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 Capital Markets

Foshan Haitian Flavouring and Food / Equity Capital Markets

Foshan Haitian Flavouring and Food (3288 HK)

<ul>
<li>Foshan Haitian has priced its Hong Kong offer at the top end (HKD36.3/share) and upsized it to 279 million shares, raising a strong HKD10.1 billion (USD1.3 billion).</li>
<li>With a massive 696x oversubscription and nearly half the deal secured by cornerstone investors, the stock could see a lively debut when it lists on June 19th.</li>
<li>We believe <a href="https://www.smartkarma.com/entities/foshan-haitian-flavouring-food-company" target="_blank" data-smartkarma-citation="entities:44279:1" rel="noopener">Foshan Haitian Flavouring (3288 HK)</a> lacks a clear catalyst for growth and hence the growth expectations built into its Hong Kong pricing may prove difficult to materialise.</li>
</ul>


Foshan Haitian has priced its Hong Kong offer at the top end (HKD36.3/share) and upsized it to 279 million shares, raising a strong HKD10.1 billion (USD1.3 billion).
With a massive 696x oversubscription and nearly half the deal secured by cornerstone investors, the stock could see a lively debut when it lists on June 19th.
We believe Foshan Haitian Flavouring (3288 HK) lacks a clear catalyst for growth and hence the growth expectations built into its Hong Kong pricing may prove difficult to materialise.


Foshan Haitian: Upsized at Top Price. Near Term Upside, Long Term Value Play.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/foshan-haitian-flavouring-food-company" target="_blank" data-smartkarma-citation="entities:44279:1" rel="noopener">Foshan Haitian</a>, already listed in Shanghai, is offering 263.2 million shares in Hong Kong to raise up to HKD9.56 billion (USD1.22 billion); Final offer price will be set by today.</li>
<li>HK offer price is pitched at an appealing 19%–22% discount to its A-share close, however valuations are pricing in growth expectations that may not align with the underlying business dynamics.</li>
<li>Foshan Haitian operates in the condiments and sauces segment—a mature, saturated and competitive market with limited room for meaningful margin or volume expansion.</li>
</ul>



Foshan Haitian, already listed in Shanghai, is offering 263.2 million shares in Hong Kong to raise up to HKD9.56 billion (USD1.22 billion); Final offer price will be set by today.
HK offer price is pitched at an appealing 19%–22% discount to its A-share close, however valuations are pricing in growth expectations that may not align with the underlying business dynamics.
Foshan Haitian operates in the condiments and sauces segment—a mature, saturated and competitive market with limited room for meaningful margin or volume expansion.


Foshan Haitian HK Offer: Pantry Staples at Pricey Valuations. Key Facts, Financials & More

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/foshan-haitian-flavouring-food-company" target="_blank" data-smartkarma-citation="entities:44279:1" rel="noopener">Foshan Haitian Flavouring &amp; Food Company (3288 HK)</a> has launched its H Share listing at HK$35.00 to HK$36.30 per H Share. Pricing will be on 17 June.</li>
<li>I discussed the H Share listing in <strong><em><a href="https://www.smartkarma.com/insights/foshan-haitian-flavouring-h-share-listing-the-investment-case" target="_blank" data-smartkarma-citation="insights:187902" rel="noopener">Foshan Haitian Flavouring H Share Listing: The Investment Case</a></em></strong>.</li>
<li>The proposed AH discount can be argued as either light or attractive. I lean toward the latter and would participate in the H Share listing.</li>
</ul>



Foshan Haitian Flavouring &amp; Food Company (3288 HK) has launched its H Share listing at HK$35.00 to HK$36.30 per H Share. Pricing will be on 17 June.
I discussed the H Share listing in Foshan Haitian Flavouring H Share Listing: The Investment Case.
The proposed AH discount can be argued as either light or attractive. I lean toward the latter and would participate in the H Share listing.


Foshan Haitian Flavouring H Share Listing (3288 HK): Valuation Insights

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.

Equity Bottom-Up

<ul><li>McCormick & Company recently presented their results for the first quarter of 2025.</li><li>The report indicated mixed outcomes, with organic sales showing modest growth and some challenges in profitability.</li><li>The company's total organic sales grew by 2%, primarily driven by volume and product mix growth.</li></ul>

McCormick & Company recently presented their results for the first quarter of 2025.The report indicated mixed outcomes, with organic sales showing modest growth and some challenges in profitability.The company's total organic sales grew by 2%, primarily driven by volume and product mix growth.

McCormick Battles Tariff Turmoil With A New Diversification Strategy But Will It Work?

<ul><li>McCormick & Company, Incorporated has reported its fourth-quarter and fiscal year 2024 earnings.</li><li>In the fourth quarter, McCormick's organic sales increased by 2%, driven predominantly by a volume and product mix growth of over 2%, albeit partially offset by pricing pressures.</li><li>This marks a commendable achievement against a backdrop of varied global demand environments, particularly with notable challenges in the Asia Pacific region.</li></ul>

McCormick & Company, Incorporated has reported its fourth-quarter and fiscal year 2024 earnings.In the fourth quarter, McCormick's organic sales increased by 2%, driven predominantly by a volume and product mix growth of over 2%, albeit partially offset by pricing pressures.This marks a commendable achievement against a backdrop of varied global demand environments, particularly with notable challenges in the Asia Pacific region.

McCormick & Company’s Massive Tech Overhaul: The Game-Changing Investment Powering Explosive Growth! - Major Drivers

United States

McCormick & Company, Inc. manufactures, markets, and distributes flavor products (including spices, herbs, extracts, seasonings and flavorings) and other specialty food products to the food industry. The Company sells to retail stores, food manufacturers, and food service businesses.

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McCormick & Company (MKC US)

Foshan Haitian: Upsized at Top Price. Near Term Upside, Long Term Value Play.

Expect a strong listing on Thursday, June 19th. However Foshan Haitian lacks a clear catalyst for growth and the expectations built into its Hong...

Devi Subhakesan

Foshan Haitian HK Offer: Pantry Staples at Pricey Valuations. Key Facts, Financials & More

Foshan Haitian's HK offer valuations seem rich even with the headline discount. Without a clear path to margin or volume growth, expectations...

Devi Subhakesan

McCormick Battles Tariff Turmoil With A New Diversification Strategy But Will It Work?

McCormick & Company recently presented their results for the first quarter of 2025. The report indicated mixed outcomes, with organic sales...

Baptista Research

McCormick & Company’s Massive Tech Overhaul: The Game-Changing Investment Powering Explosive Growth! - Major Drivers

McCormick & Company, Incorporated has reported its fourth-quarter and fiscal year 2024 earnings. In the fourth quarter, McCormick's organic...

Baptista Research

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52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Foshan Haitian: Upsized at Top Price. Near Term Upside, Long Term Value Play.

Expect a strong listing on Thursday, June 19th. However Foshan Haitian lacks a clear catalyst for growth and the expectations built into its Hong...

Devi Subhakesan

Foshan Haitian HK Offer: Pantry Staples at Pricey Valuations. Key Facts, Financials & More

Foshan Haitian's HK offer valuations seem rich even with the headline discount. Without a clear path to margin or volume growth, expectations...

Devi Subhakesan

Foshan Haitian Flavouring H Share Listing (3288 HK): Valuation Insights

Haitian has launched its H Share listing at HK$35.00 to HK$36.30 per H Share. The proposed AH discount is attractive, and I recommend participating...

Arun George

McCormick Battles Tariff Turmoil With A New Diversification Strategy But Will It Work?

McCormick & Company recently presented their results for the first quarter of 2025. The report indicated mixed outcomes, with organic sales...

Baptista Research

McCormick & Company’s Massive Tech Overhaul: The Game-Changing Investment Powering Explosive Growth! - Major Drivers

McCormick & Company, Incorporated has reported its fourth-quarter and fiscal year 2024 earnings. In the fourth quarter, McCormick's organic...

Baptista Research