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.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/city-developments-ltd" target="_blank" data-smartkarma-citation="entities:57:1" rel="noopener">City Developments (CIT SP)</a> aka CDL’s boardroom battle, framed as a family feud, grabbed media attention and overshadowed more serious, long-ignored corporate governance issues.</li>
<li>Despite prolonged underperformance and founder-family control controversies, CDL's board have failed to enact decisive reforms to restore shareholder value.</li>
<li>The CDL saga exposes systemic risks in family-run, publicly listed firms where often corporate governance gets compromised and  minority shareholder interests are undermined.</li>
</ul>



City Developments (CIT SP) aka CDL’s boardroom battle, framed as a family feud, grabbed media attention and overshadowed more serious, long-ignored corporate governance issues.
Despite prolonged underperformance and founder-family control controversies, CDL's board have failed to enact decisive reforms to restore shareholder value.
The CDL saga exposes systemic risks in family-run, publicly listed firms where often corporate governance gets compromised and  minority shareholder interests are undermined.


CDL (CIT SP): Corporate Governance Casualty. Shareholder Pain Runs Deeper than Promoter Family Feud

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

Millennium & Copthorne Hotels Nz / Event-Driven

<ul>
<li>Back on the 20th January, <a href="https://www.smartkarma.com/entities/millennium-copthorne-hotels-nz-ltd" target="_blank" data-smartkarma-citation="entities:5040:1" rel="noopener">Millennium &amp; Copthorne (MCK NZ)</a>, a Kiwi hotel chain, announced that <a href="https://www.smartkarma.com/entities/city-developments-ltd" target="_blank" data-smartkarma-citation="entities:57:1" rel="noopener">City Developments (CIT SP)</a>, its controlling shareholder, made an Offer for shares not held.</li>
<li>City Dev offered NZ$2.25/share (not final), a 25% premium to last close. City held 75.86% and the Offer was (initially) conditional on a 90% holding, including shares currently held.</li>
<li>The independent advisor recommended shareholders NOT accept the Offer, with a fair value range of NZ$4.40-NZ$5.00/share. City Dev has blinked, and <a href="https://links.sgx.com/FileOpen/1.MCHNZ-Takeover_offer_update.ashx?App=Announcement&amp;FileID=841953" target="_blank" rel="noopener">bumped</a> terms 24.4% to NZ$2.80/share - best and final.
</li>
</ul>


Back on the 20th January, Millennium &amp; Copthorne (MCK NZ), a Kiwi hotel chain, announced that City Developments (CIT SP), its controlling shareholder, made an Offer for shares not held.
City Dev offered NZ$2.25/share (not final), a 25% premium to last close. City held 75.86% and the Offer was (initially) conditional on a 90% holding, including shares currently held.
The independent advisor recommended shareholders NOT accept the Offer, with a fair value range of NZ$4.40-NZ$5.00/share. City Dev has blinked, and bumped terms 24.4% to NZ$2.80/share - best and final.



M & C Hotels (MCK NZ): City Dev Blinks & Bumps

Alpha-Centric ESG Research

Kyle Rudden

<ul>
<li>The Monetary Authority of Singapore (MAS) recently launched a public consultation regarding a Code of Conduct for ESG ratings providers and ESG data product providers in Singapore.</li>
<li>It is the right approach for Singapore – a voluntary best-practices framework furthering one of the world's most credible "green" economies, not a regulatory force-fix of something broken.</li>
<li>No surprise ratings methodology changes. No en masse upgrades/downgrades. No acute shocks to the system. Just slow and steady progress for ESG investing and finance in Singapore.</li>
</ul>


The Monetary Authority of Singapore (MAS) recently launched a public consultation regarding a Code of Conduct for ESG ratings providers and ESG data product providers in Singapore.
It is the right approach for Singapore – a voluntary best-practices framework furthering one of the world's most credible "green" economies, not a regulatory force-fix of something broken.
No surprise ratings methodology changes. No en masse upgrades/downgrades. No acute shocks to the system. Just slow and steady progress for ESG investing and finance in Singapore.


Singapore Code of Conduct for ESG Ratings Is Less Risk and More Reward

Listed Real Estate Asia, KT Capital Group

Jacob Cheng

Listed Real Estate Asia

KT Capital Group

Principal investments and advisory firm that focuses on connecting the CIS countries with East Asia.

Principal investments and advisory firm

Thematic (Sector/Industry)

<ul>
<li>We think Singapore developers is at a sweet spot on the back of market recovery, stronger capital management and attractive valuation</li>
<li>Residential and office market are seeing solid recovery, on the back of steep rate decline.  Accelerated M&amp;As and buyback programs will further unlock value to shareholders</li>
<li>Sector is trading at 0.64x PB and 55% discount to RNAV, assuming mean version, this implies 72% and 60% upside to historical mean of 1.1x and 28% respectively</li>
</ul>


We think Singapore developers is at a sweet spot on the back of market recovery, stronger capital management and attractive valuation
Residential and office market are seeing solid recovery, on the back of steep rate decline.  Accelerated M&amp;As and buyback programs will further unlock value to shareholders
Sector is trading at 0.64x PB and 55% discount to RNAV, assuming mean version, this implies 72% and 60% upside to historical mean of 1.1x and 28% respectively


SG RE Developers: The Physical Market Recovery, Improved Capital Recycling, & Valuation Dislocation

Singapore Market Roundup, Singapore Market Roundup

Singapore Market Roundup

<ul><li>Genting Singapore, Sanli Environmental, Marco Polo Marine, Suntec REIT, CDL news.</li><li>RHB raises STI year-end target to 4,690 and highlights top sector picks.</li><li>CapitaLand India Trust sees 10% growth in total and net property income in 3Q2025.</li></ul>

Genting Singapore, Sanli Environmental, Marco Polo Marine, Suntec REIT, CDL news.RHB raises STI year-end target to 4,690 and highlights top sector picks.CapitaLand India Trust sees 10% growth in total and net property income in 3Q2025.

Singapore Market Roundup (31-Oct-2025): Genting Singapore, Sanli, Marco Polo, Suntec REIT, CDL

Singapore

City Developments Limited is a property developer and owner. The Company, through its subsidiaries, are principally engaged in the investment of properties and shares, property management, project management and the provision of consultancy services, hospitality-related information technology, and procurement services. City Developments has a global presence.

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City Developments (CIT SP)

CDL (CIT SP): Corporate Governance Casualty. Shareholder Pain Runs Deeper than Promoter Family Feud

CDL's boardroom battle highlights family feud overshadowing more serious corporate governance issues. Amidst prolonged stock underperformance,...

Devi Subhakesan

M & C Hotels (MCK NZ): City Dev Blinks & Bumps

As this Offer heads towards the technical pointy end, I and some readers had some questions, especially on the likelihood of suspension at the...

David Blennerhassett

Singapore Code of Conduct for ESG Ratings Is Less Risk and More Reward

Singapore's Code of Conduct for ESG ratings is more light-handed than other regulation-based approaches, but therein lies the "less risk and more...

Kyle Rudden

SG RE Developers: The Physical Market Recovery, Improved Capital Recycling, & Valuation Dislocation

Singapore real estate developers are positioned for a re-rating, on the back of physical market recovery, accelerated M&As, as well as attractive...

Jacob Cheng

Singapore Market Roundup (31-Oct-2025): Genting Singapore, Sanli, Marco Polo, Suntec REIT, CDL

Genting Singapore, Sanli Environmental, Marco Polo Marine, Suntec REIT, and CDL news. RHB raises STI target to 4,690; CapitaLand India Trust...

Singapore Market Roundup

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

CDL (CIT SP): Corporate Governance Casualty. Shareholder Pain Runs Deeper than Promoter Family Feud

​CDL's boardroom battle highlights family feud overshadowing more serious corporate governance issues. Amidst prolonged stock underperformance,...

Devi Subhakesan

M & C Hotels (MCK NZ): City Dev Blinks & Bumps

As this Offer heads towards the technical pointy end, I and some readers had some questions, especially on the likelihood of suspension at the...

David Blennerhassett

Singapore Code of Conduct for ESG Ratings Is Less Risk and More Reward

Singapore's Code of Conduct for ESG ratings is more light-handed than other regulation-based approaches, but therein lies the "less risk and more...

Kyle Rudden

SG RE Developers: The Physical Market Recovery, Improved Capital Recycling, & Valuation Dislocation

Singapore real estate developers are positioned for a re-rating, on the back of physical market recovery, accelerated M&As, as well as attractive...

Jacob Cheng

Singapore Market Roundup (31-Oct-2025): Genting Singapore, Sanli, Marco Polo, Suntec REIT, CDL

Genting Singapore, Sanli Environmental, Marco Polo Marine, Suntec REIT, and CDL news. RHB raises STI target to 4,690; CapitaLand India Trust...

Singapore Market Roundup

CDL's boardroom battle highlights family feud overshadowing more serious corporate governance issues. Amidst prolonged stock underperformance,...