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

<ul>
<li>Following on from our previous note, we now identify inexpensive consistent compounders from the small and mid-cap universe in Asia ($1 - $5 bn in market capitalization).</li>
<li>28 stocks are on our list - 18 from onshore China, 5 from India, 2 each from Japan and Taiwan and 1 from Hong Kong.</li>
<li>Industrials, technology, healthcare and financials dominate the list. The list of large and mid-cap compounders shall largely form the backbone of our top stock choices for 2025.</li>
</ul>


Following on from our previous note, we now identify inexpensive consistent compounders from the small and mid-cap universe in Asia ($1 - $5 bn in market capitalization).
28 stocks are on our list - 18 from onshore China, 5 from India, 2 each from Japan and Taiwan and 1 from Hong Kong.
Industrials, technology, healthcare and financials dominate the list. The list of large and mid-cap compounders shall largely form the backbone of our top stock choices for 2025.


Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Index Rebalance

<ul>
<li>There are 16 adds and 6 deletes for the TIP Customized Taiwan Select High Dividend Index in June. The TIP Taiwan Select High Dividend ETF has an AUM of US$12.4bn.</li>
<li>The ETF has started trading the stocks and are expected to continue trading for the next 7 trading days. In reality, the process could drag on for some stocks.</li>
<li>The index committee appears to have a little discretion in choosing the inclusions with one expected add not being added and one lower ranked stock being added to the index.</li>
</ul>


There are 16 adds and 6 deletes for the TIP Customized Taiwan Select High Dividend Index in June. The TIP Taiwan Select High Dividend ETF has an AUM of US$12.4bn.
The ETF has started trading the stocks and are expected to continue trading for the next 7 trading days. In reality, the process could drag on for some stocks.
The index committee appears to have a little discretion in choosing the inclusions with one expected add not being added and one lower ranked stock being added to the index.


TIP Customized Taiwan Select High Dividend Index Rebalance: 22 Changes as Expected

Yang Ming Marine Transport / Index Rebalance

<ul>
<li>The TIP Taiwan Select High Dividend ETF (00919 TW) tracks the TIP Customized Taiwan Select High Dividend Index and has an AUM of TWD 363bn (US$12.1bn).</li>
<li>Following a change in methodology, there could be 16 adds and 6 deletes in June with an estimated one-way turnover of 39% and a round-trip trade of US$9bn.</li>
<li>We expect the adds to outperform the deletes over the next few days, following which reversion could set in.</li>
</ul>


The TIP Taiwan Select High Dividend ETF (00919 TW) tracks the TIP Customized Taiwan Select High Dividend Index and has an AUM of TWD 363bn (US$12.1bn).
Following a change in methodology, there could be 16 adds and 6 deletes in June with an estimated one-way turnover of 39% and a round-trip trade of US$9bn.
We expect the adds to outperform the deletes over the next few days, following which reversion could set in.


TIP Customized Taiwan Select High Div Index Rebal Preview: Methodology Change Leads to US$9bn Trade

Vanguard Intl Semiconductor / Index Rebalance

<ul>
<li>There are 13 changes for the TIP Customized Taiwan Select High Dividend Index in June. The TIP Taiwan Select High Dividend ETF (00919 TW) has an AUM of US$6.4bn.</li>
<li>One-Way turnover is estimated at 41% and that will result in a round-trip trade of TWD 168.8bn (US$5.2bn). There are 16 stocks that could have over 4x ADV to trade.</li>
<li>The rebalance will be implemented over 8 trading days and the ETF has started trading the stocks last week.</li>
</ul>


There are 13 changes for the TIP Customized Taiwan Select High Dividend Index in June. The TIP Taiwan Select High Dividend ETF (00919 TW) has an AUM of US$6.4bn.
One-Way turnover is estimated at 41% and that will result in a round-trip trade of TWD 168.8bn (US$5.2bn). There are 16 stocks that could have over 4x ADV to trade.
The rebalance will be implemented over 8 trading days and the ETF has started trading the stocks last week.


TIP Customized Taiwan Select High Dividend Index Rebalance: 13 Changes & US$5.2bn Round-Trip Trade

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

<ul>
<li>Three major catalysts of Poya International include easing of mask mandates/COVID restrictions, strong growth in dividends and earnings, and market share gains from competitors. </li>
<li>Poya International is the dominant supplier of cosmetics, health care products, personal care products and household products in Taiwan.</li>
<li>The company continues to execute its business strategy better than its competitors and this is evidenced in its strong growth in profits and dividends in the past year. </li>
</ul>


Three major catalysts of Poya International include easing of mask mandates/COVID restrictions, strong growth in dividends and earnings, and market share gains from competitors. 
Poya International is the dominant supplier of cosmetics, health care products, personal care products and household products in Taiwan.
The company continues to execute its business strategy better than its competitors and this is evidenced in its strong growth in profits and dividends in the past year. 


Taiwan

Poya International Co., Ltd. operates the chain retail stores through Taiwan.  The Company carries personal care products, housewares, small appliances, stationeries, and snacks.

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Poya International (5904 TT)

Asian Equities: The SMID Compounders

We identify 28 inexpensive consistent compounders among the Asian small and mid-cap stocks. Onshore China (18) and India (5) dominate the list, as...

Manishi Raychaudhuri

TIP Customized Taiwan Select High Dividend Index Rebalance: 22 Changes as Expected

A change in index methodology leads to 16 adds and 6 deletes in June. The ETF has started trading the stocks and will continue to trade for the...

Brian Freitas

TIP Customized Taiwan Select High Div Index Rebal Preview: Methodology Change Leads to US$9bn Trade

A change in methodology could result in 16 adds and 6 deletes in June leading to one-way turnover of 39% and a round-trip trade of US$9bn. The adds...

Brian Freitas

TIP Customized Taiwan Select High Dividend Index Rebalance: 13 Changes & US$5.2bn Round-Trip Trade

There are 13 changes for the index in June. One-way turnover is estimated at 41% resulting in a round-trip trade of TWD 168.8bn (US$5.2bn). There...

Brian Freitas

Poya International: Key Catalysts

Three major catalysts of Poya International include easing of mask mandates/COVID restrictions, strong growth in dividends and earnings, and market...

Douglas Kim

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