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

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<li>
<a href="https://www.smartkarma.com/entities/thai-beverage-pcl" target="_blank" data-smartkarma-citation="entities:3656:1" rel="noopener">Thai Beverage(THBEV SP)</a>  has proposed a share swap-deal with a promoter company to acquire additional stake in <a href="https://www.smartkarma.com/entities/fraser-and-neave-ltd" target="_blank" data-smartkarma-citation="entities:980:1" rel="noopener">FraserAnd Neave(FNN SP)</a>  in exchange for <a href="https://www.smartkarma.com/entities/frasers-property-ltd" target="_blank" data-smartkarma-citation="entities:1670:1" rel="noopener">Frasers Property</a> at negotiated valuations, not market prices.</li>
<li>Post-Completion of the swap deal with the promoter-owned entity, which requires shareholder approval, Thai Bev will hold a 69.6% stake in F&amp;N and no stake in Fraser Property (FPL).</li>
<li>If the stake swap were valued at yesterday's closing share prices, it would imply a drop in the total stake value for Thai Bev after the proposed deal.</li>
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Thai Beverage(THBEV SP)  has proposed a share swap-deal with a promoter company to acquire additional stake in FraserAnd Neave(FNN SP)  in exchange for Frasers Property at negotiated valuations, not market prices.
Post-Completion of the swap deal with the promoter-owned entity, which requires shareholder approval, Thai Bev will hold a 69.6% stake in F&amp;N and no stake in Fraser Property (FPL).
If the stake swap were valued at yesterday's closing share prices, it would imply a drop in the total stake value for Thai Bev after the proposed deal.


Thai Bev (THBEV SP): Exits Property, Boosts F&N Stake. Deal Valuation Seem Excessive

Singapore Market Roundup, Singapore Market Roundup

Singapore Market Roundup

Thematic (Sector/Industry)

<ul><li>Analysts positive on Venture Corp post-1QFY2026; shares up over 11%.</li><li>CGSI keeps 60 cents target price on KIT after $128.1M stake increase in power plant.</li><li>OCBC and CGSI cut MLT target prices, awaiting China portfolio stabilization.</li></ul>

Analysts positive on Venture Corp post-1QFY2026; shares up over 11%.CGSI keeps 60 cents target price on KIT after $128.1M stake increase in power plant.OCBC and CGSI cut MLT target prices, awaiting China portfolio stabilization.

Singapore Market Roundup (06-May-2026): Venture Corp shares rise 11% after positive 1QFY2026

<ul><li>StarHub's weak FY2026 outlook prompts DBS review; Morningstar cites overvaluation.</li><li>IFAST shares fall despite strong 4QFY2025 earnings; DBS keeps 'buy' at $12.</li><li>DBS, BofA, and UOB keep 'buy' rating on Singtel after a strong 3QFY2026.</li></ul>

StarHub's weak FY2026 outlook prompts DBS review; Morningstar cites overvaluation.IFAST shares fall despite strong 4QFY2025 earnings; DBS keeps 'buy' at $12.DBS, BofA, and UOB keep 'buy' rating on Singtel after a strong 3QFY2026.

Singapore Market Roundup (13-Feb-2026): StarHub's weak FY2026 outlook triggers DBS review, says

<ul><li>OCBC's Lim increases Boustead Singapore's fair value to $2.45.</li><li>DBS Group and RHB maintain 'buy' on Elite UK REIT after FY2025 results.</li><li>OCBC lowers Sheng Siong to 'hold' while raising target price ahead of FY2025 results.</li></ul>

OCBC's Lim increases Boustead Singapore's fair value to $2.45.DBS Group and RHB maintain 'buy' on Elite UK REIT after FY2025 results.OCBC lowers Sheng Siong to 'hold' while raising target price ahead of FY2025 results.

Singapore Market Roundup (10-Feb-2026): OCBC raises Boustead Singapore's fair value to $2.45.

<ul><li>Analysts keep ‘buy’ rating on UMS Integration after 3QFY2025 update.</li><li>CSE Global's target price raised to $1.20+ after key partnership with Amazon.</li><li>Venture Corp reports 3QFY2025 net profit of $55.6M, down 8.3% y-o-y.</li></ul>

Analysts keep ‘buy’ rating on UMS Integration after 3QFY2025 update.CSE Global's target price raised to $1.20+ after key partnership with Amazon.Venture Corp reports 3QFY2025 net profit of $55.6M, down 8.3% y-o-y.

Singapore Market Roundup (13-Nov-2025): Analysts maintain 'buy' rating for UMS Integration

Singapore

Fraser and Neave is a Singaporean conglomerate primarily engaged in the food and beverage, publishing, and printing industries. It produces and markets a wide range of beverages, including soft drinks, juices, and dairy products, and operates through its publishing and printing arm, Times Publishing Group. The company is headquartered in Singapore and was founded in 1883.

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Fraser and Neave (FNN SP)

Thai Bev (THBEV SP): Exits Property, Boosts F&N Stake. Deal Valuation Seem Excessive

Proposed share swap deal with promoter company based on negotiated values not market prices. Acquisition value for F&N seem excessive and...

Devi Subhakesan

Singapore Market Roundup (06-May-2026): Venture Corp shares rise 11% after positive 1QFY2026

Analysts are optimistic about Venture Corp after a strong 1QFY2026, with shares up 11%. CGSI maintains a 60-cent target for KIT amid a power plant...

Singapore Market Roundup

Singapore Market Roundup (13-Feb-2026): StarHub's weak FY2026 outlook triggers DBS review, says

StarHub's weak FY2026 outlook leads to a DBS review; IFAST shares drop despite strong earnings. DBS, BofA, and UOB maintain 'buy' on Singtel.

Singapore Market Roundup

Singapore Market Roundup (10-Feb-2026): OCBC raises Boustead Singapore's fair value to $2.45.

OCBC raises Boustead Singapore's fair value to $2.45; DBS and RHB maintain 'buy' on Elite UK REIT; OCBC lowers Sheng Siong to 'hold' but raises...

Singapore Market Roundup

Singapore Market Roundup (13-Nov-2025): Analysts maintain 'buy' rating for UMS Integration

Analysts maintain 'buy' on UMS Integration post 3QFY2025 update. CSE Global's target price rises to $1.20+ after Amazon partnership. Venture Corp's...

Singapore Market Roundup

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