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

Budweiser Brewing Company APAC / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/budweiser-brewing-co-apac-ltd" target="_blank" data-smartkarma-citation="entities:28077:1" rel="noopener">Budweiser Brewing APAC (1876 HK)</a>'s  performance could improve from 2H2024, driven by a likely recovery in China's premium beer market and favourable commodity prices.</li>
<li>Stock's upside potential from current price levels seem to outweigh downside risk.</li>
<li>With a high dividend payout and strong free cash flow generation, Budweiser trades at a 5% dividend yield and an 11% FCF yield.</li>
</ul>



Budweiser Brewing APAC (1876 HK)'s  performance could improve from 2H2024, driven by a likely recovery in China's premium beer market and favourable commodity prices.
Stock's upside potential from current price levels seem to outweigh downside risk.
With a high dividend payout and strong free cash flow generation, Budweiser trades at a 5% dividend yield and an 11% FCF yield.


Budweiser APAC (1876 HK): Weak 2Q2024. Premium Beer, Cheap Valuations

India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

Thematic (Sector/Industry)

<ul>
<li>The Iran-Israel conflict has crippled Gulf aluminium smelters, blocked 5.14 mn tonnes of annual exports through the Strait of Hormuz &amp; sent LME aluminium to a 4-year high above $3,665/tonne </li>
<li>India's domestic can capacity runs 20%+ below demand and beverage majors face potential shortfall, when 120 –130 mn units went unmet state governments faced 1,300 crore in lost excise revenue.</li>
<li>This is simultaneously a near-term supply crunch and structural inflection: India's beverage packaging industry must accelerate domestic capacity investment or it will remain hostage to geopolitical shocks every peak season</li>
</ul>


The Iran-Israel conflict has crippled Gulf aluminium smelters, blocked 5.14 mn tonnes of annual exports through the Strait of Hormuz &amp; sent LME aluminium to a 4-year high above $3,665/tonne 
India's domestic can capacity runs 20%+ below demand and beverage majors face potential shortfall, when 120 –130 mn units went unmet state governments faced 1,300 crore in lost excise revenue.
This is simultaneously a near-term supply crunch and structural inflection: India's beverage packaging industry must accelerate domestic capacity investment or it will remain hostage to geopolitical shocks every peak season


How the Iran War Disrupted India’s Summer Drinks Supply?

<ul>
<li>On 7th March,2026 Karnataka announced a massive liquor tax policy overhaul, prompting Indian alcoholic beverage stocks to broadly rally by up to 7.8%.</li>
<li>The state deregulated prices and adopted a new tax structure, giving liquor companies vital pricing flexibility to expand margins and recover lost sales</li>
<li>A major risk remains that potential duty increases on lower priced segments could temporarily suppress overall sales volumes across the entire state</li>
</ul>


On 7th March,2026 Karnataka announced a massive liquor tax policy overhaul, prompting Indian alcoholic beverage stocks to broadly rally by up to 7.8%.
The state deregulated prices and adopted a new tax structure, giving liquor companies vital pricing flexibility to expand margins and recover lost sales
A major risk remains that potential duty increases on lower priced segments could temporarily suppress overall sales volumes across the entire state


Karnataka's Massive Policy Shift: Who Benefits the Most in India's Alco-Bev Sector?

<ul>
<li>Spirits brands continued growing through premium products, while brewers faced weaker demand due to heavy rains and pricing issues in some states.</li>
<li>India’s liquor market is expanding quickly, but uneven state rules and taxes are creating two separate growth paths- premium spirits rising, mass beer struggling.</li>
<li>The winning strategy is to move up the value chain and manage state regulations well. Premium brands with strong presence across states look best positioned ahead.</li>
</ul>


Spirits brands continued growing through premium products, while brewers faced weaker demand due to heavy rains and pricing issues in some states.
India’s liquor market is expanding quickly, but uneven state rules and taxes are creating two separate growth paths- premium spirits rising, mass beer struggling.
The winning strategy is to move up the value chain and manage state regulations well. Premium brands with strong presence across states look best positioned ahead.


Thematic Report on India’s Alcohol Market: Premiumization Trends and Regulatory Obstacles

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

<ul>
<li>SEBI has overhauled F&amp;O eligibility criteria, introducing stricter norms for stock inclusion and exclusion for more active stocks. </li>
<li>As per calculation, New criteria will include 80 stocks and exclude 18 to 23, impacting market liquidity and stability.</li>
<li>This will lead to the creation of a more robust, transparent, and liquid for the F&amp;O Market.</li>
</ul>


SEBI has overhauled F&amp;O eligibility criteria, introducing stricter norms for stock inclusion and exclusion for more active stocks. 
As per calculation, New criteria will include 80 stocks and exclude 18 to 23, impacting market liquidity and stability.
This will lead to the creation of a more robust, transparent, and liquid for the F&amp;O Market.


SEBI's F&O Criteria Revision & Its Impact

India

United Breweries Limited is a leading Indian beverage company that manufactures and distributes alcoholic and non-alcoholic beverages, primarily beer. Its product portfolio includes iconic brands like Kingfisher and Heineken. The company is headquartered in Bengaluru, Karnataka, India, and was founded in 1915.

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United Breweries (UBBL IN)

Budweiser APAC (1876 HK): Weak 2Q2024. Premium Beer, Cheap Valuations

Worst could be past - expect a likely recovery in China premium beer market in 2H2024 and ongoing commodity tail winds to uplift company's...

Devi Subhakesan

How the Iran War Disrupted India’s Summer Drinks Supply?

Iran-Israel conflict disrupts Gulf aluminium exports, LME prices soar. India faces can shortage, lost revenue, must invest in domestic capacity to...

Sudarshan Bhandari

Karnataka's Massive Policy Shift: Who Benefits the Most in India's Alco-Bev Sector?

Karnataka's liquor tax overhaul boosts Indian alcoholic beverage stocks by up to 7.8%, but potential duty increases on lower priced segments could...

Sudarshan Bhandari

Thematic Report on India’s Alcohol Market: Premiumization Trends and Regulatory Obstacles

Premium spirits are thriving in India's liquor market, while mass beer struggles due to state regulations and taxes. Moving up the value chain and...

Sudarshan Bhandari

SEBI's F&O Criteria Revision & Its Impact

SEBI introduces stricter F&O eligibility criteria, impacting market liquidity and stability by including 80 stocks and excluding 18 to 23. #SEBI...

Nimish Maheshwari

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Budweiser APAC (1876 HK): Weak 2Q2024. Premium Beer, Cheap Valuations

Worst could be past - expect a likely recovery in China premium beer market in 2H2024 and ongoing commodity tail winds to uplift company's...

Devi Subhakesan

How the Iran War Disrupted India’s Summer Drinks Supply?

​Iran-Israel conflict disrupts Gulf aluminium exports, LME prices soar. India faces can shortage, lost revenue, must invest in domestic capacity to...

Sudarshan Bhandari

Karnataka's Massive Policy Shift: Who Benefits the Most in India's Alco-Bev Sector?

​Karnataka's liquor tax overhaul boosts Indian alcoholic beverage stocks by up to 7.8%, but potential duty increases on lower priced segments could...

Sudarshan Bhandari

Thematic Report on India’s Alcohol Market: Premiumization Trends and Regulatory Obstacles

​Premium spirits are thriving in India's liquor market, while mass beer struggles due to state regulations and taxes. Moving up the value chain and...

Sudarshan Bhandari

SEBI's F&O Criteria Revision & Its Impact

​SEBI introduces stricter F&O eligibility criteria, impacting market liquidity and stability by including 80 stocks and excluding 18 to 23. #SEBI...

Nimish Maheshwari

Iran-Israel conflict disrupts Gulf aluminium exports, LME prices soar. India faces can shortage, lost revenue, must invest in domestic capacity to...

Karnataka's liquor tax overhaul boosts Indian alcoholic beverage stocks by up to 7.8%, but potential duty increases on lower priced segments could...

Premium spirits are thriving in India's liquor market, while mass beer struggles due to state regulations and taxes. Moving up the value chain and...

SEBI introduces stricter F&O eligibility criteria, impacting market liquidity and stability by including 80 stocks and excluding 18 to 23. #SEBI...