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

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

Chow Tai Fook Jewellery / Equity Bottom-Up

<ul>
<li>China gold jewelry demand slumped in 2Q2025, while investment demand for coins and bars remained resilient amidst rise in gold prices, according to data released by China Gold Association.</li>
<li>If gold rally continues, <a href="https://www.smartkarma.com/entities/chow-tai-fook-jewellery-group" target="_blank" data-smartkarma-citation="entities:549:1" rel="noopener">Chow Tai Fook Jewellery (1929 HK)</a> faces heightened demand growth risk due to reliance on the competitive, price-sensitive, consumption-driven jewellery segment.</li>
<li>Chow Tai Fook’s 140% YTD rally reflects optimism on branding-driven earnings growth, but <strong>stretched valuations overlook downside risks to growth if gold prices keep rising.</strong>
</li>
</ul>


China gold jewelry demand slumped in 2Q2025, while investment demand for coins and bars remained resilient amidst rise in gold prices, according to data released by China Gold Association.
If gold rally continues, Chow Tai Fook Jewellery (1929 HK) faces heightened demand growth risk due to reliance on the competitive, price-sensitive, consumption-driven jewellery segment.
Chow Tai Fook’s 140% YTD rally reflects optimism on branding-driven earnings growth, but stretched valuations overlook downside risks to growth if gold prices keep rising.



LVMH Moet Hennessy Louis Vuitton SE (MC FP)

Chow Tai Fook (1929 HK): Strong Rally, Weak Jewellery Demand. Growth Risks.