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>Asia-Ex-Japan is down 10% since the war started. The underperformers, Korea, Indonesia, India, Philippines and Thailand, have high import dependence on energy or, significant current account and fiscal deficits.</li>
<li>Myriad concerns impact Asian markets: energy and industrial input shortage, energy price shock driving inflation expectations and demand destruction, and higher energy prices hurting current accounts and fiscal balances. </li>
<li>Oil exploration, defense, green energy and the high dividend yield cash proxies seem to be the only safe spots in this tumultuous environment. These sectors have understandably generated positive returns.</li>
</ul>


Asia-Ex-Japan is down 10% since the war started. The underperformers, Korea, Indonesia, India, Philippines and Thailand, have high import dependence on energy or, significant current account and fiscal deficits.
Myriad concerns impact Asian markets: energy and industrial input shortage, energy price shock driving inflation expectations and demand destruction, and higher energy prices hurting current accounts and fiscal balances. 
Oil exploration, defense, green energy and the high dividend yield cash proxies seem to be the only safe spots in this tumultuous environment. These sectors have understandably generated positive returns.


Asian Equities: Market Movements Reflect Macro Risks

Singapore Market Roundup, Singapore Market Roundup

Singapore Market Roundup

Thematic (Sector/Industry)

<ul><li>DBS keeps 'buy' rating on Yangzijiang after announcing 10% stake acquisition.</li><li>Maybank Securities upgrades Wilmar to 'buy' due to improving earnings.</li><li>Jardine Matheson's FY2025 profit rises 11%; announces US$2.35 per share dividend.</li></ul>

DBS keeps 'buy' rating on Yangzijiang after announcing 10% stake acquisition.Maybank Securities upgrades Wilmar to 'buy' due to improving earnings.Jardine Matheson's FY2025 profit rises 11%; announces US$2.35 per share dividend.

Singapore Market Roundup (11-Mar-2026): DBS maintains 'buy' rating on Yangzijiang post stake

<ul><li>Maybank Securities upgrades Wilmar to 'buy' due to stronger earnings and reduced regulatory issues.</li><li>OCBC advises looking at SIA Engineering and China Aviation Oil amid war.</li><li>JPMorgan maintains 'overweight' rating on Singtel as buybacks start early.</li></ul>

Maybank Securities upgrades Wilmar to 'buy' due to stronger earnings and reduced regulatory issues.OCBC advises looking at SIA Engineering and China Aviation Oil amid war.JPMorgan maintains 'overweight' rating on Singtel as buybacks start early.

Singapore Market Roundup (10-Mar-2026): Maybank Securities upgrades Wilmar to 'buy' on strong

GROW with Singlife, Navigator Investment Services

GROW with Singlife

Navigator Investment Services

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<ul><li>Food consumption in Singapore remains broadly non-cyclical, anchored by steady household demand across income segments. This defensive earnings base is now complemented by structural growth drivers.</li><li>Policy support remains central to the sector’s evolution. Initiatives such as the Singapore Food Story 2, the Green Plan 2030, and AgriFood Cluster Transformation Fund are fostering investment in local production, food innovation, and ESG adoption.</li><li>Singapore’s F&amp;B brands are leveraging their reputation for quality, safety, and design-led branding to penetrate fast-growing ASEAN markets.</li></ul>

Food consumption in Singapore remains broadly non-cyclical, anchored by steady household demand across income segments. This defensive earnings base is now complemented by structural growth drivers.Policy support remains central to the sector’s evolution. Initiatives such as the Singapore Food Story 2, the Green Plan 2030, and AgriFood Cluster Transformation Fund are fostering investment in local production, food innovation, and ESG adoption.Singapore’s F&amp;B brands are leveraging their reputation for quality, safety, and design-led branding to penetrate fast-growing ASEAN markets.

Beyond the Plate: Food & Beverage Sector in Singapore

<ul><li>UOB KayHian issues 'Buy' rating for ASL Marine, target price at 33 cents.</li><li>Analysts boost outlook on Wilmar after 3Q update and Indonesia cooking oil case end.</li><li>CGSI expects DFI to prioritize medium-term goals and acquisitions at the investor day.</li></ul>

UOB KayHian issues 'Buy' rating for ASL Marine, target price at 33 cents.Analysts boost outlook on Wilmar after 3Q update and Indonesia cooking oil case end.CGSI expects DFI to prioritize medium-term goals and acquisitions at the investor day.

Singapore Market Roundup (04-Nov-2025): UOB KayHian rates ASL Marine 'Buy', target at 33 cents.

Singapore

Wilmar International is Asia's leading agribusiness group, operating an integrated model across the agricultural commodity business. Its activities include oil palm cultivation, oilseed crushing, edible oils refining, flour and rice milling, sugar milling and refining, and manufacturing of consumer products, specialty fats, oleochemicals, biodiesel, and fertilizers. The company was founded in 1991 and is headquartered in Singapore.

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Wilmar International (WIL SP)

Asian Equities: Market Movements Reflect Macro Risks

Asian markets especially KR, ID, IN, PH & TH, are weak due to high energy imports or significant deficits. Oil exploration, defense, green energy...

Manishi Raychaudhuri

Singapore Market Roundup (11-Mar-2026): DBS maintains 'buy' rating on Yangzijiang post stake

DBS maintains 'buy' on Yangzijiang after 10% stake acquisition; Maybank upgrades Wilmar to 'buy'; Jardine Matheson's FY2025 profit up 11% with...

Singapore Market Roundup

Singapore Market Roundup (10-Mar-2026): Maybank Securities upgrades Wilmar to 'buy' on strong

Maybank upgrades Wilmar to 'buy' for stronger earnings; OCBC suggests SIA Engineering and China Aviation Oil; JPMorgan keeps Singtel at...

Singapore Market Roundup

Beyond the Plate: Food & Beverage Sector in Singapore

With rising ESG standards and innovation-driven competitiveness, Singapore’s F&B sector stands out as a resilient and underappreciated growth story...

GROW with Singlife

Singapore Market Roundup (04-Nov-2025): UOB KayHian rates ASL Marine 'Buy', target at 33 cents.

UOB KayHian rates ASL Marine as 'Buy' with a target of 33 cents. Analysts raise Wilmar's outlook post-3Q update. CGSI expects DFI to focus on...

Singapore Market Roundup

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Asian Equities: Market Movements Reflect Macro Risks

​Asian markets especially KR, ID, IN, PH & TH, are weak due to high energy imports or significant deficits. Oil exploration, defense, green energy...

Manishi Raychaudhuri

Singapore Market Roundup (11-Mar-2026): DBS maintains 'buy' rating on Yangzijiang post stake

DBS maintains 'buy' on Yangzijiang after 10% stake acquisition; Maybank upgrades Wilmar to 'buy'; Jardine Matheson's FY2025 profit up 11% with...

Singapore Market Roundup

Singapore Market Roundup (10-Mar-2026): Maybank Securities upgrades Wilmar to 'buy' on strong

Maybank upgrades Wilmar to 'buy' for stronger earnings; OCBC suggests SIA Engineering and China Aviation Oil; JPMorgan keeps Singtel at...

Singapore Market Roundup

Beyond the Plate: Food & Beverage Sector in Singapore

With rising ESG standards and innovation-driven competitiveness, Singapore’s F&B sector stands out as a resilient and underappreciated growth story...

GROW with Singlife

Singapore Market Roundup (04-Nov-2025): UOB KayHian rates ASL Marine 'Buy', target at 33 cents.

UOB KayHian rates ASL Marine as 'Buy' with a target of 33 cents. Analysts raise Wilmar's outlook post-3Q update. CGSI expects DFI to focus on...

Singapore Market Roundup

Asian markets especially KR, ID, IN, PH & TH, are weak due to high energy imports or significant deficits. Oil exploration, defense, green energy...