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)

<ul>
<li>Rapid changes in US's tariff policies have driven sharp equity volatility. For instance, since March third week, HSI's forward PE declined from 11.1x to 9.1x and bounced back to 9.5x.</li>
<li>Such severe volatility has opened up interesting investment opportunities in Asia. Screening on strong EPS growth forecasts, high ROE, low PEG, and low debt-equity, we come up with 35 stocks.</li>
<li>Our stocks are from China (15), HK (8), Korea (4), India (4), Taiwan (2). Notably, TSMC, SK Hynix, Wuxi AppTec, Galaxy Entertainment, ZTO Express, M&amp;M Finance, Muthoot Finance, Muangthai Capital.</li>
</ul>


Rapid changes in US's tariff policies have driven sharp equity volatility. For instance, since March third week, HSI's forward PE declined from 11.1x to 9.1x and bounced back to 9.5x.
Such severe volatility has opened up interesting investment opportunities in Asia. Screening on strong EPS growth forecasts, high ROE, low PEG, and low debt-equity, we come up with 35 stocks.
Our stocks are from China (15), HK (8), Korea (4), India (4), Taiwan (2). Notably, TSMC, SK Hynix, Wuxi AppTec, Galaxy Entertainment, ZTO Express, M&amp;M Finance, Muthoot Finance, Muangthai Capital.


Asian Equities: Growth at Reasonable Price After This Dislocation

Head of Research, Krungthai XSpring

Waraporn Wiboonkanarak

Head of Research

A full service Thai brokerage

Krungthai XSpring

Krungthai XSpring is a full service broker. The company provides a wide range of investment services such as Securities Brokerage, Derivative Agent Business, Securities Borrowing and Lending, Securities Trading, Underwriting, Financial Advisory, Wealth Advisory, Private Fund Management and International Markets Securities Trading. 

In terms of credibility, Fitch Ratings has assigned Krunghtai XSpring a long-term rating of AA- and a national short-term rating of F1+ with stable outlook.

Thematic (Sector/Industry)

<ul><li>Technically, the SET Index is expected to move in a sideways-up pattern, with the resistance levels at 1,150/1,158/1,168 points (25-day EMA) and the support levels at 1,130/1,122 points.</li><li>In the medium term, the index remains in a downtren  within the 960-1,200-point range, searching for the bottom.</li><li>In the short term, the index is expected to continue rising, targeting 1,158/1,168 points. </li></ul>

Technically, the SET Index is expected to move in a sideways-up pattern, with the resistance levels at 1,150/1,158/1,168 points (25-day EMA) and the support levels at 1,130/1,122 points.In the medium term, the index remains in a downtren  within the 960-1,200-point range, searching for the bottom.In the short term, the index is expected to continue rising, targeting 1,158/1,168 points. 

KTX Zoom: US 1Q25E Earnings Results - APRIL 11, 2025

<ul><li>Technically, the SET Index is expected to rise, with the resistance at 1,122/1,137 points and the support at 1,080/1,066 points.</li><li>The medium-term outlook remains bearish, as the index continues to follow a zig-zag downtrend pattern while searching for the bottom.</li><li>The trading range has been revised to 960-1,200 points. </li></ul>

Technically, the SET Index is expected to rise, with the resistance at 1,122/1,137 points and the support at 1,080/1,066 points.The medium-term outlook remains bearish, as the index continues to follow a zig-zag downtrend pattern while searching for the bottom.The trading range has been revised to 960-1,200 points. 

KTX Zoom: CH and US Inflation - April 10, 2025

<ul><li>Technically, the SET Index is expected to attempt a technical rebound, with the resistance levels at 1,082/1,090/1,095 points and the support levels at 1,066/1,056 points.</li><li>In the medium term, the index remains in a downtrend, forming a zig-zag pattern in search of the bottom, with the revised trading range now between 960-1,200 points.</li><li>In the short term, the market is still in a downtrend (forming new lows followed by rebounds), but a technical rebound is possible after the index hit a new low for the year at 1,056.41 points yesterday — the lowest level in over five years, compared to the 1,050.72-point low recorded on March 25, 2020.</li></ul>

Technically, the SET Index is expected to attempt a technical rebound, with the resistance levels at 1,082/1,090/1,095 points and the support levels at 1,066/1,056 points.In the medium term, the index remains in a downtrend, forming a zig-zag pattern in search of the bottom, with the revised trading range now between 960-1,200 points.In the short term, the market is still in a downtrend (forming new lows followed by rebounds), but a technical rebound is possible after the index hit a new low for the year at 1,056.41 points yesterday — the lowest level in over five years, compared to the 1,050.72-point low recorded on March 25, 2020.

KTX Zoom: Keep a Close Watch on US FOMC Minutes and US Wholesale Inventories

<ul><li>Technically, the SET Index is expected to move up and down, with resistance at 1,135/1,140 points and support at 1,120/1,110 points.</li><li>In the medium term, the trend is downward in a zig-zag pattern, looking for the bottom within the range of 1,100- 1,506 points.</li><li>In the short term, the market remains in a downward trend (forming new lows with intermittent rebounds).</li></ul>

Technically, the SET Index is expected to move up and down, with resistance at 1,135/1,140 points and support at 1,120/1,110 points.In the medium term, the trend is downward in a zig-zag pattern, looking for the bottom within the range of 1,100- 1,506 points.In the short term, the market remains in a downward trend (forming new lows with intermittent rebounds).

KTX Zoom: Last Day Before the Expiration of US Tax Relief Measures - APRIL 8, 2025

Thailand

Muangthai Capital Public Company Limited operates as a commercial lending company. The Company provides car title, personal, agricultural vehicle, land title, and other loan products. Muangthai Capital serves customers in Thailand.

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Muangthai Capital (MTC TB)

Asian Equities: Growth at Reasonable Price After This Dislocation

Severe volatility has created opportunities in Asia. We identify 35 stocks on strong EPS growth, high ROE, low PEG & low leverage. Notably, TSMC,...

Manishi Raychaudhuri

KTX Zoom: US 1Q25E Earnings Results - APRIL 11, 2025

Technically, the SET Index is expected to move in a sideways-up pattern, with the resistance levels at 1,150/1,158/1,168 points (25-day EMA) and...

Krungthai XSpring

KTX Zoom: CH and US Inflation - April 10, 2025

Technically, the SET Index is expected to rise, with the resistance at 1,122/1,137 points and the support at 1,080/1,066 points.

Krungthai XSpring

KTX Zoom: Keep a Close Watch on US FOMC Minutes and US Wholesale Inventories

Technically, the SET Index is expected to attempt a technical rebound, with the resistance levels at 1,082/1,090/1,095 points and the support...

Krungthai XSpring

KTX Zoom: Last Day Before the Expiration of US Tax Relief Measures - APRIL 8, 2025

Technically, the SET Index is expected to move up and down, with resistance at 1,135/1,140 points and support at 1,120/1,110 points.

Krungthai XSpring

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Asian Equities: Growth at Reasonable Price After This Dislocation

​Severe volatility has created opportunities in Asia. We identify 35 stocks on strong EPS growth, high ROE, low PEG & low leverage. Notably, TSMC,...

Manishi Raychaudhuri

KTX Zoom: US 1Q25E Earnings Results - APRIL 11, 2025

Technically, the SET Index is expected to move in a sideways-up pattern, with the resistance levels at 1,150/1,158/1,168 points (25-day EMA) and...

Krungthai XSpring

KTX Zoom: CH and US Inflation - April 10, 2025

Technically, the SET Index is expected to rise, with the resistance at 1,122/1,137 points and the support at 1,080/1,066 points.

Krungthai XSpring

KTX Zoom: Keep a Close Watch on US FOMC Minutes and US Wholesale Inventories

Technically, the SET Index is expected to attempt a technical rebound, with the resistance levels at 1,082/1,090/1,095 points and the support...

Krungthai XSpring

KTX Zoom: Last Day Before the Expiration of US Tax Relief Measures - APRIL 8, 2025

Technically, the SET Index is expected to move up and down, with resistance at 1,135/1,140 points and support at 1,120/1,110 points.

Krungthai XSpring

Severe volatility has created opportunities in Asia. We identify 35 stocks on strong EPS growth, high ROE, low PEG & low leverage. Notably, TSMC,...