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>Asia-Ex-Japan equities have moved from a valuation rerating driven rally to an earnings driven rally. Since late October, Asia-ex-Japan equities have appreciated 8% but its forward PE has declined 6%.</li>
<li>Korea's 2026 EPS estimate up 67.8% in last 6 months, followed by Taiwan (17.5%) and Malaysia (7.5%). Philippines (-4.4%), India (-3.9%) and Indonesia (-1.3%) constitute the bottom of the pile.</li>
<li>Technology and basic materials are driving the earnings upgrades while consumer-oriented sectors are dragging them down. We think consumption sentiment recovery shall be essential for earnings upgrades to sustain.</li>
</ul>


Asia-Ex-Japan equities have moved from a valuation rerating driven rally to an earnings driven rally. Since late October, Asia-ex-Japan equities have appreciated 8% but its forward PE has declined 6%.
Korea's 2026 EPS estimate up 67.8% in last 6 months, followed by Taiwan (17.5%) and Malaysia (7.5%). Philippines (-4.4%), India (-3.9%) and Indonesia (-1.3%) constitute the bottom of the pile.
Technology and basic materials are driving the earnings upgrades while consumer-oriented sectors are dragging them down. We think consumption sentiment recovery shall be essential for earnings upgrades to sustain.


Asian Equities: The Earnings Boom - Korea Taiwan, Malaysia, Tech and Basic Materials Rule the Roost

Global Equities, Multi-Asset PM, Dantes Outlook

Damanick Dantes, CMT

Global Equities, Multi-Asset PM

Dantes Outlook

We invest over a full market cycle, using multi-asset portfolios tailored to each global client, from individuals to family offices.

Built to Endure

<ul>
<li>CTAs are positioned in Asia uptrends, but the stocks that support it are losing momentum.</li>
<li>We uncovered stocks that sit outside the CTA trade that may be less vulnerable to outflows.</li>
<li>Tech uptrends remain intact, just lower their weight and make room for less volatile trends in financials.</li>
</ul>


CTAs are positioned in Asia uptrends, but the stocks that support it are losing momentum.
We uncovered stocks that sit outside the CTA trade that may be less vulnerable to outflows.
Tech uptrends remain intact, just lower their weight and make room for less volatile trends in financials.


CTA Trend Picks in Taiwan, South Korea, and Japan

Asset Allocation & Fund Positioning, Copley Fund Research

Steven Holden

Asset Allocation & Fund Positioning

Copley Fund Research

Copley Fund Research provide research and data on asset allocation among Global and Emerging Market equity funds.  The analysis details absolute and relative positioning across countries, sectors and industries together with highly granular data on single stock and single fund allocations.  The data is updated monthly with time series going back to January 2011.

Global Research - Analysis of 165 prominent Global equity funds, combined AUM $335bn
GEM Research - Analysis of 127 prominent global EM equity funds, combined AUM $250bn

Asset Allocation - Global and GEM Equity

<ul>
<li>South Korea overtakes China &amp; HK as EM's second-largest country allocation at 22.4%, driven almost entirely by a surge in Technology weights in recent months.</li>
<li>Samsung and SK Hynix anchor the move, with Hynix's ownership climbing to 76.8% of funds — closing the gap to Samsung to single digits for the first time.</li>
<li>Rotation is broadening beneath the mega-caps: SK Square, Samsung Electro-Mechanics and Celltrion all see fresh inflows, funded partly by trims in Coway and Samsung Epis.</li>
</ul>


South Korea overtakes China &amp; HK as EM's second-largest country allocation at 22.4%, driven almost entirely by a surge in Technology weights in recent months.
Samsung and SK Hynix anchor the move, with Hynix's ownership climbing to 76.8% of funds — closing the gap to Samsung to single digits for the first time.
Rotation is broadening beneath the mega-caps: SK Square, Samsung Electro-Mechanics and Celltrion all see fresh inflows, funded partly by trims in Coway and Samsung Epis.


South Korea Overtakes China as EM's 2nd Largest Allocation

Equity Long-Short

Mo Aziz

Equity Bottom-Up

<ul>
<li>KB retired ~W2.9tn of treasury shares in Q2 2026 alone — the most aggressive single capital-return action of any major Korean bank this cycle, with W800bn–900bn more flagged for 2H26.</li>
<li>Record FY25 profit (W5.84tn, +15.1% YoY) is still accelerating into FY26, backed by the widest non-bank earnings mix among Korea's four majors and a looming BOK rate hike.</li>
<li>We initiate BUY, TP W220,000 (17% upside), on a P/B-ROE framework — 10.6% FY26F ROE and 9.5% cost of equity justify a premium multiple versus domestic peers.</li>
</ul>


KB retired ~W2.9tn of treasury shares in Q2 2026 alone — the most aggressive single capital-return action of any major Korean bank this cycle, with W800bn–900bn more flagged for 2H26.
Record FY25 profit (W5.84tn, +15.1% YoY) is still accelerating into FY26, backed by the widest non-bank earnings mix among Korea's four majors and a looming BOK rate hike.
We initiate BUY, TP W220,000 (17% upside), on a P/B-ROE framework — 10.6% FY26F ROE and 9.5% cost of equity justify a premium multiple versus domestic peers.


KB Financial Group (105560 KS) — Record Earnings & Cancellation: The Cleanest Value-UP Compounder

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

<ul>
<li>There are some major surprises (both inclusions and exclusions) in the Korea Value Up index. </li>
<li>In particular, the telecom sector (SK Telecom and KT) and large cap holding companies (Samsung C&amp;T and LG Corp) are surprising exclusions in the index.</li>
<li>There are many surprising inclusions in the Korea Value Up Index. We provide 30 companies are surprising inclusions in the Korea Value Up Index (19 KOSDAQ and 11 KOSPI listed).</li>
</ul>


There are some major surprises (both inclusions and exclusions) in the Korea Value Up index. 
In particular, the telecom sector (SK Telecom and KT) and large cap holding companies (Samsung C&amp;T and LG Corp) are surprising exclusions in the index.
There are many surprising inclusions in the Korea Value Up Index. We provide 30 companies are surprising inclusions in the Korea Value Up Index (19 KOSDAQ and 11 KOSPI listed).


Korea Value Up Index - Surprising Inclusions and Exclusions

South Korea

KB Financial Group Inc. (the "Company"), in accordance with Financial Holding Companies Act, was established on September 29, 2008, through stock transfer with the former shareholders of its subsidiaries including Kookmin Bank in order to provide management services and financing to associated companies. The headquarters are located at Seoul, Korea

Price Gauge
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KB Financial (105560 KS)

Asian Equities: The Earnings Boom - Korea Taiwan, Malaysia, Tech and Basic Materials Rule the Roost

Asia-Ex-JP equities shift from valuation to earnings driven rally. KR & TW lead EPS est growth. Consumer sectors lag. Consumption sentiment...

Manishi Raychaudhuri

CTA Trend Picks in Taiwan, South Korea, and Japan

Trend followers are long Asian equities, but the mega-cap leaders are decelerating. If CTAs unwind, what survives? Hold strength at lower weights...

Damanick Dantes, CMT

South Korea Overtakes China as EM's 2nd Largest Allocation

South Korea overtakes China & HK as EM's second-largest country allocation at 22.4%, driven almost entirely by a surge in Technology weights in...

Steven Holden

KB Financial Group (105560 KS) — Record Earnings & Cancellation: The Cleanest Value-UP Compounder

Korea's cleanest Value-Up compounder. Record earnings, record buybacks, defensive flows — re-rating still incomplete. BUY, TP W220,000, 22.6% upside.

Mo Aziz

Korea Value Up Index - Surprising Inclusions and Exclusions

There are many surprising inclusions and exclusions in the Korea Value Up Index. We provide 30 companies that are surprising inclusions and 10...

Douglas Kim

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Asian Equities: The Earnings Boom - Korea Taiwan, Malaysia, Tech and Basic Materials Rule the Roost

​Asia-Ex-JP equities shift from valuation to earnings driven rally. KR & TW lead EPS est growth. Consumer sectors lag. Consumption sentiment...

Manishi Raychaudhuri

CTA Trend Picks in Taiwan, South Korea, and Japan

Trend followers are long Asian equities, but the mega-cap leaders are decelerating. If CTAs unwind, what survives? Hold strength at lower weights...

Damanick Dantes, CMT

South Korea Overtakes China as EM's 2nd Largest Allocation

South Korea overtakes China & HK as EM's second-largest country allocation at 22.4%, driven almost entirely by a surge in Technology weights in...

Steven Holden

KB Financial Group (105560 KS) — Record Earnings & Cancellation: The Cleanest Value-UP Compounder

Korea's cleanest Value-Up compounder. Record earnings, record buybacks, defensive flows — re-rating still incomplete. BUY, TP W220,000, 22.6% upside.

Mo Aziz

Korea Value Up Index - Surprising Inclusions and Exclusions

There are many surprising inclusions and exclusions in the Korea Value Up Index. We provide 30 companies that are surprising inclusions and 10...

Douglas Kim

Asia-Ex-JP equities shift from valuation to earnings driven rally. KR & TW lead EPS est growth. Consumer sectors lag. Consumption sentiment...