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

Value Unlock SG: Value Creation Via Corporate Action. May the Wind Carry Many More Sails

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HK Banks - Credit Growth Improves, but Property Worsening. LDR Continues to Move Lower.

DFI Retail (DFI SP): 1H2024.Pivoting to Profitable Growth with RTE Foods

2025 High Conviction: DFI Retail - Churning Free Cash by Turning the Right Levers

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

DFI Retail Group Holdings / Equity Bottom-Up

<ul>
<li>DFI Retail’s strategic shift from portfolio investor to focused operator has unlocked over US$900 million, with US$600 million returned to shareholders via a US¢44.3 per share special dividend announced yesterday.</li>
<li>Underlying profit rose 39% in 1HFY2025, driven by lower financing costs and strong performance in the Health &amp; Beauty segment.</li>
<li>On its investor call, <a href="https://www.smartkarma.com/entities/dfi-retail-group-holdings-ltd" target="_blank" data-smartkarma-citation="entities:7427:1" rel="noopener">DFI Retail Group Holdings (DFI SP)</a> acknowledged sector headwinds and outlined plans for cost control, margin focus, and digital monetisation to offset weak revenue growth.</li>
</ul>


DFI Retail’s strategic shift from portfolio investor to focused operator has unlocked over US$900 million, with US$600 million returned to shareholders via a US¢44.3 per share special dividend announced yesterday.
Underlying profit rose 39% in 1HFY2025, driven by lower financing costs and strong performance in the Health &amp; Beauty segment.
On its investor call, DFI Retail Group Holdings (DFI SP) acknowledged sector headwinds and outlined plans for cost control, margin focus, and digital monetisation to offset weak revenue growth.


DFI Retail (DFI SP): Up 90% in a Year + Special Dividend. Cash Out or Hold Tight?