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>
<a href="https://www.smartkarma.com/entities/jollibee-foods-corp" target="_blank" data-smartkarma-citation="entities:987:1" rel="noopener">Jollibee Foods (JFC PM)</a> delivered strong sales and profit growth in 3Q, driven by robust Same Store Sales Growth (SSSG) in its home market and key overseas regions, excluding China.</li>
<li>Jollibee's value-for-money appeal has likely driven its impressive Same Store Sales Growth (SSSG), outpacing industry peers struggling with rising customer price sensitivity and fall in SSSG.</li>
<li>However, in China, Jollibee's delay in adapting to a quickly shifting market landscape has led to EBITDA losses, a sharp reversal from the profitability seen in Q2.</li>
</ul>



Jollibee Foods (JFC PM) delivered strong sales and profit growth in 3Q, driven by robust Same Store Sales Growth (SSSG) in its home market and key overseas regions, excluding China.
Jollibee's value-for-money appeal has likely driven its impressive Same Store Sales Growth (SSSG), outpacing industry peers struggling with rising customer price sensitivity and fall in SSSG.
However, in China, Jollibee's delay in adapting to a quickly shifting market landscape has led to EBITDA losses, a sharp reversal from the profitability seen in Q2.


Jollibee Foods: Sector-Beating Growth Fuelled by Value-For-Money Appeal.

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Equity Capital Markets

<ul>
<li>In this insight, we compare the IPO valuation of The Born Korea (475560 KS) versus the recent M&amp;A valuation of Compose Coffee by Jollibee Foods (JFC PM).</li>
<li>Using the recent M&amp;A multiples of Compose Coffee by Jollibee Foods suggests an attractive upside to The Born Korea (relative to the IPO price range).</li>
<li><em><strong>No other listed company in Korea has a restaurant business model that is consistently profitable, with strong balance sheet, and solid sales growth as The Born Korea.  </strong></em></li>
</ul>


In this insight, we compare the IPO valuation of The Born Korea (475560 KS) versus the recent M&amp;A valuation of Compose Coffee by Jollibee Foods (JFC PM).
Using the recent M&amp;A multiples of Compose Coffee by Jollibee Foods suggests an attractive upside to The Born Korea (relative to the IPO price range).
No other listed company in Korea has a restaurant business model that is consistently profitable, with strong balance sheet, and solid sales growth as The Born Korea.  


The Born Korea IPO Valuation Vs Recent M&A Valuation of Compose Coffee by Jollibee Foods

<ul>
<li>Welcome to Consumer Tales &amp; Trends, your weekly roundup of the latest corporate developments, investment reports and sector events in the consumer industry.</li>
<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 (OLAELEC IN)</a>  has surged 75% from its IPO issue price. For investors wondering about potential upside, we present our base-to-bullish case valuation range for Ola Electric's stock price.</li>
<li>
<a href="https://www.smartkarma.com/entities/sea-ltd" target="_blank" data-smartkarma-citation="entities:8509:1" rel="noopener">Sea (SE US)</a> revised Shopee's 2024 GMV growth outlook to the mid-20% range. <a href="https://www.smartkarma.com/entities/jollibee-foods-corp" target="_blank" data-smartkarma-citation="entities:987:1" rel="noopener">Jollibee Foods(JFC PM)</a>'s  impressive June quarter results stand out against broader trend of weaker sales in QSR sector.</li>
</ul>


Welcome to Consumer Tales &amp; Trends, your weekly roundup of the latest corporate developments, investment reports and sector events in the consumer industry.

Ola Electric (OLAELEC IN)  has surged 75% from its IPO issue price. For investors wondering about potential upside, we present our base-to-bullish case valuation range for Ola Electric's stock price.

Sea (SE US) revised Shopee's 2024 GMV growth outlook to the mid-20% range. Jollibee Foods(JFC PM)'s  impressive June quarter results stand out against broader trend of weaker sales in QSR sector.


Consumer Tales Aug Wk#3: Ola's Dream Ride, Shopee's SE Asia Lead, Jollibee's Joyful 2Q

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/jollibee-foods-corp" target="_blank" data-smartkarma-citation="entities:987:1" rel="noopener">Jollibee Foods (JFC PM)</a> recently acquired Compose Coffee, the second-largest take-out chain in South Korea's competitive value coffee retail segment.</li>
<li>While the acquisition presents growth opportunities for Jollibee, the intense competition and inherent challenges of the value coffee retail segment warrant caution.</li>
<li>With Jollibee's Coffee &amp; Tea business vertical now growing into a meaningful size, we recommend listing it separately to enhance visibility, accountability and unlock shareholder value.</li>
</ul>



Jollibee Foods (JFC PM) recently acquired Compose Coffee, the second-largest take-out chain in South Korea's competitive value coffee retail segment.
While the acquisition presents growth opportunities for Jollibee, the intense competition and inherent challenges of the value coffee retail segment warrant caution.
With Jollibee's Coffee &amp; Tea business vertical now growing into a meaningful size, we recommend listing it separately to enhance visibility, accountability and unlock shareholder value.


Jollibee's (JFC PM) Risky Bet: Compose Coffee Acquisition in a Competitive Market

<ul>
<li>Expect stock upside following management's upbeat growth outlook and buoyant earnings guidance, announced yesterday.</li>
<li>Company reported robust double digit growth in revenue and earnings for full year 2023 as well as a steep ramp up in cash flow generation. </li>
<li>Uniquely positioned with a wide portfolio of F&amp;B brands across markets in Asia, North America and Middle East. </li>
</ul>


Expect stock upside following management's upbeat growth outlook and buoyant earnings guidance, announced yesterday.
Company reported robust double digit growth in revenue and earnings for full year 2023 as well as a steep ramp up in cash flow generation. 
Uniquely positioned with a wide portfolio of F&amp;B brands across markets in Asia, North America and Middle East. 


Jollibee Foods (JFC PM): Aiming High. Strong Growth Guidance Can Drive Stock Up

Philippines

Jollibee Foods Corporation is a Philippine multinational company that develops, operates, and franchises quick-service restaurants globally. It is known for its flagship Jollibee brand, offering American-influenced fast food and casual Filipino fare, including its popular Chickenjoy, Yumburger, and Jolly Spaghetti. The company was founded in 1975 and is headquartered in Pasig, Metro Manila, Philippines.

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

Jollibee (JFC PM)

Jollibee Foods: Sector-Beating Growth Fuelled by Value-For-Money Appeal.

Jollibee's value-for-money appeal has driven impressive Same Store Sales Growth (SSSG) in 3Q, outpacing industry peers struggling with rising...

Devi Subhakesan

The Born Korea IPO Valuation Vs Recent M&A Valuation of Compose Coffee by Jollibee Foods

Using the recent M&A multiples of Compose Coffee by Jollibee Foods suggests an attractive upside to The Born Korea (relative to the IPO price range).

Douglas Kim

Consumer Tales Aug Wk#3: Ola's Dream Ride, Shopee's SE Asia Lead, Jollibee's Joyful 2Q

Weekly round up include: Ola stock's upside - a base to bullish case valuation analysis. Shopee's 2024 GMV growth target raised. Jollibee's robust...

Devi Subhakesan

Jollibee's (JFC PM) Risky Bet: Compose Coffee Acquisition in a Competitive Market

Cautious on Jollibee's acquisition of Compose coffee. Though it presents growth opportunities, the intense competition and inherent challenges of...

Devi Subhakesan

Jollibee Foods (JFC PM): Aiming High. Strong Growth Guidance Can Drive Stock Up

Stock upside likely as company reports strong revenue and earnings growth in 2023 and management shares upbeat growth outlook and buoyant earnings...

Devi Subhakesan

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Jollibee Foods: Sector-Beating Growth Fuelled by Value-For-Money Appeal.

Jollibee's value-for-money appeal has driven impressive Same Store Sales Growth (SSSG) in 3Q, outpacing industry peers struggling with rising...

Devi Subhakesan

The Born Korea IPO Valuation Vs Recent M&A Valuation of Compose Coffee by Jollibee Foods

Using the recent M&A multiples of Compose Coffee by Jollibee Foods suggests an attractive upside to The Born Korea (relative to the IPO price range).

Douglas Kim

Consumer Tales Aug Wk#3: Ola's Dream Ride, Shopee's SE Asia Lead, Jollibee's Joyful 2Q

Weekly round up include: Ola stock's upside - a base to bullish case valuation analysis. Shopee's 2024 GMV growth target raised. Jollibee's robust...

Devi Subhakesan

Jollibee's (JFC PM) Risky Bet: Compose Coffee Acquisition in a Competitive Market

Cautious on Jollibee's acquisition of Compose coffee. Though it presents growth opportunities, the intense competition and inherent challenges of...

Devi Subhakesan

Jollibee Foods (JFC PM): Aiming High. Strong Growth Guidance Can Drive Stock Up

​Stock upside likely as company reports strong revenue and earnings growth in 2023 and management shares upbeat growth outlook and buoyant earnings...

Devi Subhakesan

Stock upside likely as company reports strong revenue and earnings growth in 2023 and management shares upbeat growth outlook and buoyant earnings...