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

<ul>
<li>Valuations across Asia are mean reverting - expensive markets derating and the cheap ones rerating. We think this is likely to continue somewhat longer.</li>
<li>We think HK/China could rerate more; India and Taiwan could derate slightly further. India looks interesting. Valuation range has structurally shifted upwards. But another 5-10% relative valuation correction is warranted.</li>
<li>Principal stock choices in HK/China, Korea and India pertain to themes of domestic consumption, AI resilience and unloved sectors. Some of the companies have mitigating strategies for the tariff war.</li>
</ul>


Valuations across Asia are mean reverting - expensive markets derating and the cheap ones rerating. We think this is likely to continue somewhat longer.
We think HK/China could rerate more; India and Taiwan could derate slightly further. India looks interesting. Valuation range has structurally shifted upwards. But another 5-10% relative valuation correction is warranted.
Principal stock choices in HK/China, Korea and India pertain to themes of domestic consumption, AI resilience and unloved sectors. Some of the companies have mitigating strategies for the tariff war.


Asian Equities: Valuation Mean Reversion - The Winners and Losers

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Gross SOUTHBOUND volumes dropped somewhat but still high. NET buying by SOUTHBOUND was HK$35bn which is still quite strong. Round-tripping volume down 20% week-on-week.</li>
<li>The flows here are still striking. &gt;20% of the top 100 most liquid Southbound eligible stocks saw SOUTHBOUND buy more than 10% of weekly volume. </li>
<li>It feels like there is some common understanding among SOUTHBOUND investors which I do not understand. The numbers are big/growing.</li>
</ul>


Gross SOUTHBOUND volumes dropped somewhat but still high. NET buying by SOUTHBOUND was HK$35bn which is still quite strong. Round-tripping volume down 20% week-on-week.
The flows here are still striking. &gt;20% of the top 100 most liquid Southbound eligible stocks saw SOUTHBOUND buy more than 10% of weekly volume. 
It feels like there is some common understanding among SOUTHBOUND investors which I do not understand. The numbers are big/growing.


HK Connect SOUTHBOUND Flows (To 7 Mar 2025); Big Volumes, Big Net; Tech, Banks, and Telecoms

Overseas Chinese Equities, Aequitas Research

Ming Lu

Overseas Chinese Equities

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.

<ul>
<li>Tencent’s stock price has risen by 35% since our last buy rating. Downgrade to Hold.</li>
<li>Our EPS estimate for 2025 is 12% over the market consensus.</li>
<li>We believe both revenue growth and margin will improve in the coming 4Q24 results.</li>
</ul>


Tencent’s stock price has risen by 35% since our last buy rating. Downgrade to Hold.
Our EPS estimate for 2025 is 12% over the market consensus.
We believe both revenue growth and margin will improve in the coming 4Q24 results.


Tencent (700 HK): Risen 35% Since Our Last Buy, Good Preview for 4Q24

Derivatives and Quantitative Strategist

Gaudenz Schneider

<ul>
<li>During yesterday's Option expiration day, <a href="https://www.smartkarma.com/entities/tencent-holdings-ltd" target="_blank" data-smartkarma-citation="entities:26:1" rel="noopener">Tencent (700 HK)</a> experienced an intra-day swing of 4.1%.</li>
<li>Trading in the afternoon oscillated around the prominent 500 strike level. Around 66% of calls and 2% of puts expired in the money.</li>
<li>Volume was lower than in the preceding days; a total of 38 million shares were traded, with the morning session accounting for 53% of the volume.</li>
</ul>


During yesterday's Option expiration day, Tencent (700 HK) experienced an intra-day swing of 4.1%.
Trading in the afternoon oscillated around the prominent 500 strike level. Around 66% of calls and 2% of puts expired in the money.
Volume was lower than in the preceding days; a total of 38 million shares were traded, with the morning session accounting for 53% of the volume.


Tencent (700 HK): Expiry-Day Recap; Intra-Day Swing of 4.1%.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/tencent-holdings-ltd" target="_blank" data-smartkarma-citation="entities:26:1" rel="noopener">Tencent (700 HK)</a> stock options expiring on <strong>Thursday, February 27</strong>, show a concentration of approximately 40,000 open contracts at the 500 strike price, <strong>currently at the money. </strong>
</li>
<li>The open interest at the 500 strike may increase volatility and trading activity near expiry if the stock price hovers around 500, possibly leading to amplified intraday price swings.</li>
<li>At the last monthly expiry in January the stock experienced intraday price swings of 2.5%.</li>
</ul>



Tencent (700 HK) stock options expiring on Thursday, February 27, show a concentration of approximately 40,000 open contracts at the 500 strike price, currently at the money. 

The open interest at the 500 strike may increase volatility and trading activity near expiry if the stock price hovers around 500, possibly leading to amplified intraday price swings.
At the last monthly expiry in January the stock experienced intraday price swings of 2.5%.


Tencent - 27 Feb Options Expiry: Potentially Volatile Session Due to 500 Strike Open Interest

China

Tencent Holdings Limited operates as an investment holding company. The Company, through its subsidiaries, provides Internet and mobile value-added services (VAS), online advertising, and e-commerce transactions. Tencent Holdings offers services to users worldwide.

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Tencent (700 HK)

Asian Equities: Valuation Mean Reversion - The Winners and Losers

Asian valn mean reversion i.e. expensive markets derating & cheap ones rerating, could sustain. HK/China & KR may rerate more. India looks...

Manishi Raychaudhuri

HK Connect SOUTHBOUND Flows (To 7 Mar 2025); Big Volumes, Big Net; Tech, Banks, and Telecoms

HK Connect SOUTHBOUND investors bought another HK$35bn on a net basis while trading high gross volumes again. Tech led, but banks were among the...

Travis Lundy

Tencent (700 HK): Risen 35% Since Our Last Buy, Good Preview for 4Q24

Tencent’s stock price has risen by 35% since our last buy rating. However, we believe both revenue growth and margin will improve in following...

Ming Lu

Tencent (700 HK): Expiry-Day Recap; Intra-Day Swing of 4.1%.

Tencent (700 HK) saw a 4.1% swing on option expiration day, with trading around the 500 strike level and majority of calls expiring in the money....

Gaudenz Schneider

Tencent - 27 Feb Options Expiry: Potentially Volatile Session Due to 500 Strike Open Interest

Tencent (700 HK) stock options expiring 27 Feb show a concentration of open contracts at the 500 strike price, potentially leading to increased...

Gaudenz Schneider

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Asian Equities: Valuation Mean Reversion - The Winners and Losers

​Asian valn mean reversion i.e. expensive markets derating & cheap ones rerating, could sustain. HK/China & KR may rerate more. India looks...

Manishi Raychaudhuri

HK Connect SOUTHBOUND Flows (To 7 Mar 2025); Big Volumes, Big Net; Tech, Banks, and Telecoms

HK Connect SOUTHBOUND investors bought another HK$35bn on a net basis while trading high gross volumes again. Tech led, but banks were among the...

Travis Lundy

Tencent (700 HK): Risen 35% Since Our Last Buy, Good Preview for 4Q24

Tencent’s stock price has risen by 35% since our last buy rating. However, we believe both revenue growth and margin will improve in following...

Ming Lu

Tencent (700 HK): Expiry-Day Recap; Intra-Day Swing of 4.1%.

​Tencent (700 HK) saw a 4.1% swing on option expiration day, with trading around the 500 strike level and majority of calls expiring in the money....

Gaudenz Schneider

Tencent - 27 Feb Options Expiry: Potentially Volatile Session Due to 500 Strike Open Interest

​Tencent (700 HK) stock options expiring 27 Feb show a concentration of open contracts at the 500 strike price, potentially leading to increased...

Gaudenz Schneider

Asian valn mean reversion i.e. expensive markets derating & cheap ones rerating, could sustain. HK/China & KR may rerate more. India looks...

Tencent (700 HK) saw a 4.1% swing on option expiration day, with trading around the 500 strike level and majority of calls expiring in the money....

Tencent (700 HK) stock options expiring 27 Feb show a concentration of open contracts at the 500 strike price, potentially leading to increased...