Founder, CEO, GSBR Research

Garvit Bhandari

Founder, CEO

Leading Provider of Equity and Investment Research

GSBR Research

We are an independent equity research provider focused on covering global markets. The aim of the research is to provide an unbiased view of the fundamentals of the company.

Thematic (Sector/Industry)

<ul>
<li>The EU consumer discretionary sector is mixed but improving, though the recovery remains uneven across goods and services.</li>
<li>Tourism remains the standout, surpassing pre-pandemic levels with a record 2.99 billion nights in 2024. Hospitality, travel, and leisure therefore remain relatively bright spots.</li>
<li>Non-Food retail volumes returned to year-on-year growth in 2025, yet large-ticket categories such as autos and durables continue to lag the broader discretionary recovery.</li>
</ul>


The EU consumer discretionary sector is mixed but improving, though the recovery remains uneven across goods and services.
Tourism remains the standout, surpassing pre-pandemic levels with a record 2.99 billion nights in 2024. Hospitality, travel, and leisure therefore remain relatively bright spots.
Non-Food retail volumes returned to year-on-year growth in 2025, yet large-ticket categories such as autos and durables continue to lag the broader discretionary recovery.


EU Consumer Discretionary Sector - Mixed Trends

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

Podcast on In-depth Business Talks, Speedwell Research

The Synopsis

Podcast on In-depth Business Talks

Speedwell Research

Speedwell Research spends hundreds of hours researching public businesses each month and in "The Synopsis" they share their key learnings. Most business podcasts are superficial and assume their listeners are unsophisticated. In contrast, The Synopsis trusts listeners are interested in learning about complex, industry-specific issues, so long as they are explained clearly. We cover businesses from inception to current day, coupling business analysis and an investors lens. Start listening today to become a better analyst and investor.

Cross Asset Strategy

<ul><li>New newsletter format called "The Briefing" provides quick market synopsis and company information, also available in podcast form on speedwellmemos.com</li><li>Recent market events include S&amp;P 500 reaching all-time high before job report and new tariffs cause market to drop, Fed considering rate cut in response to softening economy</li><li>President Trump criticizes Fed Chair Powell for not lowering rates, Powell cautious on rate cuts to avoid inflation, history of rate mistakes highlighted</li></ul><p><em>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.</em></p>

New newsletter format called "The Briefing" provides quick market synopsis and company information, also available in podcast form on speedwellmemos.comRecent market events include S&amp;P 500 reaching all-time high before job report and new tariffs cause market to drop, Fed considering rate cut in response to softening economyPresident Trump criticizes Fed Chair Powell for not lowering rates, Powell cautious on rate cuts to avoid inflation, history of rate mistakes highlightedThis content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

Briefing. Massive Jobs Restatement, Rates Go Nowhere, Apple M&A?, Earnings Updates

<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>’s stock has fallen nearly 30% since its July 8 peak and declined another 4% yesterday despite an upbeat 1H2025 profit update.</li>
<li>The company’s positive profit alert reported revenues and profits up more than 2.5x year-on-year, exceeding market expectations.</li>
<li>The ongoing share price weakness despite strong results likely reflects a combination of technical factors, such as lock-up related selling, and broader fundamental concerns.</li>
</ul>



Laopu Gold (6181 HK)’s stock has fallen nearly 30% since its July 8 peak and declined another 4% yesterday despite an upbeat 1H2025 profit update.
The company’s positive profit alert reported revenues and profits up more than 2.5x year-on-year, exceeding market expectations.
The ongoing share price weakness despite strong results likely reflects a combination of technical factors, such as lock-up related selling, and broader fundamental concerns.


Laopu Gold (6181 HK): Strong Earnings, Soft Share Price – What’s Driving the Disconnect?

Event-Driven

<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>’s  365-day lockup on shares held by pre-IPO investors expires tomorrow (June 27), more than doubling its current free float.</li>
<li>Near-Term pressure on the stock is likely, given the sharp increase in tradable shares, mixed gold price outlook, and limited retail investor access after a steep rally.</li>
<li>A potential stock split could broaden investor participation, improve liquidity and serve as a catalyst for next leg of stock upside.</li>
</ul>



Laopu Gold (6181 HK)’s  365-day lockup on shares held by pre-IPO investors expires tomorrow (June 27), more than doubling its current free float.
Near-Term pressure on the stock is likely, given the sharp increase in tradable shares, mixed gold price outlook, and limited retail investor access after a steep rally.
A potential stock split could broaden investor participation, improve liquidity and serve as a catalyst for next leg of stock upside.


Laopu Gold (6181 HK): Lockup Expiry Ahead. After 2000% Rally, Is There Still Shine Left?

France

LVMH Moet Hennessy Louis Vuitton SE is a diversified luxury goods group. The Company produces and sells wine, cognac, perfumes, cosmetics, luggage, and watches and jewelry.

LVMH Moet Hennessy Louis Vuitton SE (MC FP)

Price Gauge
52-week Range	0.00 - 0.00
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LVMH Moet Hennessy Louis Vuitton SE (MC FP)

EU Consumer Discretionary Sector - Mixed Trends

EU consumer discretionary sector shows mixed but improving performance, with tourism leading the way while large-ticket categories lag behind.

GSBR Research

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

Briefing. Massive Jobs Restatement, Rates Go Nowhere, Apple M&A?, Earnings Updates

The new "The Briefing" newsletter format aims to provide a quick overview of market events, with the latest report highlighting the S&P 500's...

The Synopsis

Laopu Gold (6181 HK): Lockup Expiry Ahead. After 2000% Rally, Is There Still Shine Left?

Post Lockup expiry, What's next? Outlook on gold price matters. Also, a potential stock split could broaden investor participation, improve...

Devi Subhakesan

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

EU Consumer Discretionary Sector - Mixed Trends

​EU consumer discretionary sector shows mixed but improving performance, with tourism leading the way while large-ticket categories lag behind.

GSBR Research

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

Briefing. Massive Jobs Restatement, Rates Go Nowhere, Apple M&A?, Earnings Updates

The new "The Briefing" newsletter format aims to provide a quick overview of market events, with the latest report highlighting the S&P 500's...

The Synopsis

Laopu Gold (6181 HK): Strong Earnings, Soft Share Price – What’s Driving the Disconnect?

The ongoing share price weakness despite strong results likely reflects a combination of technical factors, such as lock-up related selling, and...

Devi Subhakesan

Laopu Gold (6181 HK): Lockup Expiry Ahead. After 2000% Rally, Is There Still Shine Left?

Post Lockup expiry, What's next? Outlook on gold price matters. Also, a potential stock split could broaden investor participation, improve...

Devi Subhakesan

EU consumer discretionary sector shows mixed but improving performance, with tourism leading the way while large-ticket categories lag behind.