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

Chow Tai Fook Jewellery / Equity Bottom-Up

<ul>
<li>China gold jewelry demand slumped in 2Q2025, while investment demand for coins and bars remained resilient amidst rise in gold prices, according to data released by China Gold Association.</li>
<li>If gold rally continues, <a href="https://www.smartkarma.com/entities/chow-tai-fook-jewellery-group" target="_blank" data-smartkarma-citation="entities:549:1" rel="noopener">Chow Tai Fook Jewellery (1929 HK)</a> faces heightened demand growth risk due to reliance on the competitive, price-sensitive, consumption-driven jewellery segment.</li>
<li>Chow Tai Fook’s 140% YTD rally reflects optimism on branding-driven earnings growth, but stretched valuations overlook downside risks to growth if gold prices keep rising.
</li>
</ul>


China gold jewelry demand slumped in 2Q2025, while investment demand for coins and bars remained resilient amidst rise in gold prices, according to data released by China Gold Association.
If gold rally continues, Chow Tai Fook Jewellery (1929 HK) faces heightened demand growth risk due to reliance on the competitive, price-sensitive, consumption-driven jewellery segment.
Chow Tai Fook’s 140% YTD rally reflects optimism on branding-driven earnings growth, but stretched valuations overlook downside risks to growth if gold prices keep rising.



Chow Tai Fook (1929 HK): Strong Rally, Weak Jewellery Demand. Growth Risks.

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

<ul>
<li>Kering S.A.'s 2024 financial performance did not meet initial expectations due to ongoing transformation efforts and adverse market conditions.</li>
<li>The company remains committed to a long-term strategy focusing on brand health and avoiding immediate fixes.</li>
<li>Kering's brand portfolio, which includes Gucci, Kering Eyewear, and Kering Beauté, is evolving with a focus on individual brand strategies within a unified framework aimed at elevating their product offerings Baptista Research looks to evaluate the different factors that could influence the company's price in the near future and attempts to carry out an independent valuation of the company using a Discounted Cash Flow (DCF) methodology.</li>
</ul>


Kering S.A.'s 2024 financial performance did not meet initial expectations due to ongoing transformation efforts and adverse market conditions.
The company remains committed to a long-term strategy focusing on brand health and avoiding immediate fixes.
Kering's brand portfolio, which includes Gucci, Kering Eyewear, and Kering Beauté, is evolving with a focus on individual brand strategies within a unified framework aimed at elevating their product offerings Baptista Research looks to evaluate the different factors that could influence the company's price in the near future and attempts to carry out an independent valuation of the company using a Discounted Cash Flow (DCF) methodology.


Kering SA - Integration of A New Creative Vision Is Driving Our Optimism!

Podcast by Dom Cooke to explore big businesses, Business Breakdowns

Business Breakdowns

Podcast by Dom Cooke to explore big businesses

Learn how companies work from the people who know them best. We do deep research and interview industry veterans, investment professionals, and corporate executives to explain the inner workings of public stocks and private businesses. For each company, we break down their history, business model, financial statements, secret sauce, and bull/bear case. We believe every business has lessons to teach us and Breakdowns is here to highlight them. Learn more and stay up to date at www.joincolossus.com.

<ul><li>Kering is a luxury house similar to LVMH, with brands like Gucci, YSL, Bottega Veneta, and Balenciaga</li><li>Gucci represents nearly 50% of Kering's revenues and over 50% of profits, with its popularity tied to fashion trends</li><li>Kering traces its history back to a diverse set of regional businesses before focusing on luxury under the leadership of Francois Henry Pinault</li></ul>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

Kering is a luxury house similar to LVMH, with brands like Gucci, YSL, Bottega Veneta, and BalenciagaGucci represents nearly 50% of Kering's revenues and over 50% of profits, with its popularity tied to fashion trendsKering traces its history back to a diverse set of regional businesses before focusing on luxury under the leadership of Francois Henry PinaultThis content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

Kering: It’s Gucci - [Business Breakdowns, EP.199]

Equity Analyst, LightStream Research

Oshadhi Kumarasiri

Equity Analyst

Long-Short Analysis on Japan, Asia and the World

LightStream Research

LightStream conducts quantitatively rigorous and data-driven analysis with a focus on Japan and Asia.

We consistently cover the Tech, Consumer and Industrial sectors, and provide ECM and Events coverage more broadly.

We supplement traditional qualitative insights from company relationships with a robust quantitative foundation that examines as much historical data as is available.
We further refine the accuracy of our insights and calls through the use of alternative data to flesh out current trends, and through a valuation framework that emphasises non-superficial peer group selection and a proper attempt to understand the metrics and changes that have driven security valuations in the past.

Mandarin Oriental International / Equity Bottom-Up

<ul>
<li>While traditional luxury brands may encounter challenges as affluent Chinese consumers shift to local high-end brands, there are still opportunities within small niches in the luxury sector.</li>
<li>Luxury travel, driven by trends like micro trips and the increasing number of High-Net-Worth Individuals, represents a potential area of growth in the luxury sector.</li>
<li>The thriving luxury travel market opens up investment potential in sectors such as luxury hotels and premium cosmetics.</li>
</ul>


While traditional luxury brands may encounter challenges as affluent Chinese consumers shift to local high-end brands, there are still opportunities within small niches in the luxury sector.
Luxury travel, driven by trends like micro trips and the increasing number of High-Net-Worth Individuals, represents a potential area of growth in the luxury sector.
The thriving luxury travel market opens up investment potential in sectors such as luxury hotels and premium cosmetics.


APAC Luxury Industry Series: Luxury Travel Shines Amid Challenges for Traditional Luxury Goods

<ul>
<li>
<a href="https://www.smartkarma.com/entities/laopu-gold-co-ltd" target="_blank" data-smartkarma-citation="entities:44036:1" rel="noopener">Laopu Gold (6181 HK)</a>  is down nearly 20% since June’s lock-up expiry, despite strong 1H2025 results and subsequent analyst earnings upgrades.</li>
<li>The stock trades at 22x FY26E, the low end of its YTD P/E range, with a PEG below 0.8x.</li>
<li>China’s retail gold demand in 2Q2025 has shifted toward investment products - a trend that could support Laopu’s mostly investment-driven sales.</li>
</ul>



Laopu Gold (6181 HK)  is down nearly 20% since June’s lock-up expiry, despite strong 1H2025 results and subsequent analyst earnings upgrades.
The stock trades at 22x FY26E, the low end of its YTD P/E range, with a PEG below 0.8x.
China’s retail gold demand in 2Q2025 has shifted toward investment products - a trend that could support Laopu’s mostly investment-driven sales.


Laopu Gold (6181 HK): Technical Overhang Masks Strong Fundamentals – Gold Bulls Stay Put

France

Kering SA designs, manufactures and markets luxury and sport & lifestyle goods. The Company's brands include Gucci, Bottega Veneta, Alexander McQueen, Puma and Volcom. Kering operates globally and is headquartered in Paris, France.

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Kering (KER FP)

Chow Tai Fook (1929 HK): Strong Rally, Weak Jewellery Demand. Growth Risks.

Downside risk to the stock as stretched valuations overlook the risk of worsening jewellery sales if the gold rally continues.

Devi Subhakesan

Kering SA - Integration of A New Creative Vision Is Driving Our Optimism!

Kering S.A.'s 2024 financial performance did not meet initial expectations due to ongoing transformation efforts and adverse market conditions.

Baptista Research

Kering: It’s Gucci - [Business Breakdowns, EP.199]

Kering, a luxury house with brands like YSL and Gucci, has faced challenges in recent years but has potential for growth in beauty products and a...

Business Breakdowns

APAC Luxury Industry Series: Luxury Travel Shines Amid Challenges for Traditional Luxury Goods

Luxury travel, driven by trends like micro trips and the increasing number of High-Net-Worth Individuals, represents a potential area of growth in...

Oshadhi Kumarasiri

Laopu Gold (6181 HK): Technical Overhang Masks Strong Fundamentals – Gold Bulls Stay Put

Investors confident in rising gold prices can see Laopu's current technicals driven stock weakness as an opportunity given it's strong growth...

Devi Subhakesan

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