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>Asian earnings estimates are being revised up stupendously. Over past 6 months, 2026 consensus EPS is up 16%. 63 market-sectors out of 159 saw upgrades, vs 30 few months ago.</li>
<li>While the main drivers are Korean and Taiwanese tech, the spill-over from tech into consumption sentiment and investment propensity are visible. Korean retail, financials, Taiwanese financials have had significant upgrades.</li>
<li>The pedestrian upgrade to China's EPS and the downgrade to Hong Kong's are surprising. Our preferences remain on Korean tech, industrials, defense, financials, Taiwanese tech, Chinese basic materials, HK financials.</li>
</ul>


Asian earnings estimates are being revised up stupendously. Over past 6 months, 2026 consensus EPS is up 16%. 63 market-sectors out of 159 saw upgrades, vs 30 few months ago.
While the main drivers are Korean and Taiwanese tech, the spill-over from tech into consumption sentiment and investment propensity are visible. Korean retail, financials, Taiwanese financials have had significant upgrades.
The pedestrian upgrade to China's EPS and the downgrade to Hong Kong's are surprising. Our preferences remain on Korean tech, industrials, defense, financials, Taiwanese tech, Chinese basic materials, HK financials.


Asian Equities: The Earnings Juggernaut Is Rolling on and Getting Broad-Based

Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

<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)

Asia Pac ECM and Index Rebal, DZT Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

DZT Research

DZT 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 foreign holdings of KRX stocks as of May 29th. The aggregated holding was USD1,610.8bn.</li>
<li>We estimate that foreign flows to be outflows of USD2,209mln. We tabulate the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.</li>
<li>We highlight changes of foreign holdings in Samsung Electronics, SK Hynix, Mobis, Samsung Elec (PREF), Hyundai Motor.</li>
</ul>


We analyzed the changes in foreign holdings of KRX stocks as of May 29th. The aggregated holding was USD1,610.8bn.
We estimate that foreign flows to be outflows of USD2,209mln. We tabulate the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.
We highlight changes of foreign holdings in Samsung Electronics, SK Hynix, Mobis, Samsung Elec (PREF), Hyundai Motor.


KRX Foreign Holding Weekly (May 29th): Samsung Electronics, SK Hynix, Mobis, Samsung Elec (PREF)

<ul>
<li>We analyzed the changes in short interest of KRX stocks as of May 22nd. The aggregated short interest was USD18.5bn.</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 Mobis, HyundaiEng&amp;Const, LG Display, DB HiTek, JEL.</li>
</ul>


We analyzed the changes in short interest of KRX stocks as of May 22nd. The aggregated short interest was USD18.5bn.
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 Mobis, HyundaiEng&amp;Const, LG Display, DB HiTek, JEL.


KRX Short Interest Weekly (May 22nd): Mobis, HyundaiEng&Const, LG Display, DB HiTek, JEL

<ul>
<li>We analyzed the changes in foreign holdings of KRX stocks as of May 22nd. The aggregated holding was USD1,553.7bn.</li>
<li>We estimate that foreign flows to be outflows of USD10,868mln. We tabulate the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.</li>
<li>We highlight changes of foreign holdings in Samsung Electronics, SK Hynix, Hyundai Motor, Mobis, LG Electronics.</li>
</ul>


We analyzed the changes in foreign holdings of KRX stocks as of May 22nd. The aggregated holding was USD1,553.7bn.
We estimate that foreign flows to be outflows of USD10,868mln. We tabulate the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.
We highlight changes of foreign holdings in Samsung Electronics, SK Hynix, Hyundai Motor, Mobis, LG Electronics.


KRX Foreign Holding Weekly (May 22nd): Samsung Electronics, SK Hynix, Hyundai Motor, Mobis

South Korea

Hyundai Engineering & Construction Co., Ltd., a general construction company, provides civil engineering, architectural, industrial, and electrical engineering services.  The Company constructs roadways, dams, bridges, ports, industrial plants, apartment complexes, and cultural facilities.

Hyundai Engineering & Construction (000720 KS)

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
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Dividend (Yield)	0.00

Hyundai Engineering & Construction (000720 KS)

Asian Equities: The Earnings Juggernaut Is Rolling on and Getting Broad-Based

Asian EPS est are soaring driven by KR & TW tech. CN had modest upgrade over past 6 months & HK was downgraded. Spill-over from tech into...

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

KRX Foreign Holding Weekly (May 29th): Samsung Electronics, SK Hynix, Mobis, Samsung Elec (PREF)

We analyzed KRX foreign holding data for the past week and highlighted foreign holding changes in Samsung Electronics, SK Hynix, Mobis, Samsung...

Ke Yan, CFA, FRM

KRX Short Interest Weekly (May 22nd): Mobis, HyundaiEng&Const, LG Display, DB HiTek, JEL

We analyzed KRX short interest report for the past week and highlighted short interest changes in Mobis, HyundaiEng&Const, LG Display, DB HiTek, JEL.

Ke Yan, CFA, FRM

KRX Foreign Holding Weekly (May 22nd): Samsung Electronics, SK Hynix, Hyundai Motor, Mobis

We analyzed KRX foreign holding data for the past week and highlighted foreign holding changes in Samsung Electronics, SK Hynix, Hyundai Motor,...

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Asian Equities: The Earnings Juggernaut Is Rolling on and Getting Broad-Based

​Asian EPS est are soaring driven by KR & TW tech. CN had modest upgrade over past 6 months & HK was downgraded. Spill-over from tech into...

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

KRX Foreign Holding Weekly (May 29th): Samsung Electronics, SK Hynix, Mobis, Samsung Elec (PREF)

We analyzed KRX foreign holding data for the past week and highlighted foreign holding changes in Samsung Electronics, SK Hynix, Mobis, Samsung...

Ke Yan, CFA, FRM

KRX Short Interest Weekly (May 22nd): Mobis, HyundaiEng&Const, LG Display, DB HiTek, JEL

We analyzed KRX short interest report for the past week and highlighted short interest changes in Mobis, HyundaiEng&Const, LG Display, DB HiTek, JEL.

Ke Yan, CFA, FRM

KRX Foreign Holding Weekly (May 22nd): Samsung Electronics, SK Hynix, Hyundai Motor, Mobis

We analyzed KRX foreign holding data for the past week and highlighted foreign holding changes in Samsung Electronics, SK Hynix, Hyundai Motor,...

Ke Yan, CFA, FRM

Asian EPS est are soaring driven by KR & TW tech. CN had modest upgrade over past 6 months & HK was downgraded. Spill-over from tech into...