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>
<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> 's USD 3 billion+ IPO opens today, 15th October, at 10:00 am IST. The bidding will remain open until 4:30 pm IST on 17th October.</li>
<li>
Near-Term Outlook: Limited Short-Term Gain Potential. While Hyundai is likely to outperform Maruti Suzuki given the valuation discount, it may underperform the broader sector in the near term.</li>
<li>
Long-Term Opportunity: For investors with a longer-term horizon, Hyundai presents a relatively low-risk opportunity. Its established brand and world-class manufacturing facilities offer the potential for steady, long-term growth.</li>
</ul>



Hyundai Motor India (HMIL) 's USD 3 billion+ IPO opens today, 15th October, at 10:00 am IST. The bidding will remain open until 4:30 pm IST on 17th October.

Near-Term Outlook: Limited Short-Term Gain Potential. While Hyundai is likely to outperform Maruti Suzuki given the valuation discount, it may underperform the broader sector in the near term.

Long-Term Opportunity: For investors with a longer-term horizon, Hyundai presents a relatively low-risk opportunity. Its established brand and world-class manufacturing facilities offer the potential for steady, long-term growth.


Hyundai Motor India IPO: The Good, The Bad and The Valuation. Not for Quick Gain Seekers

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 foreign holdings of KRX stocks as of Oct 11th which has an aggregated holding worth USD532.4bn.</li>
<li>We estimate that foreign flows to be inflows of USD61mln. We tabulate the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.</li>
<li>We highlight changes of foreign holdings in Sk Hynix, Hanwha Aerospace, Korzinc, Samsung Electronics, Samsung Elec (PREF).</li>
</ul>


We analyzed the changes in foreign holdings of KRX stocks as of Oct 11th which has an aggregated holding worth USD532.4bn.
We estimate that foreign flows to be inflows of USD61mln. We tabulate the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.
We highlight changes of foreign holdings in Sk Hynix, Hanwha Aerospace, Korzinc, Samsung Electronics, Samsung Elec (PREF).


KRX Foreign Holding Weekly (Oct 11th): Sk Hynix, Hanwha Aerospace, Korzinc, Samsung Electronics

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/hyundai-motor-india-ltd" target="_blank" data-smartkarma-citation="entities:40900:1" rel="noopener">Hyundai Motor India (1342Z IN)</a>, a subsidiary of <a href="https://www.smartkarma.com/entities/hyundai-motor-co-44d5ac4e-94e3-4be9-b34f-5f3155e7a3d6" target="_blank" data-smartkarma-citation="entities:26936:1" rel="noopener">Hyundai Motor (005385 KS)</a>, aims to raise up to US$3.3 billion at a valuation of US$19 billion. </li>
<li>We previously discussed the IPO in <a href="https://www.smartkarma.com/insights/hyundai-motor-india-ipo-the-bull-case" target="_blank" data-smartkarma-citation="insights:151701" rel="noopener">Hyundai Motor India IPO: The Bull Case</a> and <a href="https://www.smartkarma.com/insights/hyundai-motor-india-ipo-the-bear-case" target="_blank" data-smartkarma-citation="insights:152017" rel="noopener">Hyundai Motor India IPO: The Bear Case</a>. In this note, we examine RHP.</li>
<li>The RHP shows that the positives (recovering lost market share, top-quartile operating and FCF margin profile) more than offset the negatives (bottom-quartile growth). </li>
</ul>



Hyundai Motor India (1342Z IN), a subsidiary of Hyundai Motor (005385 KS), aims to raise up to US$3.3 billion at a valuation of US$19 billion. 
We previously discussed the IPO in Hyundai Motor India IPO: The Bull Case and Hyundai Motor India IPO: The Bear Case. In this note, we examine RHP.
The RHP shows that the positives (recovering lost market share, top-quartile operating and FCF margin profile) more than offset the negatives (bottom-quartile growth). 


Hyundai Motor India IPO: The Investment Case

<ul>
<li>We analyzed the changes in foreign holdings of KRX stocks as of Oct 4th which has an aggregated holding worth USD530.1bn.</li>
<li>We estimate that foreign flows to be outflows of USD711mln. We tabulate the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.</li>
<li>We highlight changes of foreign holdings in Sk Hynix, Samsung Electronics.</li>
</ul>


We analyzed the changes in foreign holdings of KRX stocks as of Oct 4th which has an aggregated holding worth USD530.1bn.
We estimate that foreign flows to be outflows of USD711mln. We tabulate the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.
We highlight changes of foreign holdings in Sk Hynix, Samsung Electronics.


KRX Foreign Holding Weekly (Oct 4th): Sk Hynix, Samsung Electronics

Global Emerging Market Equities, Propitious Research

Wium Malan, CFA

Global Emerging Market Equities

Independent, Fundamental Quantitative Research

Propitious Research

Fully independent, fundamental and quantitative equity research, focused on companies in the Telecommunication, Media, Technology, Internet and Healthcare sectors in the Global Emerging Markets. Idea generation focused on Quality stocks, trading below their intrinsic Value, with sound Corporate Governance.

<ul>
<li>An overview (and output) of our machine learning-driven GEM screening model, which seeks to find the best medium-term long ideas within the top 100 stocks in the MSCI GEM Index.</li>
<li>The model is based on 1) a quantitative multifactor screening model, enhanced by two AI Technology-based approaches; 2) a Deep Neural Network model, and 3) a Recurrent Neural Network model.</li>
<li>Developed over roughly 4 years and implemented in its current state for over 3 years, the model has a solid real-world alpha-generating performance track record, discussed in detail below.</li>
</ul>


An overview (and output) of our machine learning-driven GEM screening model, which seeks to find the best medium-term long ideas within the top 100 stocks in the MSCI GEM Index.
The model is based on 1) a quantitative multifactor screening model, enhanced by two AI Technology-based approaches; 2) a Deep Neural Network model, and 3) a Recurrent Neural Network model.
Developed over roughly 4 years and implemented in its current state for over 3 years, the model has a solid real-world alpha-generating performance track record, discussed in detail below.


South Korea

Kia Corporation manufactures, sells, and exports passenger cars, mini-buses, trucks and commercial vehicles. The Company also manufactures auto-parts and tools using hybrid electric and fuel cell technology. Kia markets its products worldwide.

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Kia Corp (000270 KS)

Hyundai Motor India IPO: The Good, The Bad and The Valuation. Not for Quick Gain Seekers

HMIL likely to outperform Maruti Suzuki thanks to Valuation discount but both may underperform broader sector in the near term. Limited short term...

Devi Subhakesan

KRX Foreign Holding Weekly (Oct 11th): Sk Hynix, Hanwha Aerospace, Korzinc, Samsung Electronics

We analyzed KRX foreign holding data for the past week and highlighted foreign holding changes in Sk Hynix, Hanwha Aerospace, Korzinc, Samsung...

Ke Yan, CFA, FRM

Hyundai Motor India IPO: The Investment Case

The RHP shows that the positives (recovering lost market share, top-quartile operating and FCF margin profile) more than offset the negatives...

Arun George

KRX Foreign Holding Weekly (Oct 4th): Sk Hynix, Samsung Electronics

We analyzed KRX foreign holding data for the past week and highlighted foreign holding changes in Sk Hynix, Samsung Electronics.

Ke Yan, CFA, FRM

Screening for GEMs: October 2024

This insight provides an overview of our, machine learning-driven, proprietary GEM screening model, based on a Multifactor model, a Deep Neural...

Wium Malan, CFA

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