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.

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/zoetop-business-co-ltd-shein" target="_blank" data-smartkarma-citation="entities:33536:1" rel="noopener">SHEIN (1895674D HK)</a> returns to India after a five-year hiatus under a license agreement with <a href="https://www.smartkarma.com/entities/reliance-industries-ltd" target="_blank" data-smartkarma-citation="entities:198:1" rel="noopener">Reliance Industries (RIL IN)</a> owned Reliance Retail ltd.</li>
<li>India's vast, untapped market for fast fashion, driven by a large and growing young population, rising disposable incomes, and increased e-commerce penetration presents an attractive growth opportunity for Shein.</li>
<li>Shein faces growing challenges in the US due to new trade restrictions. Its partnership with Reliance could serve as a strategic move to develop alternative supply chains outside China.</li>
</ul>



SHEIN (1895674D HK) returns to India after a five-year hiatus under a license agreement with Reliance Industries (RIL IN) owned Reliance Retail ltd.
India's vast, untapped market for fast fashion, driven by a large and growing young population, rising disposable incomes, and increased e-commerce penetration presents an attractive growth opportunity for Shein.
Shein faces growing challenges in the US due to new trade restrictions. Its partnership with Reliance could serve as a strategic move to develop alternative supply chains outside China.


SHEIN: Back in India in Alliance with Reliance, Amid Woes in the West

Co-founder of Cube Asia, Cube Asia

Simon Torring

Co-founder of Cube Asia

Defining Social Commerce in Southeast Asia

Cube Asia

We offer granular market data and insights for online retail in Southeast Asia, helping brands and retail companies drive profitable growth. 

Why the Cube?
3 dimensions of granularity to help you get deep into the 1) geographies, 2) categories, and 3) types of data and insights you need for your business.

The Cube is a big-data machine that is continuously listening to public data sources and primary research, and triangulating across thousands of data points using probabilistic modeling to produce an accurate and granular picture of Southeast Asia’s online retail landscape.

Equity Bottom-Up

<ul><li>While TikTok’s US ban has been stealing headlines, the platform’s global moves have been quietly making waves.</li><li>In December 2024, TikTok made a strategic move by launching TikTok Shop in Ireland and Spain, marking its first expansion after a one-year hiatus since launching in the US.</li><li>These launches are particularly interesting to observe as their adoption trends could offer valuable insights into TikTok Shop’s broader potential in Europe.TikTok’s existing user base in Spain provides a strong foundation for the success of its shopping platform.</li></ul>

While TikTok’s US ban has been stealing headlines, the platform’s global moves have been quietly making waves.In December 2024, TikTok made a strategic move by launching TikTok Shop in Ireland and Spain, marking its first expansion after a one-year hiatus since launching in the US.These launches are particularly interesting to observe as their adoption trends could offer valuable insights into TikTok Shop’s broader potential in Europe.TikTok’s existing user base in Spain provides a strong foundation for the success of its shopping platform.

Charging Bull: TikTok Shop’s Adoption Surge in Spain

Private Markets, Angel and Secondary Investing, Sacra

Sacra

Private Markets, Angel and Secondary Investing

Bringing transparency to private markets so investors, founders, and employees can build on conviction. Sacra delivers deeply researched insights on the private companies shaping tomorrow's markets. By surfacing the data, context, and operator perspective that are missing from private markets today, we help secondary buyers and sellers price equity accurately and unlock liquidity for the people building these businesses.

Private Capital Markets

<ul><li>Sacra estimates Xiaohongshu generated $4.8B in revenue in 2024, up 30% from $3.7B in 2023, with 300M monthly active users and a $20B valuation.</li><li>The little-known Chinese social media app Xiaohongshu, backed by both domestic companies (Alibaba, Tencent) and international venture firms (DST Global, GGV Capital) shot to #1 in the iOS App Store in the week leading up to the TikTok ban as 3M American “TikTok refugees” flocked to it as a replacement.</li><li>We dug deeper into the Chinese-incorporated Xiaohongshu—aka RedNote—to learn more in advance of an anticipated 2025 IPO on the Hong Kong Stock Exchange (HKEX).</li></ul>

Sacra estimates Xiaohongshu generated $4.8B in revenue in 2024, up 30% from $3.7B in 2023, with 300M monthly active users and a $20B valuation.The little-known Chinese social media app Xiaohongshu, backed by both domestic companies (Alibaba, Tencent) and international venture firms (DST Global, GGV Capital) shot to #1 in the iOS App Store in the week leading up to the TikTok ban as 3M American “TikTok refugees” flocked to it as a replacement.We dug deeper into the Chinese-incorporated Xiaohongshu—aka RedNote—to learn more in advance of an anticipated 2025 IPO on the Hong Kong Stock Exchange (HKEX).

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

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.

Equity Capital Markets

<ul>
<li>In this note, we will take a look at the Asia Pacific IPO pipeline for 2025, starting with Hong Kong.</li>
<li>This list has been compiled on a best effort basis from tracking the company filings and through various other sources.</li>
<li>The deals you see in this note are only a part of our full IPO pipeline tracker. Feel free to drop us a message for additional information on these IPOs.</li>
</ul>


In this note, we will take a look at the Asia Pacific IPO pipeline for 2025, starting with Hong Kong.
This list has been compiled on a best effort basis from tracking the company filings and through various other sources.
The deals you see in this note are only a part of our full IPO pipeline tracker. Feel free to drop us a message for additional information on these IPOs.


Aequitas 2025 Asia IPO Pipeline - Hong Kong

<ul><li>It has been a challenging couple of years for Lazada, Alibaba’s e-commerce platform in Southeast Asia.</li><li>After entering – and arguably helping create – the region’s modern online shopping market in 2012 as a first-mover (then backed by Rocket Internet), Lazada’s competitive environment got tougher and tougher over the years.</li><li>First, Shopee emerged as a formidable regional competitor from 2015/2016.</li></ul>

It has been a challenging couple of years for Lazada, Alibaba’s e-commerce platform in Southeast Asia.After entering – and arguably helping create – the region’s modern online shopping market in 2012 as a first-mover (then backed by Rocket Internet), Lazada’s competitive environment got tougher and tougher over the years.First, Shopee emerged as a formidable regional competitor from 2015/2016.

Return of the King, or The Changing of the Guard: How Should We Think About Lazada

China

Beijing Douyin Information Service Co. Ltd. provides online information and contents. The Company develops and operates short video platform, original short video community, news platform, and other related products. Beijing Douyin Information Service offers services worldwide.

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ByteDance (1439927D CH)

SHEIN: Back in India in Alliance with Reliance, Amid Woes in the West

Shein returns to India after a 5-year hiatus with Reliance Retail partnership, eyeing growth in fast fashion market amid US trade challenges.

Devi Subhakesan

Charging Bull: TikTok Shop’s Adoption Surge in Spain

While TikTok’s US ban has been stealing headlines, the platform’s global moves have been quietly making waves. In December 2024, TikTok made a...

Simon Torring

$4.8B/yr Instagram Of China

TL;DR: Originally a PDF shopping guide for Chinese tourists, Xiaohongshu has evolved into China's answer to Instagram, capturing an affluent...

Sacra

Aequitas 2025 Asia IPO Pipeline - Hong Kong

In this note, we will take a look at the Asia Pacific IPO pipeline for 2025, starting with Hong Kong where the number of filings have been...

Sumeet Singh

Return of the King, or The Changing of the Guard: How Should We Think About Lazada

It has been a challenging couple of years for Lazada, Alibaba’s e-commerce platform in Southeast Asia. After entering – and arguably helping...

Simon Torring

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

SHEIN: Back in India in Alliance with Reliance, Amid Woes in the West

​Shein returns to India after a 5-year hiatus with Reliance Retail partnership, eyeing growth in fast fashion market amid US trade challenges.

Devi Subhakesan

Charging Bull: TikTok Shop’s Adoption Surge in Spain

While TikTok’s US ban has been stealing headlines, the platform’s global moves have been quietly making waves. In December 2024, TikTok made a...

Simon Torring

$4.8B/yr Instagram Of China

TL;DR: Originally a PDF shopping guide for Chinese tourists, Xiaohongshu has evolved into China's answer to Instagram, capturing an affluent...

Sacra

Aequitas 2025 Asia IPO Pipeline - Hong Kong

In this note, we will take a look at the Asia Pacific IPO pipeline for 2025, starting with Hong Kong where the number of filings have been...

Sumeet Singh

Return of the King, or The Changing of the Guard: How Should We Think About Lazada

It has been a challenging couple of years for Lazada, Alibaba’s e-commerce platform in Southeast Asia. After entering – and arguably helping...

Simon Torring

Shein returns to India after a 5-year hiatus with Reliance Retail partnership, eyeing growth in fast fashion market amid US trade challenges.