio - We Reshuffle India, Add Malaysia; Korea Remains Biggest Overweight

Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

Cross Asset Strategy

<ul>
<li>The Asian Alpha Hedge Portfolio performance in 1Q26 was +17.83% versus its benchmark performance of +1.79% for an outperformance of 16.04%.</li>
<li>Over the last year, AAHP's Sharpe ratio is 4.39 with a mean excess annualized return of 69%.  The portfolio has a gross and net exposure of 132% and +30%, respectively.</li>
<li>The war has changed outlooks for economies and markets in the region.  Accordingly, we reduced risk in the portfolio and adjusted our long/short exposures to reflect this new reality.</li>
</ul>


The Asian Alpha Hedge Portfolio performance in 1Q26 was +17.83% versus its benchmark performance of +1.79% for an outperformance of 16.04%.
Over the last year, AAHP's Sharpe ratio is 4.39 with a mean excess annualized return of 69%.  The portfolio has a gross and net exposure of 132% and +30%, respectively.
The war has changed outlooks for economies and markets in the region.  Accordingly, we reduced risk in the portfolio and adjusted our long/short exposures to reflect this new reality.


Asian Alpha Hedge Portfolio (March, 2026)

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

<ul>
<li>In this insight, we present our first cut at the KOSPI 200 rebalance in March and June 2022. </li>
<li>The most likely new inclusion on the KOSPI 200 index in March could be LG Energy Solution, which is getting ready for an IPO in Korea in January 2022.</li>
<li>We also provide a list of 10 companies for exclusion and 4 companies for inclusion in the June 2022 KOSPI 200 rebalance. </li>
</ul>


In this insight, we present our first cut at the KOSPI 200 rebalance in March and June 2022. 
The most likely new inclusion on the KOSPI 200 index in March could be LG Energy Solution, which is getting ready for an IPO in Korea in January 2022.
We also provide a list of 10 companies for exclusion and 4 companies for inclusion in the June 2022 KOSPI 200 rebalance. 


KOSPI 200 Rebalance In March (LG Energy Solution) & June 2022

APAC IPOs & Placements, Aequitas Research

Ethan Aw

APAC 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

Doosan Bobcat Inc / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/doosan-bobcat-inc" target="_blank" data-smartkarma-citation="entities:23592:1" rel="noopener">Doosan Bobcat Inc (241560 KS)</a> aims to sell a US$145m block. Its recent price momentum is strong but past deals have shown mixed results. </li>
<li>The deal doesn’t appear to be well flagged and is a relatively large one to digest, representing 20.9 days of its three month ADV.  </li>
<li>In this note, we will run the deal through our ECM framework and comment on other deal dynamics.</li>
</ul>



Doosan Bobcat Inc (241560 KS) aims to sell a US$145m block. Its recent price momentum is strong but past deals have shown mixed results. 
The deal doesn’t appear to be well flagged and is a relatively large one to digest, representing 20.9 days of its three month ADV.  
In this note, we will run the deal through our ECM framework and comment on other deal dynamics.


Doosan Bobcat Placement - Momentum Is Strong but past Deals Have Been a Mixed Bag

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

Event-Driven

<ul>
<li>K Car completed its IPO in South Korea in Oct 21. It raised around US$300m after having downsized the offering and cut the asking price to below the IPO range. </li>
<li>K Car is a used car marketplace and dealership operating in South Korea.</li>
<li>In this note, we will talk about the recent updates and the upcoming lockup expiry.</li>
</ul>


K Car completed its IPO in South Korea in Oct 21. It raised around US$300m after having downsized the offering and cut the asking price to below the IPO range. 
K Car is a used car marketplace and dealership operating in South Korea.
In this note, we will talk about the recent updates and the upcoming lockup expiry.


K Car Lockup - Small Stock with a Big Lockup - Money Recouped, Any Price Is a Good Price to Sell

South Korea

Hyundai Engineering Co., Ltd provides engineering services. The Company specializes in oil and gas projects including oil and gas processing plants, LNG facilities, oil refineries, and offshore facilities.Hyundai Engineering markets its services internationally.

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Hyundai Engineering (064540 KS)

Asian Equities: Model Portfolio - We Reshuffle India, Add Malaysia; Korea Remains Biggest Overweight

Our Portfolio outperformed MXASJ since last reshuffle & since inception, driven by KR, TW & IN. We include reasonably valued stocks with strong...

Manishi Raychaudhuri

Asian Alpha Hedge Portfolio (March, 2026)

While we do not believe that the Iran conflict is close to a resolution, we believe that the U.S. side needs to reach one, and that will eventually...

David Mudd

KOSPI 200 Rebalance In March (LG Energy Solution) & June 2022

We present our first cut at the KOSPI 200 rebalance in March and June 2022. We also provide a list of 10 companies for exclusion and 4 companies...

Douglas Kim

Doosan Bobcat Placement - Momentum Is Strong but past Deals Have Been a Mixed Bag

Doosan Bobcat Inc (241560 KS) aims to sell a US$145m block. Its recent price momentum is strong but past deals have shown mixed results.

Ethan Aw

K Car Lockup - Small Stock with a Big Lockup - Money Recouped, Any Price Is a Good Price to Sell

K Car completed its IPO in South Korea in Oct 21. It raised around US$300m after having downsized the offering. Its IPO lockup will expire soon...

Sumeet Singh

Price Gauge

52-week Range

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Asian Equities: Model Portfolio - We Reshuffle India, Add Malaysia; Korea Remains Biggest Overweight

​Our Portfolio outperformed MXASJ since last reshuffle & since inception, driven by KR, TW & IN. We include reasonably valued stocks with strong...

Manishi Raychaudhuri

Asian Alpha Hedge Portfolio (March, 2026)

While we do not believe that the Iran conflict is close to a resolution, we believe that the U.S. side needs to reach one, and that will eventually...

David Mudd

KOSPI 200 Rebalance In March (LG Energy Solution) & June 2022

We present our first cut at the KOSPI 200 rebalance in March and June 2022. We also provide a list of 10 companies for exclusion and 4 companies...

Douglas Kim

Doosan Bobcat Placement - Momentum Is Strong but past Deals Have Been a Mixed Bag

Doosan Bobcat Inc (241560 KS) aims to sell a US$145m block. Its recent price momentum is strong but past deals have shown mixed results.

Ethan Aw

K Car Lockup - Small Stock with a Big Lockup - Money Recouped, Any Price Is a Good Price to Sell

K Car completed its IPO in South Korea in Oct 21. It raised around US$300m after having downsized the offering. Its IPO lockup will expire soon...

Sumeet Singh

Our Portfolio outperformed MXASJ since last reshuffle & since inception, driven by KR, TW & IN. We include reasonably valued stocks with strong...