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>A glance at the growth-adjusted valuations of the Asian markets reveals that Korea and China are undervalued and India, Thailand, Singapore and Malaysia are overvalued.</li>
<li>We take a granular look at long histories of each market’s relative valuations, and their medium-term trends relative to long term averages. We combine the conclusions with growth-adjusted valuation outlook.</li>
<li>We conclude that HK/China, Korea, Indonesia and Philippines could be in for rerating in the near term. Derating could be on the cards for India, Singapore and Thailand.</li>
</ul>


A glance at the growth-adjusted valuations of the Asian markets reveals that Korea and China are undervalued and India, Thailand, Singapore and Malaysia are overvalued.
We take a granular look at long histories of each market’s relative valuations, and their medium-term trends relative to long term averages. We combine the conclusions with growth-adjusted valuation outlook.
We conclude that HK/China, Korea, Indonesia and Philippines could be in for rerating in the near term. Derating could be on the cards for India, Singapore and Thailand.


Asian Equities: Relative Valuation Divergence Opens up Index Trade Opportunities

Technology / Semiconductor / Internet Research

Nicolas Baratte

Thematic (Sector/Industry)

<ul>
<li>Import tariff into the US: Korea 25%, Taiwan 32%. But the White house clarified: no Reciprocal Tariff on semiconductors.  </li>
<li>There are other exemption (pharmaceuticals, lumber, certain minerals not available in the US). But then Apple or Nvidia don’t import Semis from Taiwan or Korea. </li>
<li>They import iPhones from China / India or Servers made in Taiwan. Is it a little bug to be fixed? There’s an interesting loophole: 10% tariff on Singapore.  </li>
</ul>


Import tariff into the US: Korea 25%, Taiwan 32%. But the White house clarified: no Reciprocal Tariff on semiconductors.  
There are other exemption (pharmaceuticals, lumber, certain minerals not available in the US). But then Apple or Nvidia don’t import Semis from Taiwan or Korea. 
They import iPhones from China / India or Servers made in Taiwan. Is it a little bug to be fixed? There’s an interesting loophole: 10% tariff on Singapore.  


No Tariffs on Semiconductors – but Does It Matter?

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Equity Bottom-Up

<ul>
<li>In this insight, we highlight the recent pricing gap divergences of the major Korean holdcos and opcos which could provide trading opportunities in 2Q 2025.</li>
<li>Among the 38 holdcos/opcos, there have been several pairs that have resulted in significant price ratio divergence which could provide trading opportunities in terms of their pricing gaps closing reversal.</li>
<li>Given the resumption in short selling in Korea, there is going to be a lot more interest in pair trades in Korea, especially among the major Korean holdcos/opcos. </li>
</ul>


In this insight, we highlight the recent pricing gap divergences of the major Korean holdcos and opcos which could provide trading opportunities in 2Q 2025.
Among the 38 holdcos/opcos, there have been several pairs that have resulted in significant price ratio divergence which could provide trading opportunities in terms of their pricing gaps closing reversal.
Given the resumption in short selling in Korea, there is going to be a lot more interest in pair trades in Korea, especially among the major Korean holdcos/opcos. 


Korean Holdcos Vs Opcos Gap Trading Opportunities in 2Q 2025

Semiconductors, Memory and SSDs Specialist, Objective Analysis

Jim Handy

Semiconductors, Memory and SSDs Specialist

Objective Analysis

Objective Analysis offers third-party independent market research and data for the semiconductor industry and investors in the semiconductor industry.

Semiconductors, Memory and SSDs

<ul>
<li>Hyperscaler CapEx could be slowing down, based on 4Q24 spending</li>
<li>Microsoft made a significant cut in Q4, but Amazon, Facebook, and Alibaba all made big increases</li>
<li>Industry CapEx as a percent of revenue has slowed its growth</li>
</ul>


Hyperscaler CapEx could be slowing down, based on 4Q24 spending
Microsoft made a significant cut in Q4, but Amazon, Facebook, and Alibaba all made big increases
Industry CapEx as a percent of revenue has slowed its growth


Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

Hua Hong Semiconductor / Equity Bottom-Up

<ul>
<li>Hong Kong's secular bull market continues this year with record buying from mainland investors through the Southbound Connect platform.</li>
<li>
<a href="https://www.smartkarma.com/entities/aac-technologies-holdings-inc" target="_blank" data-smartkarma-citation="entities:6544:1" rel="noopener">AAC Technologies Holdings (2018 HK)</a> announced a positive profit alert of of 150% increase in profit for 2024.  The AI, phone and auto segments saw value content increases.
</li>
<li>
<a href="https://www.smartkarma.com/entities/hua-hong-semiconductor-ltd" target="_blank" data-smartkarma-citation="entities:7201:1" rel="noopener">Hua Hong Semiconductor (1347 HK)</a> is well-positioned to cater to China's increasing demand for locally designed and produced chips, especially in the EV, smart home appliances and wearables industries.
</li>
</ul>


Hong Kong's secular bull market continues this year with record buying from mainland investors through the Southbound Connect platform.

AAC Technologies Holdings (2018 HK) announced a positive profit alert of of 150% increase in profit for 2024.  The AI, phone and auto segments saw value content increases.


Hua Hong Semiconductor (1347 HK) is well-positioned to cater to China's increasing demand for locally designed and produced chips, especially in the EV, smart home appliances and wearables industries.



BUY/SELL/HOLD: Hong Kong Stock Update (February 20)

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: Relative Valuation Divergence Opens up Index Trade Opportunities

Considering growth & ROE adjusted valns & long history of relative valns of Asian markets, we think HK/CN, Korea, Indonesia & Philippines could...

Manishi Raychaudhuri

No Tariffs on Semiconductors – but Does It Matter?

US import tariffs on Korea and Taiwan are high, but no reciprocal tariff on semiconductors. Apple and Nvidia don't import semis from these...

Nicolas Baratte

Korean Holdcos Vs Opcos Gap Trading Opportunities in 2Q 2025

In this insight, we highlight the recent pricing gap divergences of the major Korean holdcos and opcos which could provide trading opportunities in...

Douglas Kim

IS AI Spending Poised to Fall?

Hyperscaler CapEx growth may be slowing as Microsoft cuts spending in Q4 while Amazon, Facebook, and Alibaba increase theirs, leading to a...

Jim Handy

BUY/SELL/HOLD: Hong Kong Stock Update (February 20)

Mainland investors are buying record amounts in HK during secular bull mkt. AAC Tech reported positive earnings surprise and Hua Hong is rapidly...

David Mudd

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Asian Equities: Relative Valuation Divergence Opens up Index Trade Opportunities

​Considering growth & ROE adjusted valns & long history of relative valns of Asian markets, we think HK/CN, Korea, Indonesia & Philippines could...

Manishi Raychaudhuri

No Tariffs on Semiconductors – but Does It Matter?

​US import tariffs on Korea and Taiwan are high, but no reciprocal tariff on semiconductors. Apple and Nvidia don't import semis from these...

Nicolas Baratte

Korean Holdcos Vs Opcos Gap Trading Opportunities in 2Q 2025

In this insight, we highlight the recent pricing gap divergences of the major Korean holdcos and opcos which could provide trading opportunities in...

Douglas Kim

IS AI Spending Poised to Fall?

​Hyperscaler CapEx growth may be slowing as Microsoft cuts spending in Q4 while Amazon, Facebook, and Alibaba increase theirs, leading to a...

Jim Handy

BUY/SELL/HOLD: Hong Kong Stock Update (February 20)

Mainland investors are buying record amounts in HK during secular bull mkt. AAC Tech reported positive earnings surprise and Hua Hong is rapidly...

David Mudd

Considering growth & ROE adjusted valns & long history of relative valns of Asian markets, we think HK/CN, Korea, Indonesia & Philippines could...

US import tariffs on Korea and Taiwan are high, but no reciprocal tariff on semiconductors. Apple and Nvidia don't import semis from these...

Hyperscaler CapEx growth may be slowing as Microsoft cuts spending in Q4 while Amazon, Facebook, and Alibaba increase theirs, leading to a...