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 a world of surging interest rates, highly leveraged markets, sectors and stocks are more vulnerable than unleveraged ones. The former set will have skyrocketing capital costs dampening their profitability.</li>
<li>China (86% net debt-equity in 2025), Thailand (105%) and Philippines (118%) are the most leveraged Asian markets. The least leveraged are Taiwan (54%), India (65%), Indonesia (66%) and Korea (68%).</li>
<li>Thai telecom, Philippines transportation, Philippines energy, Korean distribution services, Philippines telecom, Indonesian transportation are the most-leveraged market-sectors. Singapore health technology, Indonesian commercial services, Taiwan energy, Indonesian industrials are the least-leveraged.</li>
</ul>


In a world of surging interest rates, highly leveraged markets, sectors and stocks are more vulnerable than unleveraged ones. The former set will have skyrocketing capital costs dampening their profitability.
China (86% net debt-equity in 2025), Thailand (105%) and Philippines (118%) are the most leveraged Asian markets. The least leveraged are Taiwan (54%), India (65%), Indonesia (66%) and Korea (68%).
Thai telecom, Philippines transportation, Philippines energy, Korean distribution services, Philippines telecom, Indonesian transportation are the most-leveraged market-sectors. Singapore health technology, Indonesian commercial services, Taiwan energy, Indonesian industrials are the least-leveraged.


<ul>
<li>ASEAN has underperformed Asia in 2026, but Singapore (up 24%) and Thailand (up 28%) are stand-out outperformers. Both have benefitted from AI capex, but many other drivers have supported Singapore.</li>
<li>Both Markets have had significant EPS estimate upgrades driven by tech hardware, industrials and process industries. For Thailand, basic materials and energy have also chipped in significantly.</li>
<li>Screening stocks on strong growth, reasonable valuations, healthy balance sheets and EPS upgrades over past 6 months, we highlight 5 stocks in Singapore and 6 in Thailand.</li>
</ul>


ASEAN has underperformed Asia in 2026, but Singapore (up 24%) and Thailand (up 28%) are stand-out outperformers. Both have benefitted from AI capex, but many other drivers have supported Singapore.
Both Markets have had significant EPS estimate upgrades driven by tech hardware, industrials and process industries. For Thailand, basic materials and energy have also chipped in significantly.
Screening stocks on strong growth, reasonable valuations, healthy balance sheets and EPS upgrades over past 6 months, we highlight 5 stocks in Singapore and 6 in Thailand.


ASEAN Champions of 2026: Singapore and Thailand - Deep Dive Yields Interesting Stock Ideas

Singapore Market Roundup, Singapore Market Roundup

Singapore Market Roundup

Thematic (Sector/Industry)

<ul>
<li>CGS International keeps 'add' rating on CSE Global, deepening ties beyond AWS.</li>
<li>UOBKH raises Yangzijiang Shipbuilding target price to $5.90.</li>
<li>UOBKH keeps 'buy' on LHN, lowering target price to 59.1 cents due to limited earnings.</li>
</ul>


CGS International keeps 'add' rating on CSE Global, deepening ties beyond AWS.
UOBKH raises Yangzijiang Shipbuilding target price to $5.90.
UOBKH keeps 'buy' on LHN, lowering target price to 59.1 cents due to limited earnings.


Singapore Market Roundup (25-Sep-2026): CGS International maintains 'add' rating on CSE Global

<ul><li>DBS's Foo raises GuocoLand target price to $3.40 after strong FY2026 earnings.</li><li>UOBKH sees CDL, YZJ, and MPACT as STI laggards to watch for recovery.</li><li>Citi suggests UOL may sell assets to finance Marina Square redevelopment.</li></ul>

DBS's Foo raises GuocoLand target price to $3.40 after strong FY2026 earnings.UOBKH sees CDL, YZJ, and MPACT as STI laggards to watch for recovery.Citi suggests UOL may sell assets to finance Marina Square redevelopment.

Singapore Market Roundup (02-Sep-2026): DBS's Foo boosts GuocoLand target price to $3.40

<ul>
<li>Maybank starts 'buy' rating for Info-Tech Systems at $1.46.                        </li>
<li>DBS keeps 'hold' recommendation and $1 target price for Delfi.</li>
<li>DBS maintains MoneyMax valuation at $1.13 without a rating change.</li>
</ul>


Maybank starts 'buy' rating for Info-Tech Systems at $1.46.                        
DBS keeps 'hold' recommendation and $1 target price for Delfi.
DBS maintains MoneyMax valuation at $1.13 without a rating change.


Singapore Market Roundup (12-Aug-2026): Maybank initiates 'buy' on Info-Tech Systems at $1.46.

China

Yangzijiang Shipbuilding is a large conglomerate primarily engaged in shipbuilding and offshore engineering, producing a broad range of commercial vessels including containerships, bulk carriers, oil tankers, and LNG/gas carriers. The company also provides ship repairing services, manufactures large-scale steel structures, and offers ship design services. It was founded in 1956 and is headquartered in Jingjiang, China.

Price Gauge
52-week Range	0.00 - 0.00
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Yangzijiang Shipbuilding (YZJSGD SP)

Asian Equities: Till Debt Do Us Part

When interest rates surge, highly leveraged markets, sectors & stocks are more vulnerable than unleveraged ones. Our granular analysis of Asian...

Manishi Raychaudhuri

ASEAN Champions of 2026: Singapore and Thailand - Deep Dive Yields Interesting Stock Ideas

ASEAN has underperformed in 2026, but SG & TH stand out with strong performance driven by AI capex and industrial boost. Our screen reveals 5...

Manishi Raychaudhuri

Singapore Market Roundup (25-Sep-2026): CGS International maintains 'add' rating on CSE Global

CGS International maintains 'add' rating for CSE Global, expanding ties beyond AWS. UOBKH raises Yangzijiang Shipbuilding target to $5.90.

Singapore Market Roundup

Singapore Market Roundup (02-Sep-2026): DBS's Foo boosts GuocoLand target price to $3.40

DBS raises GuocoLand's target price to $3.40 post-FY2026 earnings. UOBKH identifies CDL, YZJ, and MPACT as STI laggards. Citi hints UOL may sell...

Singapore Market Roundup

Singapore Market Roundup (12-Aug-2026): Maybank initiates 'buy' on Info-Tech Systems at $1.46.

Maybank initiates 'buy' rating for Info-Tech Systems at $1.46; DBS holds 'hold' for Delfi at $1 and values MoneyMax at $1.13 without changes.

Singapore Market Roundup

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Asian Equities: Till Debt Do Us Part

When interest rates surge, highly leveraged markets, sectors & stocks are more vulnerable than unleveraged ones. Our granular analysis of Asian...

Manishi Raychaudhuri

ASEAN Champions of 2026: Singapore and Thailand - Deep Dive Yields Interesting Stock Ideas

​ASEAN has underperformed in 2026, but SG & TH stand out with strong performance driven by AI capex and industrial boost. Our screen reveals 5...

Manishi Raychaudhuri

Singapore Market Roundup (25-Sep-2026): CGS International maintains 'add' rating on CSE Global

CGS International maintains 'add' rating for CSE Global, expanding ties beyond AWS. UOBKH raises Yangzijiang Shipbuilding target to $5.90.

Singapore Market Roundup

Singapore Market Roundup (02-Sep-2026): DBS's Foo boosts GuocoLand target price to $3.40

DBS raises GuocoLand's target price to $3.40 post-FY2026 earnings. UOBKH identifies CDL, YZJ, and MPACT as STI laggards. Citi hints UOL may sell...

Singapore Market Roundup

Singapore Market Roundup (12-Aug-2026): Maybank initiates 'buy' on Info-Tech Systems at $1.46.

Maybank initiates 'buy' rating for Info-Tech Systems at $1.46; DBS holds 'hold' for Delfi at $1 and values MoneyMax at $1.13 without changes.

Singapore Market Roundup

ASEAN has underperformed in 2026, but SG & TH stand out with strong performance driven by AI capex and industrial boost. Our screen reveals 5...