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.

Private Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/think-learn-pvt-ltd-byju-s" target="_blank" data-smartkarma-citation="entities:32203:1" rel="noopener">BYJU'S (1391510D IN)</a>, the world's most valued online learning company, shocked the street with reported losses of USD576 mn on revenues of USD286 mn for the year ending March2021.</li>
<li>Post-Pandemic return to school has reset growth trajectory for India's blooming EdTech sector that thrived during COVID times attracting multi-billion dollar valuations.</li>
<li>Industry wide layoffs and few shut downs have raised concerns on growth prospects for edTech players and sustainability of their boom period valuations. </li>
</ul>



BYJU'S (1391510D IN), the world's most valued online learning company, shocked the street with reported losses of USD576 mn on revenues of USD286 mn for the year ending March2021.
Post-Pandemic return to school has reset growth trajectory for India's blooming EdTech sector that thrived during COVID times attracting multi-billion dollar valuations.
Industry wide layoffs and few shut downs have raised concerns on growth prospects for edTech players and sustainability of their boom period valuations. 


India EdTech Woes: Waning Demand, Dried up Funding & Risk of Eroding Valuations

Consumer Analyst / Channel Surveillance Specialist, Trudence Capital Advisors

Pranav Bhavsar

Consumer Analyst / Channel Surveillance Specialist

Trudence Capital Advisors

Trudence Capital Advisors Private Limited is a SEBI-registered Research Analyst, holding SEBI registration number INH000015747. Our firm is dedicated to providing independent and unbiased research on Indian mid to large-cap companies. Trudence Capital is known for its counter-consensus views, with a focus on forensic research and on-ground primary investigations. Our research approach is thorough, involving detailed analysis of accounting practices and governance, alongside extensive channel checks.

Independent & Unbiased Research

<ul>
<li>This channel insight focuses on private unicorns backed by <a href="https://www.smartkarma.com/entities/blackrock-inc" target="_blank" data-smartkarma-citation="entities:6249:1" rel="noopener">Blackrock Inc (BLK US)</a>, <a href="https://www.smartkarma.com/entities/tencent-holdings-ltd" target="_blank" data-smartkarma-citation="entities:26:1" rel="noopener">Tencent (700 HK)</a>, <a href="https://www.smartkarma.com/entities/alibaba-group" target="_blank" data-smartkarma-citation="entities:28434:1" rel="noopener">Alibaba Group (9988 HK)</a>.</li>
<li>There are indications of organic growth slowing down. Cash burn is probably the only possible way to cross the high operating performance seen during COVID.  </li>
<li>Investor pressure is mounting, leading to mass hiring or firing in the Industry. </li>
</ul>


This channel insight focuses on private unicorns backed by Blackrock Inc (BLK US), Tencent (700 HK), Alibaba Group (9988 HK).
There are indications of organic growth slowing down. Cash burn is probably the only possible way to cross the high operating performance seen during COVID.  
Investor pressure is mounting, leading to mass hiring or firing in the Industry. 


India Channel Insight #32 | BYJU'S, Cars24, Udaan

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

<ul>
<li>Byju’s (Byju) is the largest edtech company in India. It offers online and offline courses.</li>
<li>As per media reports, its latest funding round on Nov 21 was done at a valuation of US$21bn.</li>
<li>Byju is rumored to be in talks with Churchill Capital VII SPAC to go public in the US.</li>
</ul>


Byju’s (Byju) is the largest edtech company in India. It offers online and offline courses.
As per media reports, its latest funding round on Nov 21 was done at a valuation of US$21bn.
Byju is rumored to be in talks with Churchill Capital VII SPAC to go public in the US.


Byju’s Tearsheet - India's Largest Edtech Company

SPAC Deep Dive, subSPAC

subSPAC

SPAC Deep Dive

Each week we’ll identify and break down for you SPACs that are capturing market share and making an impact.

Equity Capital Markets

<ul><li>The SPAC market has been down and out in 2022, with few high-quality deals.</li><li>However, things appear to be changing, with rumours surfacing that three SPACs are fighting to take the words largest EdTech startup public.</li><li>If the company makes a debut at a $50 billion valuation, there will be very little room for error, leaving room for far more downside than upside.</li></ul>

The SPAC market has been down and out in 2022, with few high-quality deals.However, things appear to be changing, with rumours surfacing that three SPACs are fighting to take the words largest EdTech startup public.If the company makes a debut at a $50 billion valuation, there will be very little room for error, leaving room for far more downside than upside.

This $50 Billion SPAC Deal Has Several Red Flags

Independent Research, SPACs, SPAC Track

SPAC Track

Independent Research, SPACs

<ul><li>Founder SPAC (FOUN: warrants +31.25%) &amp; Rubicon Technologies (Valuation: $1.7B EV)</li><li>North Atlantic Acquisition Corporation (NAAC— after-hours deal) &amp; TeleSign (Valuation: $1.3B EV)</li><li>India’s Most Valuable Startup Byju’s in Talks to Go Public Via SPAC Deal</li></ul>

Founder SPAC (FOUN: warrants +31.25%) &amp; Rubicon Technologies (Valuation: $1.7B EV)North Atlantic Acquisition Corporation (NAAC— after-hours deal) &amp; TeleSign (Valuation: $1.3B EV)India’s Most Valuable Startup Byju’s in Talks to Go Public Via SPAC Deal

India

Think & Learn Pvt Ltd, doing business as BYJU, provides online educational services. The Company offers technology based education platform for primary and secondary school subjects, overseas and domestic test preparation courses, engineering, medicine, and more. BYJU operates in India.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

BYJU'S (1391510D IN)

India EdTech Woes: Waning Demand, Dried up Funding & Risk of Eroding Valuations

Industry wide layoffs, few shut downs and Byju's steep losses have raised concerns on growth prospects for India's edtech sector and sustainability...

Devi Subhakesan

India Channel Insight #32 | BYJU'S, Cars24, Udaan

This channel insight focuses on private unicorns backed by Blackrock Inc (BLK US), Tencent (700 HK), Alibaba Group (9988 HK)

Pranav Bhavsar

Byju’s Tearsheet - India's Largest Edtech Company

Byju’s (Byju) is the largest edtech company in India. It offers online and offline courses. It's last funding round was said to have been done at...

Sumeet Singh

This $50 Billion SPAC Deal Has Several Red Flags

The SPAC market has been down and out in 2022, with few high-quality deals. However, things appear to be changing, with rumours surfacing...

subSPAC

The Nightcap from SPAC Track

Founder SPAC (FOUN: warrants +31.25%) & Rubicon Technologies (Valuation: $1.7B EV) North Atlantic Acquisition Corporation (NAAC— after-hours...

SPAC Track

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)