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.

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/thai-beverage-pcl" target="_blank" data-smartkarma-citation="entities:3656:1" rel="noopener">Thai Beverage(THBEV SP)</a>  has proposed a share swap-deal with a promoter company to acquire additional stake in <a href="https://www.smartkarma.com/entities/fraser-and-neave-ltd" target="_blank" data-smartkarma-citation="entities:980:1" rel="noopener">FraserAnd Neave(FNN SP)</a>  in exchange for <a href="https://www.smartkarma.com/entities/frasers-property-ltd" target="_blank" data-smartkarma-citation="entities:1670:1" rel="noopener">Frasers Property</a> at negotiated valuations, not market prices.</li>
<li>Post-Completion of the swap deal with the promoter-owned entity, which requires shareholder approval, Thai Bev will hold a 69.6% stake in F&amp;N and no stake in Fraser Property (FPL).</li>
<li>If the stake swap were valued at yesterday's closing share prices, it would imply a drop in the total stake value for Thai Bev after the proposed deal.</li>
</ul>



Thai Beverage(THBEV SP)  has proposed a share swap-deal with a promoter company to acquire additional stake in FraserAnd Neave(FNN SP)  in exchange for Frasers Property at negotiated valuations, not market prices.
Post-Completion of the swap deal with the promoter-owned entity, which requires shareholder approval, Thai Bev will hold a 69.6% stake in F&amp;N and no stake in Fraser Property (FPL).
If the stake swap were valued at yesterday's closing share prices, it would imply a drop in the total stake value for Thai Bev after the proposed deal.


Thai Bev (THBEV SP): Exits Property, Boosts F&N Stake. Deal Valuation Seem Excessive

Singapore Market Roundup, Singapore Market Roundup

Singapore Market Roundup

Thematic (Sector/Industry)

<ul><li>RHB's Yeo keeps positive view on Food Empire, lowers target price to $3.08.</li><li>PhillipCapital maintains 'buy' rating for CNMC Goldmine at reduced valuation.</li><li>ComfortDelGro's target price cut to $1.21 by PhillipCapital's Chew due to taxi decline.</li></ul>

RHB's Yeo keeps positive view on Food Empire, lowers target price to $3.08.PhillipCapital maintains 'buy' rating for CNMC Goldmine at reduced valuation.ComfortDelGro's target price cut to $1.21 by PhillipCapital's Chew due to taxi decline.

Singapore Market Roundup (24-Aug-2026): RHB's Yeo lowers Food Empire target price to $3.08,

<ul>
<li>RHB's Natarajan raises CICT target price to $2.75.                                        </li>
<li>OCBC's Lim downgrades Sats to 'hold' after recent gains.</li>
<li>SGX likely to see SDAV growth from EQDP cycle, say DBS and RHB.</li>
</ul>


RHB's Natarajan raises CICT target price to $2.75.                                        
OCBC's Lim downgrades Sats to 'hold' after recent gains.
SGX likely to see SDAV growth from EQDP cycle, say DBS and RHB.


Singapore Market Roundup (30-Jun-2026): RHB's Natarajan increases CICT target price to $2.75.

<ul>
<li>RHB's Natarajan raises CICT target price to $2.75.                        </li>
<li>OCBC's Lim downgrades Sats to 'hold' after recent gains.</li>
<li>SGX expected to benefit from SDAV growth due to EQDP cycle: DBS, RHB.</li>
</ul>


RHB's Natarajan raises CICT target price to $2.75.                        
OCBC's Lim downgrades Sats to 'hold' after recent gains.
SGX expected to benefit from SDAV growth due to EQDP cycle: DBS, RHB.


Singapore Market Roundup (29-Jun-2026): RHB's Natarajan raises CICT price target to $2.75.

<ul><li>Analysts positive on Venture Corp post-1QFY2026; shares up over 11%.</li><li>CGSI keeps 60 cents target price on KIT after $128.1M stake increase in power plant.</li><li>OCBC and CGSI cut MLT target prices, awaiting China portfolio stabilization.</li></ul>

Analysts positive on Venture Corp post-1QFY2026; shares up over 11%.CGSI keeps 60 cents target price on KIT after $128.1M stake increase in power plant.OCBC and CGSI cut MLT target prices, awaiting China portfolio stabilization.

Singapore Market Roundup (06-May-2026): Venture Corp shares rise 11% after positive 1QFY2026

Thailand

Thai Beverage is a leading beverage company in Southeast Asia, manufacturing, marketing, and distributing alcoholic and non-alcoholic beverages, as well as food products. Its diverse portfolio includes spirits, beer (such as Chang Beer), non-alcoholic beverages like Oishi green tea, and various food offerings. The company is headquartered in Bangkok, Thailand, and was founded on October 29, 2003.

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Thai Beverage (THBEV SP)

Thai Bev (THBEV SP): Exits Property, Boosts F&N Stake. Deal Valuation Seem Excessive

Proposed share swap deal with promoter company based on negotiated values not market prices. Acquisition value for F&N seem excessive and...

Devi Subhakesan

Singapore Market Roundup (24-Aug-2026): RHB's Yeo lowers Food Empire target price to $3.08,

RHB's Yeo maintains a positive view on Food Empire, lowering the target price to $3.08. PhillipCapital cuts ComfortDelGro's target to $1.21 and...

Singapore Market Roundup

Singapore Market Roundup (30-Jun-2026): RHB's Natarajan increases CICT target price to $2.75.

RHB's Natarajan raises CICT target to $2.75; OCBC's Lim downgrades Sats to 'hold' after gains. SGX expected to see SDAV growth from EQDP cycle, say...

Singapore Market Roundup

Singapore Market Roundup (29-Jun-2026): RHB's Natarajan raises CICT price target to $2.75.

RHB raises CICT target price to $2.75; OCBC downgrades Sats to 'hold.' SGX likely to benefit from SDAV growth, say DBS and RHB.

Singapore Market Roundup

Singapore Market Roundup (06-May-2026): Venture Corp shares rise 11% after positive 1QFY2026

Analysts are optimistic about Venture Corp after a strong 1QFY2026, with shares up 11%. CGSI maintains a 60-cent target for KIT amid a power plant...

Singapore Market Roundup

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