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>India's recent outperformance coincided with AI capex anxiety. Simultaneously, macro-economic data points like bank loan growth and GFCF growth are improving. Valuations are higher than averages but not egregiously so.</li>
<li>On growth-adjusted PE, basic materials, financials, consumer durables, transportation, industrial services, telecommunication stand out as cheaper than the market. Consensus EPS estimates of several sectors are beginning to get upgraded.</li>
<li>On strong growth forecasts, reasonable valuations, healthy balance sheets and EPS upgrades over last 6 months, we screen 20 stocks - from financials, industrials, basic materials, utilities, healthcare and hardware.</li>
</ul>


India's recent outperformance coincided with AI capex anxiety. Simultaneously, macro-economic data points like bank loan growth and GFCF growth are improving. Valuations are higher than averages but not egregiously so.
On growth-adjusted PE, basic materials, financials, consumer durables, transportation, industrial services, telecommunication stand out as cheaper than the market. Consensus EPS estimates of several sectors are beginning to get upgraded.
On strong growth forecasts, reasonable valuations, healthy balance sheets and EPS upgrades over last 6 months, we screen 20 stocks - from financials, industrials, basic materials, utilities, healthcare and hardware.


Asian Equities: A Close Look at India - Identifying Opportunities in a Well-Diversified Market

Technology / Semiconductor / Internet Research

Nicolas Baratte

Equity Bottom-Up

<ul>
<li>Management says that Memory supply shortage will be worse in 2027 than in 2026 and will persist through 2028. 3Q26 HBM4 revenue will more than triple QoQ.</li>
<li>Memory Long Term Agreements signed with 5 largest data centre customers. Target coverage: 60% to 70% of planned capacity. Can LTAs convert a cyclical business into a backlog business?  </li>
<li>Samsung Elec trades at 4.4x 2026 EPS, 3.1x 2027. That’s close to ridiculous, and really ridiculous if LTAs end the cyclicality of the Memory market.</li>
</ul>


Management says that Memory supply shortage will be worse in 2027 than in 2026 and will persist through 2028. 3Q26 HBM4 revenue will more than triple QoQ.
Memory Long Term Agreements signed with 5 largest data centre customers. Target coverage: 60% to 70% of planned capacity. Can LTAs convert a cyclical business into a backlog business?  
Samsung Elec trades at 4.4x 2026 EPS, 3.1x 2027. That’s close to ridiculous, and really ridiculous if LTAs end the cyclicality of the Memory market.


Samsung 2Q26: Record Revenue & Profit. Management Says Memory Shortage Deepening into 2027 and 2028.

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

<ul>
<li>On 30 July, Samsung Electronics (005930 KS) announced that it plans to soon unveil its shareholder return strategy for the year, which will include a special dividend. </li>
<li>My analysis suggests that the special DPS could be about 8,648 won per share. This represents dividend yields of 4.2% for common shares and 5.7% for preferred shares. </li>
<li>I provide a detailed calculation of the special dividends for Samsung Electronics.</li>
</ul>


On 30 July, Samsung Electronics (005930 KS) announced that it plans to soon unveil its shareholder return strategy for the year, which will include a special dividend. 
My analysis suggests that the special DPS could be about 8,648 won per share. This represents dividend yields of 4.2% for common shares and 5.7% for preferred shares. 
I provide a detailed calculation of the special dividends for Samsung Electronics.


Samsung Electronics - Time for A Special Dividend

Equity Long-Short

Mo Aziz

<ul>
<li>Samsung Q2: KRW 89.5T operating profit beats street; DS margin hits 70% on record DRAM and NAND bit shipments and rising memory prices.</li>
<li>MX's first-ever quarterly loss and the KRW 400T hub headline sold the stock to 4.4x forward — while net cash jumped KRW 48T to KRW 167.6T.</li>
<li>Maintain BULLISH with unchanged TP of KRW400,000 (+92%): anchored on 9.3x FY2026E EPS of KRW 43,000 — below Samsung's 10-year mean, below peers, below consensus.</li>
</ul>


Samsung Q2: KRW 89.5T operating profit beats street; DS margin hits 70% on record DRAM and NAND bit shipments and rising memory prices.
MX's first-ever quarterly loss and the KRW 400T hub headline sold the stock to 4.4x forward — while net cash jumped KRW 48T to KRW 167.6T.
Maintain BULLISH with unchanged TP of KRW400,000 (+92%): anchored on 9.3x FY2026E EPS of KRW 43,000 — below Samsung's 10-year mean, below peers, below consensus.


Samsung Electronics (005930 KS) | Q2 2026 Results = Above, Outlook Positive, Record Cash at Hand

Derivatives and Quantitative Strategist

Gaudenz Schneider

Equity Derivatives

<ul>
<li>Last week, KRX-listed 2x long ETFs on <a href="https://www.smartkarma.com/entities/samsung-electronics-co-ltd" target="_blank" data-smartkarma-citation="entities:191:1" rel="noopener">Samsung Electronics (005930 KS)</a> saw outflows, signalling weakening investor demand.</li>
<li>Among other measures, Korea will triple minimum cash deposit requirements for single-stock leveraged ETFs from 31 July, potentially adding pressure on future flows and AUM.</li>
<li>The inverse ETF has benefited from Samsung Electronics’ decline but is also seeing outflows.</li>
</ul>


Last week, KRX-listed 2x long ETFs on Samsung Electronics (005930 KS) saw outflows, signalling weakening investor demand.
Among other measures, Korea will triple minimum cash deposit requirements for single-stock leveraged ETFs from 31 July, potentially adding pressure on future flows and AUM.
The inverse ETF has benefited from Samsung Electronics’ decline but is also seeing outflows.


Samsung Electronics (005930 KS): 2x Leveraged ETF Outflows Signal Weakening Demand

South Korea

Samsung Electronics Co., Ltd. manufactures a wide range of consumer and industrial electronic equipment and products such as semiconductors, personal computers, peripherals, monitors, televisions, and home appliances including air conditioners and microwave ovens. The Company also produces Internet access network systems and telecommunications equipment including mobile phones.

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Samsung Electronics (SMSN LI)

Asian Equities: A Close Look at India - Identifying Opportunities in a Well-Diversified Market

India is outperforming due to AI capex anxiety &, improving macro data. Some sectors cheaper than market on growth-adjusted PE. 20 stocks screened...

Manishi Raychaudhuri

Samsung 2Q26: Record Revenue & Profit. Management Says Memory Shortage Deepening into 2027 and 2028.

Memory supply shortage expected to worsen in 2027, persist through 2028. LTAs with data center customers. Samsung Elec trading at low multiples,...

Nicolas Baratte

Samsung Electronics - Time for A Special Dividend

My analysis suggests that the special DPS for Samsung Electronics could be about 8,648 won per share. This represents dividend yields of 4.2% for...

Douglas Kim

Samsung Electronics (005930 KS) | Q2 2026 Results = Above, Outlook Positive, Record Cash at Hand

Samsung printed KRW 89.5T quarterly profit and trades at 4.4x — below its own trough multiple. Memory supercycle intact, HBM4E shipped, KRW 167.6T...

Mo Aziz

Samsung Electronics (005930 KS): 2x Leveraged ETF Outflows Signal Weakening Demand

KRX-listed 2x long ETFs on Samsung Electronics saw outflows last week; meanwhile, Korea will triple minimum cash deposit requirements for single...

Gaudenz Schneider

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Asian Equities: A Close Look at India - Identifying Opportunities in a Well-Diversified Market

​India is outperforming due to AI capex anxiety &, improving macro data. Some sectors cheaper than market on growth-adjusted PE. 20 stocks screened...

Manishi Raychaudhuri

Samsung 2Q26: Record Revenue & Profit. Management Says Memory Shortage Deepening into 2027 and 2028.

​Memory supply shortage expected to worsen in 2027, persist through 2028. LTAs with data center customers. Samsung Elec trading at low multiples,...

Nicolas Baratte

Samsung Electronics - Time for A Special Dividend

My analysis suggests that the special DPS for Samsung Electronics could be about 8,648 won per share. This represents dividend yields of 4.2% for...

Douglas Kim

Samsung Electronics (005930 KS) | Q2 2026 Results = Above, Outlook Positive, Record Cash at Hand

Samsung printed KRW 89.5T quarterly profit and trades at 4.4x — below its own trough multiple. Memory supercycle intact, HBM4E shipped, KRW 167.6T...

Mo Aziz

Samsung Electronics (005930 KS): 2x Leveraged ETF Outflows Signal Weakening Demand

KRX-listed 2x long ETFs on Samsung Electronics saw outflows last week; meanwhile, Korea will triple minimum cash deposit requirements for single...

Gaudenz Schneider

India is outperforming due to AI capex anxiety &, improving macro data. Some sectors cheaper than market on growth-adjusted PE. 20 stocks screened...

Memory supply shortage expected to worsen in 2027, persist through 2028. LTAs with data center customers. Samsung Elec trading at low multiples,...