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), Topline Securities

Topline Securities

External broker reports(aggregated public sources)

Topline Securities is one of the fastest growing brokerage houses in Pakistan. It has strong equity brokerage, economic / equity research, mutual fund distribution, commodity trading and corporate finance & advisory functions. 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

Sazgar Engineering Works Limited / Equity Bottom-Up

<ul><li>We revised up our earnings estimates for SAZEW for FY27F/28F by 61/60% following reveal of some details by the company in analyst briefing held on Sep 25, 2025.</li><li>Company revealed its likely sales figures post new model launches: We have revised up our unit sales forecast for the company by 39% in FY27F to 20,800 units, translating into monthly sales of ~1,730 units, comprising ~330 units from the new launches of Canon and TANK variants and ~1,400 units from the existing Haval variants.</li><li>New line to double the production capacity: Company revealed a hefty capex plan with outlay of Rs11.5bn for a new facility which will double the existing capacity of 24k units to 48k units.</li></ul>

We revised up our earnings estimates for SAZEW for FY27F/28F by 61/60% following reveal of some details by the company in analyst briefing held on Sep 25, 2025.Company revealed its likely sales figures post new model launches: We have revised up our unit sales forecast for the company by 39% in FY27F to 20,800 units, translating into monthly sales of ~1,730 units, comprising ~330 units from the new launches of Canon and TANK variants and ~1,400 units from the existing Haval variants.New line to double the production capacity: Company revealed a hefty capex plan with outlay of Rs11.5bn for a new facility which will double the existing capacity of 24k units to 48k units.

Sazgar Engineering (SAZEW): Earnings Revised Up By 61% For FY27; Target Price Revised Up To Rs2,656/Share

India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

Thematic (Sector/Industry)

<ul>
<li>India’s GST 2.0 reform slashes tax rates on essentials, durables, autos, and healthcare while exempting insurance and education.</li>
<li>The move could accelerate consumption, especially in rural India, but risks straining government revenues and widening fiscal deficits.</li>
<li>If implemented smoothly, GST 2.0 may drive a multi-sector consumption upcycle, though revenue trade-offs and uneven pass-through pose risks.</li>
</ul>


India’s GST 2.0 reform slashes tax rates on essentials, durables, autos, and healthcare while exempting insurance and education.
The move could accelerate consumption, especially in rural India, but risks straining government revenues and widening fiscal deficits.
If implemented smoothly, GST 2.0 may drive a multi-sector consumption upcycle, though revenue trade-offs and uneven pass-through pose risks.


Thematic Report on GST 2.0 Regime: Who Gains, Who Loses as India Bets on Demand Revival.

India

Havells India Limited manufactures electrical products. The Company's products include building circuit protection equipment, industrial switchgears, energy meters, cables & wires, modular switches, fans and lighting products.

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Havells India (HAVL 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

Thematic Report on GST 2.0 Regime: Who Gains, Who Loses as India Bets on Demand Revival.

India's GST 2.0 reform cuts tax rates on essentials, durables, autos, and healthcare, potentially boosting consumption but risking fiscal deficits.

Sudarshan Bhandari

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

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

Sazgar Engineering (SAZEW): Earnings Revised Up By 61% For FY27; Target Price Revised Up To Rs2,656/Share

We revised up our earnings estimates for SAZEW for FY27F/28F by 61/60% following reveal of some details by the company in analyst briefing held on...

Topline Securities

Thematic Report on GST 2.0 Regime: Who Gains, Who Loses as India Bets on Demand Revival.

​India's GST 2.0 reform cuts tax rates on essentials, durables, autos, and healthcare, potentially boosting consumption but risking fiscal deficits.

Sudarshan Bhandari

India's GST 2.0 reform cuts tax rates on essentials, durables, autos, and healthcare, potentially boosting consumption but risking fiscal deficits.