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</a> has secured regulatory approval for its IPO, expected to raise between USD 1 to 1.5 billion. </li>
<li>However, it remains unclear whether the company will delay the launch until market sentiment shows further improvement.</li>
<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> IPO is a 100% offer for sale by parent and hence the entire proceeds from the IPO will accrue to <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>.</li>
</ul>



LG Electronics India has secured regulatory approval for its IPO, expected to raise between USD 1 to 1.5 billion. 
However, it remains unclear whether the company will delay the launch until market sentiment shows further improvement.

LG Electronics India (123D IN) IPO is a 100% offer for sale by parent and hence the entire proceeds from the IPO will accrue to LG Electronics (066570 KS).


LG Electronics India IPO: It's A Big Deal. Potential Pricing and Valuation Preview

External broker reports(aggregated public sources), ICICI Securities Ltd

ICICI Securities Limited

External broker reports(aggregated public sources)

ICICI Securities Ltd

ICICI Securities Limited provides investment services. The Company provides corporate and investment banking, securities, wealth management, retail brokerage, initial public offerings, and advisory services. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<ul><li>Whirlpool India reported a strong set of numbers in Q3FY25 with healthy revenue growth of 11% coupled with market share gains.</li><li>The company has been able to gain market shares in most key categories in Jul–Dec’24 YoY.</li><li>Adjusting for e-waste regulation costs, it also reported EBITDA margin expansion YoY.</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Whirlpool India reported a strong set of numbers in Q3FY25 with healthy revenue growth of 11% coupled with market share gains.The company has been able to gain market shares in most key categories in Jul–Dec’24 YoY.Adjusting for e-waste regulation costs, it also reported EBITDA margin expansion YoY.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Whirlpool of India - Strong Q3FY25 Performance; Parent to Reduce Stake to 20%

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>Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.</li>
<li>On the IPO front, neither of the two listings performed last week, while more are lining up to list across the region.</li>
<li>On the placements front, given the ongoing earnings season there weren't any deals. We did look at lockups and other possible upcoming deals.</li>
</ul>


Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
On the IPO front, neither of the two listings performed last week, while more are lining up to list across the region.
On the placements front, given the ongoing earnings season there weren't any deals. We did look at lockups and other possible upcoming deals.


ECM Weekly (10th Feb 2025) - Haitian, Guming, LG CNS, Dr Agarwal, Ola, Brainbees, Kaynes, Whirlpool

APAC IPOs & Placements, Aequitas Research

Akshat Shah

APAC IPOs & Placements

Whirlpool of India / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/whirlpool-corp" target="_blank" data-smartkarma-citation="entities:1538:1" rel="noopener">Whirlpool Corp (WHR US)</a> is looking to raise about INR 46bn (US$530m) from selling a stake of about 31% in Whirlpool of India Limited (WHIRL).</li>
<li>In an announcement released on Jan 30, 2025, the firm mentioned its ultimate parent’s intention to sell down its interest in WHIRL from 51% to 20% by mid-to-late 2025.</li>
<li>In this note, we talk about the past deal performance and other deal dynamics.</li>
</ul>



Whirlpool Corp (WHR US) is looking to raise about INR 46bn (US$530m) from selling a stake of about 31% in Whirlpool of India Limited (WHIRL).
In an announcement released on Jan 30, 2025, the firm mentioned its ultimate parent’s intention to sell down its interest in WHIRL from 51% to 20% by mid-to-late 2025.
In this note, we talk about the past deal performance and other deal dynamics.


Whirlpool of India OFS Early Look - Another Large Selldown by Parent

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

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

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/whirlpool-corp" target="_blank" data-smartkarma-citation="entities:1538:1" rel="noopener">Whirlpool Corp (WHR US)</a> plans to sell a 31% stake in <a href="https://www.smartkarma.com/entities/whirlpool-of-india-ltd" target="_blank" data-smartkarma-citation="entities:7270:1" rel="noopener">Whirlpool of India (WHIRL IN)</a> reducing ownership to 20% by 2025, triggering a 20% decline due to valuation concerns.</li>
<li>The implied sale valuation is lower than market expectations, raising concerns about growth, profitability, and stock overvaluation, while the parent company capitalizes on an asset arbitrage opportunity.</li>
<li>Short-Term stock pressure due to stake sale overhang, declining profitability, and reduced parent control, but potential long-term re-rating if operational performance improves.</li>
</ul>



Whirlpool Corp (WHR US) plans to sell a 31% stake in Whirlpool of India (WHIRL IN) reducing ownership to 20% by 2025, triggering a 20% decline due to valuation concerns.
The implied sale valuation is lower than market expectations, raising concerns about growth, profitability, and stock overvaluation, while the parent company capitalizes on an asset arbitrage opportunity.
Short-Term stock pressure due to stake sale overhang, declining profitability, and reduced parent control, but potential long-term re-rating if operational performance improves.


Whirlpool Corporation’s Big Exit: What’s Behind the Stake Reduction?

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: It's A Big Deal. Potential Pricing and Valuation Preview

With a strong revival in India equities and recent regulatory approval, LGEIL may push ahead with its IPO. At the reported IPO size of Rs150 bn,...

Devi Subhakesan

Whirlpool of India - Strong Q3FY25 Performance; Parent to Reduce Stake to 20%

Whirlpool India reported a strong set of numbers in Q3FY25 with healthy revenue growth of 11% coupled with market share gains.

ICICI Securities Limited

ECM Weekly (10th Feb 2025) - Haitian, Guming, LG CNS, Dr Agarwal, Ola, Brainbees, Kaynes, Whirlpool

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

Whirlpool of India OFS Early Look - Another Large Selldown by Parent

Whirlpool Corporation is looking to raise about INR 46bn (US$530m) from selling a 31% stake in Whirlpool of India Ltd. In this note, we talk about...

Akshat Shah

Whirlpool Corporation’s Big Exit: What’s Behind the Stake Reduction?

Whirlpool Corp plans to sell stake in Whirlpool of India, triggering a 20% decline on valuation concerns. Short-term pressure expected, but...

Nimish Maheshwari

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52-week Range

Market Cap (USDm)

P/E

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LG Electronics India IPO: It's A Big Deal. Potential Pricing and Valuation Preview

With a strong revival in India equities and recent regulatory approval, LGEIL may push ahead with its IPO. At the reported IPO size of Rs150 bn,...

Devi Subhakesan

Whirlpool of India - Strong Q3FY25 Performance; Parent to Reduce Stake to 20%

Whirlpool India reported a strong set of numbers in Q3FY25 with healthy revenue growth of 11% coupled with market share gains.

ICICI Securities Limited

ECM Weekly (10th Feb 2025) - Haitian, Guming, LG CNS, Dr Agarwal, Ola, Brainbees, Kaynes, Whirlpool

Aequitas Research's weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.

Sumeet Singh

Whirlpool of India OFS Early Look - Another Large Selldown by Parent

Whirlpool Corporation is looking to raise about INR 46bn (US$530m) from selling a 31% stake in Whirlpool of India Ltd. In this note, we talk about...

Akshat Shah

Whirlpool Corporation’s Big Exit: What’s Behind the Stake Reduction?

​Whirlpool Corp plans to sell stake in Whirlpool of India, triggering a 20% decline on valuation concerns. Short-term pressure expected, but...

Nimish Maheshwari

With a strong revival in India equities and recent regulatory approval, LGEIL may push ahead with its IPO. At the reported IPO size of Rs150 bn,...

Whirlpool Corp plans to sell stake in Whirlpool of India, triggering a 20% decline on valuation concerns. Short-term pressure expected, but...