Pan-Asia Tactical Market Calls (Quant-Driven), MRM Research

Nico Rosti

Pan-Asia Tactical Market Calls (Quant-Driven)

MRM Research

Quantitative Research

Equity Derivatives

<ul>
<li>WEEKLY tactical global macro recap/analysis for several markets and stocks we track, grouped by sector.</li>
<li>We apply our quantitative models to each instrument's trend, to determine which stocks/markets are just starting a trend, are in the middle of it, or are about to end it.</li>
<li>
Most overbought: META, Bank of China, USO/Oil, China Construction Bank, Mitsubishi UFJ Financial. Most oversold: NeatEase Cloud Music, CATL, Samsung Electronics, Gold, Shin Etsu Chemical</li>
</ul>


WEEKLY tactical global macro recap/analysis for several markets and stocks we track, grouped by sector.
We apply our quantitative models to each instrument's trend, to determine which stocks/markets are just starting a trend, are in the middle of it, or are about to end it.

Most overbought: META, Bank of China, USO/Oil, China Construction Bank, Mitsubishi UFJ Financial. Most oversold: NeatEase Cloud Music, CATL, Samsung Electronics, Gold, Shin Etsu Chemical


WEEKLY Tactical Recap: Samsung Electronics, CATL, Tokyo Electron, Advantest Corp, Bank of China, BYD

<ul>
<li>Our WEEKLY tactical global macro recap/analysis for several markets and stocks we track, grouped by sector.</li>
<li>We apply our quantitative models to each instrument's trend, to determine which stocks/markets are just starting a trend, are in the middle of it, or are about to end it.</li>
<li>
Most overbought:  BHP Group Ltd, POSCO Holdings, Bank of China, Hitachi Ltd. Most oversold: NetEase Cloud Music, Samsung Electronics, Meituan, Gold, Softbank Group, Contemporary Amperex Technology (CATL) </li>
</ul>


Our WEEKLY tactical global macro recap/analysis for several markets and stocks we track, grouped by sector.
We apply our quantitative models to each instrument's trend, to determine which stocks/markets are just starting a trend, are in the middle of it, or are about to end it.

Most overbought:  BHP Group Ltd, POSCO Holdings, Bank of China, Hitachi Ltd. Most oversold: NetEase Cloud Music, Samsung Electronics, Meituan, Gold, Softbank Group, Contemporary Amperex Technology (CATL) 


WEEKLY Tactical Recap: Samsung Electronics, CATL, Gold, Softbank Group, NetEase, BHP, POSCO Holdings

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-Ex-Japan equities have moved from a valuation rerating driven rally to an earnings driven rally. Since late October, Asia-ex-Japan equities have appreciated 8% but its forward PE has declined 6%.</li>
<li>Korea's 2026 EPS estimate up 67.8% in last 6 months, followed by Taiwan (17.5%) and Malaysia (7.5%). Philippines (-4.4%), India (-3.9%) and Indonesia (-1.3%) constitute the bottom of the pile.</li>
<li>Technology and basic materials are driving the earnings upgrades while consumer-oriented sectors are dragging them down. We think consumption sentiment recovery shall be essential for earnings upgrades to sustain.</li>
</ul>


Asia-Ex-Japan equities have moved from a valuation rerating driven rally to an earnings driven rally. Since late October, Asia-ex-Japan equities have appreciated 8% but its forward PE has declined 6%.
Korea's 2026 EPS estimate up 67.8% in last 6 months, followed by Taiwan (17.5%) and Malaysia (7.5%). Philippines (-4.4%), India (-3.9%) and Indonesia (-1.3%) constitute the bottom of the pile.
Technology and basic materials are driving the earnings upgrades while consumer-oriented sectors are dragging them down. We think consumption sentiment recovery shall be essential for earnings upgrades to sustain.


Asian Equities: The Earnings Boom - Korea Taiwan, Malaysia, Tech and Basic Materials Rule the Roost

External broker reports(aggregated public sources), Daishin Securities

Daishin Securities

External broker reports(aggregated public sources)

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Equity Bottom-Up

<ul><li>1) Commodity memory: 2026 DRAM and NAND ASPs are projected to rise 154% and 89% YoY, respectively.</li><li>Backed by its premier capacity, we expect the company to unlock powerful earnings leverage.</li><li>2) HBM: HBM4 can deliver 11.7Gbps I/O speeds, and if the market segments by I/O performance (11.7Gbps vs. 10.6Gbps), Samsung could leverage its speed edge to drive ASP upside.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

1) Commodity memory: 2026 DRAM and NAND ASPs are projected to rise 154% and 89% YoY, respectively.Backed by its premier capacity, we expect the company to unlock powerful earnings leverage.2) HBM: HBM4 can deliver 11.7Gbps I/O speeds, and if the market segments by I/O performance (11.7Gbps vs. 10.6Gbps), Samsung could leverage its speed edge to drive ASP upside.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Samsung Electronics (005930 KS) - Feb 23, 2026

External broker reports(aggregated public sources), Mirae Asset Securities

Mirae Asset Securities

Mirae Asset Securities Co.,Ltd. provides comprehensive wealth management services. The Company offers fixed income securities brokerage, securities dealing, equity underwriting, and other services. Mirae Asset Securities also deals with mergers and acquisitions, foreign currency, and financial derivatives

<ul><li>We maintain our Buy rating and target price of W370,000 on Samsung Electronics (SEC).</li><li>Despite an unprecedented level of shareholder returns, the stock has come under excessive pressure amid macro uncertainty.</li><li>Valuation has fallen back to pre-AI-boom levels, with the stock trading at a 12-month forward P/B of 1.7x and P/E of 4.3x.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

We maintain our Buy rating and target price of W370,000 on Samsung Electronics (SEC).Despite an unprecedented level of shareholder returns, the stock has come under excessive pressure amid macro uncertainty.Valuation has fallen back to pre-AI-boom levels, with the stock trading at a 12-month forward P/B of 1.7x and P/E of 4.3x.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Samsung Electronics (005930 KS/Buy)Stay Focused Amid Heightened Concerns

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.

Samsung Electronics Pref Shares (005935 KS)

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52-week Range	0.00 - 0.00
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Samsung Electronics Pref Shares (005935 KS)

WEEKLY Tactical Recap: Samsung Electronics, CATL, Tokyo Electron, Advantest Corp, Bank of China, BYD

Weekly Global Macro Tactical Recap: our models tracks trends across asset classes to highlight overbought/oversold market conditions across Asian...

Nico Rosti

WEEKLY Tactical Recap: Samsung Electronics, CATL, Gold, Softbank Group, NetEase, BHP, POSCO Holdings

Weekly Global Macro Tactical Recap: our models tracks trends across asset classes to highlight overbought/oversold market conditions across Asian...

Nico Rosti

Asian Equities: The Earnings Boom - Korea Taiwan, Malaysia, Tech and Basic Materials Rule the Roost

Asia-Ex-JP equities shift from valuation to earnings driven rally. KR & TW lead EPS est growth. Consumer sectors lag. Consumption sentiment...

Manishi Raychaudhuri

Samsung Electronics (005930 KS) - Feb 23, 2026

HBM: HBM4 can deliver 11.7Gbps I/O speeds, and if the market segments by I/O performance (11.7Gbps vs. 10.6Gbps), Samsung could leverage its speed...

Daishin Securities

Samsung Electronics (005930 KS/Buy)Stay Focused Amid Heightened Concerns

We maintain our Buy rating and target price of W370,000 on Samsung Electronics (SEC). Despite an unprecedented level of shareholder returns...

Mirae Asset Securities

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

WEEKLY Tactical Recap: Samsung Electronics, CATL, Tokyo Electron, Advantest Corp, Bank of China, BYD

Weekly Global Macro Tactical Recap: our models tracks trends across asset classes to highlight overbought/oversold market conditions across Asian...

Nico Rosti

WEEKLY Tactical Recap: Samsung Electronics, CATL, Gold, Softbank Group, NetEase, BHP, POSCO Holdings

Weekly Global Macro Tactical Recap: our models tracks trends across asset classes to highlight overbought/oversold market conditions across Asian...

Nico Rosti

Asian Equities: The Earnings Boom - Korea Taiwan, Malaysia, Tech and Basic Materials Rule the Roost

​Asia-Ex-JP equities shift from valuation to earnings driven rally. KR & TW lead EPS est growth. Consumer sectors lag. Consumption sentiment...

Manishi Raychaudhuri

Samsung Electronics (005930 KS) - Feb 23, 2026

HBM: HBM4 can deliver 11.7Gbps I/O speeds, and if the market segments by I/O performance (11.7Gbps vs. 10.6Gbps), Samsung could leverage its speed...

Daishin Securities

Samsung Electronics (005930 KS/Buy)Stay Focused Amid Heightened Concerns

We maintain our Buy rating and target price of W370,000 on Samsung Electronics (SEC). Despite an unprecedented level of shareholder returns...

Mirae Asset Securities

Asia-Ex-JP equities shift from valuation to earnings driven rally. KR & TW lead EPS est growth. Consumer sectors lag. Consumption sentiment...