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.

Equity Bottom-Up

Mandarin Oriental International / Equity Bottom-Up

Mandarin Oriental International (MAND SP)

<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

SPAC Deep Dive, subSPAC

subSPAC

SPAC Deep Dive

Each week we’ll identify and break down for you SPACs that are capturing market share and making an impact.

LVMH Moet Hennessy Louis Vuitt / Equity Bottom-Up

LVMH Moet Hennessy Louis Vuitt (LVMUY US)

<ul><li>Luxury brands had a rather fashionable year in 2022, bouncing back from the pandemic slump with the help of pent-up demand and lockdown savings spent on travel-worthy threads.</li><li>However, even the resilient luxury market isn’t immune to the macroeconomic forces at play, from inflation to the war in Ukraine and the impending recession in the US and Europe.</li><li>It is a surprise then that Luxury Fashion house Lanvin Group decided to plunge into the public markets despite the choppy economic waters.</li></ul>

Luxury brands had a rather fashionable year in 2022, bouncing back from the pandemic slump with the help of pent-up demand and lockdown savings spent on travel-worthy threads.However, even the resilient luxury market isn’t immune to the macroeconomic forces at play, from inflation to the war in Ukraine and the impending recession in the US and Europe.It is a surprise then that Luxury Fashion house Lanvin Group decided to plunge into the public markets despite the choppy economic waters.

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.

Equity Capital Markets

Belle International / Equity Capital Markets

<ul>
<li>Belle Fashion (BF) aims to raise around US$1bn in its Hong Kong listing, which would mark its return to the stock market after five years.</li>
<li>Belle Fashion is the largest China-based fashion footwear and apparel group based on 2020 retail sales value, according to Frost &amp; Sullivan (F&amp;S). </li>
<li>In this note, we will talk about the positive aspects of the deal.</li>
</ul>


Belle Fashion (BF) aims to raise around US$1bn in its Hong Kong listing, which would mark its return to the stock market after five years.
Belle Fashion is the largest China-based fashion footwear and apparel group based on 2020 retail sales value, according to Frost &amp; Sullivan (F&amp;S). 
In this note, we will talk about the positive aspects of the deal.


Belle Fashion Pre-IPO - The Positives - Try Walking in My Shoes

Julie Lee

Luxury brand companies raised price by 2~4% again in January again after raising price by 10~15% in 2020.  Luxury fashion industry is one of a few industries which has shown strong pricing power even during the pandemic.  The core personal luxury goods market is expected to be contracted for the first time since 2009, falling by 23 percent to hit EUR217 billion, according to Bain&amp;Company.  But it has been showing strong recovery since 2H20. Even though the prolonged pandemic and lock-down can still weigh on the luxury industry, it will continue to show resilience given increasing disposable incomes of high-end consumers thanks to wealth effect and lack of spending on travels.  <a href="https://www.smartkarma.com/entities/prada-s-p-a" target="_blank" data-smartkarma-citation="entities:889:1" rel="noopener">Prada S.P.A. (1913 HK)</a>  is one of a few luxury brands which has been improving its brand equity by appointing the new co-creative director, Raf Simons, enhancing its online marketing and changing its distribution model.We will review details of Prada's strategies and its long term growth potentials in the below section.

Luxury brand companies raised price by 2~4% again in January again after raising price by 10~15% in 2020.  Luxury fashion industry is one of a few industries which has shown strong pricing power even during the pandemic.  The core personal luxury goods market is expected to be contracted for the first time since 2009, falling by 23 percent to hit EUR217 billion, according to Bain&amp;Company.  But it has been showing strong recovery since 2H20. Even though the prolonged pandemic and lock-down can still weigh on the luxury industry, it will continue to show resilience given increasing disposable incomes of high-end consumers thanks to wealth effect and lack of spending on travels.  Prada S.P.A. (1913 HK)  is one of a few luxury brands which has been improving its brand equity by appointing the new co-creative director, Raf Simons, enhancing its online marketing and changing its distribution model.We will review details of Prada's strategies and its long term growth potentials in the below section.  

PRADA (1913. HK): Improving Brand Equity to Fuel Its Long Term Growth

Quality-first, Business-perspective, Long-term, Urbem (HK) Limited

Urbem Capital

Quality-first, Business-perspective, Long-term

<ul>
<li>Despite the elevated valuation, family-controlled Hermes demonstrates its superior quality from a business-owner perspective, and hence, is worth following among patient investors;</li>
<li>At the same time, we find that the French heritage name has been increasingly APAC-driven in recent years and can very likely continue to benefit from rising emerging Asia in the foreseeable future.</li>
</ul>


Despite the elevated valuation, family-controlled Hermes demonstrates its superior quality from a business-owner perspective, and hence, is worth following among patient investors;
At the same time, we find that the French heritage name has been increasingly APAC-driven in recent years and can very likely continue to benefit from rising emerging Asia in the foreseeable future.


Hermes: An Increasingly APAC-Driven Story

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)

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

A House of High Style

Luxury brands had a rather fashionable year in 2022, bouncing back from the pandemic slump with the help of pent-up demand and lockdown savings...

subSPAC

Belle Fashion Pre-IPO - The Positives - Try Walking in My Shoes

Belle Fashion (BF) aims to raise around US$1bn in its Hong Kong listing, which would mark its return to the stock market after five years.

Sumeet Singh

PRADA (1913. HK): Improving Brand Equity to Fuel Its Long Term Growth

Luxury industry stays resilient given increasing disposable incomes of high-end consumers. We review Prada's strategies and its long term growth...

Julie Lee

Hermes: An Increasingly APAC-Driven Story

The French heritage story has been increasingly APAC-driven in recent years and can very likely continue to benefit from rising emerging Asia in...

Urbem Capital

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)