Asia Consumer Sector Research, Investory

Devi Subhakesan

Asia Consumer Sector Research

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/ola-electric-mobility-pvt-ltd" target="_blank" data-smartkarma-citation="entities:40618:1" rel="noopener">Ola Electric (OLAELEC IN)</a>'s  aggressive price cuts on its S1 scooter aim to fend off competition and boost sales but risk alienating existing customers and damaging brand perception.</li>
<li>Ola Electric’s mishandling of online criticism—capped by its CEO’s heated spat with a well-known comedian—has tarnished the brand’s image.</li>
<li>With market share and stock prices dropping, concerns loom over how the company will fare after lock-up expiry in November/February and whether it will qualify for global index inclusion.</li>
</ul>



Ola Electric (OLAELEC IN)'s  aggressive price cuts on its S1 scooter aim to fend off competition and boost sales but risk alienating existing customers and damaging brand perception.
Ola Electric’s mishandling of online criticism—capped by its CEO’s heated spat with a well-known comedian—has tarnished the brand’s image.
With market share and stock prices dropping, concerns loom over how the company will fare after lock-up expiry in November/February and whether it will qualify for global index inclusion.


Ola Electric: Price-Cut Gamble, Social Media Blunders, Slipping Sales – Is the Spark Fading?

<ul>
<li>
<a href="https://www.smartkarma.com/entities/ola-electric-mobility-pvt-ltd" target="_blank" data-smartkarma-citation="entities:40618:1" rel="noopener">Ola Electric (OLAELEC IN)</a> reportedly faces challenges with poor product service, leading to dissatisfied customers. This underscores the urgency to improve its service infrastructure and restore brand trust.</li>
<li>The Indian electric two-wheeler sector saw weak sales in August, following a robust July, with Ola experiencing a sharp decline in monthly volumes and a loss of market share.</li>
<li>Meanwhile, <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>  is gearing up for a January 2025 EV launch and is preparing to establish a 25,000-unit charging infrastructure in advance.</li>
</ul>



Ola Electric (OLAELEC IN) reportedly faces challenges with poor product service, leading to dissatisfied customers. This underscores the urgency to improve its service infrastructure and restore brand trust.
The Indian electric two-wheeler sector saw weak sales in August, following a robust July, with Ola experiencing a sharp decline in monthly volumes and a loss of market share.
Meanwhile, Maruti Suzuki India (MSIL IN)  is gearing up for a January 2025 EV launch and is preparing to establish a 25,000-unit charging infrastructure in advance.


Ola Electric's Negative Noise. Maruti Suzuki's Electric Plans: India EV Update

<ul>
<li>Investors seem concerned about poor visibility on Ola Electric's profitability given its aggressive pricing strategy.</li>
<li>Expect increasing production volumes and the resulting benefits of operating leverage to lead to operating profits, likely by next quarter.</li>
<li>Integrating in-house manufactured Lithium-ion cells into its two-wheeler EVs from FY2026 and higher Government incentive pay out in FY2025 to drive profit margins further.</li>
</ul>


Investors seem concerned about poor visibility on Ola Electric's profitability given its aggressive pricing strategy.
Expect increasing production volumes and the resulting benefits of operating leverage to lead to operating profits, likely by next quarter.
Integrating in-house manufactured Lithium-ion cells into its two-wheeler EVs from FY2026 and higher Government incentive pay out in FY2025 to drive profit margins further.


Ola Electric's Path to Profitability: Volumes, Cells and PLI

<ul>
<li>Welcome to Consumer Tales &amp; Trends, your weekly roundup of the latest corporate developments, investment reports and sector events in the consumer industry.</li>
<li>
<a href="https://www.smartkarma.com/entities/ola-electric-mobility-pvt-ltd" target="_blank" data-smartkarma-citation="entities:40618:1" rel="noopener">Ola Electric (OLAELEC IN)</a>  has surged 75% from its IPO issue price. For investors wondering about potential upside, we present our base-to-bullish case valuation range for Ola Electric's stock price.</li>
<li>
<a href="https://www.smartkarma.com/entities/sea-ltd" target="_blank" data-smartkarma-citation="entities:8509:1" rel="noopener">Sea (SE US)</a> revised Shopee's 2024 GMV growth outlook to the mid-20% range. <a href="https://www.smartkarma.com/entities/jollibee-foods-corp" target="_blank" data-smartkarma-citation="entities:987:1" rel="noopener">Jollibee Foods(JFC PM)</a>'s  impressive June quarter results stand out against broader trend of weaker sales in QSR sector.</li>
</ul>


Welcome to Consumer Tales &amp; Trends, your weekly roundup of the latest corporate developments, investment reports and sector events in the consumer industry.

Ola Electric (OLAELEC IN)  has surged 75% from its IPO issue price. For investors wondering about potential upside, we present our base-to-bullish case valuation range for Ola Electric's stock price.

Sea (SE US) revised Shopee's 2024 GMV growth outlook to the mid-20% range. Jollibee Foods(JFC PM)'s  impressive June quarter results stand out against broader trend of weaker sales in QSR sector.


Consumer Tales Aug Wk#3: Ola's Dream Ride, Shopee's SE Asia Lead, Jollibee's Joyful 2Q

US-EU Index Rebalances / Quantitative Researcher, Ortex

Dimitris Ioannidis

US-EU Index Rebalances / Quantitative Researcher

Global Financial Data and Analytics Platform

Ortex

ORTEX is a global financial data and analytics platform providing real-time securities lending and short interest data, index rebalance data, holdings and insider transactions, trading signals, corporate actions and news,  stock machine learning and factor scores and other analytics. The majority of the data are downloadable and accessible through APIs.

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/ola-electric-mobility-pvt-ltd" target="_blank" data-smartkarma-citation="entities:40618:1" rel="noopener">Ola Electric (OLAELEC IN)</a> is likely to get added at the March 2025 review following the lock-up expiry in November 2024 which increases the fcap way above the fcap threshold.</li>
<li>Current fcap for February 2025 review is ~$1.2bn following the lock-up expiry in November 2024. Inclusion is based on whether fcap passes the prevailing fcap threshold.</li>
<li>The lock-up expiry in February 2025, increases the probability of addition in May 2025 review if it fails inclusion in February. </li>
</ul>



Ola Electric (OLAELEC IN) is likely to get added at the March 2025 review following the lock-up expiry in November 2024 which increases the fcap way above the fcap threshold.
Current fcap for February 2025 review is ~$1.2bn following the lock-up expiry in November 2024. Inclusion is based on whether fcap passes the prevailing fcap threshold.
The lock-up expiry in February 2025, increases the probability of addition in May 2025 review if it fails inclusion in February. 


Ola Electric (OLAELEC): EV Maker Receives Turbo Boost from Lock-Up Expiries for Index Inclusion

India

OLA Electric Mobility Limited manufactures electric vehicles. The Company focuses on designing, engineering, and manufacturing of electric scooters and bikes, as well as components like battery packs, motors, and vehicle frames. OLA Electric Mobility serves customers worldwide.

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Ola Electric (OLAELEC IN)

Ola Electric's Negative Noise. Maruti Suzuki's Electric Plans: India EV Update

Reports of rising customer complaints highlight the need for faster ramp up in service infrastructure - a weak point for Ola Electric.

Devi Subhakesan

Ola Electric's Path to Profitability: Volumes, Cells and PLI

Ola electric has enough levers to drive up profitability. Its strategy to pursue growth can work to its advantage given upsides from operating...

Devi Subhakesan

Consumer Tales Aug Wk#3: Ola's Dream Ride, Shopee's SE Asia Lead, Jollibee's Joyful 2Q

Weekly round up include: Ola stock's upside - a base to bullish case valuation analysis. Shopee's 2024 GMV growth target raised. Jollibee's robust...

Devi Subhakesan

Ola Electric (OLAELEC): EV Maker Receives Turbo Boost from Lock-Up Expiries for Index Inclusion

Ola Electric (OLAELEC) is likely to be added in March 2025 review after the lock-up expiry in November 2024 increases its fcap way above the fcap...

Dimitris Ioannidis

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Ola Electric: Price-Cut Gamble, Social Media Blunders, Slipping Sales – Is the Spark Fading?

Ola's poor handling of customer issues and brand image is hurting sales. Stock performance hinges on market share recovery, likely impacting its...

Devi Subhakesan

Ola Electric's Negative Noise. Maruti Suzuki's Electric Plans: India EV Update

Reports of rising customer complaints highlight the need for faster ramp up in service infrastructure - a weak point for Ola Electric.

Devi Subhakesan

Ola Electric's Path to Profitability: Volumes, Cells and PLI

Ola electric has enough levers to drive up profitability. Its strategy to pursue growth can work to its advantage given upsides from operating...

Devi Subhakesan

Consumer Tales Aug Wk#3: Ola's Dream Ride, Shopee's SE Asia Lead, Jollibee's Joyful 2Q

Weekly round up include: Ola stock's upside - a base to bullish case valuation analysis. Shopee's 2024 GMV growth target raised. Jollibee's robust...

Devi Subhakesan

Ola Electric (OLAELEC): EV Maker Receives Turbo Boost from Lock-Up Expiries for Index Inclusion

​Ola Electric (OLAELEC) is likely to be added in March 2025 review after the lock-up expiry in November 2024 increases its fcap way above the fcap...

Dimitris Ioannidis

Ola Electric (OLAELEC) is likely to be added in March 2025 review after the lock-up expiry in November 2024 increases its fcap way above the fcap...