Equity Analyst - Asia Consumer Sector, Investory

Devi Subhakesan

Equity Research experience of over 20 years include working at leading Asset Management and Brokerage/Investment Banking Firms.  

I focus primarily on the Asia consumer sector and analyse emerging trends and evolving consumption behaviours to publish investment insights on segments where women and/or youth drive purchasing decisions.

My approach combines in-depth industry and company research with rigorous valuation analysis to help investors make informed investment decisions.

Equity Analyst - Asia Consumer Sector

Anjoy Foods Group HK Offer: Value Stock or Value Trap? Key Facts, Financials and Valuation

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

Anjoy Foods Group / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/anjoy-foods-group" target="_blank" data-smartkarma-citation="entities:44280:1" rel="noopener">Anjoy Foods (2648 HK)</a> has priced its HK offer at HKD 60/share—10% below the previously indicated HKD66, and a 30% discount to A share price, raising a HKD2.4 billion (USD305 million)</li>
<li>Anjoy’s muted investor response—just <strong>5.85x</strong> coverage on the international tranche—triggered a clawback, increasing the Hong Kong public allocation from 10% to 30%.</li>
<li>
<a href="https://www.smartkarma.com/entities/foshan-haitian-flavouring-food-company-ltd" target="_blank" data-smartkarma-citation="entities:44279:1" rel="noopener">Foshan Haitian(3288 HK)</a> ’s disappointing post-listing performance has probably made investors more cautious, likely contributing to the subdued appetite for Anjoy’s HK offer despite inexpensive valuations.</li>
</ul>



Anjoy Foods (2648 HK) has priced its HK offer at HKD 60/share—10% below the previously indicated HKD66, and a 30% discount to A share price, raising a HKD2.4 billion (USD305 million)
Anjoy’s muted investor response—just 5.85x coverage on the international tranche—triggered a clawback, increasing the Hong Kong public allocation from 10% to 30%.

Foshan Haitian(3288 HK) ’s disappointing post-listing performance has probably made investors more cautious, likely contributing to the subdued appetite for Anjoy’s HK offer despite inexpensive valuations.


Foshan Haitian Flavouring & Food Company (3288 HK)

Anjoy Foods: Joyless HK Issue-Priced Below Target. Value Play. Valuations Update.