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.

Thematic (Sector/Industry)

<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/dfi-retail-group-holdings-ltd" target="_blank" data-smartkarma-citation="entities:7427:1" rel="noopener">DFI Retail (DFI SP)</a> : Improved profitability and robust cash flows makes the stock attractive with limited downside; it is trading at nearly 5% dividend yield.</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 IPO </a>was oversubscribed by 4.26 times and debuted at par with the issue price of Rs76 at the exchanges today</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.

DFI Retail (DFI SP) : Improved profitability and robust cash flows makes the stock attractive with limited downside; it is trading at nearly 5% dividend yield.

Ola Electric IPO was oversubscribed by 4.26 times and debuted at par with the issue price of Rs76 at the exchanges today


Consumer Tales Aug Wk#2: DFI Retail Pivots, Kalyan Glitters, Ola Lists, FirstCry IPO Closes

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

Equity Bottom-Up

<ul>
<li>Priority Jewels: Custom Design Jewellery Manufacturer, not retail jewellery chain. It designs and manufactures lightweight, affordable diamond-studded gold and platinum jewellery for leading jewellery brands and retailers, India and overseas.</li>
<li>The company has spent two decades building relationships with Malabar Gold &amp; Diamonds, Senco, TBZ, Reliance Jewels, and Bluestone. Its top customers have stayed with the company for many years.</li>
<li>Priority Jewels is doubling its integrated manufacturing footprint, entering higher-karat jewellery, expanding to US and Middle East Markets, while using IPO proceeds to reduce working-capital borrowings.</li>
</ul>


Priority Jewels: Custom Design Jewellery Manufacturer, not retail jewellery chain. It designs and manufactures lightweight, affordable diamond-studded gold and platinum jewellery for leading jewellery brands and retailers, India and overseas.
The company has spent two decades building relationships with Malabar Gold &amp; Diamonds, Senco, TBZ, Reliance Jewels, and Bluestone. Its top customers have stayed with the company for many years.
Priority Jewels is doubling its integrated manufacturing footprint, entering higher-karat jewellery, expanding to US and Middle East Markets, while using IPO proceeds to reduce working-capital borrowings.


Priority Jewels: Design-Led Integrated Manufacturer of India's Leading Jewellery Brands

APAC IPOs & Placements, Aequitas Research

Akshat Shah

APAC 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

Amagi Media Labs / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/amagi-media-labs-limited" target="_blank" data-smartkarma-citation="entities:45644:1" rel="noopener">Amagi Media Labs (AMAGI IN)</a> raised about US$190m in its India IPO in Jan 2026. The lockup on its pre-IPO investors is set to expire soon.</li>
<li>AML enables its clients to manage, distribute, and monetize live, linear, and on-demand content seamlessly across traditional TV, Over-The-Top (OTT), and Free Ad-Supported Streaming TV (FAST) platforms.</li>
<li>In this note, we will talk about the lockup dynamics and possible placement</li>
</ul>



Amagi Media Labs (AMAGI IN) raised about US$190m in its India IPO in Jan 2026. The lockup on its pre-IPO investors is set to expire soon.
AML enables its clients to manage, distribute, and monetize live, linear, and on-demand content seamlessly across traditional TV, Over-The-Top (OTT), and Free Ad-Supported Streaming TV (FAST) platforms.
In this note, we will talk about the lockup dynamics and possible placement


Aequitas: Amagi Media Labs IPO Lockup Expiry - US$760m Release; Pre-IPO Investors Well in The Money

Equity Analyst - Fundamental & Thematic, Sree Capital

Sreemant Dudhoria

Equity Analyst - Fundamental & Thematic

Fundamental Research on Listed Indian Companies

Sree Capital

Sree Capital is a platform to share fundamental research on listed Indian companies. We do this research for our own investment

Lalithaa Jewellery Mart Ltd / Equity Capital Markets

Lalithaa Jewellery Mart Ltd (1607844D IN)

<ul>
<li>
<a href="https://www.smartkarma.com/entities/lalithaa-jewellery-mart-ltd" target="_blank" data-smartkarma-citation="entities:45292:1" rel="noopener">Lalithaa Jewellery Mart Ltd (1607844D IN)</a>'s IPO issue of INR 17 billion is a combination of fresh issue of INR 12 billion and offer for sale of INR 5 billion.</li>
<li>In this insight we discuss about on ground feedback from our conversations with multiple vendors, peers and merchant in the Chennai Jewellery market where the company has sizeable presence.</li>
<li>We finally conclude our findings and present our view on the IPO.</li>
</ul>



Lalithaa Jewellery Mart Ltd (1607844D IN)'s IPO issue of INR 17 billion is a combination of fresh issue of INR 12 billion and offer for sale of INR 5 billion.
In this insight we discuss about on ground feedback from our conversations with multiple vendors, peers and merchant in the Chennai Jewellery market where the company has sizeable presence.
We finally conclude our findings and present our view on the IPO.


Lalitha Jewellery IPO - On Ground Feedback From Chennai

India focused: IPO, special situations, Stylus Holdings

Himanshu Dugar

India focused: IPO, special situations

Stylus Holdings

Stylus Holdings is a buy-side equity research firm. We offer bottom-up investment ideas as well as provide on demand equity research and portfolio tracking. 
At Stylus, our focus is to identify market dislocations that can generate 20+% IRR with a reasonable margin of safety. As part of our research process, we do a deep dive into the fundamentals of the company, evaluate their competitive positioning and assess their valuation.
Our investment team is led by Himanshu Dugar. Himanshu is a Chartered Accountant and a CFA charter holder. He has 10+ years of active experience in the stock market with stints at CRISIL Research, a S&P Global copmany and Miras Investments, a single family office based in Dubai.

Equity Research Firm

<ul>
<li>Lalitha Jewellery is a south India focused gold jewellery retailer. It is particularly popular for operating large format stores and avoiding any celebrity endorsements.</li>
<li>A bottom-up peer analysis outlines how the jeweller stands out vs similar-sized/region-focused peers while lagging its diamond jewellery-focused Pan-India peers</li>
<li>The IPO seems favorably priced for a pop, but low free-float limits follow-on institutional upside.</li>
</ul>


Lalitha Jewellery is a south India focused gold jewellery retailer. It is particularly popular for operating large format stores and avoiding any celebrity endorsements.
A bottom-up peer analysis outlines how the jeweller stands out vs similar-sized/region-focused peers while lagging its diamond jewellery-focused Pan-India peers
The IPO seems favorably priced for a pop, but low free-float limits follow-on institutional upside.


Lalitha Jewellery IPO Review: Glittering Enough?

India

Kalyan Jewellers is an Indian multinational jewellery company that designs, manufactures, and sells a wide range of gold, diamond, silver, platinum, and gemstone jewellery. The company utilizes a hyperlocal strategy to cater to regional consumer preferences across its extensive network of showrooms and online platforms. It was founded in 1993 and is headquartered in Thrissur, Kerala, India.

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Kalyan Jewellers (KALYANKJ IN)

Consumer Tales Aug Wk#2: DFI Retail Pivots, Kalyan Glitters, Ola Lists, FirstCry IPO Closes

Weekly roundup of the latest investment reports and sector events in the consumer industry: Quarterly updates- DFI Retail, Kalyan Jewellers, Yum...

Devi Subhakesan

Priority Jewels: Design-Led Integrated Manufacturer of India's Leading Jewellery Brands

Priority Jewels sits behind some of India’s leading jewellery retailers. A scaled Custom Design Led Jewel Manufacturing Platform with rising...

Sudarshan Bhandari

Aequitas: Amagi Media Labs IPO Lockup Expiry - US$760m Release; Pre-IPO Investors Well in The Money

A group of investors, including Trudy Holdings, AVP I Fund, and Accel India, have launched a INR6bn (US$63m) selldown, together selling 10.9m...

Akshat Shah

Lalitha Jewellery IPO - On Ground Feedback From Chennai

Insight on Lalitha Jewellery IPO - Discusses about channel feedback from multiple vendors, competitors in Chennai and Tamil Nadu - one of the key...

Sreemant Dudhoria

Lalitha Jewellery IPO Review: Glittering Enough?

Lalitha Jewellery is a successful south India gold retailer known for large stores and no celebrity endorsements. Is IPO attractive enough for a...

Himanshu Dugar

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Consumer Tales Aug Wk#2: DFI Retail Pivots, Kalyan Glitters, Ola Lists, FirstCry IPO Closes

Weekly roundup of the latest investment reports and sector events in the consumer industry: Quarterly updates- DFI Retail, Kalyan Jewellers, Yum...

Devi Subhakesan

Priority Jewels: Design-Led Integrated Manufacturer of India's Leading Jewellery Brands

Priority Jewels sits behind some of India’s leading jewellery retailers. A scaled Custom Design Led Jewel Manufacturing Platform with rising...

Sudarshan Bhandari

Aequitas: Amagi Media Labs IPO Lockup Expiry - US$760m Release; Pre-IPO Investors Well in The Money

A group of investors, including Trudy Holdings, AVP I Fund, and Accel India, have launched a INR6bn (US$63m) selldown, together selling 10.9m...

Akshat Shah

Lalitha Jewellery IPO - On Ground Feedback From Chennai

Insight on Lalitha Jewellery IPO - Discusses about channel feedback from multiple vendors, competitors in Chennai and Tamil Nadu - one of the key...

Sreemant Dudhoria

Lalitha Jewellery IPO Review: Glittering Enough?

​Lalitha Jewellery is a successful south India gold retailer known for large stores and no celebrity endorsements. Is IPO attractive enough for a...

Himanshu Dugar

Lalitha Jewellery is a successful south India gold retailer known for large stores and no celebrity endorsements. Is IPO attractive enough for a...