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>Headline Asia-ex-Japan EPS estimates have declined over the past 3 and 6 months, dragged down by China, India and Thailand and supported by Korea, Taiwan, Singapore and Philippines.</li>
<li>Looking at earnings estimate trajectories of 100 Asian market-sector combinations, we identify 16 market-sectors with upward revisions over past 3 and 6 months. A month ago, we could spot eight.</li>
<li>Korean and Taiwanese Technology and industrials, Hong Kong Technology Services and ASEAN Financials figure prominently among the sectors with robust and sustainable EPS estimate recovery.</li>
</ul>


Headline Asia-ex-Japan EPS estimates have declined over the past 3 and 6 months, dragged down by China, India and Thailand and supported by Korea, Taiwan, Singapore and Philippines.
Looking at earnings estimate trajectories of 100 Asian market-sector combinations, we identify 16 market-sectors with upward revisions over past 3 and 6 months. A month ago, we could spot eight.
Korean and Taiwanese Technology and industrials, Hong Kong Technology Services and ASEAN Financials figure prominently among the sectors with robust and sustainable EPS estimate recovery.


Asian Equities: Below the Headline Numbers, the Earnings Environment Is Improving

Taiwan Tech Focused Senior Analyst

Patrick Liao

Equity Bottom-Up

<ul>
<li>We anticipate that 2H26 may not be strong for <a href="https://www.smartkarma.com/entities/mediatek-inc" target="_blank" data-smartkarma-citation="entities:772:1" rel="noopener">Mediatek Inc (2454 TT)</a>, and a typical peak season demand is unlikely.</li>
<li>Chinese National Development and Reform Commission (NDRC) and the Ministry of Finance issued an urgent response: the current unified deadline for the 2025 national subsidy policy remains December 31, 2025.</li>
<li>
<a href="https://www.smartkarma.com/entities/mediatek-inc" target="_blank" data-smartkarma-citation="entities:772:1" rel="noopener">Mediatek Inc (2454 TT)</a> recently underperforms among large-cap stocks due to delay in Google's Tensor Processing Unit (TPU) project, affecting next year’s revenue and profit.</li>
</ul>


We anticipate that 2H26 may not be strong for Mediatek Inc (2454 TT), and a typical peak season demand is unlikely.
Chinese National Development and Reform Commission (NDRC) and the Ministry of Finance issued an urgent response: the current unified deadline for the 2025 national subsidy policy remains December 31, 2025.

Mediatek Inc (2454 TT) recently underperforms among large-cap stocks due to delay in Google's Tensor Processing Unit (TPU) project, affecting next year’s revenue and profit.


MediaTek (2454.TT): Chinese Stimulus Program Might Lose Actively; Google DPU Project Delay to 2026.

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Quantitative Analysis

<ul>
<li>We analyzed the changes in foreign holdings of KRX stocks as of Jun 13th. The aggregated holding was USD583.2bn.</li>
<li>We estimate that foreign flows to be inflows of USD3,005mln. We tabulates the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.</li>
<li>We highlight changes of foreign holdings in SK Hynix, Samsung Electronics, Samsung SDI, Hanwha Aerospace, Hyundai Motor.</li>
</ul>


We analyzed the changes in foreign holdings of KRX stocks as of Jun 13th. The aggregated holding was USD583.2bn.
We estimate that foreign flows to be inflows of USD3,005mln. We tabulates the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.
We highlight changes of foreign holdings in SK Hynix, Samsung Electronics, Samsung SDI, Hanwha Aerospace, Hyundai Motor.


KRX Foreign Holding Weekly (Jun 13th): SK Hynix, Samsung Electronics, Samsung SDI, Hanwha Aerospace

Technology / Semiconductor / Internet Research

Nicolas Baratte

<ul>
<li>2025 GPU (Blackwell for Nvidia, MI350 for AMD) use HBM3e 12Hi. SK Hynix and Micron supply Nvidia, Samsung has failed qualification again. Micron and Samsung supply AMD.  </li>
<li>2026 GPU (Rubin, MI400) use HBM4 12Hi. SK Hynix, Micron are qualified by Nvidia – that’s done. Micron is closing the gap with Hynix. Samsung still nowhere to be seen.</li>
<li>Samsung got its consolation prize: AMD is using its HBM3e 12Hi in MI350. It looks like Broadcom will use Samsung’s HBM3e 8Hi in 2 projects (speculatively Apple and OpenAI).</li>
</ul>


2025 GPU (Blackwell for Nvidia, MI350 for AMD) use HBM3e 12Hi. SK Hynix and Micron supply Nvidia, Samsung has failed qualification again. Micron and Samsung supply AMD.  
2026 GPU (Rubin, MI400) use HBM4 12Hi. SK Hynix, Micron are qualified by Nvidia – that’s done. Micron is closing the gap with Hynix. Samsung still nowhere to be seen.
Samsung got its consolation prize: AMD is using its HBM3e 12Hi in MI350. It looks like Broadcom will use Samsung’s HBM3e 8Hi in 2 projects (speculatively Apple and OpenAI).


SK Hynix, Micron HBM4 Qualification by Nvidia Is Done. Samsung Still Failing to Qualify with Nvidia

Korea / Special Situations, Clepsydra Capital

Sanghyun Park

Korea / Special Situations

Korea / Special Sits, Pairs, Index Rebalancing

Clepsydra Capital

Investigate special situations, pairs, and index rebalancing trades in Korea.

Event-Driven

<ul>
<li>The FTC uses acquisition cost, not market value, so Samsung C&amp;T’s existing 5.05% Samsung Elec stake is booked at KRW 400B</li>
<li>Samsung Life only needs to sell ~5.5% of Samsung Elec, not the full 8.51%, leaving Samsung C&amp;T with a ~KRW 10T buffer before hitting the 50% holdco threshold.</li>
<li>The holdco risk is overblown—unlikely without rule changes. The Bio spin-off looks like prep for Samsung C&amp;T to buy Samsung Elec stake, driving re-rating upside for C&amp;T and Life.</li>
</ul>


The FTC uses acquisition cost, not market value, so Samsung C&amp;T’s existing 5.05% Samsung Elec stake is booked at KRW 400B
Samsung Life only needs to sell ~5.5% of Samsung Elec, not the full 8.51%, leaving Samsung C&amp;T with a ~KRW 10T buffer before hitting the 50% holdco threshold.
The holdco risk is overblown—unlikely without rule changes. The Bio spin-off looks like prep for Samsung C&amp;T to buy Samsung Elec stake, driving re-rating upside for C&amp;T and Life.


Samsung Insider’s Flawed Premise on the Samsung C&T Forced Holdco Conversion Issue

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: Below the Headline Numbers, the Earnings Environment Is Improving

A month ago 8 Asian sectors exhibited reviving EPS est; now 16 do. CN, India, Thailand declining, KR, TW, SGP, Phils rising. KR & TW Tech &...

Manishi Raychaudhuri

MediaTek (2454.TT): Chinese Stimulus Program Might Lose Actively; Google DPU Project Delay to 2026.

Weak 2H26 outlook for Mediatek Inc due to lack of peak season demand, underperformance linked to Google TPU project delay impacting future...

Patrick Liao

KRX Foreign Holding Weekly (Jun 13th): SK Hynix, Samsung Electronics, Samsung SDI, Hanwha Aerospace

We analyzed KRX foreign holding data for the past week and highlighted foreign holding changes in SK Hynix, Samsung Electronics, Samsung SDI,...

Ke Yan, CFA, FRM

SK Hynix, Micron HBM4 Qualification by Nvidia Is Done. Samsung Still Failing to Qualify with Nvidia

Upcoming GPUs from Nvidia and AMD will utilize HBM4 memory technology, with Micron and SK Hynix leading the supply chain while Samsung lags behind.

Nicolas Baratte

Samsung Insider’s Flawed Premise on the Samsung C&T Forced Holdco Conversion Issue

This post examines the flawed premise behind a Samsung insider’s take on Samsung C&T’s forced holding company conversion issue.

Sanghyun Park

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Asian Equities: Below the Headline Numbers, the Earnings Environment Is Improving

A month ago 8 Asian sectors exhibited reviving EPS est; now 16 do. CN, India, Thailand declining, KR, TW, SGP, Phils rising. KR & TW Tech &...

Manishi Raychaudhuri

MediaTek (2454.TT): Chinese Stimulus Program Might Lose Actively; Google DPU Project Delay to 2026.

​Weak 2H26 outlook for Mediatek Inc due to lack of peak season demand, underperformance linked to Google TPU project delay impacting future...

Patrick Liao

KRX Foreign Holding Weekly (Jun 13th): SK Hynix, Samsung Electronics, Samsung SDI, Hanwha Aerospace

We analyzed KRX foreign holding data for the past week and highlighted foreign holding changes in SK Hynix, Samsung Electronics, Samsung SDI,...

Ke Yan, CFA, FRM

SK Hynix, Micron HBM4 Qualification by Nvidia Is Done. Samsung Still Failing to Qualify with Nvidia

​Upcoming GPUs from Nvidia and AMD will utilize HBM4 memory technology, with Micron and SK Hynix leading the supply chain while Samsung lags behind.

Nicolas Baratte

Samsung Insider’s Flawed Premise on the Samsung C&T Forced Holdco Conversion Issue

This post examines the flawed premise behind a Samsung insider’s take on Samsung C&T’s forced holding company conversion issue.

Sanghyun Park

Weak 2H26 outlook for Mediatek Inc due to lack of peak season demand, underperformance linked to Google TPU project delay impacting future...

Upcoming GPUs from Nvidia and AMD will utilize HBM4 memory technology, with Micron and SK Hynix leading the supply chain while Samsung lags behind.