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 Capital Markets

LG Electronics India / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/lg-electronics-india" target="_blank" data-smartkarma-citation="entities:44148:1" rel="noopener">LG Electronics India (123D IN)</a> debuts today and is poised for a strong listing pop, supported by record institutional oversubscription and robust grey market premiums.</li>
<li>Retail investor shares saw a modest 3.5x subscription, underscoring the challenge of a billion-dollar IPO with a 35% retail allocation, which necessitated a steep pricing discount.</li>
<li>Post-Debut, LGEIL’s likely market Cap at around USD11.5 bn could surpass its parent, despite 85% parent stake and USD1.3 bn raised from offer for sale of shares in IPO .</li>
</ul>



LG Electronics India (123D IN) debuts today and is poised for a strong listing pop, supported by record institutional oversubscription and robust grey market premiums.
Retail investor shares saw a modest 3.5x subscription, underscoring the challenge of a billion-dollar IPO with a 35% retail allocation, which necessitated a steep pricing discount.
Post-Debut, LGEIL’s likely market Cap at around USD11.5 bn could surpass its parent, despite 85% parent stake and USD1.3 bn raised from offer for sale of shares in IPO .


LG Electronics India IPO : Strong Debut Expected. Market Cap May Top Parent’s

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 weak monsoon has slowed AC sales, leading to an excess of inventory. This disruption has caused delays in sales cycles, resulting in inventory challenges for dealers and manufacturers.</li>
<li>While festive demand and lower prices may boost sales, competition remains fierce, and margins are under pressure. Manufacturers face challenges in maintaining profitability amidst shifting market dynamics.</li>
<li>The industry is transitioning, influenced by policy changes, weather shifts, and evolving consumer preferences. These factors are reshaping demand and will significantly impact the market's growth in the future.</li>
</ul>


The weak monsoon has slowed AC sales, leading to an excess of inventory. This disruption has caused delays in sales cycles, resulting in inventory challenges for dealers and manufacturers.
While festive demand and lower prices may boost sales, competition remains fierce, and margins are under pressure. Manufacturers face challenges in maintaining profitability amidst shifting market dynamics.
The industry is transitioning, influenced by policy changes, weather shifts, and evolving consumer preferences. These factors are reshaping demand and will significantly impact the market's growth in the future.


Thematic Report: Indian Air Conditioner Industry: The Summer That Tested India’s Cooling Story

APAC IPOs & Placements, Aequitas Research

Akshat Shah

APAC 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.

Canara HSBC Life Insurance / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/canara-hsbc-life-insurance" target="_blank" data-smartkarma-citation="entities:45165:1" rel="noopener"></a><a href="https://www.smartkarma.com/entities/canara-hsbc-life-insurance" target="_blank" data-smartkarma-citation="entities:45165:1" rel="noopener">Canara HSBC Life Insurance (2908709Z IJ)</a> (CHLI) is looking to raise US$284m from its upcoming India IPO, which is an entire secondary share sale.</li>
<li>CHLI is a private life insurer in India,  promoted by Canara Bank and HSBC Insurance (Asia-Pacific) Holdings Limited, a member of the HSBC group. </li>
<li>It offers a comprehensive range of life insurance products tailored for both individual and group (i.e., companies, businesses or organizations) customers.</li>
</ul>



Canara HSBC Life Insurance (2908709Z IJ) (CHLI) is looking to raise US$284m from its upcoming India IPO, which is an entire secondary share sale.
CHLI is a private life insurer in India,  promoted by Canara Bank and HSBC Insurance (Asia-Pacific) Holdings Limited, a member of the HSBC group. 
It offers a comprehensive range of life insurance products tailored for both individual and group (i.e., companies, businesses or organizations) customers.


Canara HSBC Life Insurance IPO - Improving AUM but Dependent on Bancassurance Channels

<ul>
<li>
<a href="https://www.smartkarma.com/entities/lg-electronics-india" target="_blank" data-smartkarma-citation="entities:44148:1" rel="noopener">LG Electronics India (LGEIL)</a> ’s USD 1.3 bn IPO, which opened on October 6, closes for subscription today, October 9, and is expected to list on October 14th.</li>
<li>LGEIL has secured Rs34.7 bn from anchor investors ahead of its Rs116.1 bn IPO, signaling a likely strong oversubscription at close today.</li>
<li>LGEIL IPO, priced at a steep discount to peers do not fully reflect company's comparative strengths - strong market leadership, high returns and growth potential. Expect listing pop of 30%+.</li>
</ul>



LG Electronics India (LGEIL) ’s USD 1.3 bn IPO, which opened on October 6, closes for subscription today, October 9, and is expected to list on October 14th.
LGEIL has secured Rs34.7 bn from anchor investors ahead of its Rs116.1 bn IPO, signaling a likely strong oversubscription at close today.
LGEIL IPO, priced at a steep discount to peers do not fully reflect company's comparative strengths - strong market leadership, high returns and growth potential. Expect listing pop of 30%+.


LG Electronics India IPO: The Good,The Bad and Valuations. Expect Listing Pop

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

<ul>
<li>India’s home appliances and consumer electronics market, worth INR 6.9 trillion in 2025, is projected to reach INR 11 trillion by 2029, fueled by premiumization and urban demand.</li>
<li>With over 35,600 retail touchpoints and two major manufacturing hubs meeting 80% of domestic demand, LG Electronics India dominates key categories like TVs, ACs, and washing machines.</li>
<li>Delivering 12.8% EBITDA margins and a 36.9% RoE, LG Electronics India outperforms peers, supported by innovation, brand trust, and a debt-free balance sheet.</li>
</ul>


India’s home appliances and consumer electronics market, worth INR 6.9 trillion in 2025, is projected to reach INR 11 trillion by 2029, fueled by premiumization and urban demand.
With over 35,600 retail touchpoints and two major manufacturing hubs meeting 80% of domestic demand, LG Electronics India dominates key categories like TVs, ACs, and washing machines.
Delivering 12.8% EBITDA margins and a 36.9% RoE, LG Electronics India outperforms peers, supported by innovation, brand trust, and a debt-free balance sheet.


LG Electronics India IPO: A Blend of Brand Strength, Scale, and Steady Growth

India

Voltas Limited offers engineering solutions for a wide spectrum of industries in areas such as heating, ventilation and air conditioning, refrigeration, electro-mechanical projects, textile machinery, machine tools, mining and construction equipment, materials handling, water management, building management systems, indoor air quality and chemicals.

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

Voltas Ltd (VOLT IN)

LG Electronics India IPO : Strong Debut Expected. Market Cap May Top Parent’s

LG Electronics India debuts today - strong listing pop expected. Superior ROE and growth make it attractive for long-term investors.

Devi Subhakesan

Thematic Report: Indian Air Conditioner Industry: The Summer That Tested India’s Cooling Story

Weak monsoon slows AC sales, leading to excess inventory and challenges for dealers/manufacturers. Festive demand and lower prices may boost...

Sudarshan Bhandari

Canara HSBC Life Insurance IPO - Improving AUM but Dependent on Bancassurance Channels

Canara HSBC Life Insurance is looking to raise US$284m from its upcoming India IPO, which is an entire secondary share sale. In this note, we talk...

Akshat Shah

LG Electronics India IPO: The Good,The Bad and Valuations. Expect Listing Pop

High-return operations, strong sector fundamentals, attractive IPO pricing, and robust anchor investor participation point to likely...

Devi Subhakesan

LG Electronics India IPO: A Blend of Brand Strength, Scale, and Steady Growth

India's home appliances market set to reach ₹11 trillion by 2029, with LG Electronics dominating key categories and outperforming peers with...

Nimish Maheshwari

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

LG Electronics India IPO : Strong Debut Expected. Market Cap May Top Parent’s

LG Electronics India debuts today - strong listing pop expected. Superior ROE and growth make it attractive for long-term investors.

Devi Subhakesan

Thematic Report: Indian Air Conditioner Industry: The Summer That Tested India’s Cooling Story

​Weak monsoon slows AC sales, leading to excess inventory and challenges for dealers/manufacturers. Festive demand and lower prices may boost...

Sudarshan Bhandari

Canara HSBC Life Insurance IPO - Improving AUM but Dependent on Bancassurance Channels

Canara HSBC Life Insurance is looking to raise US$284m from its upcoming India IPO, which is an entire secondary share sale. In this note, we talk...

Akshat Shah

LG Electronics India IPO: The Good,The Bad and Valuations. Expect Listing Pop

High-return operations, strong sector fundamentals, attractive IPO pricing, and robust anchor investor participation point to likely...

Devi Subhakesan

LG Electronics India IPO: A Blend of Brand Strength, Scale, and Steady Growth

​India's home appliances market set to reach ₹11 trillion by 2029, with LG Electronics dominating key categories and outperforming peers with...

Nimish Maheshwari

Weak monsoon slows AC sales, leading to excess inventory and challenges for dealers/manufacturers. Festive demand and lower prices may boost...

India's home appliances market set to reach ₹11 trillion by 2029, with LG Electronics dominating key categories and outperforming peers with...