Asia Consumer Research, Investory

Devi Subhakesan

Asia Consumer Research

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

Xiaomi Corporation manufactures communication equipment and parts. The Company produces and sells mobile phones, smart phone software,  set-top boxes, and related accessories. Xiaomi markets its products worldwide.

<ul>
<li>Welcome to Consumer Tales &amp; Trends, your weekly roundup of the latest corporate developments, investment reports and sector events in the consumer industry.</li>
<li>An interesting comparison between China and India smart phone markets in 2Q 2024 - highlighting differences in market size and the dominance of leading players.</li>
<li>
<a href="https://www.smartkarma.com/entities/xiaomi-corp" target="_blank" data-smartkarma-citation="entities:24409:1" rel="noopener">Xiaomi Corp(1810 HK)</a>  made a strong come back in 2Q24 in terms of sales in both the markets. In China, it saw a 17% year-on-year increase, shipping 10 million units.</li>
</ul>


Welcome to Consumer Tales &amp; Trends, your weekly roundup of the latest corporate developments, investment reports and sector events in the consumer industry.
An interesting comparison between China and India smart phone markets in 2Q 2024 - highlighting differences in market size and the dominance of leading players.

Xiaomi Corp(1810 HK)  made a strong come back in 2Q24 in terms of sales in both the markets. In China, it saw a 17% year-on-year increase, shipping 10 million units.


Consumer Tales #July21-26:Apple Falls from Top 5 in China, Xiaomi Tops India Smartphones

Yeo Hiap Seng Limited manufactures, distributes, and exports canned food, sauces, and non-alcoholic beverages.  Through its subsidiaries, the Company also rents beverage vending machines.  Yeo Hiap Seng develops and invests in properties.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/yeo-hiap-seng-ltd" target="_blank" data-smartkarma-citation="entities:9051:1" rel="noopener">Yeo Hiap Seng(YHS SP)</a> , known for its Yeo's brand of Asian/health drinks, trades near its 52-week low at SGD 0.55, despite having financial assets and cash worth SGD 0.44/share.</li>
<li>With limited guidance on reinvestment/growth opportunities and management's stance against returning cash to shareholders, the stock trades around dividend yield, now at 3.6%.</li>
<li>Over the past decade, the stock has lost 75% of its value, and management must take decisive actions to enhance long-term shareholder value.</li>
</ul>



Yeo Hiap Seng(YHS SP) , known for its Yeo's brand of Asian/health drinks, trades near its 52-week low at SGD 0.55, despite having financial assets and cash worth SGD 0.44/share.
With limited guidance on reinvestment/growth opportunities and management's stance against returning cash to shareholders, the stock trades around dividend yield, now at 3.6%.
Over the past decade, the stock has lost 75% of its value, and management must take decisive actions to enhance long-term shareholder value.


Yeo Hiap Seng (YHS SP): Healthy Drinks, Thirsty Shareholders

<ul>
<li>
<a href="https://www.smartkarma.com/entities/xiaomi-corp" target="_blank" data-smartkarma-citation="entities:24409:1" rel="noopener">Xiaomi Corp (1810 HK)</a>'s smartphone shipments to India surged in Q2 2024, reclaiming the top spot, while Samsung slipped to third.</li>
<li>Consumer discretionary sales, including smartphones, were weak during the quarter due to elections, subdued demand, and extreme weather.</li>
<li>The upcoming festive season is crucial for sales, with customers anticipating new launches and better bargains. 5G device upgrades continue to drive growth in 2024.</li>
</ul>



Xiaomi Corp (1810 HK)'s smartphone shipments to India surged in Q2 2024, reclaiming the top spot, while Samsung slipped to third.
Consumer discretionary sales, including smartphones, were weak during the quarter due to elections, subdued demand, and extreme weather.
The upcoming festive season is crucial for sales, with customers anticipating new launches and better bargains. 5G device upgrades continue to drive growth in 2024.


Xiaomi Corp (1810 HK): Tops India Smartphone Market; Samsung Falls to Third

Thai Beverage Public Company Limited produces a wide range of branded beer and spirits in Thailand.

<ul>
<li>Welcome to <em><strong>Consumer Tales &amp; Trends</strong></em>, your weekly roundup of the latest corporate developments, investment reports and sector events in the consumer industry.</li>
<li>
<a href="https://www.smartkarma.com/entities/thai-beverage-pcl" target="_blank" data-smartkarma-citation="entities:3656:1" rel="noopener">Thai Beverage (THBEV SP)</a>'s proposed swap deal with promoter company raises several questions for shareholders. Start with the back story about how <a href="https://www.smartkarma.com/entities/fraser-and-neave-ltd" target="_blank" data-smartkarma-citation="entities:980:1" rel="noopener">Fraser And Neave (FNN SP)</a> joined the group.</li>
<li>Bigger weddings could become a trend in India - Read why we like <a href="https://www.smartkarma.com/entities/kalyan-jewellers" target="_blank" data-smartkarma-citation="entities:29714:1" rel="noopener">Kalyan Jewellers(KALYANKJ IN)</a> . Also, household debt in Thailand as % of GDP is highest in ASEAN.</li>
</ul>


Welcome to Consumer Tales &amp; Trends, your weekly roundup of the latest corporate developments, investment reports and sector events in the consumer industry.

Thai Beverage (THBEV SP)'s proposed swap deal with promoter company raises several questions for shareholders. Start with the back story about how Fraser And Neave (FNN SP) joined the group.
Bigger weddings could become a trend in India - Read why we like Kalyan Jewellers(KALYANKJ IN) . Also, household debt in Thailand as % of GDP is highest in ASEAN.


Consumer Tales & Trends #July 11-20: THBEV SP Swap Deal, Bad Debts in Thailand, AI in Beauty.

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/thai-beverage-pcl" target="_blank" data-smartkarma-citation="entities:3656:1" rel="noopener">Thai Beverage(THBEVSP)</a>'s  proposed swap deal involves acquiring a 41.3% stake in F&amp;N from promoters, seemingly at book value than fair market value, expected in case of an arms length transaction.</li>
<li>
<a href="https://www.smartkarma.com/entities/fraser-and-neave-ltd" target="_blank" data-smartkarma-citation="entities:980:1" rel="noopener">Fraser And Neave (FNN SP)</a>  holds a 20.3% stake in <a href="https://www.smartkarma.com/entities/vietnam-dairy-products-jsc" target="_blank" data-smartkarma-citation="entities:19635:1" rel="noopener">Vietnam Dairy(VNM VN</a>), Vietnam's leading dairy player, which is now trading at nearly a 40% discount to the investment value.</li>
<li>Understanding TCC Assets' ownership history of F&amp;N may help clarify the deal's valuation rationale.</li>
</ul>



Thai Beverage(THBEVSP)'s  proposed swap deal involves acquiring a 41.3% stake in F&amp;N from promoters, seemingly at book value than fair market value, expected in case of an arms length transaction.

Fraser And Neave (FNN SP)  holds a 20.3% stake in Vietnam Dairy(VNM VN), Vietnam's leading dairy player, which is now trading at nearly a 40% discount to the investment value.
Understanding TCC Assets' ownership history of F&amp;N may help clarify the deal's valuation rationale.


Thai Bev to Get F&N Stake from Promoters At Book Value than Fair Market Value

Investory
ASIA CONSUMER: INSIGHTS AND INVESTMENT IDEAS

Consumer Tales #July21-26:Apple Falls from Top 5 in China, Xiaomi Tops India Smartphones

Comparing smartphone market trends in China and India for 2Q 2024 highlighting differences in market size and the dominance of leading players....

Devi Subhakesan

Yeo Hiap Seng (YHS SP): Healthy Drinks, Thirsty Shareholders

With decisive management actions, the stock has the potential to do better. Despite having a strong brand and valuable assets, the poor shareholder...

Devi Subhakesan

Xiaomi Corp (1810 HK): Tops India Smartphone Market; Samsung Falls to Third

Xiaomi makes a strong comeback as the leading player in the Indian smartphone market after a 6-quarter hiatus due to regulatory and other...

Devi Subhakesan

Consumer Tales & Trends #July 11-20: THBEV SP Swap Deal, Bad Debts in Thailand, AI in Beauty.

This week's update covers Thai Beverage's proposed swap deal, India's marriage spending boom, Thailand's household debt crisis, and AI innovations...

Devi Subhakesan

Thai Bev to Get F&N Stake from Promoters At Book Value than Fair Market Value

Majority ownership in F&N will require Thai Bev to consolidate low-return businesses into its books. This stake acquisition offers limited...

Devi Subhakesan