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/softbank-group-corp" target="_blank" data-smartkarma-citation="entities:315:1" rel="noopener">Softbank Group (9984 JP)</a>  reported a record H1 net income of ¥2.9 trillion, driven principally by a USD 14.6 billion fair-value gain from its OpenAI investment and Rights to invest.</li>
<li>The Group fully exited its USD 2.9 billion <a href="https://www.smartkarma.com/entities/nvidia-corp" target="_blank" data-smartkarma-citation="entities:5891:1" rel="noopener">NVIDIA Corp (NVDA US)</a> stake in October, realizing gross gains of USD 2.9 billion on sale proceeds of USD 5.8 billion.</li>
<li>It also sold partial stakes in T-Mobile for USD 9.2 billion and Deutsche Telekom for USD 2.4 billion even as it raised its investment target in OpenAI to USD34.7 Bn.</li>
</ul>



Softbank Group (9984 JP)  reported a record H1 net income of ¥2.9 trillion, driven principally by a USD 14.6 billion fair-value gain from its OpenAI investment and Rights to invest.
The Group fully exited its USD 2.9 billion NVIDIA Corp (NVDA US) stake in October, realizing gross gains of USD 2.9 billion on sale proceeds of USD 5.8 billion.
It also sold partial stakes in T-Mobile for USD 9.2 billion and Deutsche Telekom for USD 2.4 billion even as it raised its investment target in OpenAI to USD34.7 Bn.


Softbank Group: Performance Powered by OpenAI. Exits NVIDIA, Bets Big on AI

Japanese Equity Specialist, Ortus Advisors

Andrew Jackson

Japanese Equity Specialist

Ortus Advisors

Thematic (Sector/Industry)

<ul>
<li>Furukawa and Fujikura could see support after reports the US is weighing a ban on Chinese optical transceivers.</li>
<li>Softbank looks well placed for gains on strong earnings and ARM's rally.</li>
<li>Softbank Corp, NTT and KDDI may face pressure after Musk signaled plans to take "quite a few" mobile customers from major carriers via Starlink's direct-to-mobile service.</li>
</ul>


Furukawa and Fujikura could see support after reports the US is weighing a ban on Chinese optical transceivers.
Softbank looks well placed for gains on strong earnings and ARM's rally.
Softbank Corp, NTT and KDDI may face pressure after Musk signaled plans to take "quite a few" mobile customers from major carriers via Starlink's direct-to-mobile service.


Japan Morning Connection: Furukawa, Fujikura May Find Support as US Weighs Ban on Chinese Optics

Independent in-depth research from Finimize, Finimize

Finimize Research

Independent in-depth research from Finimize

Finimize

Finimize is the #1 information platform for modern investors. We empower people to become smarter investors with bitesize insights from world-class analysts. 1 million+ strong community, 250 partners.

<ul>
<li>AI’s evolving every second of every day, and so are the boom’s best investing plays. Early this year, I called out SoftBank Group as a prime AI opportunity.</li>
<li>A wide discount to NAV offered a cheap way to invest in Arm and tech, but that's narrowed after Softbank's 150% share price rally - and more limited NAV growth.</li>
<li>So I’ve taken a fresh look at SoftBank, reviewed my original trade ideas, and found a new undervalued power play that could help you reap a tidy reward.</li>
</ul>


AI’s evolving every second of every day, and so are the boom’s best investing plays. Early this year, I called out SoftBank Group as a prime AI opportunity.
A wide discount to NAV offered a cheap way to invest in Arm and tech, but that's narrowed after Softbank's 150% share price rally - and more limited NAV growth.
So I’ve taken a fresh look at SoftBank, reviewed my original trade ideas, and found a new undervalued power play that could help you reap a tidy reward.


SoftBank Soared. And This Hidden AI Power Play Could Be Next

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Index Rebalance

<ul>
<li>
<a href="https://www.smartkarma.com/entities/softbank-group-corp" target="_blank" data-smartkarma-citation="entities:315:1" rel="noopener">Softbank Group (9984 JP)</a>'s weight in the <a href="https://www.smartkarma.com/entities/nikkei-225" target="_blank" data-smartkarma-citation="entities:22909:1" rel="noopener">Nikkei 225 (NKY INDEX)</a> has broken through 10% and staying there will lead to capping at the March rebalance.</li>
<li>Nearly half of <a href="https://www.smartkarma.com/entities/softbank-group-corp" target="_blank" data-smartkarma-citation="entities:315:1" rel="noopener">Softbank Group</a>'s float is held by passive trackers, and the real float is much lower. Capping will increase the real float by a few percentage points.</li>
<li>
<a href="https://www.smartkarma.com/entities/softbank-group-corp" target="_blank" data-smartkarma-citation="entities:315:1" rel="noopener">Softbank Group</a> has outperformed the <a href="https://www.smartkarma.com/entities/nikkei-225" target="_blank" data-smartkarma-citation="entities:22909:1" rel="noopener">Nikkei 225 (NKY INDEX)</a> significantly over the last 6 months and cumulative excess volume has started to increase sharply. Watch out for pullbacks.</li>
</ul>



Softbank Group (9984 JP)'s weight in the Nikkei 225 (NKY INDEX) has broken through 10% and staying there will lead to capping at the March rebalance.
Nearly half of Softbank Group's float is held by passive trackers, and the real float is much lower. Capping will increase the real float by a few percentage points.

Softbank Group has outperformed the Nikkei 225 (NKY INDEX) significantly over the last 6 months and cumulative excess volume has started to increase sharply. Watch out for pullbacks.


Softbank Group (9984 JP): Breaks Through the 10% Nikkei225 Cap

<ul>
<li>Alphabet revealed plans to spend aggressively on AI computing capacity, a positive for semi-caps and Japan’s SPE firms.</li>
<li>A mild negative for Harmonic Drive after Musk flagged that scaling Optimus production will be tough to scale.</li>
<li>News that SK Hynix is being considered as a partner to run Intel's Ohio campus is a positive for SPE names in Intel's supply chain and memory-related names.</li>
</ul>


Alphabet revealed plans to spend aggressively on AI computing capacity, a positive for semi-caps and Japan’s SPE firms.
A mild negative for Harmonic Drive after Musk flagged that scaling Optimus production will be tough to scale.
News that SK Hynix is being considered as a partner to run Intel's Ohio campus is a positive for SPE names in Intel's supply chain and memory-related names.


Japan Morning Connection: Intel Supply Chain in Focus as SK Hynix Eyed for Ohio Campus Role

Japan

SoftBank Group Corp. provides telecommunication services. The Company also operates ADSL (Asymmetric Digital Subscriber Line) and fiber optic high-speed Internet connection, e-Commerce businesses, and Internet based advertising and auction businesses.

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Softbank Group (9984 JP)

Softbank Group: Performance Powered by OpenAI. Exits NVIDIA, Bets Big on AI

SoftBank’s gains soar with OpenAI’s valuation boost, lifting both actual investment returns and investment rights. Exits NVIDIA but plans to double...

Devi Subhakesan

Japan Morning Connection: Furukawa, Fujikura May Find Support as US Weighs Ban on Chinese Optics

US considering ban on Chinese optical transceivers could benefit Furukawa and Fujikura. Pressure for telcos as Musk plans to take mobile customers...

Andrew Jackson

SoftBank Soared. And This Hidden AI Power Play Could Be Next

In February, I called out SoftBank Group as a prime AI opportunity. So I've taken a fresh look, included OpenAI's potential contribution, and found...

Finimize Research