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

Adani Ports & Special Economic Zone / Equity Bottom-Up

<ul>
<li>India's spectacular underperformance over the past 12 months relative to Asia has been driven primarily by dismal earnings delivery by corporates, leading to persistent EPS estimate downgrades.</li>
<li>We identify stocks with strong earnings delivery, i.e. EPS estimate upgrades over past 1, 3 and 6 months, forecast EPS growth &gt;10%, net D/E &lt; 1 and PEG &lt; 1.4x.</li>
<li>We screen 11 stocks from industrials, healthcare, materials and property. Most have appreciated significantly over 6- and 12-month timeframes, establishing that the market tends to reward superior earnings delivery.</li>
</ul>


India's spectacular underperformance over the past 12 months relative to Asia has been driven primarily by dismal earnings delivery by corporates, leading to persistent EPS estimate downgrades.
We identify stocks with strong earnings delivery, i.e. EPS estimate upgrades over past 1, 3 and 6 months, forecast EPS growth &gt;10%, net D/E &lt; 1 and PEG &lt; 1.4x.
We screen 11 stocks from industrials, healthcare, materials and property. Most have appreciated significantly over 6- and 12-month timeframes, establishing that the market tends to reward superior earnings delivery.


Eleven Indian Stocks with Strong Earnings Delivery, Healthy Balance Sheet and Reasonable Valuations

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

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.

Equity Capital Markets

Fortior Technology (Shenzhen) / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/fortior-technology-shenzhen-co-ltd" target="_blank" data-smartkarma-citation="entities:44259:1" rel="noopener">Fortior Technology (Shenzhen) (688279 CH)</a>, a BLDC motor IC design company, raised around US$330m in its H-share listing.</li>
<li>Fortior Tech is an IC design company dedicated to the design and R&amp;D of BLDC motor control ICs.</li>
<li>In our previous note, we have looked at the past performance and likely A/H premium. In this note, we talk about the trading dynamics.</li>
</ul>



Fortior Technology (Shenzhen) (688279 CH), a BLDC motor IC design company, raised around US$330m in its H-share listing.
Fortior Tech is an IC design company dedicated to the design and R&amp;D of BLDC motor control ICs.
In our previous note, we have looked at the past performance and likely A/H premium. In this note, we talk about the trading dynamics.


Fortior Tech A/H Trading - Sluggish Demand

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

Shanghai Stock Exchange Composite Index / Technical Analysis

<ul>
<li>We remain near-term bullish since our 4/22/25 Compass, and our intermediate-term outlook remains bullish as well (as of our 5/14/25 Compass).</li>
<li>We will maintain our bullish intermediate-term view as long as market dynamics remain healthy and the SPX and ACWI-US are above 5700-5785 and $119-$121.</li>
<li>$125-$126 and $123-$123.50 are short-term supports to watch on ACWI-US; we will maintain our near-term bullish outlook as long as $123 support holds.</li>
</ul>


We remain near-term bullish since our 4/22/25 Compass, and our intermediate-term outlook remains bullish as well (as of our 5/14/25 Compass).
We will maintain our bullish intermediate-term view as long as market dynamics remain healthy and the SPX and ACWI-US are above 5700-5785 and $119-$121.
$125-$126 and $123-$123.50 are short-term supports to watch on ACWI-US; we will maintain our near-term bullish outlook as long as $123 support holds.


China and Japan Breaking Out -- Buy; Bullish Outlook Intact; U.S. Dollar (DXY) Remains Weak

<ul>
<li>
<a href="https://www.smartkarma.com/entities/fortior-technology-shenzhen-co-ltd" target="_blank" data-smartkarma-citation="entities:44259:1" rel="noopener">Fortior Technology (Shenzhen) (688279 CH)</a>, a BLDC motor IC design company, aims to raise around US$250m in its H-share listing.</li>
<li>Fortior Tech is an IC design company dedicated to the design and R&amp;D of BLDC motor control ICs.</li>
<li>In this note, we look at the past performance and likely A/H premium.</li>
</ul>



Fortior Technology (Shenzhen) (688279 CH), a BLDC motor IC design company, aims to raise around US$250m in its H-share listing.
Fortior Tech is an IC design company dedicated to the design and R&amp;D of BLDC motor control ICs.
In this note, we look at the past performance and likely A/H premium.


Fortior Tech A/H Listing - Fast but Volatile Growth and Margins

India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

<ul>
<li>
<a href="https://www.smartkarma.com/entities/salzer-electronics-ltd" target="_blank" data-smartkarma-citation="entities:8103:1" rel="noopener">Salzer Electronics (SZE IN)</a> is aggressively scaling its smart meter business with INR 600–700 crore revenue targeted in FY26, aiming to sell up to 8 lakh units annually.</li>
<li>This diversification into B2B smart metering could double revenues, boost margins, and improve ROCE, transforming Salzer from a niche switchgear player to a full-stack energy solutions provider.</li>
<li>Salzer is no longer a slow-growing industrial supplier: it’s evolving into a high-growth, government-aligned, tech-driven player with strong export and R&amp;D-led optionality.</li>
</ul>



Salzer Electronics (SZE IN) is aggressively scaling its smart meter business with INR 600–700 crore revenue targeted in FY26, aiming to sell up to 8 lakh units annually.
This diversification into B2B smart metering could double revenues, boost margins, and improve ROCE, transforming Salzer from a niche switchgear player to a full-stack energy solutions provider.
Salzer is no longer a slow-growing industrial supplier: it’s evolving into a high-growth, government-aligned, tech-driven player with strong export and R&amp;D-led optionality.


The Beat Ideas: Salzer Electronics: Smart Meter Play, A Proxy to India’s Electrification Story

India

Schneider Electric Infrastructure Ltd. manufactures electricity power distribution and  secondary distribution equipment, and distribution transformers. The Company produces medium voltage  switchgears, distribution transformers and substation automation equipment.

Schneider Electric Infrastructure (SCHN IN)

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Schneider Electric Infrastructure (SCHN IN)

Eleven Indian Stocks with Strong Earnings Delivery, Healthy Balance Sheet and Reasonable Valuations

India has underperformed due to poor earnings delivery, but stocks with stable EPS est revision, strong EPS growth & healthy balance sheets are...

Manishi Raychaudhuri

Fortior Tech A/H Trading - Sluggish Demand

Fortior Technology (Shenzhen) (688279 CH), a BLDC motor IC design company, raised around US$330m in its H-share listing. In this note, we talk...

Sumeet Singh

China and Japan Breaking Out -- Buy; Bullish Outlook Intact; U.S. Dollar (DXY) Remains Weak

China's Shanghai Composite and Japan's TOPIX and TOPIX Small indexes Breaking Out -- Buy; Bullish Outlook Intact on global equities $ACWI; U.S....

Vermilion Research

Fortior Tech A/H Listing - Fast but Volatile Growth and Margins

Fortior Technology (Shenzhen) (688279 CH), a BLDC motor IC design company, aims to raise around US$250m in its H-share listing. In this note, we...

Sumeet Singh

The Beat Ideas: Salzer Electronics: Smart Meter Play, A Proxy to India’s Electrification Story

Salzer Electronics is aggressively expanding its smart meter business, targeting significant revenue growth by FY26 and transforming into a full...

Sudarshan Bhandari

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Eleven Indian Stocks with Strong Earnings Delivery, Healthy Balance Sheet and Reasonable Valuations

​India has underperformed due to poor earnings delivery, but stocks with stable EPS est revision, strong EPS growth & healthy balance sheets are...

Manishi Raychaudhuri

Fortior Tech A/H Trading - Sluggish Demand

Fortior Technology (Shenzhen) (688279 CH), a BLDC motor IC design company, raised around US$330m in its H-share listing. In this note, we talk...

Sumeet Singh

China and Japan Breaking Out -- Buy; Bullish Outlook Intact; U.S. Dollar (DXY) Remains Weak

China's Shanghai Composite and Japan's TOPIX and TOPIX Small indexes Breaking Out -- Buy; Bullish Outlook Intact on global equities $ACWI; U.S....

Vermilion Research

Fortior Tech A/H Listing - Fast but Volatile Growth and Margins

Fortior Technology (Shenzhen) (688279 CH), a BLDC motor IC design company, aims to raise around US$250m in its H-share listing. In this note, we...

Sumeet Singh

The Beat Ideas: Salzer Electronics: Smart Meter Play, A Proxy to India’s Electrification Story

​Salzer Electronics is aggressively expanding its smart meter business, targeting significant revenue growth by FY26 and transforming into a full...

Sudarshan Bhandari

India has underperformed due to poor earnings delivery, but stocks with stable EPS est revision, strong EPS growth & healthy balance sheets are...

Salzer Electronics is aggressively expanding its smart meter business, targeting significant revenue growth by FY26 and transforming into a full...