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 is cheap relative to the US - trading at less than 40% of US's P/BV - but that's because Asia's ROE has consistently declined relative to US's.</li>
<li>Over the next couple of years Asian ROEs are forecast to revive relative to the US's but all Asian markets are not forecast to participate in this recovery.</li>
<li>The "ROE Winners" (rising forecast ROEs) are Korea, Taiwan, India, Malaysia. Indonesia to stay flat but solidly higher than Asian average. We are skeptical of HK/China and Thailand's ROE recovery.</li>
</ul>


Asia is cheap relative to the US - trading at less than 40% of US's P/BV - but that's because Asia's ROE has consistently declined relative to US's.
Over the next couple of years Asian ROEs are forecast to revive relative to the US's but all Asian markets are not forecast to participate in this recovery.
The "ROE Winners" (rising forecast ROEs) are Korea, Taiwan, India, Malaysia. Indonesia to stay flat but solidly higher than Asian average. We are skeptical of HK/China and Thailand's ROE recovery.


Asian Equities: Be Selective - Focus on The "ROE Winners"

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

<ul>
<li>On 19 November, the Financial Services Commission (FSC) announced major rule changes on corporate mergers and acquisitions have been approved by the Korean government.</li>
<li>Revised rules have three specific goals: Improve rules on calculating and determining merger prices when M&amp;As take place between nonaffiliated business entities, strengthen disclosure duties, and improve external evaluation system.</li>
<li>If the Korean government is really serious about making positive rule changes, they need to apply these new laws not just for NON-AFFILIATED companies but more importantly for AFFIILATED companies.</li>
</ul>


On 19 November, the Financial Services Commission (FSC) announced major rule changes on corporate mergers and acquisitions have been approved by the Korean government.
Revised rules have three specific goals: Improve rules on calculating and determining merger prices when M&amp;As take place between nonaffiliated business entities, strengthen disclosure duties, and improve external evaluation system.
If the Korean government is really serious about making positive rule changes, they need to apply these new laws not just for NON-AFFILIATED companies but more importantly for AFFIILATED companies.


Major M&A Rule Changes Approved by the Korean Government

Derivatives and Quantitative Strategist

Gaudenz Schneider

Equity Derivatives

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sk-hynix-inc" target="_blank" data-smartkarma-citation="entities:16955:1" rel="noopener">SK Hynix (000660 KS)</a> gained 6.5% in September MTD, lifting the 2x Leveraged Index 12.3% and combined ETF AUM 14% to KRW 4.36tn.</li>
<li>The AUM rebound was driven primarily by performance: KODEX units rose just 1%, TIGER was broadly unchanged and the five smaller products recorded reductions.</li>
<li>Daily creations, redemptions and value traded remain subdued after collapsing at the end of July, coinciding with regulatory measures aimed at curbing retail activity in leveraged ETFs.</li>
</ul>



SK Hynix (000660 KS) gained 6.5% in September MTD, lifting the 2x Leveraged Index 12.3% and combined ETF AUM 14% to KRW 4.36tn.
The AUM rebound was driven primarily by performance: KODEX units rose just 1%, TIGER was broadly unchanged and the five smaller products recorded reductions.
Daily creations, redemptions and value traded remain subdued after collapsing at the end of July, coinciding with regulatory measures aimed at curbing retail activity in leveraged ETFs.


SK Hynix (000660 KS): 2x Leveraged ETFs Rebound, but Retail Activity Stays Subdued (9 Sep 2026)

Oil and Gas, Mint Finance

Suhas Reddy

Oil and Gas

Deep Fundamental Analysis

Mint Finance

Mint Finance's investment research blends deep fundamental analysis with technical & quant insights. Investment strategies straddle across multiple asset classes with risk management embedded into every trade to deliver an outsized reward-to-risk ratio.

Mint Finance's research is centered around three key themes. First, energy transition and climate change. Second, artificial intelligence. Third, shifting world order with its impact across politics and monetary economics.

Macroeconomics

<ul>
<li>Although the Fed paused rate hikes in July 2023, the dollar remained strong buoyed by the US economy outperforming other advanced economies.  </li>
<li>A strong dollar usually benefits domestic businesses and small caps but hurts export-focused companies and large caps in the US.</li>
<li>The current account deficits of emerging nations have been worsening due to the strong dollar and rising energy prices.</li>
</ul>


Although the Fed paused rate hikes in July 2023, the dollar remained strong buoyed by the US economy outperforming other advanced economies.  
A strong dollar usually benefits domestic businesses and small caps but hurts export-focused companies and large caps in the US.
The current account deficits of emerging nations have been worsening due to the strong dollar and rising energy prices.


Dominant Dollar (Part 1): Strong Greenback Deters EM Equities

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sk-hynix-inc" target="_blank" data-smartkarma-citation="entities:16955:1" rel="noopener">SK hynix (000660 KS)</a> fell 3.8% in August MTD, while its 2x Leveraged Index declined 13.4% and combined KRX-listed ETF AUM fell 28% to KRW 3.8tn.</li>
<li>The seven KRX-listed 2x long ETFs recorded combined net outflows of KRW 763bn, with units outstanding declining in six products and redemptions amplifying negative performance.</li>
<li>Daily flows in the long and inverse ETFs were negatively correlated, causing associated hedge flows to reinforce rather than offset each other, although the larger long products dominate the effect.</li>
</ul>



SK hynix (000660 KS) fell 3.8% in August MTD, while its 2x Leveraged Index declined 13.4% and combined KRX-listed ETF AUM fell 28% to KRW 3.8tn.
The seven KRX-listed 2x long ETFs recorded combined net outflows of KRW 763bn, with units outstanding declining in six products and redemptions amplifying negative performance.
Daily flows in the long and inverse ETFs were negatively correlated, causing associated hedge flows to reinforce rather than offset each other, although the larger long products dominate the effect.


SK Hynix (000660 KS): 2x Leveraged ETF Redemptions Compound 13% August Index Loss

South Korea

The KOSPI Index is a capitalization-weighted index of all common shares on the Korean Stock Exchanges. The Index was developed with a base value of 100 as of January 4, 1980. Note: The preferred shares are excluded in calculating the KOSPI Index from June 14, 2002. 

Korea Stock Exchange Kospi Index (KOSPI INDEX)

Korea Stock Exchange Kospi Index (KOSPI INDEX)

Asian Equities: Be Selective - Focus on The "ROE Winners"

Asia's cheap P/BV compared to the US is due to low ROE. Over the next couple of years Asian ROE is forecast to revive relative to US, driven by...

Manishi Raychaudhuri

Major M&A Rule Changes Approved by the Korean Government

On 19 November, the Financial Services Commission (FSC) announced major rule changes on corporate mergers and acquisitions have been approved by...

Douglas Kim

SK Hynix (000660 KS): 2x Leveraged ETFs Rebound, but Retail Activity Stays Subdued (9 Sep 2026)

Combined AUM in 2x leveraged ETFs linked to SK hynix (000660 KS) rebounded 14% in September MTD, driven mainly by performance, while flows and...

Gaudenz Schneider

Dominant Dollar (Part 1): Strong Greenback Deters EM Equities

The strong dollar post-Fed rate pause in July 2023 benefits US economy but hurts export-focused businesses and emerging nations' current account...

Mint Finance

SK Hynix (000660 KS): 2x Leveraged ETF Redemptions Compound 13% August Index Loss

Daily flows in SK hynix (000660 KS) 2x long and inverse ETFs were negatively correlated, aligning associated hedge flows and reinforcing pressure...

Gaudenz Schneider

Asian Equities: Be Selective - Focus on The "ROE Winners"

​Asia's cheap P/BV compared to the US is due to low ROE. Over the next couple of years Asian ROE is forecast to revive relative to US, driven by...

Manishi Raychaudhuri

Major M&A Rule Changes Approved by the Korean Government

On 19 November, the Financial Services Commission (FSC) announced major rule changes on corporate mergers and acquisitions have been approved by...

Douglas Kim

SK Hynix (000660 KS): 2x Leveraged ETFs Rebound, but Retail Activity Stays Subdued (9 Sep 2026)

Combined AUM in 2x leveraged ETFs linked to SK hynix (000660 KS) rebounded 14% in September MTD, driven mainly by performance, while flows and...

Gaudenz Schneider

Dominant Dollar (Part 1): Strong Greenback Deters EM Equities

​The strong dollar post-Fed rate pause in July 2023 benefits US economy but hurts export-focused businesses and emerging nations' current account...

Mint Finance

SK Hynix (000660 KS): 2x Leveraged ETF Redemptions Compound 13% August Index Loss

Daily flows in SK hynix (000660 KS) 2x long and inverse ETFs were negatively correlated, aligning associated hedge flows and reinforcing pressure...

Gaudenz Schneider

Asia's cheap P/BV compared to the US is due to low ROE. Over the next couple of years Asian ROE is forecast to revive relative to US, driven by...

The strong dollar post-Fed rate pause in July 2023 benefits US economy but hurts export-focused businesses and emerging nations' current account...