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 Bottom-Up

<ul>
<li>K-Beauty ODM segment appears positioned both to ride the secular growth of Korean skincare in the U.S. and to tide over tariff turbulence given their US based manufacturing facilities.</li>
<li>By contrast to OEM/ODM players, major legacy consumer beauty brands like AmorePacific, LG Household &amp; Health Care have been slower to localise production leaving them exposed to reciprocal tariffs.</li>
<li>With American cosmetic imports from Korea hitting all-time highs, Korean ODMs with local facilities could see demand growth and profit recovery as clients onshore production to avoid tariffs.</li>
</ul>


K-Beauty ODM segment appears positioned both to ride the secular growth of Korean skincare in the U.S. and to tide over tariff turbulence given their US based manufacturing facilities.
By contrast to OEM/ODM players, major legacy consumer beauty brands like AmorePacific, LG Household &amp; Health Care have been slower to localise production leaving them exposed to reciprocal tariffs.
With American cosmetic imports from Korea hitting all-time highs, Korean ODMs with local facilities could see demand growth and profit recovery as clients onshore production to avoid tariffs.


Kolmar Korea: K-Beauty ODMs- Positioned to Ride US Demand Growth While Tiding Over Tariffs

Mostly Borrowed Ideas Deep Dives, MBI Deep Dives

MBI Deep Dives

Mostly Borrowed Ideas Deep Dives

MBI is the abbreviation for “Mostly Borrowed Ideas”. Why “Mostly Borrowed Ideas?” As a generalist, I do not have a background in any particular sector. I enjoy navigating across industries, businesses, and countries to learn, understand, and connect the dots. In any case, most ideas and innovations are incremental in nature. Very few of us are smart enough to come up with truly original or groundbreaking ideas. I am Abdullah Al-Rezwan. I was born and brought up in Bangladesh. I went to University of Dhaka for my undergrad and majored in Finance. After working three and half years in Equity Research (Sell-side) covering Financial Sector in Bangladesh, I left Bangladesh to pursue my MBA in the US. I graduated within top 10% of the class from Cornell University's two-year MBA program and worked on the buy-side following my graduation. During my time at Cornell, I won two stock pitch competitions and also became finalists in four other competitions. I thoroughly enjoyed my stint as a generalist in the US large cap team at Madison Investments and covered a wide range of companies from UnitedHealth to Amazon and Boeing before US immigration reality paused my career in investment management. As my work authorization expired, I moved to Canada in January, 2021. Then in early 2022, I was able to return to the US.

<ul><li>While Amazon’s 3P business usually grows faster than 1P, both 1P and 3P retail business grew at similar rate in 1Q’25.</li><li>Ads revenue continued its momentum at 19% growth YoY which was higher than both Google and Meta.</li><li>After growing at ~19% YoY for the last three consecutive quarters, AWS growth decelerated this quarter to 17%.</li></ul>

While Amazon’s 3P business usually grows faster than 1P, both 1P and 3P retail business grew at similar rate in 1Q’25.Ads revenue continued its momentum at 19% growth YoY which was higher than both Google and Meta.After growing at ~19% YoY for the last three consecutive quarters, AWS growth decelerated this quarter to 17%.

Managing Director, Zero One, Zero One

Vincent Fernando, CFA

Managing Director, Zero One

Zero One

Founded in 2015, Zero One produces independent investment research and provides corporate finance advisory services with a focus on both listed and private technology companies. Founder Vincent Fernando has over 20 years of experience in US and Asia capital markets.

Independent Investment Research

TSMC (Taiwan Semiconductor Manufacturing) - ADR / Equity Bottom-Up

TSMC (Taiwan Semiconductor Manufacturing) - ADR

<ul>
<li>
Major earnings week ahead: Taiwan names like Macronix, Lite-On, Delta, Mediatek report, while global tech giants Microsoft, Meta, Amazon, and Apple headline a critical week of results.</li>
<li>
 Apple’s India shift faces hurdles: Apple plans to move most U.S. iPhone assembly to India by 2026E, but analysts caution full supply chain relocation from China will be difficult.</li>
<li>
UMC and Intel: Strategy and Uncertainty in Focus: Recent updates from UMC and Intel reveal supply chain adaptations and market visibility challenges for 2025E and beyond.</li>
</ul>



Major earnings week ahead: Taiwan names like Macronix, Lite-On, Delta, Mediatek report, while global tech giants Microsoft, Meta, Amazon, and Apple headline a critical week of results.

 Apple’s India shift faces hurdles: Apple plans to move most U.S. iPhone assembly to India by 2026E, but analysts caution full supply chain relocation from China will be difficult.

UMC and Intel: Strategy and Uncertainty in Focus: Recent updates from UMC and Intel reveal supply chain adaptations and market visibility challenges for 2025E and beyond.


Taiwan Tech Weekly: Taiwan's Big Earnings Week and Apple's High-Stakes Shift to India

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

JX Advanced Metals / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/jx-advanced-metals-corporation" target="_blank" data-smartkarma-citation="entities:44346:1" rel="noopener">JX Advanced Metals (5016 JP)</a>’s parent, <a href="https://www.smartkarma.com/entities/eneos-holdings-inc" target="_blank" data-smartkarma-citation="entities:638:1" rel="noopener">ENEOS Holdings (5020 JP)</a>, raised around US$2.5bn via selling more than half of its stake in JXAM in its Japan IPO.</li>
<li>JXAM engages in business activities primarily focused on the development, manufacture and sale of materials made from copper and rare metals, which are used in the semiconductor and ICT fields.</li>
<li>We have covered various aspects of the deal in our previous notes. In this note, we will talk about the trading dynamics.</li>
</ul>



JX Advanced Metals (5016 JP)’s parent, ENEOS Holdings (5020 JP), raised around US$2.5bn via selling more than half of its stake in JXAM in its Japan IPO.
JXAM engages in business activities primarily focused on the development, manufacture and sale of materials made from copper and rare metals, which are used in the semiconductor and ICT fields.
We have covered various aspects of the deal in our previous notes. In this note, we will talk about the trading dynamics.


JX Advance Metals IPO Trading - Demand Wasn’t Great

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Index Rebalance

<ul>
<li>Constituent changes to the <a href="https://www.smartkarma.com/entities/s-p-500-index" target="_blank" data-smartkarma-citation="entities:22886:1" rel="noopener">S&amp;P 500 INDEX (SPX INDEX)</a>, S&amp;P Midcap400 Index and S&amp;P SmallCap600 Index for the March rebalance will be announced after market close on Friday.</li>
<li>There will also be capping changes for the Select Sector indices that will result in a round-trip trade of US$13.1bn. Constituent changes will add to that flow.</li>
<li>The largest inflows will be in <a href="https://www.smartkarma.com/entities/amazon-com-inc" target="_blank" data-smartkarma-citation="entities:409:1" rel="noopener">Amazon.com</a>, <a href="https://www.smartkarma.com/entities/tesla-inc" target="_blank" data-smartkarma-citation="entities:20279:1" rel="noopener">Tesla</a>, <a href="https://www.smartkarma.com/entities/microsoft-corp" target="_blank" data-smartkarma-citation="entities:15273:1" rel="noopener">Microsoft</a>, <a href="https://www.smartkarma.com/entities/nvidia-corp" target="_blank" data-smartkarma-citation="entities:5891:1" rel="noopener">NVIDIA</a>, <a href="https://www.smartkarma.com/entities/alphabet-inc" target="_blank" data-smartkarma-citation="entities:33361:1" rel="noopener">Alphabet (GOOGL US)</a> and <a href="https://www.smartkarma.com/entities/electronic-arts-inc" target="_blank" data-smartkarma-citation="entities:1179:1" rel="noopener">Electronic Arts</a>. Largest outflows are from <a href="https://www.smartkarma.com/entities/broadcom-inc" target="_blank" data-smartkarma-citation="entities:998:1" rel="noopener">Broadcom</a>, <a href="https://www.smartkarma.com/entities/meta-platforms-inc-class-a-facebook" target="_blank" data-smartkarma-citation="entities:665:1" rel="noopener">Meta Platforms</a>, <a href="https://www.smartkarma.com/entities/linde-plc" target="_blank" data-smartkarma-citation="entities:35233:1" rel="noopener">Linde</a>, <a href="https://www.smartkarma.com/entities/mcdonald-s-corp" target="_blank" data-smartkarma-citation="entities:1425:1" rel="noopener">Mcdonald's Corp</a> and <a href="https://www.smartkarma.com/entities/take-two-interactive-software-inc" target="_blank" data-smartkarma-citation="entities:14948:1" rel="noopener">Take Two Interactive</a>.</li>
</ul>


Constituent changes to the S&amp;P 500 INDEX (SPX INDEX), S&amp;P Midcap400 Index and S&amp;P SmallCap600 Index for the March rebalance will be announced after market close on Friday.
There will also be capping changes for the Select Sector indices that will result in a round-trip trade of US$13.1bn. Constituent changes will add to that flow.
The largest inflows will be in Amazon.com, Tesla, Microsoft, NVIDIA, Alphabet (GOOGL US) and Electronic Arts. Largest outflows are from Broadcom, Meta Platforms, Linde, Mcdonald's Corp and Take Two Interactive.


Select Sector Indices and S&P Equal Weight Rebalance Preview: Capping Changes & US$13bn Trade

United States

Meta Platforms Inc. operates as a social technology company. The Company builds applications and technologies that help people connect, find communities, and grow businesses. meta Platform is also involved in advertisements, augmented and virtual reality.

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Meta (META US)

Kolmar Korea: K-Beauty ODMs- Positioned to Ride US Demand Growth While Tiding Over Tariffs

Korean Beauty OEMs seem more resilient than bigger consumer beauty brands in handling tariff impact given their US based manufacturing facilities...

Devi Subhakesan

Amazon 1Q'25 Update

While Amazon’s 3P business usually grows faster than 1P, both 1P and 3P retail business grew at similar rate in 1Q’25. Ads revenue continued its...

MBI Deep Dives

Taiwan Tech Weekly: Taiwan's Big Earnings Week and Apple's High-Stakes Shift to India

Upcoming earnings reports from Taiwan and global tech giants, Apple's India assembly shift faces challenges, UMC and Intel navigate supply chain...

Vincent Fernando, CFA

JX Advance Metals IPO Trading - Demand Wasn’t Great

JX Advanced Metals (5016 JP)’s parent, ENEOS Holdings (5020 JP), raised around US$2.5bn via selling more than half of its stake in JXAM. In this...

Sumeet Singh

Select Sector Indices and S&P Equal Weight Rebalance Preview: Capping Changes & US$13bn Trade

Capping changes for the Select Sector indices will result in a round-trip trade of US$13bn. Constituent changes will be announced after market...

Brian Freitas

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Kolmar Korea: K-Beauty ODMs- Positioned to Ride US Demand Growth While Tiding Over Tariffs

Korean Beauty OEMs seem more resilient than bigger consumer beauty brands in handling tariff impact given their US based manufacturing facilities...

Devi Subhakesan

Amazon 1Q'25 Update

While Amazon’s 3P business usually grows faster than 1P, both 1P and 3P retail business grew at similar rate in 1Q’25. Ads revenue continued its...

MBI Deep Dives

Taiwan Tech Weekly: Taiwan's Big Earnings Week and Apple's High-Stakes Shift to India

​Upcoming earnings reports from Taiwan and global tech giants, Apple's India assembly shift faces challenges, UMC and Intel navigate supply chain...

Vincent Fernando, CFA

JX Advance Metals IPO Trading - Demand Wasn’t Great

JX Advanced Metals (5016 JP)’s parent, ENEOS Holdings (5020 JP), raised around US$2.5bn via selling more than half of its stake in JXAM. In this...

Sumeet Singh

Select Sector Indices and S&P Equal Weight Rebalance Preview: Capping Changes & US$13bn Trade

Capping changes for the Select Sector indices will result in a round-trip trade of US$13bn. Constituent changes will be announced after market...

Brian Freitas

Upcoming earnings reports from Taiwan and global tech giants, Apple's India assembly shift faces challenges, UMC and Intel navigate supply chain...