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

LG Electronics India / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/lg-electronics-inc" target="_blank" data-smartkarma-citation="entities:8814:1" rel="noopener">LG Electronics (066570 KS)</a> will divest a 15% stake in its 100% subsidiary <a href="https://www.smartkarma.com/entities/lg-electronics-india" target="_blank" data-smartkarma-citation="entities:44148:1" rel="noopener">LG Electronics India (123D IN)</a> through an IPO, raising Rs116 billion (USD 1.3 billion).</li>
<li>The IPO pricing implies a valuation well below that of listed Indian peers and appears to overlook the sector’s underlying near term macro demand tailwinds.</li>
<li>LGEIL’s 1QFY26 financial performance came in weak, primarily due to a seasonal slowdown in cooling product sales, particularly air conditioners. This follows a strong FY2025.</li>
</ul>



LG Electronics (066570 KS) will divest a 15% stake in its 100% subsidiary LG Electronics India (123D IN) through an IPO, raising Rs116 billion (USD 1.3 billion).
The IPO pricing implies a valuation well below that of listed Indian peers and appears to overlook the sector’s underlying near term macro demand tailwinds.
LGEIL’s 1QFY26 financial performance came in weak, primarily due to a seasonal slowdown in cooling product sales, particularly air conditioners. This follows a strong FY2025.


LG Electronics India IPO: Leading Player Priced at a Steep Discount ?

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/lg-electronics-india" target="_blank" data-smartkarma-citation="entities:44148:1" rel="noopener">LG Electronics India (123D IN)</a>/LGEIL, a subsidiary of <a href="https://www.smartkarma.com/entities/lg-electronics-inc" target="_blank" data-smartkarma-citation="entities:8814:1" rel="noopener">LG Electronics (066570 KS)</a>, aims to raise up to US$1.3 billion through a secondary offering.</li>
<li>I previously discussed the IPO in <a href="https://www.smartkarma.com/insights/lg-electronics-india-ipo-the-bull-case" target="_blank" data-smartkarma-citation="insights:182381" rel="noopener">LG Electronics India IPO: The Bull Case</a> and <a href="https://www.smartkarma.com/insights/lg-electronics-india-ipo-the-bear-case" target="_blank" data-smartkarma-citation="insights:183018" rel="noopener">LG Electronics India IPO: The Bear Case</a>. </li>
<li>In this note, I look at the recent updates outlined in the RHP. Overall, the RHP updates are supportive of the bull case.</li>
</ul>



LG Electronics India (123D IN)/LGEIL, a subsidiary of LG Electronics (066570 KS), aims to raise up to US$1.3 billion through a secondary offering.
I previously discussed the IPO in LG Electronics India IPO: The Bull Case and LG Electronics India IPO: The Bear Case. 
In this note, I look at the recent updates outlined in the RHP. Overall, the RHP updates are supportive of the bull case.


LG Electronics India IPO: Updates Support the Bull Case

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.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/lg-electronics-inc" target="_blank" data-smartkarma-citation="entities:8814:1" rel="noopener">LG Electronics (066570 KS)</a> is looking to raise US$1.3bn via part-selling its stake in <a href="https://www.smartkarma.com/entities/lg-electronics-india" target="_blank" data-smartkarma-citation="entities:44148:1" rel="noopener">LG Electronics India</a>.</li>
<li>LG Electronics India (LGEI) was the market leader in India in major home appliances and consumer electronics (excluding mobile phones) in terms of volume, as per Redseer Report.</li>
<li>We have looked at the company’s past performance in our previous note, in this note we talk about the RHP updates and refresh our peer comparison</li>
</ul>



LG Electronics (066570 KS) is looking to raise US$1.3bn via part-selling its stake in LG Electronics India.
LG Electronics India (LGEI) was the market leader in India in major home appliances and consumer electronics (excluding mobile phones) in terms of volume, as per Redseer Report.
We have looked at the company’s past performance in our previous note, in this note we talk about the RHP updates and refresh our peer comparison


LG Electronics India IPO - RHP Updates and Peer Comparison Refresh.

External broker reports(aggregated public sources), Axis Direct

Axis Direct

External broker reports(aggregated public sources)

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank in India. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<ul><li>RAC Growth Pegged at 10%-15% on Festive and Pre–BEE Demand: India’s Room Air Conditioner (RAC) industry is expected to grow at a strong 19% CAGR over the long term, driven by low penetration, rising disposable incomes, urbanisation, and exposure to modern infrastructure.</li><li>Despite seasonal fluctuations (10–35% YoY), the underlying demand remains intact.</li><li>Over 90% of AC buyers are first-time users, and 40% rely on consumer finance, indicating a forward-looking and need-based buying pattern. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

RAC Growth Pegged at 10%-15% on Festive and Pre–BEE Demand: India’s Room Air Conditioner (RAC) industry is expected to grow at a strong 19% CAGR over the long term, driven by low penetration, rising disposable incomes, urbanisation, and exposure to modern infrastructure.Despite seasonal fluctuations (10–35% YoY), the underlying demand remains intact.Over 90% of AC buyers are first-time users, and 40% rely on consumer finance, indicating a forward-looking and need-based buying pattern. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

APAC IPOs & Placements, Aequitas Research

Akshat Shah

APAC IPOs & Placements

Niva Bupa Health Insurance / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/niva-bupa-health-insurance" target="_blank" data-smartkarma-citation="entities:43716:1" rel="noopener">Niva Bupa Health Insurance (1226871D IN)</a> (Niva Bupa) raised around US$260m in its India IPO in Nov 2024. The lockup on its pre-IPO investors is set to expire soon.</li>
<li>Niva Bupa is a health insurance firm. Its portfolio consists of health (including retail and group), personal accident, and travel insurance.</li>
<li>In this note, we will talk about the lockup dynamics, possible placement and updates since our last note.</li>
</ul>



Niva Bupa Health Insurance (1226871D IN) (Niva Bupa) raised around US$260m in its India IPO in Nov 2024. The lockup on its pre-IPO investors is set to expire soon.
Niva Bupa is a health insurance firm. Its portfolio consists of health (including retail and group), personal accident, and travel insurance.
In this note, we will talk about the lockup dynamics, possible placement and updates since our last note.


Niva Bupa Health Insurance IPO Lockup-Bunch of PE Investors Could Pare Around US$500m Worth of Stock

India

Blue Star Limited manufactures and markets a wide range of air-conditioning and commercial refrigeration systems and products. The Company's products include large central air-conditioning plants, packaged air-conditioning systems, split and window air conditioners, water coolers, bottled water dispensers, deep freezers and cold storages.

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Blue Star Ltd (BLSTR IN)

LG Electronics India IPO: Leading Player Priced at a Steep Discount ?

IPO priced at a steep discount to peers, does not factor in likely near-term sector tailwinds. Expect significant upside on listing.

Devi Subhakesan

LG Electronics India IPO: Updates Support the Bull Case

In this note, I look at the recent updates outlined in the RHP. Overall, the RHP updates are supportive of the bull case.

Arun George

LG Electronics India IPO - RHP Updates and Peer Comparison Refresh.

LG Electronics (066570 KS) is looking to raise US$1.3bn via part-selling its stake in LG Electronics India. In this note, we talk about the...

Sumeet Singh

Axis Punch: Blue Star - 03rd July, 2025

RAC Growth Pegged at 10%-15% on Festive and Pre–BEE Demand: India’s Room Air Conditioner (RAC) industry is expected to grow at a strong 19% CAGR...

Axis Direct

Niva Bupa Health Insurance IPO Lockup-Bunch of PE Investors Could Pare Around US$500m Worth of Stock

PE fund True North (via Fettle Tone) and Niva Bupa's MD and CEO, Krishnan Ramachandran have launched a INR10.8bn (US$126m) block of 132m shares or...

Akshat Shah

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