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

Smartkarma AI Primers, Smartkarma

αSK Primers

Smartkarma AI Primers

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

Equity Bottom-Up

Yangzijiang Shipbuilding / Equity Bottom-Up

<ul>
  <li>
<a href="https://smartkarma.com/entities/yangzijiang-shipbuilding-holdings-limited">Yangzijiang Shipbuilding</a> is China's largest private shipbuilder, possessing a robust order book of approximately USD 22.4 billion, which provides strong revenue visibility through 2029.</li>
  <li>The company is strategically shifting its focus towards higher-margin, clean-energy vessels, such as LNG and dual-fuel ships, which now constitute a significant portion of its order book, aligning with global decarbonization trends.</li>
  <li>Despite near-term earnings stability from its backlog, the company faces headwinds from a cyclical decline in new orders, intensifying competition from South Korean and other Chinese yards, and potential margin pressure.</li>
</ul><p><em>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.</em></p>


  
Yangzijiang Shipbuilding is China's largest private shipbuilder, possessing a robust order book of approximately USD 22.4 billion, which provides strong revenue visibility through 2029.
  The company is strategically shifting its focus towards higher-margin, clean-energy vessels, such as LNG and dual-fuel ships, which now constitute a significant portion of its order book, aligning with global decarbonization trends.
  Despite near-term earnings stability from its backlog, the company faces headwinds from a cyclical decline in new orders, intensifying competition from South Korean and other Chinese yards, and potential margin pressure.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

Primer: Yangzijiang Shipbuilding (YZJSGD SP) - Apr 2026

SGX Market Strategist, Equity & Fixed Income, Singapore Exchange Ltd (SGX)

Geoff Howie

SGX Market Strategist, Equity & Fixed Income

Asia’s leading multi-asset exchange

Singapore Exchange Ltd (SGX)

Singapore Exchange is Asia’s leading and trusted market infrastructure, facilitating the exchange of capital and ideas to create value for people, businesses and economies. As a multi-asset exchange operating equity, fixed income and derivatives markets to the highest regulatory standards, SGX is a vertically integrated business that provides listing, trading, clearing, settlement, depository and data services.

With about 40% of listed companies and over 80% of listed bonds originating outside of Singapore as well as established linkages across the region and in Europe, SGX is Asia’s most international and connected exchange. Offering a full suite of derivatives products across Asian equity indices, commodities and currencies, SGX is the world’s most liquid international market for the benchmark equity indices of China, India, Japan and ASEAN.

As Asia’s pioneering central counterparty, SGX is globally recognised for its risk management and clearing capabilities, and was one of the first globally to adopt the Principles for Financial Market Infrastructure.

Headquartered in AAA-rated Singapore, SGX has over 800 employees including offices in Beijing, Chicago, Hong Kong, London, New York, Mumbai, San Francisco, Shanghai and Tokyo.

<ul><li>In 1Q26, STI ETFs recorded 13 consecutive months of net inflows, totaling S$981 million, with AUM reaching S$4.2 billion.</li><li>Share buybacks in Singapore reached approximately S$560 million in 1Q26, led by Singtel's S$2 billion programme.</li><li>The SMID segment attracted close to S$470 million net institutional inflow in 1Q26, with combined ADT nearing S$670 million.</li></ul>

In 1Q26, STI ETFs recorded 13 consecutive months of net inflows, totaling S$981 million, with AUM reaching S$4.2 billion.Share buybacks in Singapore reached approximately S$560 million in 1Q26, led by Singtel's S$2 billion programme.The SMID segment attracted close to S$470 million net institutional inflow in 1Q26, with combined ADT nearing S$670 million.

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.

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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

Primer: Yangzijiang Shipbuilding (YZJSGD SP) - Apr 2026

Yangzijiang Shipbuilding is China's largest private shipbuilder, possessing a robust order book of approximately USD 22.4 billion, which...

αSK Primers

STI Books 5.6% Total Return in 1Q26

In 1Q26, STI ETFs recorded 13 consecutive months of net inflows, totaling S$981 million, with AUM reaching S$4.2 billion. Share buybacks in...

Singapore Exchange Ltd (SGX)

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

Primer: Yangzijiang Shipbuilding (YZJSGD SP) - Apr 2026

Yangzijiang Shipbuilding is China's largest private shipbuilder, possessing a robust order book of approximately USD 22.4 billion, which...

αSK Primers

STI Books 5.6% Total Return in 1Q26

In 1Q26, STI ETFs recorded 13 consecutive months of net inflows, totaling S$981 million, with AUM reaching S$4.2 billion. Share buybacks in...

Singapore Exchange Ltd (SGX)

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