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

Tencent Music Entertainment Group / Equity Bottom-Up

<ul>
<li>Since inception, our Model Portfolio underperformed, having appreciated 5.8%, while MSCI Asia-ex-Japan moved up 8.3%. BYD, Hyundai Engineering and Digiplus dragged it down. Alibaba, Trip.Com, Tencent, Maruti pulled it up.</li>
<li>We exclude the secular underperformers BYD and Digiplus and the unexciting Yum China. We include Tencent Music, Wuxi AppTec, International Container Terminals. Focus on China's "new consumption" trends, CRDMO prowess.</li>
<li>We remain overweight HK/China despite the market's recent outperformance. Immense stock selection opportunities in the market guide our stance. We remain overweight Korea, neutral India and underweight Taiwan. </li>
</ul>


Since inception, our Model Portfolio underperformed, having appreciated 5.8%, while MSCI Asia-ex-Japan moved up 8.3%. BYD, Hyundai Engineering and Digiplus dragged it down. Alibaba, Trip.Com, Tencent, Maruti pulled it up.
We exclude the secular underperformers BYD and Digiplus and the unexciting Yum China. We include Tencent Music, Wuxi AppTec, International Container Terminals. Focus on China's "new consumption" trends, CRDMO prowess.
We remain overweight HK/China despite the market's recent outperformance. Immense stock selection opportunities in the market guide our stance. We remain overweight Korea, neutral India and underweight Taiwan. 


Asian Equities: Changes to Our Model Portfolio; More Selective on Chinese Consumption

Cross Asset Strategy

<ul>
<li>Near the end of the earnings reporting season, our earnings estimate tracker identified 11 robust earnings estimate gainers - with consensus EPS estimates up across 3-month and 6-month time horizons.</li>
<li>Onshore China communications and financials, HK technology, Korean and Singapore financials are the prominent "winner" sectors. Five other ASEAN sectors also figure on the list. </li>
<li>Earlier, in June, we detected 16 "consistent winner" market-sectors. The earnings environment has deteriorated slightly. Of the prominent stocks, Tencent, Hana Financials and DBS Group figure in our Model Portfolio.</li>
</ul>


Near the end of the earnings reporting season, our earnings estimate tracker identified 11 robust earnings estimate gainers - with consensus EPS estimates up across 3-month and 6-month time horizons.
Onshore China communications and financials, HK technology, Korean and Singapore financials are the prominent "winner" sectors. Five other ASEAN sectors also figure on the list. 
Earlier, in June, we detected 16 "consistent winner" market-sectors. The earnings environment has deteriorated slightly. Of the prominent stocks, Tencent, Hana Financials and DBS Group figure in our Model Portfolio.


Asian Equities: Eleven Robust Earnings Gainers Post Reporting Season

Equity, Bottom-up Analyst, Investics Research

Sameer Taneja

Equity, Bottom-up Analyst

Investics Research

It is important to note that the information provided by Investics Research is based on publicly available data and own knowledge, which has been gathered and analyzed from a variety of sources. While every effort has been made to ensure the accuracy and completeness of the information provided, it is not guaranteed to be free from errors or omissions. All forecasts and estimates are based on information that has been obtained from public sources that are considered to be reliable. The sources include but are not limited to, company announcements, exchange filings, presentations, etc. Investics does not guarantee the accuracy and completeness of the forecasts, estimates, and/or other information.

Equity Bottom-up Research

<ul>
<li>We are gradually building a high-conviction coverage of ideas for mid and small-cap companies in the Philippines.</li>
<li>We established metrics focusing on high ROCE, sustainable growth of 10-15% year-over-year, robust balance sheets, and prudent capital allocation, essential elements for identifying potential multi-bagger opportunities.</li>
<li>With the Q1 earnings season on, we update our readers on <a href="https://www.smartkarma.com/entities/digiplus-interactive-corp" target="_blank" data-smartkarma-citation="entities:23060:1" rel="noopener">DigiPlus Interactive (PLUS PM)</a>, <a href="https://www.smartkarma.com/entities/shakey-s-pizza-asia-ventures" target="_blank" data-smartkarma-citation="entities:23706:1" rel="noopener">Shakey's Pizza (PIZZA PM)</a>, <a href="https://www.smartkarma.com/entities/the-keepers-holdings-inc" target="_blank" data-smartkarma-citation="entities:23003:1" rel="noopener">The Keepers Holdings (KEEPR PM)</a>, and more. </li>
</ul>


We are gradually building a high-conviction coverage of ideas for mid and small-cap companies in the Philippines.
We established metrics focusing on high ROCE, sustainable growth of 10-15% year-over-year, robust balance sheets, and prudent capital allocation, essential elements for identifying potential multi-bagger opportunities.
With the Q1 earnings season on, we update our readers on DigiPlus Interactive (PLUS PM), Shakey's Pizza (PIZZA PM), The Keepers Holdings (KEEPR PM), and more. 


Shortlist of High Conviction Philippines Equity Ideas - May 2025

Senior Credit Analyst, Lucror Analytics

Leonard Law, CFA

Senior Credit Analyst

High Yield Experts

Lucror Analytics

Lucror Analytics is a leading credit and ESG research specialist and a provider of technology solutions for differentiated fixed income strategies. Our roots are in bottom-up fundamental credit analysis with a specialization in high yield corporate credits from Europe, Asia and Latin America. We are one of few research specialists integrating ESG considerations with fundamental credit research through a dedicated ESG platform. Our ESG assessment covers five key criteria: Disclosure, E,S, & G Pillars, Controversies, ESG Impact on Credit and ESG Momentum.

Recognizing the importance and value-add of Factor Investing in fixed income, Lucror developed the Smart Quant Navigator (SQN), an intuitive platform that helps clients devise and implement factor-based strategies ranging from pure quant to active fundamental, with integrated ESG.

Our company has been at the forefront of developments in the fixed income markets, identifying opportunities and consistently delivering new products and value-adding solutions to clients. Lucror has close relationships with the largest and most reputable asset managers, family offices, hedge funds, investment and wealth managers globally.

Credit

<ul>
<li>In today's Morning Views publication we comment on developments of the following high yield issuers: International Container, Pakuwon Jati</li>
<li>In the US, the April ISM services index unexpectedly rose to 51.6 (50.2 e / 50.8 p). The new orders component expanded to 52.3 (50.3 e / 50.4 p), while employment increased to 49.0 (47.1 e / 46.2 p).</li>
<li>The prices paid component jumped to 65.1 (61.4 e / 60.9 p), the highest level since 2022. Separately, the April (final) S&amp;P services PMI declined to 50.8 (51.2 e / 54.4 p), below the preliminary reading of 51.4. The composite PMI fell to 50.6 (53.5 p).</li>
</ul>


In today's Morning Views publication we comment on developments of the following high yield issuers: International Container, Pakuwon Jati
In the US, the April ISM services index unexpectedly rose to 51.6 (50.2 e / 50.8 p). The new orders component expanded to 52.3 (50.3 e / 50.4 p), while employment increased to 49.0 (47.1 e / 46.2 p).
The prices paid component jumped to 65.1 (61.4 e / 60.9 p), the highest level since 2022. Separately, the April (final) S&amp;P services PMI declined to 50.8 (51.2 e / 54.4 p), below the preliminary reading of 51.4. The composite PMI fell to 50.6 (53.5 p).


Philippine Stock Exchange / Equity Bottom-Up

<ul>
<li>We are gradually building a high-conviction coverage of ideas for mid and small-cap companies in the Philippines.</li>
<li>We established metrics focusing on high ROCE, sustainable growth of 10-15% year-over-year, robust balance sheets, and prudent capital allocation, essential elements for identifying potential multi-bagger opportunities.</li>
<li>We add <a href="https://www.smartkarma.com/entities/intl-container-term-svcs-inc" target="_blank" data-smartkarma-citation="entities:20001:1" rel="noopener">ICTSI (ICT PM)</a>  and <a href="https://www.smartkarma.com/entities/asian-terminals-inc" target="_blank" data-smartkarma-citation="entities:22959:1" rel="noopener">Asian Terminals (ATI PM)</a> to our Philippines high-conviction list, which we will be initiating coverage on shortly. </li>
</ul>


We are gradually building a high-conviction coverage of ideas for mid and small-cap companies in the Philippines.
We established metrics focusing on high ROCE, sustainable growth of 10-15% year-over-year, robust balance sheets, and prudent capital allocation, essential elements for identifying potential multi-bagger opportunities.
We add ICTSI (ICT PM)  and Asian Terminals (ATI PM) to our Philippines high-conviction list, which we will be initiating coverage on shortly. 


Shortlist of High Conviction Philippines Equity Ideas - April 2025

Philippines

International Container Terminal Services, Inc. provides containerized cargo handling services. The Company also manages and operates the Manila International Container Terminal and port.

Price Gauge
52-week Range	0.00 - 0.00
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ICTSI (ICT PM)

Asian Equities: Changes to Our Model Portfolio; More Selective on Chinese Consumption

In our Model Portfolio we reduce Chinese EV & restaurants & include contract research & digital music exposures. We thus seek to correct our...

Manishi Raychaudhuri

Asian Equities: Eleven Robust Earnings Gainers Post Reporting Season

Eleven sectors show robust earnings estimate gains, with CN communications, HK technology, Korean & SGP financials leading the way. Tencent, Hana...

Manishi Raychaudhuri

Shortlist of High Conviction Philippines Equity Ideas - May 2025

We compile our selection of small and mid-cap names with desired characteristics of high dividend yields, value, and margin of safety and updates.

Sameer Taneja

Lucror Analytics - Morning Views Asia

In today's Morning Views publication we comment on developments of the following high yield issuers: International Container, Pakuwon Jati

Lucror Analytics

Shortlist of High Conviction Philippines Equity Ideas - April 2025

We compile our selection of small and mid-cap names for the Philippines with our desired characteristics of high dividend yields, value, and margin...

Sameer Taneja

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Asian Equities: Changes to Our Model Portfolio; More Selective on Chinese Consumption

In our Model Portfolio we reduce Chinese EV & restaurants & include contract research & digital music exposures. We thus seek to correct our...

Manishi Raychaudhuri

Asian Equities: Eleven Robust Earnings Gainers Post Reporting Season

​Eleven sectors show robust earnings estimate gains, with CN communications, HK technology, Korean & SGP financials leading the way. Tencent, Hana...

Manishi Raychaudhuri

Shortlist of High Conviction Philippines Equity Ideas - May 2025

We compile our selection of small and mid-cap names with desired characteristics of high dividend yields, value, and margin of safety and updates.

Sameer Taneja

Lucror Analytics - Morning Views Asia

In today's Morning Views publication we comment on developments of the following high yield issuers: International Container, Pakuwon Jati

Lucror Analytics

Shortlist of High Conviction Philippines Equity Ideas - April 2025

We compile our selection of small and mid-cap names for the Philippines with our desired characteristics of high dividend yields, value, and margin...

Sameer Taneja

Eleven sectors show robust earnings estimate gains, with CN communications, HK technology, Korean & SGP financials leading the way. Tencent, Hana...