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>Lock up expiry today of 21.2 million shares held by <a href="https://www.smartkarma.com/entities/hyundai-motor-india-ltd" target="_blank" data-smartkarma-citation="entities:40900:1" rel="noopener">Hyundai Motor India (HYUNDAI IN)</a>'s anchor investors. This could improve free float to 17.5% with rest held by the parent.</li>
<li>Hyundai India Management is positive about its CY2025 outlook and expects to grow by similar numbers or more in 2025 as it did in 2024. </li>
<li>Creta Electric’s launch is scheduled on Jan 17th; Hyundai hopes to replicate the growth and excitement seen with its original Creta model.</li>
</ul>


Lock up expiry today of 21.2 million shares held by Hyundai Motor India (HYUNDAI IN)'s anchor investors. This could improve free float to 17.5% with rest held by the parent.
Hyundai India Management is positive about its CY2025 outlook and expects to grow by similar numbers or more in 2025 as it did in 2024. 
Creta Electric’s launch is scheduled on Jan 17th; Hyundai hopes to replicate the growth and excitement seen with its original Creta model.


Hyundai Motor India: Anchor Investor Lock-In Period Ends Today

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

LG Electronics India / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/lg-electronics-inc" target="_blank" data-smartkarma-citation="entities:8814:1" rel="noopener">LG Electronics (066570 KS)</a> is looking to raise US$1.5bn+ via part-selling its stake in <a href="https://www.smartkarma.com/entities/lg-electronics-india" target="_blank" data-smartkarma-citation="entities:44148:1" rel="noopener">LG Electronics India</a> IPO. </li>
<li>LG Electronics India (LGEI) was the market leader in India in major home appliances and consumer electronics (excluding mobile phones) in terms of volume in 1Q25, as per Redseer Report.</li>
<li>In this note, we talk about the positive aspects of the deal.</li>
</ul>



LG Electronics (066570 KS) is looking to raise US$1.5bn+ via part-selling its stake in LG Electronics India IPO. 
LG Electronics India (LGEI) was the market leader in India in major home appliances and consumer electronics (excluding mobile phones) in terms of volume in 1Q25, as per Redseer Report.
In this note, we talk about the positive aspects of the deal.


LG Electronics India Pre-IPO - The Positives - Well Known and Well Loved

External broker reports(aggregated public sources), Axis Direct

Axis Direct

External broker reports(aggregated public sources)

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank in India. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Thematic (Sector/Industry)

<ul><li>Auto OEMs: We expect Revenue/EBITDA/PAT for our OEM coverage universe to grow by ~12.7%/10.3%/10.6% YoY with a 30 bps decline expected in EBITDA Margins.</li><li>The growth will be driven by (i) High single-digit volume growth in 2Ws and tractors, (ii) Low to mid-single digit growth for PVs being partly offset by a slight decline in CVs.</li><li>The expected YoY EBITDA margin decline is an outcome of (i) inferior product mix, (ii) higher discounts (PV), (iii) increased sales and marketing expenses being partly offset by RM softening and (iv) price hikes taken over the past one year. </li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Auto OEMs: We expect Revenue/EBITDA/PAT for our OEM coverage universe to grow by ~12.7%/10.3%/10.6% YoY with a 30 bps decline expected in EBITDA Margins.The growth will be driven by (i) High single-digit volume growth in 2Ws and tractors, (ii) Low to mid-single digit growth for PVs being partly offset by a slight decline in CVs.The expected YoY EBITDA margin decline is an outcome of (i) inferior product mix, (ii) higher discounts (PV), (iii) increased sales and marketing expenses being partly offset by RM softening and (iv) price hikes taken over the past one year. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

APAC IPOs & Placements, Aequitas Research

Akshat Shah

APAC IPOs & Placements

<ul>
<li>
<a href="https://www.smartkarma.com/entities/crizac" target="_blank" data-smartkarma-citation="entities:41120:1" rel="noopener">Crizac (CRIZAC IN)</a> is looking to raise US$120m in its upcoming India IPO.</li>
<li>Crizac is an education platform offering international student recruitment solutions to global institutions of higher education in the United Kingdom, Canada, Republic of Ireland, Australia and New Zealand (ANZ).</li>
<li>In this note, we talk about the company’s historical performance.</li>
</ul>



Crizac (CRIZAC IN) is looking to raise US$120m in its upcoming India IPO.
Crizac is an education platform offering international student recruitment solutions to global institutions of higher education in the United Kingdom, Canada, Republic of Ireland, Australia and New Zealand (ANZ).
In this note, we talk about the company’s historical performance.


Crizac Pre-IPO - Expanding Network and Service Portfolio to Drive Growth

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

<ul>
<li>JSW Group is set to acquire Everstone Capital's 8% stake in MG India, raising its ownership to 43%. While strengthening its position, JSW will still fall short of majority control.</li>
<li>
<a href="https://www.smartkarma.com/entities/maruti-suzuki-india-ltd" target="_blank" data-smartkarma-citation="entities:733:1" rel="noopener">Maruti Suzuki India (MSIL IN)</a>  unveils its ‘e For Me’ vision for electric mobility, focusing on the e VITARA electric SUV and an ecosystem to support EV adoption. </li>
<li>
<a href="https://www.smartkarma.com/entities/temasek-holdings-pte-ltd" target="_blank" data-smartkarma-citation="entities:28816:1" rel="noopener">Temasek Holdings Pte Ltd (TMSK SP)</a>  is set to acquire a minority stake in Haldiram Snacks for a valuation of $10-$11 billion. </li>
</ul>


JSW Group is set to acquire Everstone Capital's 8% stake in MG India, raising its ownership to 43%. While strengthening its position, JSW will still fall short of majority control.

Maruti Suzuki India (MSIL IN)  unveils its ‘e For Me’ vision for electric mobility, focusing on the e VITARA electric SUV and an ecosystem to support EV adoption. 

Temasek Holdings Pte Ltd (TMSK SP)  is set to acquire a minority stake in Haldiram Snacks for a valuation of $10-$11 billion. 


#83 India Insight: JSW to Acquire MG India, Maruti Unveils EV Vision, Temasek to Invest in Haldiram

India

Maruti Suzuki India Limited manufactures and exports automobiles. Maruti collaborated with Suzuki of Japan to produce affordable cars for the average Indian.

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Maruti Suzuki India (MSIL IN)

Hyundai Motor India: Anchor Investor Lock-In Period Ends Today

Could 2025 Be a Promising Year for Hyundai Motor India? Management expects to grow by similar or better numbers than 2024. It has set high...

Devi Subhakesan

LG Electronics India Pre-IPO - The Positives - Well Known and Well Loved

LG Electronics (066570 KS) is looking to raise US$1.5bn+ via part-selling its stake in LG Electronics India IPO. In this note, we talk about the...

Sumeet Singh

Q3FY25 Earnings Preview - Automobile

We expect Revenue/EBITDA/PAT for our OEM coverage universe to grow by ~12.7%/10.3%/10.6% YoY with a 30 bps decline expected in EBITDA Margins.

Axis Direct

Crizac Pre-IPO - Expanding Network and Service Portfolio to Drive Growth

Crizac is looking to raise US$120m in its upcoming India IPO. In this note, we talk about the company’s historical performance.

Akshat Shah

#83 India Insight: JSW to Acquire MG India, Maruti Unveils EV Vision, Temasek to Invest in Haldiram

JSW Group increases stake in MG India, Maruti Suzuki unveils electric mobility vision, Temasek Holdings to acquire stake in Haldiram Snacks.

Sudarshan Bhandari

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52-week Range

Market Cap (USDm)

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Hyundai Motor India: Anchor Investor Lock-In Period Ends Today

Could 2025 Be a Promising Year for Hyundai Motor India? Management expects to grow by similar or better numbers than 2024. It has set high...

Devi Subhakesan

LG Electronics India Pre-IPO - The Positives - Well Known and Well Loved

LG Electronics (066570 KS) is looking to raise US$1.5bn+ via part-selling its stake in LG Electronics India IPO. In this note, we talk about the...

Sumeet Singh

Q3FY25 Earnings Preview - Automobile

We expect Revenue/EBITDA/PAT for our OEM coverage universe to grow by ~12.7%/10.3%/10.6% YoY with a 30 bps decline expected in EBITDA Margins.

Axis Direct

Crizac Pre-IPO - Expanding Network and Service Portfolio to Drive Growth

Crizac is looking to raise US$120m in its upcoming India IPO. In this note, we talk about the company’s historical performance.

Akshat Shah

#83 India Insight: JSW to Acquire MG India, Maruti Unveils EV Vision, Temasek to Invest in Haldiram

​JSW Group increases stake in MG India, Maruti Suzuki unveils electric mobility vision, Temasek Holdings to acquire stake in Haldiram Snacks.

Sudarshan Bhandari

JSW Group increases stake in MG India, Maruti Suzuki unveils electric mobility vision, Temasek Holdings to acquire stake in Haldiram Snacks.