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

Gree Electric Appliances / Equity Bottom-Up

<ul>
<li>Since inception on February 23, our Robust Dividend Yielders basket has generated 20.3% total return, vs MSCI Asia-ex-Japan's 11.34%. 10 stocks in our basket of 23 appreciated more than 20%.</li>
<li>We reconstruct our basket screening all Asian stocks &gt; US$2bn market cap, dividend yield &gt;6% in 2025 and 2026, EPS CAGR &gt; 5% and upward revision to EPS forecasts.</li>
<li>Our new Dividend Yield basket has 15 stocks, 10 from HK, 3 from onshore China, 1 each from Indonesia and Singapore. Bosideng is the only stock common in both baskets. </li>
</ul>


Since inception on February 23, our Robust Dividend Yielders basket has generated 20.3% total return, vs MSCI Asia-ex-Japan's 11.34%. 10 stocks in our basket of 23 appreciated more than 20%.
We reconstruct our basket screening all Asian stocks &gt; US$2bn market cap, dividend yield &gt;6% in 2025 and 2026, EPS CAGR &gt; 5% and upward revision to EPS forecasts.
Our new Dividend Yield basket has 15 stocks, 10 from HK, 3 from onshore China, 1 each from Indonesia and Singapore. Bosideng is the only stock common in both baskets. 


Asian Equities: Our Asian Robust Dividend Yield Basket – Revisiting After Sharp Outperformance

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

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.

Quantitative Analysis

<ul>
<li>We analysed the earning revision of component stocks of CSI 300 in the past month.</li>
<li>We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.</li>
<li>We highlighted EPS revision on Shanghai Rural Commercial Bank, Industrial Bank, Chongqing Rural Commercial Bank, Bankcomm, Boc, Ja Solar Technology, Xinjiang Daqo, Beijing Wantai Biological Pharmacy Enterprise.</li>
</ul>


We analysed the earning revision of component stocks of CSI 300 in the past month.
We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.
We highlighted EPS revision on Shanghai Rural Commercial Bank, Industrial Bank, Chongqing Rural Commercial Bank, Bankcomm, Boc, Ja Solar Technology, Xinjiang Daqo, Beijing Wantai Biological Pharmacy Enterprise.


CSI 300 Index Earning Revision (Jun): Shanghai Rural Commercial Bank, Industrial Bank

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Index Rebalance

Shanghai Rural Commercial Bank / Index Rebalance

<ul>
<li>There are 7 changes for the <a href="https://www.smartkarma.com/entities/shanghai-shenzhen-csi-300-index" target="_blank" data-smartkarma-citation="entities:22906:1" rel="noopener">CSI 300 Index</a>, 50 changes for the CSI 500 Index and 100 changes for the CSI1000 Index that will be implemented on 13 June.</li>
<li>There are 240 unique names that are adds or deletes and the round-trip trade across all 3 indices is close to US$12bn.</li>
<li>The adds have outperformed the deletes for the <a href="https://www.smartkarma.com/entities/shanghai-shenzhen-csi-300-index" target="_blank" data-smartkarma-citation="entities:22906:1" rel="noopener">CSI 300 Index</a> and the CSI 1000 Index but underperformed for the <a href="https://www.smartkarma.com/entities/csi-smallcap-500-index-shang" target="_blank" data-smartkarma-citation="entities:35347:1" rel="noopener">CSI 500 Index</a>.</li>
</ul>


There are 7 changes for the CSI 300 Index, 50 changes for the CSI 500 Index and 100 changes for the CSI1000 Index that will be implemented on 13 June.
There are 240 unique names that are adds or deletes and the round-trip trade across all 3 indices is close to US$12bn.
The adds have outperformed the deletes for the CSI 300 Index and the CSI 1000 Index but underperformed for the CSI 500 Index.


CSI300/CSI500/CSI1000 Index Rebalance: Changes Lead to US$12bn Trade

Kuang-Chi Technologies   / Index Rebalance

<ul>
<li>There could be 8 changes at the June rebalance with the Industrials and Information Technology sectors gaining 3 index spots each and the Materials sector losing 4 spots.</li>
<li>Estimated one-way turnover is 1.44% at the rebalance leading to a round-trip trade of CNY 32.55bn (US$4.5bn). There are 13 stocks with over 2x ADV to trade.</li>
<li>The forecast adds have outperformed the forecast deletes over the last 6 weeks even though there have been large ETF creations. There could be more outperformance coming up.</li>
</ul>


There could be 8 changes at the June rebalance with the Industrials and Information Technology sectors gaining 3 index spots each and the Materials sector losing 4 spots.
Estimated one-way turnover is 1.44% at the rebalance leading to a round-trip trade of CNY 32.55bn (US$4.5bn). There are 13 stocks with over 2x ADV to trade.
The forecast adds have outperformed the forecast deletes over the last 6 weeks even though there have been large ETF creations. There could be more outperformance coming up.


CSI300 Index Rebalance Preview: 8 Changes a Side in June; US$4.5bn Trade

<ul>
<li>There could be 7 changes at the June rebalance with the Information Technology sector gaining 3 index spots and the Materials sector losing 3 spots.</li>
<li>We estimate one-way turnover of 1.45% at the rebalance leading to a round-trip trade of CNY 28.1bn (US$3.9bn). There are 6 stocks with over 2x ADV to trade.</li>
<li>There have been redemptions in mainland China ETFs over the last couple of months and that leads to a lower impact on the stocks compared to the last rebalance.</li>
</ul>


There could be 7 changes at the June rebalance with the Information Technology sector gaining 3 index spots and the Materials sector losing 3 spots.
We estimate one-way turnover of 1.45% at the rebalance leading to a round-trip trade of CNY 28.1bn (US$3.9bn). There are 6 stocks with over 2x ADV to trade.
There have been redemptions in mainland China ETFs over the last couple of months and that leads to a lower impact on the stocks compared to the last rebalance.


CSI300 Index Rebalance Preview: 7 Changes a Side as Market Trades in a Range

China

37 Interactive Entertainment Network Technology Group Co.,Ltd designs, develops, and operates mobile games and web games. The Company also provides game promotion, customer service, top-up payment, and other services. 37 Interactive Entertainment Network Technology Group conducts its businesses in China.

37 Interactive Entertainment Network Technology Group (002555 CH)

37 Interactive Entertainment Network Technology Group

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37 Interactive Entertainment Network Technology Group (002555 CH)

Asian Equities: Our Asian Robust Dividend Yield Basket – Revisiting After Sharp Outperformance

Since inception (Feb 23) our Robust Dividend Yielders basket generated 20.3% total return vs MSCI AxJ's 11.34%. Our new Dividend Yield basket...

Manishi Raychaudhuri

CSI 300 Index Earning Revision (Jun): Shanghai Rural Commercial Bank, Industrial Bank

We analyzed CSI 300's consensus for Jun 2025 and highlighted changes of EPS in Shanghai Rural Commercial Bank (601825 CH), Industrial Bank (601166...

Ke Yan, CFA, FRM

CSI300/CSI500/CSI1000 Index Rebalance: Changes Lead to US$12bn Trade

The 314 changes to the CSI300/500/1000 indices lead to 240 unique names. The round-trip trade across all three indices is around US$12bn. Some...

Brian Freitas

CSI300 Index Rebalance Preview: 8 Changes a Side in June; US$4.5bn Trade

8 changes forecast for CSI300 June. Estimated one-way turnover is 1.44% and round-trip trade is US$4.5bn. A long adds/short deletes trade has done...

Brian Freitas

CSI300 Index Rebalance Preview: 7 Changes a Side as Market Trades in a Range

There could be 7 changes for the CSI300 in June with a one-way turnover of 1.45% and a round-trip trade of US$3.9bn. The adds and deletes have...

Brian Freitas

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52-week Range

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