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

<ul>
<li>
<a href="https://www.smartkarma.com/entities/ola-electric-mobility-pvt-ltd" target="_blank" data-smartkarma-citation="entities:40618:1" rel="noopener">Ola Electric (1700674D IN)</a> 's IPO appears attractive versus peers based on valuation analysis, supported by detailed sales and revenue projections.  </li>
<li>Expect strong near-term revenue growth driven by its dominant market presence, e-mobility expansion, and potential entry into the e-motorcycle segment.</li>
<li>With a significant head start in the rapidly growing e2W sector, Ola's robust product lineup, competitive pricing, and strong brand make it a compelling EV play.</li>
</ul>



Ola Electric (1700674D IN) 's IPO appears attractive versus peers based on valuation analysis, supported by detailed sales and revenue projections.  
Expect strong near-term revenue growth driven by its dominant market presence, e-mobility expansion, and potential entry into the e-motorcycle segment.
With a significant head start in the rapidly growing e2W sector, Ola's robust product lineup, competitive pricing, and strong brand make it a compelling EV play.


Ola Electric IPO: Valuation Analysis. A High-Voltage EV Play

Equity Analyst, LightStream Research

Shifara Samsudeen, FCMA, CGMA

Equity Analyst

Long-Short Analysis on Japan, Asia and the World

LightStream Research

LightStream conducts quantitatively rigorous and data-driven analysis with a focus on Japan and Asia.

We consistently cover the Tech, Consumer and Industrial sectors, and provide ECM and Events coverage more broadly.

We supplement traditional qualitative insights from company relationships with a robust quantitative foundation that examines as much historical data as is available.
We further refine the accuracy of our insights and calls through the use of alternative data to flesh out current trends, and through a valuation framework that emphasises non-superficial peer group selection and a proper attempt to understand the metrics and changes that have driven security valuations in the past.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/ola-electric-mobility-pvt-ltd" target="_blank" data-smartkarma-citation="entities:40618:1" rel="noopener">Ola Electric (1700674D IN)</a> plans to raise INR55bn through fresh issue of shares while existing shareholders will offer 84.9m shares at an indicative IPO price band of INR72-76 per share.</li>
<li>We expect the company’s revenues to continue to expand and grow at much higher rates during the next few years compared to competitors in the Indian two-wheeler market.</li>
<li>Our valuation analysis suggests that Ola Electric’s IPO is attractively priced compared to peers and we would suggest subscribing for the company’s IPO.</li>
</ul>



Ola Electric (1700674D IN) plans to raise INR55bn through fresh issue of shares while existing shareholders will offer 84.9m shares at an indicative IPO price band of INR72-76 per share.
We expect the company’s revenues to continue to expand and grow at much higher rates during the next few years compared to competitors in the Indian two-wheeler market.
Our valuation analysis suggests that Ola Electric’s IPO is attractively priced compared to peers and we would suggest subscribing for the company’s IPO.


Ola Electric IPO: Forecasts and Valuation

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/ola-electric-mobility-pvt-ltd" target="_blank" data-smartkarma-citation="entities:40618:1" rel="noopener">Ola Electric (1700674D IN)</a>, the largest Indian player in electric two-wheel vehicles (E2W), is seeking to raise up to US$734 million. </li>
<li>We previously discussed the IPO in <a href="https://www.smartkarma.com/insights/ola-electric-ipo-the-bull-case" target="_blank" data-smartkarma-citation="insights:123749" rel="noopener">Ola Electric IPO: The Bull Case</a>, <a href="https://www.smartkarma.com/insights/ola-electric-ipo-the-bear-case" target="_blank" data-smartkarma-citation="insights:123960" rel="noopener">Ola Electric IPO: The Bear Case</a> and <a href="https://www.smartkarma.com/insights/ola-electric-ipo-the-investment-case" target="_blank" data-smartkarma-citation="insights:153269" rel="noopener">Ola Electric IPO: The Investment Case</a>. </li>
<li>Our valuation analysis suggests that the IPO price range of Rs72-76 per share is attractive. Therefore, we would participate in the IPO.</li>
</ul>



Ola Electric (1700674D IN), the largest Indian player in electric two-wheel vehicles (E2W), is seeking to raise up to US$734 million. 
We previously discussed the IPO in Ola Electric IPO: The Bull Case, Ola Electric IPO: The Bear Case and Ola Electric IPO: The Investment Case. 
Our valuation analysis suggests that the IPO price range of Rs72-76 per share is attractive. Therefore, we would participate in the IPO.


<ul>
<li>
<a href="https://www.smartkarma.com/entities/ola-electric-mobility-pvt-ltd" target="_blank" data-smartkarma-citation="entities:40618:1" rel="noopener">Ola Electric (1700674D IN)</a>, the largest Indian player in electric two-wheel vehicles (E2W), will launch a US$660 million IPO at a lower US$4.5 billion valuation (vs. the previous US$7-8bn target). </li>
<li>We previously discussed the IPO in <a href="https://www.smartkarma.com/insights/ola-electric-ipo-the-bull-case" target="_blank" data-smartkarma-citation="insights:123749" rel="noopener">Ola Electric IPO: The Bull Case</a> and <a href="https://www.smartkarma.com/insights/ola-electric-ipo-the-bear-case" target="_blank" data-smartkarma-citation="insights:123960" rel="noopener">Ola Electric IPO: The Bear Case</a>. In this note, we examine the latest updates in the RHP. </li>
<li>The investment case rests on rising market share in a growing market, rapid growth aided by product diversification, path to profitability supported by lower losses and declining cash burn.</li>
</ul>



Ola Electric (1700674D IN), the largest Indian player in electric two-wheel vehicles (E2W), will launch a US$660 million IPO at a lower US$4.5 billion valuation (vs. the previous US$7-8bn target). 
We previously discussed the IPO in Ola Electric IPO: The Bull Case and Ola Electric IPO: The Bear Case. In this note, we examine the latest updates in the RHP. 
The investment case rests on rising market share in a growing market, rapid growth aided by product diversification, path to profitability supported by lower losses and declining cash burn.


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.

Hyundai Motor India  / Equity Capital Markets

<ul>
<li>
<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> is looking to raise around US$3bn via listing its India unit, <a href="https://www.smartkarma.com/entities/hyundai-motor-india-ltd" target="_blank" data-smartkarma-citation="entities:40900:1" rel="noopener">Hyundai Motor India</a>. HMI is a wholly owned subsidiary of the Hyundai Motor Group.</li>
<li>HMI primarily manufactures and sells four-wheeler passenger vehicles and parts. Currently its vehicle portfolio includes 13 passenger vehicle models across sedans, hatchbacks, SUVs and battery EVs.</li>
<li>In our previous notes, we have looked at the company’s past performance and undertaken a peer comparison. In this note, we talk about valuations.</li>
</ul>



Hyundai Motor (005385 KS) is looking to raise around US$3bn via listing its India unit, Hyundai Motor India. HMI is a wholly owned subsidiary of the Hyundai Motor Group.
HMI primarily manufactures and sells four-wheeler passenger vehicles and parts. Currently its vehicle portfolio includes 13 passenger vehicle models across sedans, hatchbacks, SUVs and battery EVs.
In our previous notes, we have looked at the company’s past performance and undertaken a peer comparison. In this note, we talk about valuations.


Hyundai Motor India Pre-IPO - Thoughts on Valuation

India

Eicher Motors Ltd. manufactures light commercial vehicles which are sold domestically and are also exported to other countries. Eicher Motors also manufactures two-wheelers and automotive gears.

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

Eicher Motors (EIM IN)

Ola Electric IPO: Valuation Analysis. A High-Voltage EV Play

Ola Electric IPO subscription closes tomorrow, Tuesday Aug 6th. This Insight gives you Valuation comp with sector peers.based on detailed...

Devi Subhakesan

Ola Electric IPO: Forecasts and Valuation

Ola Electric plans to raise INR55bn through fresh issue of shares and our valuation analysis suggests that Ola Electric’s IPO is attractively...

Shifara Samsudeen, FCMA, CGMA

Ola Electric IPO: Valuation Insights

Our valuation analysis suggests that the IPO price range of Rs72-76 per share is attractive. Therefore, we would participate in the IPO.

Arun George

Ola Electric IPO: The Investment Case

The investment case rests on rising market share in a growing market, rapid growth aided by product diversification, path to profitability...

Arun George

Hyundai Motor India Pre-IPO - Thoughts on Valuation

Hyundai Motor (005385 KS) is looking to raise around US$3bn via listing its India unit, Hyundai Motor India. In this note, we talk about valuations.

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)