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.

Event-Driven

China Resources Beer Holdings / Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/heineken-holding-nv" target="_blank" data-smartkarma-citation="entities:21118:1" rel="noopener">Heineken Holding NV (HEIO NA)</a> ’s US$3.2bn acquisition of beer, soft drinks, and retail assets in Central America at 11.6x EV/EBITDA highlights the valuation gap with Asian Beer Companies.</li>
<li>CR Beer’s strong 1H2025 recovery in sales and margins were powered by innovative product launches and digital channel sales. However it's performance has drawn little market attention, yet.</li>
<li>
<a href="https://www.smartkarma.com/entities/china-resources-beer-holdings" target="_blank" data-smartkarma-citation="entities:399:1" rel="noopener">China Resources Beer Holdings (291 HK)</a>  trades near 10-year low EV/EBITDA, even as consensus expects solid margins and steady revenue growth ahead. Expect a valuation upside.</li>
</ul>



Heineken Holding NV (HEIO NA) ’s US$3.2bn acquisition of beer, soft drinks, and retail assets in Central America at 11.6x EV/EBITDA highlights the valuation gap with Asian Beer Companies.
CR Beer’s strong 1H2025 recovery in sales and margins were powered by innovative product launches and digital channel sales. However it's performance has drawn little market attention, yet.

China Resources Beer Holdings (291 HK)  trades near 10-year low EV/EBITDA, even as consensus expects solid margins and steady revenue growth ahead. Expect a valuation upside.


Heineken's USD3.2 Bn Acqsn. Frothy Valuations. Why Are Asia’s Beer Champions Still Flat?