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 (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

India focused: IPO, special situations, Stylus Holdings

Himanshu Dugar

India focused: IPO, special situations

Stylus Holdings

Stylus Holdings is a buy-side equity research firm. We offer bottom-up investment ideas as well as provide on demand equity research and portfolio tracking. 
At Stylus, our focus is to identify market dislocations that can generate 20+% IRR with a reasonable margin of safety. As part of our research process, we do a deep dive into the fundamentals of the company, evaluate their competitive positioning and assess their valuation.
Our investment team is led by Himanshu Dugar. Himanshu is a Chartered Accountant and a CFA charter holder. He has 10+ years of active experience in the stock market with stints at CRISIL Research, a S&P Global copmany and Miras Investments, a single family office based in Dubai.

Equity Research Firm

<ul>
<li>
<a href="https://www.smartkarma.com/entities/lg-electronics-inc" target="_blank" data-smartkarma-citation="entities:8814:1" rel="noopener">LG Electronics (066570 KS)</a>  is selling 15% stake in Indian subsidiary <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>. Interestingly, the market cap of Indian subsidiary shall now be equal to Korean parent</li>
<li>Indian listed markets have hitherto offered selective consumer appliance plays. LGEI will become the largest of them all, offering access to the structural growth of consumer appliances in India</li>
<li>IPO is priced attractively at 26-30x 1yr forward earnings. Near-term performance to benefit from recently announced indirect tax cuts as well as rate cuts. Must Apply
</li>
</ul>



LG Electronics (066570 KS)  is selling 15% stake in Indian subsidiary LG Electronics India (123D IN). Interestingly, the market cap of Indian subsidiary shall now be equal to Korean parent
Indian listed markets have hitherto offered selective consumer appliance plays. LGEI will become the largest of them all, offering access to the structural growth of consumer appliances in India
IPO is priced attractively at 26-30x 1yr forward earnings. Near-term performance to benefit from recently announced indirect tax cuts as well as rate cuts. Must Apply



LG Electronics India - IPO Review: Largest Public Market Play yet for Consumer Appliances in India

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.

<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>/LGEIL, a subsidiary of <a href="https://www.smartkarma.com/entities/lg-electronics-inc" target="_blank" data-smartkarma-citation="entities:8814:1" rel="noopener">LG Electronics (066570 KS)</a>, aims to raise up to US$1.3 billion through a secondary offering.</li>
<li>I previously discussed the IPO in <a href="https://www.smartkarma.com/insights/lg-electronics-india-ipo-the-bull-case" target="_blank" data-smartkarma-citation="insights:182381" rel="noopener">LG Electronics India IPO: The Bull Case</a>, <a href="https://www.smartkarma.com/insights/lg-electronics-india-ipo-the-bear-case" target="_blank" data-smartkarma-citation="insights:183018" rel="noopener">LG Electronics India IPO: The Bear Case</a> and <a href="https://www.smartkarma.com/insights/lg-electronics-india-ipo-updates-support-the-bull-case" target="_blank" data-smartkarma-citation="insights:204762" rel="noopener">LG Electronics India IPO: Updates Support the Bull Case</a>. </li>
<li>My valuation analysis suggests that the IPO price range of Rs1,080-1,140 per share is attractive. Therefore, I would participate in the IPO.</li>
</ul>



LG Electronics India (123D IN)/LGEIL, a subsidiary of LG Electronics (066570 KS), aims to raise up to US$1.3 billion through a secondary offering.
I previously discussed the IPO in LG Electronics India IPO: The Bull Case, LG Electronics India IPO: The Bear Case and LG Electronics India IPO: Updates Support the Bull Case. 
My valuation analysis suggests that the IPO price range of Rs1,080-1,140 per share is attractive. Therefore, I would participate in the IPO.


LG Electronics India IPO: Valuation Insights

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>
<a href="https://www.smartkarma.com/entities/lg-electronics-inc" target="_blank" data-smartkarma-citation="entities:8814:1" rel="noopener">LG Electronics (066570 KS)</a> is looking to raise US$1.3bn via part-selling its stake in <a href="https://www.smartkarma.com/entities/lg-electronics-india" target="_blank" data-smartkarma-citation="entities:44148:1" rel="noopener">LG Electronics India</a>.</li>
<li>LG Electronics India (LGEI) was the market leader in India in major home appliances and consumer electronics (excluding mobile phones) in terms of volume, as per Redseer Report.</li>
<li>We have looked at the company’s past performance and undertaken a peer comparison in our previous note. In this note, we talk about valuations.</li>
</ul>



LG Electronics (066570 KS) is looking to raise US$1.3bn via part-selling its stake in LG Electronics India.
LG Electronics India (LGEI) was the market leader in India in major home appliances and consumer electronics (excluding mobile phones) in terms of volume, as per Redseer Report.
We have looked at the company’s past performance and undertaken a peer comparison in our previous note. In this note, we talk about valuations.


LG Electronics India IPO - Thoughts on Valuation - Better Placed This Time Around

<ul>
<li>
<a href="https://www.smartkarma.com/entities/lg-electronics-inc" target="_blank" data-smartkarma-citation="entities:8814:1" rel="noopener">LG Electronics (066570 KS)</a> will divest a 15% stake in its 100% subsidiary <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> through an IPO, raising Rs116 billion (USD 1.3 billion).</li>
<li>The IPO pricing implies a valuation well below that of listed Indian peers and appears to overlook the sector’s underlying near term macro demand tailwinds.</li>
<li>LGEIL’s 1QFY26 financial performance came in weak, primarily due to a seasonal slowdown in cooling product sales, particularly air conditioners. This follows a strong FY2025.</li>
</ul>



LG Electronics (066570 KS) will divest a 15% stake in its 100% subsidiary LG Electronics India (123D IN) through an IPO, raising Rs116 billion (USD 1.3 billion).
The IPO pricing implies a valuation well below that of listed Indian peers and appears to overlook the sector’s underlying near term macro demand tailwinds.
LGEIL’s 1QFY26 financial performance came in weak, primarily due to a seasonal slowdown in cooling product sales, particularly air conditioners. This follows a strong FY2025.


LG Electronics India IPO: Leading Player Priced at a Steep Discount ?

India

Whirlpool of India Ltd. manufactures appliances.  The Company produces refrigerators, washing machines, air conditioners, microwave ovens, water purifiers, built-in appliances and other products.

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Whirlpool of India (WHIRL IN)

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 Review: Largest Public Market Play yet for Consumer Appliances in India

LG Korea is selling 15% stake in Indian subsidiary to capitalise on current robust valuations. IPO offers investors a ride in the structural...

Himanshu Dugar

LG Electronics India IPO: Valuation Insights

My valuation analysis suggests that the IPO price range of Rs1,080-1,140 per share is attractive. Therefore, I would participate in the IPO.

Arun George

LG Electronics India IPO - Thoughts on Valuation - Better Placed This Time Around

LG Electronics (066570 KS) is looking to raise US$1.3bn via part-selling its stake in LG Electronics India. In this note, we talk about valuations.

Sumeet Singh

LG Electronics India IPO: Leading Player Priced at a Steep Discount ?

IPO priced at a steep discount to peers, does not factor in likely near-term sector tailwinds. Expect significant upside on listing.

Devi Subhakesan

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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 Review: Largest Public Market Play yet for Consumer Appliances in India

​LG Korea is selling 15% stake in Indian subsidiary to capitalise on current robust valuations. IPO offers investors a ride in the structural...

Himanshu Dugar

LG Electronics India IPO: Valuation Insights

My valuation analysis suggests that the IPO price range of Rs1,080-1,140 per share is attractive. Therefore, I would participate in the IPO.

Arun George

LG Electronics India IPO - Thoughts on Valuation - Better Placed This Time Around

LG Electronics (066570 KS) is looking to raise US$1.3bn via part-selling its stake in LG Electronics India. In this note, we talk about valuations.

Sumeet Singh

LG Electronics India IPO: Leading Player Priced at a Steep Discount ?

IPO priced at a steep discount to peers, does not factor in likely near-term sector tailwinds. Expect significant upside on listing.

Devi Subhakesan

LG Korea is selling 15% stake in Indian subsidiary to capitalise on current robust valuations. IPO offers investors a ride in the structural...