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>Combination of concerns about Fed rate trajectory, AI capex monetization, Chinese growth slowdown and Japanese Yen carry trade unwinding brought the US and Asian markets 4-5% down since late October.</li>
<li>Expensive valuations are now justifiably correcting. Notwithstanding worries about a December cut, the interest rate trajectory remains resolutely downwards. Asian disinflation offers several central banks further room for monetary easing. </li>
<li>AI capex monetization worries will wax and wane. But Asian AI enablers' cash flows seem safe and valuations inexpensive. Corporate earnings environment is solid in US and recovering in Asia.</li>
</ul>


Combination of concerns about Fed rate trajectory, AI capex monetization, Chinese growth slowdown and Japanese Yen carry trade unwinding brought the US and Asian markets 4-5% down since late October.
Expensive valuations are now justifiably correcting. Notwithstanding worries about a December cut, the interest rate trajectory remains resolutely downwards. Asian disinflation offers several central banks further room for monetary easing. 
AI capex monetization worries will wax and wane. But Asian AI enablers' cash flows seem safe and valuations inexpensive. Corporate earnings environment is solid in US and recovering in Asia.


Asian Equities: A Correction, Not a Bear Market; Rates Still Falling and Earnings Are Catching Up

Managing Director, Zero One, Zero One

Vincent Fernando, CFA

Managing Director, Zero One

Zero One

Founded in 2015, Zero One produces independent investment research and provides corporate finance advisory services with a focus on both listed and private technology companies. Founder Vincent Fernando has over 20 years of experience in US and Asia capital markets.

Independent Investment Research

Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing) - ADR / Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing) - ADR

<ul>
<li>Japan’s Rapidus Moves Ahead With 1.4nm Plans... TSMC Impact? -- Latest and Past Analysis</li>
<li>PC Monitor: Latest Dell/HP Results Support PC Up-Cycle Into 2026E </li>
<li>TechChain Insights: Factory Visit with One of Taiwan's Critical Battery Suppliers  </li>
</ul>


Japan’s Rapidus Moves Ahead With 1.4nm Plans... TSMC Impact? -- Latest and Past Analysis
PC Monitor: Latest Dell/HP Results Support PC Up-Cycle Into 2026E 
TechChain Insights: Factory Visit with One of Taiwan's Critical Battery Suppliers  


Taiwan Tech Weekly: Rapidus Making Progress... TSMC Impact; Latest PC Results Support 2026E Up-Cycle

Taiwan Tech Focused Senior Analyst

Patrick Liao

TSMC (Taiwan Semiconductor Manufacturing) / Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing)

<ul>
<li>Rapidus is currently moving in parallel with <a href="https://www.smartkarma.com/entities/taiwan-semiconductor-manufacturing-adr" target="_blank" data-smartkarma-citation="entities:8587:1" rel="noopener">TSMC (Taiwan Semiconductor Manufacturing) - ADR (TSM US)</a> in targeting the 2nm, and is regarded as Japan’s core force in the advanced-process arena.</li>
<li>Rapidus plans to build a second fab in Hokkaido in FY2027. The facility is scheduled to begin 1.4nm volume production in 2029 to accelerate the catch-up with global leader TSMC.</li>
<li>During its mid-October earnings briefing, TSMC stated that 2nm will enter volume production as scheduled in 4Q this year, and that it will begin 1.4nm mass production in 2028.</li>
</ul>


Rapidus is currently moving in parallel with TSMC (Taiwan Semiconductor Manufacturing) - ADR (TSM US) in targeting the 2nm, and is regarded as Japan’s core force in the advanced-process arena.
Rapidus plans to build a second fab in Hokkaido in FY2027. The facility is scheduled to begin 1.4nm volume production in 2029 to accelerate the catch-up with global leader TSMC.
During its mid-October earnings briefing, TSMC stated that 2nm will enter volume production as scheduled in 4Q this year, and that it will begin 1.4nm mass production in 2028.


TSMC (2330.TT; TSM.US): Rapidus Plans to Build a Second Fab to Begin 1.4nm Volume Production in 2029

<ul>
<li>Breadth of Asian market-sectors with robust earnings estimate upgrades improved remarkably. We spot 24 with upgrades over the past 1-month, 3-months and 6-months. Couple of weeks ago there were 18.</li>
<li>The new sectors that joined the list from our previous study are Chinese technology services, Korean utilities, Indian energy, Malaysian consumer durables and financials and Philippines basic materials.</li>
<li>Across Asia, basic materials, financials and electronic technology are prominent earnings gainers. They are driving upgrades in the US also. The AI capex and base metal demand themes seem robust.</li>
</ul>


Breadth of Asian market-sectors with robust earnings estimate upgrades improved remarkably. We spot 24 with upgrades over the past 1-month, 3-months and 6-months. Couple of weeks ago there were 18.
The new sectors that joined the list from our previous study are Chinese technology services, Korean utilities, Indian energy, Malaysian consumer durables and financials and Philippines basic materials.
Across Asia, basic materials, financials and electronic technology are prominent earnings gainers. They are driving upgrades in the US also. The AI capex and base metal demand themes seem robust.


Asian Equities: Strong Step-Up in Earnings Environment. 24 Market-Sectors Show Robust EPS Upgrades

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.

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/kioxia-holdings-corp" target="_blank" data-smartkarma-citation="entities:29243:1" rel="noopener">Kioxia Holdings (285A JP)</a> raised around US$800m (including over-allocation) in its Japan IPO, after pricing its IPO in the middle of its range. Its IPO linked lockup will expire soon.</li>
<li>Kioxia is a manufacturer and a global leader in flash memory and solid state drives for smartphones, PCs, enterprise servers and data centers.</li>
<li>In this note, we will talk about the lock-up dynamics and updates since our last note.</li>
</ul>



Kioxia Holdings (285A JP) raised around US$800m (including over-allocation) in its Japan IPO, after pricing its IPO in the middle of its range. Its IPO linked lockup will expire soon.
Kioxia is a manufacturer and a global leader in flash memory and solid state drives for smartphones, PCs, enterprise servers and data centers.
In this note, we will talk about the lock-up dynamics and updates since our last note.


Kioxia IPO Lockup Expiry - US$6.7bn Release, with Shareholders Eager to Sell

Taiwan

Taiwan Semiconductor Manufacturing Company Ltd. manufactures integrated circuits based on its proprietary designs.  The Company offers a comprehensive set of integrated circuit fabrication processes to manufacture CMOS logic, mixed-mode, volatile and non-volatile memory and BiCMOS chips.  Taiwan Semiconductor is an affiliate of Philips Electronics N.V.

TSMC (Taiwan Semiconductor Manufacturing) - ADR (TSM US)

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TSMC (Taiwan Semiconductor Manufacturing) - ADR (TSM US)

Asian Equities: A Correction, Not a Bear Market; Rates Still Falling and Earnings Are Catching Up

Markets bottomed out over 20-24 Nov. Since then S&P500 is up 5.2%, HSI is up 3.2% & KOSPI is up 4.2%. Predictably, the USD (DXY) is down c1%. The...

Manishi Raychaudhuri

Taiwan Tech Weekly: Rapidus Making Progress... TSMC Impact; Latest PC Results Support 2026E Up-Cycle

Japan's Rapidus plans for 1.4nm technology, Dell and HP results support PC up-cycle, and a factory visit with a critical battery supplier in Taiwan.

Vincent Fernando, CFA

TSMC (2330.TT; TSM.US): Rapidus Plans to Build a Second Fab to Begin 1.4nm Volume Production in 2029

Rapidus aims to catch up with TSMC by targeting 2nm and plans to build a second fab in Hokkaido for 1.4nm volume production in 2029.

Patrick Liao

Asian Equities: Strong Step-Up in Earnings Environment. 24 Market-Sectors Show Robust EPS Upgrades

24 Asian market-sectors see EPS est upgrades over past 1-month, 3-month & 6-month. Couple of weeks ago there were 18. Basic materials, financials...

Manishi Raychaudhuri

Kioxia IPO Lockup Expiry - US$6.7bn Release, with Shareholders Eager to Sell

Bain is now looking to sell some of its stake in Kioxia after a recent surge in the stock price. It will sell part of its holdings to raise around...

Sumeet Singh

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52-week Range

Market Cap (USDm)

P/E

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Asian Equities: A Correction, Not a Bear Market; Rates Still Falling and Earnings Are Catching Up

Markets bottomed out over 20-24 Nov. Since then S&P500 is up 5.2%, HSI is up 3.2% & KOSPI is up 4.2%. Predictably, the USD (DXY) is down c1%. The...

Manishi Raychaudhuri

Taiwan Tech Weekly: Rapidus Making Progress... TSMC Impact; Latest PC Results Support 2026E Up-Cycle

​Japan's Rapidus plans for 1.4nm technology, Dell and HP results support PC up-cycle, and a factory visit with a critical battery supplier in Taiwan.

Vincent Fernando, CFA

TSMC (2330.TT; TSM.US): Rapidus Plans to Build a Second Fab to Begin 1.4nm Volume Production in 2029

​Rapidus aims to catch up with TSMC by targeting 2nm and plans to build a second fab in Hokkaido for 1.4nm volume production in 2029.

Patrick Liao

Asian Equities: Strong Step-Up in Earnings Environment. 24 Market-Sectors Show Robust EPS Upgrades

​24 Asian market-sectors see EPS est upgrades over past 1-month, 3-month & 6-month. Couple of weeks ago there were 18. Basic materials, financials...

Manishi Raychaudhuri

Kioxia IPO Lockup Expiry - US$6.7bn Release, with Shareholders Eager to Sell

Bain is now looking to sell some of its stake in Kioxia after a recent surge in the stock price. It will sell part of its holdings to raise around...

Sumeet Singh

Japan's Rapidus plans for 1.4nm technology, Dell and HP results support PC up-cycle, and a factory visit with a critical battery supplier in Taiwan.

Rapidus aims to catch up with TSMC by targeting 2nm and plans to build a second fab in Hokkaido for 1.4nm volume production in 2029.

24 Asian market-sectors see EPS est upgrades over past 1-month, 3-month & 6-month. Couple of weeks ago there were 18. Basic materials, financials...