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>The upcoming Johor Bahru-Singapore Rapid Transit System and the ease of cross-border movements could impact Singapore’s retail sector as more consumers may choose to spend across the border.</li>
<li>DFI Retail CEO cited this as rationale for exiting Singapore based grocery retail business under Cold Storage and Giant's brands. Sheng Siong group said it will carefully monitor this development.</li>
<li>Singapore retail prices for branded consumer discretionary and staples are between 30%-50% higher than in Malaysia. With greater ease of commute and shipping, this price differential may not be sustainable.</li>
</ul>


The upcoming Johor Bahru-Singapore Rapid Transit System and the ease of cross-border movements could impact Singapore’s retail sector as more consumers may choose to spend across the border.
DFI Retail CEO cited this as rationale for exiting Singapore based grocery retail business under Cold Storage and Giant's brands. Sheng Siong group said it will carefully monitor this development.
Singapore retail prices for branded consumer discretionary and staples are between 30%-50% higher than in Malaysia. With greater ease of commute and shipping, this price differential may not be sustainable.


Singapore Retail Sector: Will It Be Impacted by Improved Connectivity with Malaysia?

Singapore Market Roundup, Singapore Market Roundup

Singapore Market Roundup

Thematic (Sector/Industry)

<ul><li>RHB starts 'buy' on KIT, predicts 1.2% FFO CAGR from FY2024 to FY2027.</li><li>CGS International boosts Wee Hur's target price to 95 cents on strong orderbook outlook.</li><li>PhillipCapital's Chew reaffirms 'buy' rating for TeleChoice International.</li></ul>

RHB starts 'buy' on KIT, predicts 1.2% FFO CAGR from FY2024 to FY2027.CGS International boosts Wee Hur's target price to 95 cents on strong orderbook outlook.PhillipCapital's Chew reaffirms 'buy' rating for TeleChoice International.

Singapore Market Roundup (26-Nov-2025): RHB initiates 'buy' on KIT, forecasts 1.2% FFO CAGR.

<ul>
<li>RHB's Natarajan maintains IREIT Global's target price at 35 cents. uSmart places 'hold' on Kimly amid stagnant income growth.</li>
<li>uSMART starts 'buy' on Starhill Global REIT, target price at 67 cents. CGS International maintains 'add' on Sanli Environmental, lowers target price post-placement.</li>
<li>Analysts remain positive on CSE Global after 3QFY2025 update and potential DC wins.</li>
</ul>


RHB's Natarajan maintains IREIT Global's target price at 35 cents. uSmart places 'hold' on Kimly amid stagnant income growth.
uSMART starts 'buy' on Starhill Global REIT, target price at 67 cents. CGS International maintains 'add' on Sanli Environmental, lowers target price post-placement.
Analysts remain positive on CSE Global after 3QFY2025 update and potential DC wins.


Singapore Market Roundup (25-Nov-2025): RHB's Natarajan keeps IREIT Global's target price at 35c.

Invest, Trade and Save in Singapore, Syfe

Syfe

Invest, Trade and Save in Singapore

Syfe is an investment platform offering Managed Portfolios, Brokerage services, and Cash Management solutions to help people build wealth for a better future.

<ul>
<li>Singapore’s retail REITs have proven to be among the more resilient segments within the broader S-REIT universe.</li>
<li>By early 2025, high shopper footfall, recovering tenant sales, and positive rental reversions are now the norm across well-managed portfolios. Suburban malls, anchored in necessity trades like groceries, healthcare, and Food and Beverage (F&amp;B), led the recovery, with some even exceeding pre-Covid revenue metrics.</li>
<li>Prime malls have also regained momentum, buoyed by international tourism and luxury brand expansion. Occupancy rates are now typically north of 96%, and mall operators are again achieving mid- to high-single-digit rent uplifts on lease renewals, clear signs of restored landlord pricing power.</li>
</ul>


Singapore’s retail REITs have proven to be among the more resilient segments within the broader S-REIT universe.
By early 2025, high shopper footfall, recovering tenant sales, and positive rental reversions are now the norm across well-managed portfolios. Suburban malls, anchored in necessity trades like groceries, healthcare, and Food and Beverage (F&amp;B), led the recovery, with some even exceeding pre-Covid revenue metrics.
Prime malls have also regained momentum, buoyed by international tourism and luxury brand expansion. Occupancy rates are now typically north of 96%, and mall operators are again achieving mid- to high-single-digit rent uplifts on lease renewals, clear signs of restored landlord pricing power.


Singapore Retail REITs: Show Resilience And Relevance

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.

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/paragon-reit" target="_blank" data-smartkarma-citation="entities:5994:1" rel="noopener">Paragon REIT (PGNREIT SP)</a> announced a privatisation proposal from Cuscaden Peak at S$1.0033 per unit (S$0.98 cash per unit and the 2H FY2024 distribution of S$0.0233 per unit).  </li>
<li>The offer price is attractive compared to historical trading ranges, peer multiples and precedent privatisations.  It represents an all-time high. </li>
<li>No disinterested shareholder holds a blocking stake. At the current price and for an end-of-May payment, the gross/annualised spread was 1.3%/4.6%. </li>
</ul>



Paragon REIT (PGNREIT SP) announced a privatisation proposal from Cuscaden Peak at S$1.0033 per unit (S$0.98 cash per unit and the 2H FY2024 distribution of S$0.0233 per unit).  
The offer price is attractive compared to historical trading ranges, peer multiples and precedent privatisations.  It represents an all-time high. 
No disinterested shareholder holds a blocking stake. At the current price and for an end-of-May payment, the gross/annualised spread was 1.3%/4.6%. 


Paragon REIT (PGNREIT SP): Cuscaden Peak’s Attractive Privatisation Offer

Singapore

Starhill Global REIT is a real estate investment trust.  The trust invests in retail and office buildings in Singapore and overseas.

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Starhill Global REIT (SGREIT SP)

Singapore Retail Sector: Will It Be Impacted by Improved Connectivity with Malaysia?

Singapore's branded consumer retail margins and retail rental yield are at risk when easier border crossing access to Malaysia could prompt more...

Devi Subhakesan

Singapore Market Roundup (26-Nov-2025): RHB initiates 'buy' on KIT, forecasts 1.2% FFO CAGR.

RHB initiates 'buy' on KIT, forecasting 1.2% FFO CAGR (FY2024-FY2027). CGS raises Wee Hur's target to 95 cents; PhillipCapital reaffirms 'buy' for...

Singapore Market Roundup

Singapore Market Roundup (25-Nov-2025): RHB's Natarajan keeps IREIT Global's target price at 35c.

RHB keeps IREIT Global's target price at 35 cents; uSMART holds Kimly due to stagnant growth and starts 'buy' on Starhill Global REIT with a target...

Singapore Market Roundup

Singapore Retail REITs: Show Resilience And Relevance

Singapore’s retail REITs have proven to be among the more resilient segments within the broader S-REIT universe. By early 2025, high shopper...

Syfe

Paragon REIT (PGNREIT SP): Cuscaden Peak’s Attractive Privatisation Offer

This is a done deal. No disinterested shareholder holds a blocking stake. At the current price and for an end-of-May payment, the gross/annualised...

Arun George

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