Investment Research - Asia Consumer Sector, Investory

Devi Subhakesan

Investment Research - 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

Yum China Holdings, Inc. operates chain restaurants. The Company offers pizza, entrees, pasta, rice dishes, appetizers, soups, vegetables, beverages, and desserts. Yum China Holding conducts its business worldwide.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/yum-china-holdings-inc-0533692c-6dae-4014-baa1-ed0b050638f2" target="_blank" data-smartkarma-citation="entities:29259:1" rel="noopener">Yum China Holdings (9987 HK)</a> reported a 33% YoY EPS growth on the back of 5% revenue growth for 3Q2024, showcasing robust shareholder value creation despite a challenging operating environment.</li>
<li>YumChina's 3Q results: New store additions and Innovative products continue to fire revenue growth despite challenging business environment; Operating margins improvement helped profit growth.</li>
<li>The company has plans to further step up the Capital returns program - a big driver in enhancing shareholder returns. </li>
</ul>



Yum China Holdings (9987 HK) reported a 33% YoY EPS growth on the back of 5% revenue growth for 3Q2024, showcasing robust shareholder value creation despite a challenging operating environment.
YumChina's 3Q results: New store additions and Innovative products continue to fire revenue growth despite challenging business environment; Operating margins improvement helped profit growth.
The company has plans to further step up the Capital returns program - a big driver in enhancing shareholder returns. 


Yum China: Durian Pizza to Share Repurchase - Art of Delivering Shareholder Value

Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

China Cinda Asset Management / Equity Bottom-Up

China Cinda Asset Management Company Ltd. provides asset management services. The Company invests, disposes, and manages non-performing assets and equity. China Cinda Asset Management also provides consulting, investment, financial, and risk management services to individuals and businesses.

<ul>
<li>China's Ministry of Finance (MOF) has announced plans to sell its stakes in its Asset Management Companies (AMCs) to its sovereign wealth fund, China Investment Corporation (CIC).</li>
<li>The previously announced large debt swap program for LGFVs will ease financing conditions for local governments and should improve distressed debt valuations.</li>
<li>China Cinda Asset Management (1359 HK) will benefit from the PBOC's monetary stimulus program and the support of its new major shareholder with a potential recapitalization.</li>
</ul>


China's Ministry of Finance (MOF) has announced plans to sell its stakes in its Asset Management Companies (AMCs) to its sovereign wealth fund, China Investment Corporation (CIC).
The previously announced large debt swap program for LGFVs will ease financing conditions for local governments and should improve distressed debt valuations.
China Cinda Asset Management (1359 HK) will benefit from the PBOC's monetary stimulus program and the support of its new major shareholder with a potential recapitalization.


HK/CHINA: China Cinda Asset Management a Beneficiary of AMC Restructuring

Head of Research and Global Chief Strategist, Steno Research

Andreas Steno

Head of Research and Global Chief Strategist

Macro and Geopolitical Research House

Steno Research

Steno Research is a new macro and geopolitical research house. We are based out of Copenhagen, Denmark, but have an international team and a strong network of sources and partners around the world. The team is lead by Andreas Steno, previous global head of strategy at Nordea Bank, and Mikkel Rosenvold, former chief consultant in the Danish Ministry of Finance.

Macroeconomics

<ul><li>Welcome to the Weekly China Watch, where we examine the Chinese landscape through the lens of Western investors.</li><li>A month ago, flows into China surged following what seemed like a “whatever it takes” moment by Chinese authorities.</li><li>However, these flows have since dwindled, and markets are growing weary of the “headline hockey” or “briefing bingo” from Chinese authorities, who continue to throw around billions and trillions through eye-catching headlines.</li></ul>

Welcome to the Weekly China Watch, where we examine the Chinese landscape through the lens of Western investors.A month ago, flows into China surged following what seemed like a “whatever it takes” moment by Chinese authorities.However, these flows have since dwindled, and markets are growing weary of the “headline hockey” or “briefing bingo” from Chinese authorities, who continue to throw around billions and trillions through eye-catching headlines.

China Watch: This is NOT stimulus. It’s a debt swap!

Blue Lotus China New Economy Research, Blue Lotus Research Institute

Eric Wen

Blue Lotus China New Economy Research

China growth and global non-US Internet equities

Blue Lotus Research Institute

Blue Lotus Research is a Hong Kong Type 4 Licensed investment advisory firm focusing on Chinese growth equities and global non-US Internet equities

Thematic (Sector/Industry)

<ul>
<li>NIO and XPEV intensified promotions during C3Q24 while LI moderated them. But we see LI possibly need to ramp up its promotion to stir up demand in C4Q24;</li>
<li>Trade-In has greatly stimulated EV demand and is possible to extend into 2025. But Huawei-affiliated PHEV makers are gaining share while Tesla is readying another round of innovation-led cost reduction;</li>
<li>Our TOP PICK's of the sector are BYD and Xiaomi. BYD benefits from PHEV and Xiaomi can still benefit from PHEV.</li>
</ul>


NIO and XPEV intensified promotions during C3Q24 while LI moderated them. But we see LI possibly need to ramp up its promotion to stir up demand in C4Q24;
Trade-In has greatly stimulated EV demand and is possible to extend into 2025. But Huawei-affiliated PHEV makers are gaining share while Tesla is readying another round of innovation-led cost reduction;
Our TOP PICK's of the sector are BYD and Xiaomi. BYD benefits from PHEV and Xiaomi can still benefit from PHEV.


Not All EV Makers Are Reaping the Rewards of Macro Stimulus

Listed Real Estate Asia, KT Capital Group

Jacob Cheng

Listed Real Estate Asia

KT Capital Group

Principal investments and advisory firm that focuses on connecting the CIS countries with East Asia.

Principal investments and advisory firm

<ul>
<li>Next week is going to be huge due to US election taking place on November 5 and China’s NPC standing committee meeting from Nov 4- Nov 8</li>
<li>This will have huge implications on the global financial markets access all asset classes</li>
<li>We think Hong Kong and China property will benefit from these events and the risk reward profile is attractive</li>
</ul>


Next week is going to be huge due to US election taking place on November 5 and China’s NPC standing committee meeting from Nov 4- Nov 8
This will have huge implications on the global financial markets access all asset classes
We think Hong Kong and China property will benefit from these events and the risk reward profile is attractive


Short Note: Position for Trump Trade and China Stimulus – Buckle up for Next Week

China Stimulus
Insights on China's Economic Stimulus

HK/CHINA: China Cinda Asset Management a Beneficiary of AMC Restructuring

The MOF announced that it is selling its shares in AMCs to China's sovereign wealth fund. This sale as well as recently announced monetary...

David Mudd

China Watch: This is NOT stimulus. It’s a debt swap!

Welcome to the Weekly China Watch, where we examine the Chinese landscape through the lens of Western investors. A month ago, flows into China...

Steno Research

Not All EV Makers Are Reaping the Rewards of Macro Stimulus

NIO and XPEV intensified promotions during C3Q24 while LI moderated them. But we see LI possibly ramping up its promotion to stir up demand in...

Blue Lotus Research Institute

Short Note: Position for Trump Trade and China Stimulus – Buckle up for Next Week

Next week is going to be huge with US Presidential election and China's NPC standing committee meeting taking place, both of which will have...

Jacob Cheng

Yum China: Durian Pizza to Share Repurchase - Art of Delivering Shareholder Value

Well positioned to benefit from potential growth in retail spend and consumer confidence with effective deployment of announced stimulus package.

Devi Subhakesan

HK/CHINA: China Cinda Asset Management a Beneficiary of AMC Restructuring

The MOF announced that it is selling its shares in AMCs to China's sovereign wealth fund. This sale as well as recently announced monetary...

David Mudd

China Watch: This is NOT stimulus. It’s a debt swap!

Welcome to the Weekly China Watch, where we examine the Chinese landscape through the lens of Western investors. A month ago, flows into China...

Steno Research

Not All EV Makers Are Reaping the Rewards of Macro Stimulus

NIO and XPEV intensified promotions during C3Q24 while LI moderated them. But we see LI possibly ramping up its promotion to stir up demand in...

Blue Lotus Research Institute

Short Note: Position for Trump Trade and China Stimulus – Buckle up for Next Week

Next week is going to be huge with US Presidential election and China's NPC standing committee meeting taking place, both of which will have...

Jacob Cheng