Equity Analyst - Asia Consumer Sector, Investory

Devi Subhakesan

Equity Analyst - Asia Consumer Sector

ASIA CONSUMER: INSIGHTS AND INVESTMENT IDEAS

Investory

Investory is a Singapore-based boutique independent equity research firm founded in January 2017 with a primary focus on consumption themes across Asia-Pacific.

We aim to generate investible ideas based on consumption trends and outlook. We screen our ideas on several parameters - product potential, long-term growth and management commitment being the most critical.  We follow a fundamental analysis approach in our stock selection process and are not restricted by market cap.

We aspire to grow into a leading source of unbiased research, free of conflict of interest, for investors yearning for independent and disciplined analysis. 

We also undertake bespoke research mandates to support our Institutional clients’ investment needs.

Our team comprises of professionals with extensive experience in the Asian equity markets, in areas ranging from research, servicing institutional clients and investment management.

Equity Capital Markets

Hyundai Motor India  / Equity Capital Markets

<ul>
<li>Hyundai Motor India (HMIL) saw a market share loss in India Passenger Vehicles sales reported for June 2024 and 1QFY2025, impacted by intensified competition in the SUV segment.</li>
<li>Mahindra &amp; Mahindra, and Toyota Kirloskar India gained market share in 1QFY2025 led by upgraded model launches in the SUV segment, traditionally a strong category for HMIL.</li>
<li>HMIL's declining market share, if not reversed soon, could challenge optimistic growth projections and valuation multiples for its upcoming IPO.</li>
</ul>


Hyundai Motor India (HMIL) saw a market share loss in India Passenger Vehicles sales reported for June 2024 and 1QFY2025, impacted by intensified competition in the SUV segment.
Mahindra &amp; Mahindra, and Toyota Kirloskar India gained market share in 1QFY2025 led by upgraded model launches in the SUV segment, traditionally a strong category for HMIL.
HMIL's declining market share, if not reversed soon, could challenge optimistic growth projections and valuation multiples for its upcoming IPO.


India Car Sales Slow: Can Hyundai Keep Its No. 2 Spot Amidst Fierce Competition?

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 analyzed the changes in foreign holdings of KRX Stocks as of Jul 5th which has an aggregated holding worth USD576.9bn.</li>
<li>We estimate that foreign flows to be inflows of USD409mln. We tabulate the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.</li>
<li>We highlight foreign changes in Samsung Electronics(005930 KS) , Sk Hynix(000660 KS) .</li>
</ul>


We analyzed the changes in foreign holdings of KRX Stocks as of Jul 5th which has an aggregated holding worth USD576.9bn.
We estimate that foreign flows to be inflows of USD409mln. We tabulate the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.
We highlight foreign changes in Samsung Electronics(005930 KS) , Sk Hynix(000660 KS) .


KRX Foreign Holding Weekly (Jul 5th): Samsung Electronics, Sk Hynix

Tracking developments across tech supply chains, Tech Supply Chain Tracker

Tech Supply Chain Tracker

Tracking developments across tech supply chains

Equity Bottom-Up

<ul><li>South Korea is prioritizing enhancing its EDA competitiveness to stay ahead in the technological race.</li><li>China is focusing on consolidating promising chip firms while doubling the terminations of IPOs to control the market.</li><li>Commodity DRAM and NAND chip prices are stalling due to slow demand recovery, affecting Taiwanese companies and PanelSemi's development of mini LEDs. Vietnam PM strengthens South Korea relations and secures investments in display production and clean energy. Taiwan is aiming to lead in floating wind technology with a projected global investment of EUR250 billion by 2035.</li></ul>

South Korea is prioritizing enhancing its EDA competitiveness to stay ahead in the technological race.China is focusing on consolidating promising chip firms while doubling the terminations of IPOs to control the market.Commodity DRAM and NAND chip prices are stalling due to slow demand recovery, affecting Taiwanese companies and PanelSemi's development of mini LEDs. Vietnam PM strengthens South Korea relations and secures investments in display production and clean energy. Taiwan is aiming to lead in floating wind technology with a projected global investment of EUR250 billion by 2035.

Tech Supply Chain Tracker (05-Jul-2024): S. Korea boosts EDA competitiveness.

<ul>
<li>We analyzed the changes in short interest of KRX Stocks as of Jun 28th which has an aggregated short interest worth USD5.9bn.</li>
<li>We tabulate league table for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.</li>
<li>We highlight short interest changes in Lg Electronics, Hyundai Motor.</li>
</ul>


We analyzed the changes in short interest of KRX Stocks as of Jun 28th which has an aggregated short interest worth USD5.9bn.
We tabulate league table for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.
We highlight short interest changes in Lg Electronics, Hyundai Motor.


KRX Short Interest Weekly (Jun 28th): Lg Electronics, Hyundai Motor

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

<ul>
<li>In this insight, we discuss numerous gap trades involving Korean preferred and common shares in 3Q 2024.</li>
<li>The recent push for Korea Value Up program has helped to push up prices of numerous Korean preferred stocks including <a href="https://www.smartkarma.com/entities/hyundai-motor-co-44d5ac4e-94e3-4be9-b34f-5f3155e7a3d6" target="_blank" data-smartkarma-citation="entities:26936:1" rel="noopener">Hyundai Motor (005385 KS)</a>. </li>
<li>On a longer timeframe (3-4 years), we believe this discount could narrow further to the 20-25% range, which provides additional opportunities for the Korean preferred shares to further make gains.</li>
</ul>


In this insight, we discuss numerous gap trades involving Korean preferred and common shares in 3Q 2024.
The recent push for Korea Value Up program has helped to push up prices of numerous Korean preferred stocks including Hyundai Motor (005385 KS). 
On a longer timeframe (3-4 years), we believe this discount could narrow further to the 20-25% range, which provides additional opportunities for the Korean preferred shares to further make gains.


Gap Trades in Korean Prefs Vs Common Share Pairs in 3Q 2024

South Korea

Hyundai Motor Company manufactures, sells, and exports passenger cars, trucks, and commercial vehicles. The Company also sells various auto parts and operates auto repair service centers throughout South Korea. Hyundai Motor provides financial services through its subsidiaries.

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Hyundai Motor (005385 KS)

India Car Sales Slow: Can Hyundai Keep Its No. 2 Spot Amidst Fierce Competition?

Justifying premium valuations for the upcoming IPO will be challenging if Hyundai Motors India fails to reverse its declining market share in...

Devi Subhakesan

KRX Foreign Holding Weekly (Jul 5th): Samsung Electronics, Sk Hynix

We analyzed KRX foreign holding data for the past week and highlighted foreign holding changes in Samsung Electronics, Sk Hynix.

Ke Yan, CFA, FRM

Tech Supply Chain Tracker (05-Jul-2024): S. Korea boosts EDA competitiveness.

South Korea, Taiwan, China, and Vietnam are all making moves to enhance their competitiveness in the semiconductor industry through various...

Tech Supply Chain Tracker

KRX Short Interest Weekly (Jun 28th): Lg Electronics, Hyundai Motor

We analyzed KRX short interest report for the past week and highlighted short interest changes in Lg Electronics, Hyundai Motor.

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

India Car Sales Slow: Can Hyundai Keep Its No. 2 Spot Amidst Fierce Competition?

Justifying premium valuations for the upcoming IPO will be challenging if Hyundai Motors India fails to reverse its declining market share in...

Devi Subhakesan

KRX Foreign Holding Weekly (Jul 5th): Samsung Electronics, Sk Hynix

We analyzed KRX foreign holding data for the past week and highlighted foreign holding changes in Samsung Electronics, Sk Hynix.

Ke Yan, CFA, FRM

Tech Supply Chain Tracker (05-Jul-2024): S. Korea boosts EDA competitiveness.

South Korea, Taiwan, China, and Vietnam are all making moves to enhance their competitiveness in the semiconductor industry through various...

Tech Supply Chain Tracker

KRX Short Interest Weekly (Jun 28th): Lg Electronics, Hyundai Motor

We analyzed KRX short interest report for the past week and highlighted short interest changes in Lg Electronics, Hyundai Motor.

Ke Yan, CFA, FRM

Gap Trades in Korean Prefs Vs Common Share Pairs in 3Q 2024

We discuss numerous gap trades involving Korean preferred and common shares in 3Q24. The recent push for Korea Value Up program has helped to push...

Douglas Kim