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>In H1, Asia climbed several walls of worry. Valuations are slightly higher than long-term average. H2 could be more modest, as export driven growth moderates and trade agreements become contentious.</li>
<li>Our end-2025 targets are: MXASJ 850, SHCOMP 3760, Sensex 85000, HSI 26000, KOSPI 3400, TWSE 23500, Strait Times 4200, JCI 7450, SET 1150. Overweights on Korea, HK/China, India, continue.</li>
<li>Asian currencies should continue to appreciate, driving more FII flows. Benign inflation and headroom for monetary easing are key tailwinds. We expect two rate cuts by the Fed in 2025.</li>
</ul>


In H1, Asia climbed several walls of worry. Valuations are slightly higher than long-term average. H2 could be more modest, as export driven growth moderates and trade agreements become contentious.
Our end-2025 targets are: MXASJ 850, SHCOMP 3760, Sensex 85000, HSI 26000, KOSPI 3400, TWSE 23500, Strait Times 4200, JCI 7450, SET 1150. Overweights on Korea, HK/China, India, continue.
Asian currencies should continue to appreciate, driving more FII flows. Benign inflation and headroom for monetary easing are key tailwinds. We expect two rate cuts by the Fed in 2025.


H2 '25 Outlook: Modest H2 After Strong H1. Themes: Trade, Consumption, Tech Spending, Yields

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

Tekscend Photomask / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/tekscend-photomask-corp" target="_blank" data-smartkarma-citation="entities:45819:1" rel="noopener">Tekscend Photomask (429A JP)</a>  (429A JP), a manufacturer and distributor of semiconductor photomasks, aims to raise around US$830m in its Japan IPO.</li>
<li>TP is a global provider of photomasks and related support services. It has been the leader in the merchant photomask market in terms of sales since 2016.</li>
<li>We have looked at the company's past performance in our previous note. In this note, we talk about valuations.</li>
</ul>



Tekscend Photomask (429A JP)  (429A JP), a manufacturer and distributor of semiconductor photomasks, aims to raise around US$830m in its Japan IPO.
TP is a global provider of photomasks and related support services. It has been the leader in the merchant photomask market in terms of sales since 2016.
We have looked at the company's past performance in our previous note. In this note, we talk about valuations.


Tekscend Photomask IPO - Thoughts on Valuation

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>Latest Signals Continue to Indicate N2 Is Emerging as TSMC’s Blockbuster Node</li>
<li>N2 Commercialization Timing Aligns With Major AI HPC Platform Roadmaps</li>
<li>TSMC Market Share Over 70%... Could N2 Drive This Number Even Higher? Maintain Our Structural Long Rating for TSMC</li>
</ul>


Latest Signals Continue to Indicate N2 Is Emerging as TSMC’s Blockbuster Node
N2 Commercialization Timing Aligns With Major AI HPC Platform Roadmaps
TSMC Market Share Over 70%... Could N2 Drive This Number Even Higher? Maintain Our Structural Long Rating for TSMC


TSMC: New Signals Underscore N2’s Rise as a Blockbuster Node

<ul>
<li>TSMC: +28.3 Premium; Historically Extreme Level, Can Short the ADR Premium</li>
<li>UMC: +3.3% Premium; Historically Extreme Level, Short the ADR Premium </li>
<li>CHT: -0.7% Discount; Near Lower Bound, Consider Going Long the Spread</li>
</ul>


TSMC: +28.3 Premium; Historically Extreme Level, Can Short the ADR Premium
UMC: +3.3% Premium; Historically Extreme Level, Short the ADR Premium 
CHT: -0.7% Discount; Near Lower Bound, Consider Going Long the Spread


Taiwan Dual-Listings Monitor: TSMC & UMC Spreads Higher After Taiwan Market Holiday

AI | Semiconductors | Commodities, Mint Finance

Raghav Vashisht

AI | Semiconductors | Commodities

Deep Fundamental Analysis

Mint Finance

Mint Finance's investment research blends deep fundamental analysis with technical & quant insights. Investment strategies straddle across multiple asset classes with risk management embedded into every trade to deliver an outsized reward-to-risk ratio.

Mint Finance's research is centered around three key themes. First, energy transition and climate change. Second, artificial intelligence. Third, shifting world order with its impact across politics and monetary economics.

<ul>
<li>Apple, Intel, and Nvidia may be converging on a shared AI infrastructure vision that would have consequences for the global chip supply chain.</li>
<li>Intel’s systems foundry pivot is about controlling the stack, and Apple might see value in that despite moving away from the former's products.</li>
<li>TSMC remains dominant in process tech, but the competition in the future might be about more than building silicon.  </li>
</ul>


Apple, Intel, and Nvidia may be converging on a shared AI infrastructure vision that would have consequences for the global chip supply chain.
Intel’s systems foundry pivot is about controlling the stack, and Apple might see value in that despite moving away from the former's products.
TSMC remains dominant in process tech, but the competition in the future might be about more than building silicon.  


Apple, Intel, and the Systems Foundry Gambit

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)

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

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

H2 '25 Outlook: Modest H2 After Strong H1. Themes: Trade, Consumption, Tech Spending, Yields

As we approach the last quarter of 2025, most Asian market indices are higher than our end-25 targets, except India. Of our focus investment themes...

Manishi Raychaudhuri

Tekscend Photomask IPO - Thoughts on Valuation

Tekscend Photomask (429A JP) (429A JP), a manufacturer and distributor of semiconductor photomasks, aims to raise around US$830m in its Japan IPO....

Sumeet Singh

TSMC: New Signals Underscore N2’s Rise as a Blockbuster Node

TSMC's N2 node is poised to be a game-changer in the AI HPC market, potentially increasing their market share beyond 70%.

Vincent Fernando, CFA

Taiwan Dual-Listings Monitor: TSMC & UMC Spreads Higher After Taiwan Market Holiday

We analyze the premium and discount levels of dual-listed Taiwan companies, suggesting potential spread trading levels based on historical trends.

Vincent Fernando, CFA

Apple, Intel, and the Systems Foundry Gambit

Intel's shift towards total AI stack control could be appealing to Apple's U.S. manufacturing ambition, despite its move away from Intel products.

Mint Finance

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

H2 '25 Outlook: Modest H2 After Strong H1. Themes: Trade, Consumption, Tech Spending, Yields

As we approach the last quarter of 2025, most Asian market indices are higher than our end-25 targets, except India. Of our focus investment themes...

Manishi Raychaudhuri

Tekscend Photomask IPO - Thoughts on Valuation

Tekscend Photomask (429A JP) (429A JP), a manufacturer and distributor of semiconductor photomasks, aims to raise around US$830m in its Japan IPO....

Sumeet Singh

TSMC: New Signals Underscore N2’s Rise as a Blockbuster Node

​TSMC's N2 node is poised to be a game-changer in the AI HPC market, potentially increasing their market share beyond 70%.

Vincent Fernando, CFA

Taiwan Dual-Listings Monitor: TSMC & UMC Spreads Higher After Taiwan Market Holiday

We analyze the premium and discount levels of dual-listed Taiwan companies, suggesting potential spread trading levels based on historical trends.

Vincent Fernando, CFA

Apple, Intel, and the Systems Foundry Gambit

Intel's shift towards total AI stack control could be appealing to Apple's U.S. manufacturing ambition, despite its move away from Intel products.

Mint Finance

TSMC's N2 node is poised to be a game-changer in the AI HPC market, potentially increasing their market share beyond 70%.