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>LG Electronics India posted strong profit growth for FY24, reinforcing its leadership in India’s booming consumer durables sector—making now an ideal window for an IPO in India.</li>
<li>The company reportedly aims to raise USD1-USD1.5 billion early next year, potentially valuing its Indian operations at over USD10 billion.</li>
<li>With government initiatives improving housing quality, electrification, and water access, white goods penetration is set to rise, supporting future demand growth.</li>
</ul>


LG Electronics India posted strong profit growth for FY24, reinforcing its leadership in India’s booming consumer durables sector—making now an ideal window for an IPO in India.
The company reportedly aims to raise USD1-USD1.5 billion early next year, potentially valuing its Indian operations at over USD10 billion.
With government initiatives improving housing quality, electrification, and water access, white goods penetration is set to rise, supporting future demand growth.


LG Electronics India IPO: Strike While the Iron Is Hot. Cash in on Growth Momentum

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/waaree-energies-limited-6098abe5-9b91-4859-8170-b98fda2cf7ab" target="_blank" data-smartkarma-citation="entities:44031:1" rel="noopener">Waaree Energies</a> raised around US$514m in its India IPO, with robust demand.</li>
<li>Waaree Energies is a solar PV module manufacturer in India with an aggregate installed capacity of 12 GW, as of Jun 2024.</li>
<li>We have looked at the company’s past performance and valuations in our earlier notes. In this note, we talk about the trading dynamics.</li>
</ul>



Waaree Energies raised around US$514m in its India IPO, with robust demand.
Waaree Energies is a solar PV module manufacturer in India with an aggregate installed capacity of 12 GW, as of Jun 2024.
We have looked at the company’s past performance and valuations in our earlier notes. In this note, we talk about the trading dynamics.


Waaree Energies IPO Trading - Robust Demand Should Lead to Good Gains

Equity Bottom-Up

<ul>
<li>October saw a sharp USD10.2 billion foreign outflow from Indian equities, driven by a shift to China and Hong Kong as stimulus measures and appealing valuations improved market sentiment there.</li>
<li>
<a href="https://www.smartkarma.com/entities/china-resources-beverage" target="_blank" data-smartkarma-citation="entities:41984:1" rel="noopener">China Resources Beverage (2460 HK)</a> 's IPO surged on strong investor optimism last week, while Hyundai Motor India's debut was subdued as institutional investors held back and retail investors exited.</li>
<li>
<a href="https://www.smartkarma.com/entities/bundl-technologies-private-limited-swiggy" target="_blank" data-smartkarma-citation="entities:35630:1" rel="noopener">Swiggy (1255298D IN)'s</a> IPO, set to open next week, faces headwinds from weak market sentiment, rising U.S. election uncertainty, and Zomato's USD1 billion QIP.</li>
</ul>


October saw a sharp USD10.2 billion foreign outflow from Indian equities, driven by a shift to China and Hong Kong as stimulus measures and appealing valuations improved market sentiment there.

China Resources Beverage (2460 HK) 's IPO surged on strong investor optimism last week, while Hyundai Motor India's debut was subdued as institutional investors held back and retail investors exited.

Swiggy (1255298D IN)'s IPO, set to open next week, faces headwinds from weak market sentiment, rising U.S. election uncertainty, and Zomato's USD1 billion QIP.


Weekly Consumer: Market Timing Makes a Difference. CR Beverage Pops in HK, Hyundai Slumps in India

<ul>
<li>Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.</li>
<li>On the live IPOs front,  the previous week so a record number of large IPO listing for 2024, with listings in Inida, Hong Kong</li>
<li>On the placements front, there were deals in Singapore, Hong Kong and Australia over the past week.</li>
</ul>


Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
On the live IPOs front,  the previous week so a record number of large IPO listing for 2024, with listings in Inida, Hong Kong
On the placements front, there were deals in Singapore, Hong Kong and Australia over the past week.


ECM Weekly (28th Oct 2024) - Tokyo Metro, CR Beverage, Horizon, Hyundai, Rigaku, Pony AI, TS Lines

<ul>
<li>
<a href="https://www.smartkarma.com/entities/bundl-technologies-private-limited-swiggy" target="_blank" data-smartkarma-citation="entities:35630:1" rel="noopener">Swiggy (1255298D IN)</a>'s  IPO valuation has reportedly been lowered to USD11.3 billion versus initial USD15 billion, creating a sharp contrast with Zomato's USD 26 billion enterprise value despite comparable scale.</li>
<li>Market volatility, weak investor sentiment, upcoming U.S. elections, and Zomato’s USD1 billion QIP may have driven Swiggy to cut its valuation.</li>
<li>Swiggy is expected to begin IPO marketing mid-next week, with the IPO opening on November 6th and listing on November 13th.</li>
</ul>



Swiggy (1255298D IN)'s  IPO valuation has reportedly been lowered to USD11.3 billion versus initial USD15 billion, creating a sharp contrast with Zomato's USD 26 billion enterprise value despite comparable scale.
Market volatility, weak investor sentiment, upcoming U.S. elections, and Zomato’s USD1 billion QIP may have driven Swiggy to cut its valuation.
Swiggy is expected to begin IPO marketing mid-next week, with the IPO opening on November 6th and listing on November 13th.


Swiggy IPO: Valuation Slashed Again. Navigating Market Volatility and Zomato's USD1Bn Play

South Korea

Hyundai Motor India Limited (HMIL) designs and manufactures automobiles. The Company offers cars, vans, sedans, and sport utility vehicles along with financing, leasing, and maintenance services. HMIL serves customers globally.

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Hyundai Motor India (HYUNDAI IN)

LG Electronics India IPO: Strike While the Iron Is Hot. Cash in on Growth Momentum

LG Electronics India is well poised for an IPO in India after strong profit growth, aiming to raise USD1-USD1.5 billion and potentially valuing...

Devi Subhakesan

Waaree Energies IPO Trading - Robust Demand Should Lead to Good Gains

Waaree Energies raised around US$514m in its India IPO, with robust demand. In this note, we talk about the trading dynamics.

Sumeet Singh

Weekly Consumer: Market Timing Makes a Difference. CR Beverage Pops in HK, Hyundai Slumps in India

Market sentiment continues to be weak in India with steady outflow of foreign funds. This weighed on HMIL's lack lustre listing last week and led...

Devi Subhakesan

ECM Weekly (28th Oct 2024) - Tokyo Metro, CR Beverage, Horizon, Hyundai, Rigaku, Pony AI, TS Lines

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

Swiggy IPO: Valuation Slashed Again. Navigating Market Volatility and Zomato's USD1Bn Play

Swiggy's IPO valuation lowered to USD11.3 billion, citing market volatility and uncertainty. Zomato's USD1 bn QIP could have impacted too. Steep...

Devi Subhakesan

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

LG Electronics India IPO: Strike While the Iron Is Hot. Cash in on Growth Momentum

​LG Electronics India is well poised for an IPO in India after strong profit growth, aiming to raise USD1-USD1.5 billion and potentially valuing...

Devi Subhakesan

Waaree Energies IPO Trading - Robust Demand Should Lead to Good Gains

Waaree Energies raised around US$514m in its India IPO, with robust demand. In this note, we talk about the trading dynamics.

Sumeet Singh

Weekly Consumer: Market Timing Makes a Difference. CR Beverage Pops in HK, Hyundai Slumps in India

Market sentiment continues to be weak in India with steady outflow of foreign funds. This weighed on HMIL's lack lustre listing last week and led...

Devi Subhakesan

ECM Weekly (28th Oct 2024) - Tokyo Metro, CR Beverage, Horizon, Hyundai, Rigaku, Pony AI, TS Lines

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

Swiggy IPO: Valuation Slashed Again. Navigating Market Volatility and Zomato's USD1Bn Play

​Swiggy's IPO valuation lowered to USD11.3 billion, citing market volatility and uncertainty. Zomato's USD1 bn QIP could have impacted too. Steep...

Devi Subhakesan

LG Electronics India is well poised for an IPO in India after strong profit growth, aiming to raise USD1-USD1.5 billion and potentially valuing...

Swiggy's IPO valuation lowered to USD11.3 billion, citing market volatility and uncertainty. Zomato's USD1 bn QIP could have impacted too. Steep...