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 Capital Markets

Hyundai Motor India  / Equity Capital Markets

<ul>
<li>India's passenger vehicle industry is shifting towards alternative fuels and facing intense competition, amidst changing customer preferences.</li>
<li>Despite a growing vehicle market, <a href="https://www.smartkarma.com/entities/hyundai-motor-india-ltd" target="_blank" data-smartkarma-citation="entities:40900:1" rel="noopener">Hyundai Motor India (HMIL)</a> faces a tough battle to defend its market share given changing industry dynamics.</li>
<li>With more competitors in the fray, including its parent group company Kia and EV leader BYD, Hyundai Motor India is in for a challenging ride.</li>
</ul>


India's passenger vehicle industry is shifting towards alternative fuels and facing intense competition, amidst changing customer preferences.
Despite a growing vehicle market, Hyundai Motor India (HMIL) faces a tough battle to defend its market share given changing industry dynamics.
With more competitors in the fray, including its parent group company Kia and EV leader BYD, Hyundai Motor India is in for a challenging ride.


Hyundai Motor India: Can It Thrive Amidst a Rapidly Evolving Mobility Landscape?

Korea / Special Sits, Pairs, Index Rebalancing, Clepsydra Capital

Sanghyun Park

Korea / Special Sits, Pairs, Index Rebalancing

Clepsydra Capital

Investigate special situations, pairs, and index rebalancing trades in Korea.

Event-Driven

<ul>
<li>Hyundai's IR team appears to have communicated that a new shareholder return policy would be unveiled at the rescheduled CEO Investor Day in August.</li>
<li>Hyundai aims to boost shareholder returns above 30% by canceling ₩800B to ₩1T in shares annually. The new dividend strategy won't debut in August; last year's three-year plan stands.</li>
<li>Equal cancellation ratios apply to common and three types of preferred shares. August's timing, with ISA tax reforms potentially favoring preferred shares, may enhance prefs' price impact relative to ords.</li>
</ul>


Hyundai's IR team appears to have communicated that a new shareholder return policy would be unveiled at the rescheduled CEO Investor Day in August.
Hyundai aims to boost shareholder returns above 30% by canceling ₩800B to ₩1T in shares annually. The new dividend strategy won't debut in August; last year's three-year plan stands.
Equal cancellation ratios apply to common and three types of preferred shares. August's timing, with ISA tax reforms potentially favoring preferred shares, may enhance prefs' price impact relative to ords.


Hyundai Motor's Special Shareholder Return Plan Likely Unveiled in August IR Event

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Quantitative Analysis

<ul>
<li>We analyzed the changes in short interest of KRX Stocks as of Jun 14th which has an aggregated short interest worth USD5.8bn.</li>
<li>We tabulate league table for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.</li>
<li>We highlight short interest changes in L&amp;F, Samsung SDI, Samsung C&amp;T, Sk Hynix, Hyundai Motor.</li>
</ul>


We analyzed the changes in short interest of KRX Stocks as of Jun 14th which has an aggregated short interest worth USD5.8bn.
We tabulate league table for top short by value and short as multiple of ADT, as well as weekly increases &amp; decreases in short value, short as multiple of ADT.
We highlight short interest changes in L&amp;F, Samsung SDI, Samsung C&amp;T, Sk Hynix, Hyundai Motor.


KRX Short Interest Weekly (Jun 14th): L&F, Samsung SDI, Samsung C&T, Sk Hynix, Hyundai Motor

<ul>
<li>Local stock market focuses on ISA tax benefits expansion; political push for higher tax-exempt limits seen as pivotal event.</li>
<li>Investors expect dividend stocks to outperform due to ISA tax advantages: tax exemptions within limits and lower 9.9% taxation on excess amounts, boosting ISA-based equity investments.</li>
<li>ETF influence declining; ISA tax benefits may boost dividend plays, heightening interest in preferred stocks tied to efforts to redeem them, impacting equity costs.</li>
</ul>


Local stock market focuses on ISA tax benefits expansion; political push for higher tax-exempt limits seen as pivotal event.
Investors expect dividend stocks to outperform due to ISA tax advantages: tax exemptions within limits and lower 9.9% taxation on excess amounts, boosting ISA-based equity investments.
ETF influence declining; ISA tax benefits may boost dividend plays, heightening interest in preferred stocks tied to efforts to redeem them, impacting equity costs.


Pref-Centred Dividend Plays with Expanded ISA Tax Benefits in Value-Up Context

Tracking developments across tech supply chains, Tech Supply Chain Tracker

Tech Supply Chain Tracker

Tracking developments across tech supply chains

Equity Bottom-Up

Unisplendour Corporation Limited / Equity Bottom-Up

<ul><li>H3C and Foxconn partner in Malaysia for data center investment; Tsinghua Unigroup continues acquisitions in the tech industry.</li><li>Chinese automakers urged to invest in cleaner technologies, form strategic partnerships, and comply with EU regulations under new EV tariffs.</li><li>Microsoft &amp; Qualcomm exceed pre-orders with AI-powered Copilot+ PC; Hyundai plans to list Indian arm; SEMICON India to showcase advancements in semiconductor industry.</li></ul>

H3C and Foxconn partner in Malaysia for data center investment; Tsinghua Unigroup continues acquisitions in the tech industry.Chinese automakers urged to invest in cleaner technologies, form strategic partnerships, and comply with EU regulations under new EV tariffs.Microsoft &amp; Qualcomm exceed pre-orders with AI-powered Copilot+ PC; Hyundai plans to list Indian arm; SEMICON India to showcase advancements in semiconductor industry.

Tech Supply Chain Tracker (18-Jun-2024): H3C partners with Foxconn on Malaysia data center investment.

South Korea

Hyundai Motor Company manufactures, sells, and exports passenger cars, trucks, and commercial vehicles. The Company also sells various auto parts and operates auto repair service centers throughout South Korea. Hyundai Motor provides financial services through its subsidiaries.

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Hyundai Motor (005380 KS)

Hyundai Motor India: Can It Thrive Amidst a Rapidly Evolving Mobility Landscape?

India's passenger vehicle industry is shifting towards alternative fuels and facing intense competition, posing challenges for Hyundai Motor India...

Devi Subhakesan

Hyundai Motor's Special Shareholder Return Plan Likely Unveiled in August IR Event

This post explores the likelihood of Hyundai Motor unveiling a special shareholder return plan, emphasizing increased share cancellation during the...

Sanghyun Park

KRX Short Interest Weekly (Jun 14th): L&F, Samsung SDI, Samsung C&T, Sk Hynix, Hyundai Motor

We analyzed KRX short interest report for the past week and highlighted short interest changes in L&F, Samsung SDI, Samsung C&T, Sk Hynix, Hyundai...

Ke Yan, CFA, FRM

Pref-Centred Dividend Plays with Expanded ISA Tax Benefits in Value-Up Context

This post explores the expansion of ISA tax benefits and its impact on dividend trades focused on preferred stocks within the value-up trading...

Sanghyun Park

Tech Supply Chain Tracker (18-Jun-2024): H3C partners with Foxconn on Malaysia data center investment.

H3C and Foxconn invest in Malaysian data center, Tsinghua Unigroup acquires, Chinese auto industry adapts to EU EV regulations, Microsoft &...

Tech Supply Chain Tracker

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Hyundai Motor India: Can It Thrive Amidst a Rapidly Evolving Mobility Landscape?

​India's passenger vehicle industry is shifting towards alternative fuels and facing intense competition, posing challenges for Hyundai Motor India...

Devi Subhakesan

Hyundai Motor's Special Shareholder Return Plan Likely Unveiled in August IR Event

This post explores the likelihood of Hyundai Motor unveiling a special shareholder return plan, emphasizing increased share cancellation during the...

Sanghyun Park

KRX Short Interest Weekly (Jun 14th): L&F, Samsung SDI, Samsung C&T, Sk Hynix, Hyundai Motor

We analyzed KRX short interest report for the past week and highlighted short interest changes in L&F, Samsung SDI, Samsung C&T, Sk Hynix, Hyundai...

Ke Yan, CFA, FRM

Pref-Centred Dividend Plays with Expanded ISA Tax Benefits in Value-Up Context

This post explores the expansion of ISA tax benefits and its impact on dividend trades focused on preferred stocks within the value-up trading...

Sanghyun Park

Tech Supply Chain Tracker (18-Jun-2024): H3C partners with Foxconn on Malaysia data center investment.

H3C and Foxconn invest in Malaysian data center, Tsinghua Unigroup acquires, Chinese auto industry adapts to EU EV regulations, Microsoft &...

Tech Supply Chain Tracker

India's passenger vehicle industry is shifting towards alternative fuels and facing intense competition, posing challenges for Hyundai Motor India...