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>Since the last rebalancing of our portfolio on 5th September, it has returned 13.5% vs 9.5% from MSCI-Asia-ex-Japan. Since inception (15th May), our portfolio has appreciated 20.1% vs MXASJ's 18.6%.</li>
<li>Six stocks, SK Hynix, TSMC, Samsung Electronics, Alibaba, China Hongqiao, Tencent, contributed almost the entire return of our portfolio. Overweight on Korea drove more than half the portfolio's return.</li>
<li>We turn more selective on Chinese discretionary consumption and step into the Korean defense sector. We exclude Anta Sports and Mediatek and include Hyundai Rotem and Hon Hai Precision.</li>
</ul>


Since the last rebalancing of our portfolio on 5th September, it has returned 13.5% vs 9.5% from MSCI-Asia-ex-Japan. Since inception (15th May), our portfolio has appreciated 20.1% vs MXASJ's 18.6%.
Six stocks, SK Hynix, TSMC, Samsung Electronics, Alibaba, China Hongqiao, Tencent, contributed almost the entire return of our portfolio. Overweight on Korea drove more than half the portfolio's return.
We turn more selective on Chinese discretionary consumption and step into the Korean defense sector. We exclude Anta Sports and Mediatek and include Hyundai Rotem and Hon Hai Precision.


Asian Equities: Model Portfolio Outperformed Sharply; Less China Consumption, More Korea Defence

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>Hynix tagged L2: cash‑only, no margin. &gt;40% two‑day rip triggers KRX halt. L2 caps distort tape; Square’s Oct 27–Nov 10 run showed the messy playbook.</li>
<li>Hynix L2 review: five &gt;200% YoY prints since Nov 4, but no fresh 15‑day high—₩620k from Nov 3 still the cap, yesterday stalled just below.</li>
<li>Break above ₩620k likely triggers L2, leverage caps, volatile tape, Square outperformance; hold below into Monday kills L2 risk, keeps Hynix’s relative bid with retail still piling in.</li>
</ul>


Hynix tagged L2: cash‑only, no margin. &gt;40% two‑day rip triggers KRX halt. L2 caps distort tape; Square’s Oct 27–Nov 10 run showed the messy playbook.
Hynix L2 review: five &gt;200% YoY prints since Nov 4, but no fresh 15‑day high—₩620k from Nov 3 still the cap, yesterday stalled just below.
Break above ₩620k likely triggers L2, leverage caps, volatile tape, Square outperformance; hold below into Monday kills L2 risk, keeps Hynix’s relative bid with retail still piling in.


Hynix L2 Flag Risk: Why Stuck Below ₩620k? Eyes on Nov 17 Pivot

Director, Head of Research, Smartkarma

Pranav Rao

Director, Head of Research

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

<ul>
<li>Welcome to Curator’s Cut — a fortnightly roundup of standout themes from the 1,500+ insights published on Smartkarma. </li>
<li>In this cut, we revisit memory stocks' stellar year, unpack results from <em>the best pure-play gaming franchise</em>, and spotlight airline stocks poised for lift-off.</li>
<li>Want to dig deeper? Comment or message with the themes you’d like to see highlighted next.</li>
</ul>


Welcome to Curator’s Cut — a fortnightly roundup of standout themes from the 1,500+ insights published on Smartkarma. 
In this cut, we revisit memory stocks' stellar year, unpack results from the best pure-play gaming franchise, and spotlight airline stocks poised for lift-off.
Want to dig deeper? Comment or message with the themes you’d like to see highlighted next.


Curator's Cut: Korea's Memory Mania, Nintendo's Next Play & Airline Takeoffs

Founder/CEO of ROK Advisory, ROK Advisory LLC

Ken S. Kim

Founder/CEO of ROK Advisory

ROK Advisory LLC

ROK is an independent research advisory firm. We guide you to minimize the information gap between foreign and local investors in Northeast Asia with a focus in Korea, Taiwan and Japan.

Independent Research Advisory Firm

<ul>
<li>Change in local limit is a positive for <a href="https://www.smartkarma.com/entities/sk-hynix-inc" target="_blank" data-smartkarma-citation="entities:16955:1" rel="noopener">SK Hynix (000660 KS)</a> </li>
<li>Those in the local markets had to play <a href="https://www.smartkarma.com/entities/sk-square-co-ltd" target="_blank" data-smartkarma-citation="entities:35264:1" rel="noopener">SK Square (402340 KS)</a> before</li>
<li>The risk is that over 1/3 of KOSPI 200 is now reliant on 2 names</li>
</ul>


Change in local limit is a positive for SK Hynix (000660 KS) 
Those in the local markets had to play SK Square (402340 KS) before
The risk is that over 1/3 of KOSPI 200 is now reliant on 2 names


SK Hynix Should Continue to Benefit from Local Flow.

Technology / Semiconductor / Internet Research

Nicolas Baratte

<ul>
<li>SK hynix reported another stunning quarter: revenue up 39% YoY, Operating Profit up 62%</li>
<li>The soft guidance for 2026 points to increasing bit growth and we know that ASP are increasing. As SK hynix says "explosive AI growth".  </li>
<li>Best 2 Memory stocks 1. SK hynix 2. Micron.  Samsung? we still need a bit more clarity on HBM3E / 4  qualifications</li>
</ul>


SK hynix reported another stunning quarter: revenue up 39% YoY, Operating Profit up 62%
The soft guidance for 2026 points to increasing bit growth and we know that ASP are increasing. As SK hynix says "explosive AI growth".  
Best 2 Memory stocks 1. SK hynix 2. Micron.  Samsung? we still need a bit more clarity on HBM3E / 4  qualifications


SK Hynix 3Q25: Another Stunning Quarter. More Upside in 2026.

South Korea

SK Hynix Inc. provides products and services for the electronic components industry. The Company manufactures semiconductors, such as dynamic random access memory (DRAM), NAND flash memory, and static random access memory (SRAM) chips.

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SK Hynix (000660 KS)

Asian Equities: Model Portfolio Outperformed Sharply; Less China Consumption, More Korea Defence

China's economic data (FAI & industrial growth sharply lower than expected, retail sales growth underwhelming) underscores the need for nuanced...

Manishi Raychaudhuri

Hynix L2 Flag Risk: Why Stuck Below ₩620k? Eyes on Nov 17 Pivot

This post provides an analysis of Hynix’s Level 2 flag situation and why the stock has been unable to break above ₩620,000.

Sanghyun Park

Curator's Cut: Korea's Memory Mania, Nintendo's Next Play & Airline Takeoffs

This Curator's Cut reviews the rally in memory stocks, the top gaming franchise's results, and two airline stocks that could be cleared for takeoff.

Pranav Rao

SK Hynix Should Continue to Benefit from Local Flow.

SK Hynix should be aided by local domestic flows as they are now exempt from 10% rule for local asset managers in Korea public equities.

Ken S. Kim

SK Hynix 3Q25: Another Stunning Quarter. More Upside in 2026.

SK hynix's impressive quarter results show significant revenue and profit growth, with a positive outlook for the future driven by increasing bit...

Nicolas Baratte

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Asian Equities: Model Portfolio Outperformed Sharply; Less China Consumption, More Korea Defence

China's economic data (FAI & industrial growth sharply lower than expected, retail sales growth underwhelming) underscores the need for nuanced...

Manishi Raychaudhuri

Hynix L2 Flag Risk: Why Stuck Below ₩620k? Eyes on Nov 17 Pivot

This post provides an analysis of Hynix’s Level 2 flag situation and why the stock has been unable to break above ₩620,000.

Sanghyun Park

Curator's Cut: Korea's Memory Mania, Nintendo's Next Play & Airline Takeoffs

This ​Curator's Cut reviews the rally in memory stocks, the top gaming franchise's results, and two airline stocks that could be cleared for takeoff.

Pranav Rao

SK Hynix Should Continue to Benefit from Local Flow.

SK Hynix should be aided by local domestic flows as they are now exempt from 10% rule for local asset managers in Korea public equities.

Ken S. Kim

SK Hynix 3Q25: Another Stunning Quarter. More Upside in 2026.

​SK hynix's impressive quarter results show significant revenue and profit growth, with a positive outlook for the future driven by increasing bit...

Nicolas Baratte

This Curator's Cut reviews the rally in memory stocks, the top gaming franchise's results, and two airline stocks that could be cleared for takeoff.

SK hynix's impressive quarter results show significant revenue and profit growth, with a positive outlook for the future driven by increasing bit...