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/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

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

<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 IPO front, a number of company's appear to be lining up to launch their IPOs in the coming month.</li>
<li>On the placements front, there were a number of large deals across the region.</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 IPO front, a number of company's appear to be lining up to launch their IPOs in the coming month.
On the placements front, there were a number of large deals across the region.


ECM Weekly (1 September 2025)- Nissan, Metaplanet, Indigo, Laopu, Akeso, Mixue, Aux, Orion, Chery

HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

<ul>
<li>Laopu maintained high growth in 25H1, mainly benefit from the upward cycle of gold price and the continuous improvement of the brand power. Accordingly, we raised our 2025 performance forecast.</li>
<li>The key issue here is the sustainability of performance during stable and declining cycle of gold hasn’t been verified. Especially when gold price drops, it will also cause inventory depreciation.</li>
<li>Laopu cannot “escape” the gold price cycle.The Fed's rate cuts are usually accompanied by fluctuations in asset prices, and gold may also face sell-off, which may lead to valuation decline.  </li>
</ul>


Laopu maintained high growth in 25H1, mainly benefit from the upward cycle of gold price and the continuous improvement of the brand power. Accordingly, we raised our 2025 performance forecast.
The key issue here is the sustainability of performance during stable and declining cycle of gold hasn’t been verified. Especially when gold price drops, it will also cause inventory depreciation.
Laopu cannot “escape” the gold price cycle.The Fed's rate cuts are usually accompanied by fluctuations in asset prices, and gold may also face sell-off, which may lead to valuation decline.  


Laopu Gold (6181.HK) 25H1 - Remember to Escape Before Collapsing

<ul>
<li>What seems to be the controlling shareholder of <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>, aims to raise around US$250m via selling 1.6% of the company.</li>
<li>The shares have done very well since its listing and the previous deal in the name did well too.</li>
<li>In this note, we talk about the deal dynamics and run the deal through our ECM framework.</li>
</ul>


What seems to be the controlling shareholder of Laopu Gold (6181 HK), aims to raise around US$250m via selling 1.6% of the company.
The shares have done very well since its listing and the previous deal in the name did well too.
In this note, we talk about the deal dynamics and run the deal through our ECM framework.


Laopu Gold Placement - Relatively Small Deal, past One Did Well

Quantitative Equity Analyst, DMA

Charlotte van Tiddens, CFA

Quantitative Equity Analyst

Technology-First Company

DMA is a technology-first company that provides an end-to-end SaaS solution to institutional investors. DMA enables regulated entities like asset managers, wealth managers, investment managers and financial advisors to connect their front and back office, break silos and reduce headcount.

Index Rebalance

<ul><li>Last night, the price snapshot was taken for the JSE September 2025 rebalance.</li><li>GLN is expected to enter the Top 40 index, with APN falling out.</li><li>No changes are expected for the FINDI, FINI, INDI or RESI indices.</li></ul>

Last night, the price snapshot was taken for the JSE September 2025 rebalance.GLN is expected to enter the Top 40 index, with APN falling out.No changes are expected for the FINDI, FINI, INDI or RESI indices.

JSE Sep ‘25 Rebalance: GLN Expected to Enter Top 40, APN to Fall Out

China

Laopu Gold is a leading Chinese designer, manufacturer, and retailer of heritage gold jewelry, offering products with Chinese culture-inspired designs and craftsmanship. The company sells pure gold, gem-set, and non-gold jewelry through both offline retail stores and online platforms, and provides maintenance and repair services. Founded in 2009, its headquarters are located in Beijing, China.

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Laopu Gold (6181 HK)