Director, Head of Research, Smartkarma

Pranav Rao

Director, Head of Research

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

Event-Driven

Singapore Telecommunications / Event-Driven

<ul>
<li>Welcome to Curator’s Cut, a fortnightly roundup of standout themes from the 1,200+ Insights published over the past two weeks on Smartkarma</li>
<li>In this cut, we review value-unlocking moves by Singapore-listed companies, take stock of India’s jewellery retail market, and track how Taiwan’s largest ETF drives flows for its adds and deletes</li>
<li>Want to dig deeper? Comment or message with the themes you’d like to see highlighted next</li>
</ul>


Welcome to Curator’s Cut, a fortnightly roundup of standout themes from the 1,200+ Insights published over the past two weeks on Smartkarma
In this cut, we review value-unlocking moves by Singapore-listed companies, take stock of India’s jewellery retail market, and track how Taiwan’s largest ETF drives flows for its adds and deletes
Want to dig deeper? Comment or message with the themes you’d like to see highlighted next


Curator's Cut: Singapore Unlocks Value, India’s Jewellery Caution & Taiwan's Top ETF's Rebalance

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 wave of corporate actions by SGX-listed companies has unlocked substantial shareholder value and re-rated select stocks in recent months. In this note, we spotlight five standout cases.</li>
<li>Our top picks with the strongest catalysts for further upside after delivering significant shareholder returns over the past year are - <a href="https://www.smartkarma.com/entities/keppel-corp-ltd" target="_blank" data-smartkarma-citation="entities:12:1" rel="noopener">Keppel Corp (KEP SP)</a> and <a href="https://www.smartkarma.com/entities/yangzijiang-financial-holding-ltd" target="_blank" data-smartkarma-citation="entities:35926:1" rel="noopener">Yangzijiang Financial (YZJFH SP)</a>. </li>
<li>The outsized value creation delivered by these companies should serve as a wake-up call for other managements to follow suit and initiate actions to boost returns and unlock shareholder value.</li>
</ul>


A wave of corporate actions by SGX-listed companies has unlocked substantial shareholder value and re-rated select stocks in recent months. In this note, we spotlight five standout cases.
Our top picks with the strongest catalysts for further upside after delivering significant shareholder returns over the past year are - Keppel Corp (KEP SP) and Yangzijiang Financial (YZJFH SP). 
The outsized value creation delivered by these companies should serve as a wake-up call for other managements to follow suit and initiate actions to boost returns and unlock shareholder value.


Value Unlock SG: Value Creation Via Corporate Action. May the Wind Carry Many More Sails

Equity Bottom-Up

<ul>
<li>DFI Retail’s strategic shift from portfolio investor to focused operator has unlocked over US$900 million, with US$600 million returned to shareholders via a US¢44.3 per share special dividend announced yesterday.</li>
<li>Underlying profit rose 39% in 1HFY2025, driven by lower financing costs and strong performance in the Health &amp; Beauty segment.</li>
<li>On its investor call, <a href="https://www.smartkarma.com/entities/dfi-retail-group-holdings-ltd" target="_blank" data-smartkarma-citation="entities:7427:1" rel="noopener">DFI Retail Group Holdings (DFI SP)</a> acknowledged sector headwinds and outlined plans for cost control, margin focus, and digital monetisation to offset weak revenue growth.</li>
</ul>


DFI Retail’s strategic shift from portfolio investor to focused operator has unlocked over US$900 million, with US$600 million returned to shareholders via a US¢44.3 per share special dividend announced yesterday.
Underlying profit rose 39% in 1HFY2025, driven by lower financing costs and strong performance in the Health &amp; Beauty segment.
On its investor call, DFI Retail Group Holdings (DFI SP) acknowledged sector headwinds and outlined plans for cost control, margin focus, and digital monetisation to offset weak revenue growth.


DFI Retail (DFI SP): Up 90% in a Year + Special Dividend. Cash Out or Hold Tight?

<ul>
<li>The upcoming Johor Bahru-Singapore Rapid Transit System and the ease of cross-border movements could impact Singapore’s retail sector as more consumers may choose to spend across the border.</li>
<li>DFI Retail CEO cited this as rationale for exiting Singapore based grocery retail business under Cold Storage and Giant's brands. Sheng Siong group said it will carefully monitor this development.</li>
<li>Singapore retail prices for branded consumer discretionary and staples are between 30%-50% higher than in Malaysia. With greater ease of commute and shipping, this price differential may not be sustainable.</li>
</ul>


The upcoming Johor Bahru-Singapore Rapid Transit System and the ease of cross-border movements could impact Singapore’s retail sector as more consumers may choose to spend across the border.
DFI Retail CEO cited this as rationale for exiting Singapore based grocery retail business under Cold Storage and Giant's brands. Sheng Siong group said it will carefully monitor this development.
Singapore retail prices for branded consumer discretionary and staples are between 30%-50% higher than in Malaysia. With greater ease of commute and shipping, this price differential may not be sustainable.


Singapore Retail Sector: Will It Be Impacted by Improved Connectivity with Malaysia?

<ul>
<li>Strong recovery in 1H2024 profit growth YoY was driven by margin improvements in the food and convenience segments.</li>
<li>Double-Digit sales growth in the Ready-to-Eat (RTE) foods segment boosted margins, offsetting reduced cigarette volumes from last year's tax increases in Hong Kong.</li>
<li>While weak consumer confidence in North Asia impacted sales, good growth in the expanding Southeast Asia business provided a positive offset.</li>
</ul>


Strong recovery in 1H2024 profit growth YoY was driven by margin improvements in the food and convenience segments.
Double-Digit sales growth in the Ready-to-Eat (RTE) foods segment boosted margins, offsetting reduced cigarette volumes from last year's tax increases in Hong Kong.
While weak consumer confidence in North Asia impacted sales, good growth in the expanding Southeast Asia business provided a positive offset.


DFI Retail (DFI SP): 1H2024.Pivoting to Profitable Growth with RTE Foods

Hong Kong

DFI Retail Group is a leading pan-Asian retailer operating supermarkets, hypermarkets, convenience stores, health and beauty stores, home furnishings stores, and restaurants. The company manages a portfolio of well-known brands including Wellcome, 7-Eleven, Mannings, Guardian, and IKEA. DFI Retail Group was founded in 1886 and is headquartered in Quarry Bay, Hong Kong.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

DFI Retail Group (DFI SP)

Curator's Cut: Singapore Unlocks Value, India’s Jewellery Caution & Taiwan's Top ETF's Rebalance

We review how value is being unlocked in Singapore, why Indian jewellery retail merits due diligence, and Taiwan's largest ETF's impact on flows

Pranav Rao

Value Unlock SG: Value Creation Via Corporate Action. May the Wind Carry Many More Sails

Spin Offs and Non-Core Asset divestments have delivered outsized returns for shareholders of several SGX listed stocks over the past year - here...

Devi Subhakesan

DFI Retail (DFI SP): Up 90% in a Year + Special Dividend. Cash Out or Hold Tight?

Looking ahead, DFI faces a value-conscious consumer landscape and intense competition. With profit growth expected to moderate to single digits...

Devi Subhakesan

Singapore Retail Sector: Will It Be Impacted by Improved Connectivity with Malaysia?

Singapore's branded consumer retail margins and retail rental yield are at risk when easier border crossing access to Malaysia could prompt more...

Devi Subhakesan

DFI Retail (DFI SP): 1H2024.Pivoting to Profitable Growth with RTE Foods

Green shoots of improving margins vs weak consumer sentiment impacting sales. Improving profit margins makes the stock attractive, given limited...

Devi Subhakesan

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)