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.

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/midea-group-co-ltd-a" target="_blank" data-smartkarma-citation="entities:16185:1" rel="noopener">Midea Group Co Ltd A (000333 CH)</a>  is offering 492.1 million shares in Hong Kong, priced between HKD52 and HKD54.8 per share.The valuation looks attractive.</li>
<li>Nearly one-third of the Hong Kong share offering has already been subscribed by cornerstone investors.</li>
<li>Midea's strong market share in home appliances, consistent revenue growth, margin expansion, and appealing return ratios make a compelling investment case.</li>
</ul>



Midea Group Co Ltd A (000333 CH)  is offering 492.1 million shares in Hong Kong, priced between HKD52 and HKD54.8 per share.The valuation looks attractive.
Nearly one-third of the Hong Kong share offering has already been subscribed by cornerstone investors.
Midea's strong market share in home appliances, consistent revenue growth, margin expansion, and appealing return ratios make a compelling investment case.


Midea Group: Quick Overview of HK Offer, Post-Issue Valuations. Attractive.

Overseas Chinese Equities, Aequitas Research

Ming Lu

Overseas Chinese Equities

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.

Equity Bottom-Up

<ul>
<li>In August, Tesla’s shipments grew by 3% YoY, while top domestic producers’ shipments grew over 30% YoY.</li>
<li>The revenues of two domestic sneaker makers, 361 Degree and Anta, increased by 19% YoY and 14% YoY in 1H24.</li>
<li>In 2Q24, NIO’s deliveries and revenue increased by 144% YoY and 99% YoY, but its losses were still significant.</li>
</ul>


In August, Tesla’s shipments grew by 3% YoY, while top domestic producers’ shipments grew over 30% YoY.
The revenues of two domestic sneaker makers, 361 Degree and Anta, increased by 19% YoY and 14% YoY in 1H24.
In 2Q24, NIO’s deliveries and revenue increased by 144% YoY and 99% YoY, but its losses were still significant.


China Consumption Weekly (9 Sep 2024): Tesla, NIO, PDD, Anta, 361 Degree

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

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

Quantitative Analysis

<ul>
<li>We analyzed the latest HK SFC report for aggregate short position as of Aug 30th.</li>
<li>Top short increases and decreases were tabulated for one week and four week period. </li>
<li>We highlight short changes in Trip.Com, Shk Ppt, Anta Sports, Tencent, Baba, CCB, Jd, Meituan.</li>
</ul>


We analyzed the latest HK SFC report for aggregate short position as of Aug 30th.
Top short increases and decreases were tabulated for one week and four week period. 
We highlight short changes in Trip.Com, Shk Ppt, Anta Sports, Tencent, Baba, CCB, Jd, Meituan.


HK Short Interest Weekly: Trip.Com, Shk Ppt, Anta Sports, Tencent, Baba, CCB, Jd, Meituan

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>1211 HK/LI US/XPEV US/NIO US: In the 35th week of 2024, BYD’s EV delivery hits a new high, while Xpeng’s sales increase by 700 units(///////)</li>
<li>LI US/NIO US/XPEV US: Xiaomi SUV spy photos exposed, similar to Model Y, good news for Li Auto, NIO and Xpeng.(+/+/+)</li>
<li>XPEV US: XPEV MONA M03 pre-order exceeded only 30K in 48 hours.(/)</li>
</ul>


1211 HK/LI US/XPEV US/NIO US: In the 35th week of 2024, BYD’s EV delivery hits a new high, while Xpeng’s sales increase by 700 units(///////)
LI US/NIO US/XPEV US: Xiaomi SUV spy photos exposed, similar to Model Y, good news for Li Auto, NIO and Xpeng.(+/+/+)
XPEV US: XPEV MONA M03 pre-order exceeded only 30K in 48 hours.(/)


[Blue Lotus Daily]:1211 HK/LI US/XPEV US/NIO US/LKNCY US

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

<ul>
<li>
<a href="https://www.smartkarma.com/entities/midea-group-co-ltd-a" target="_blank" data-smartkarma-citation="entities:16185:1" rel="noopener">Midea Group Co Ltd A (000333 CH)</a> aims to raise up to US$3bn in its H-share listing, as per media reports.</li>
<li>Midea Group is one of the world’s largest home appliance manufacturing companies with a presence in over 200 countries. Its A-shares have been listed since 2013.</li>
<li>We have covered the company and deal background in our previous notes. In this note, we talk about the past A/H listing and possible premiums.</li>
</ul>



Midea Group Co Ltd A (000333 CH) aims to raise up to US$3bn in its H-share listing, as per media reports.
Midea Group is one of the world’s largest home appliance manufacturing companies with a presence in over 200 countries. Its A-shares have been listed since 2013.
We have covered the company and deal background in our previous notes. In this note, we talk about the past A/H listing and possible premiums.


Midea A/H Listing - Thoughts on A/H Premium and past A/H Listings

China

BYD Company Limited, through its subsidiaries, manufactures and sells automobiles. The Company also researches, develops, manufactures and sells batteries, which are applied on mobile phones, cordless phones, power tools and other kinds of portable electronic devices.

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BYD (1211 HK)

Midea Group: Quick Overview of HK Offer, Post-Issue Valuations. Attractive.

492.1 million shares being offered in Hong Kong, priced between HKD52 and HKD54.8 per share. At P/E of 8.6X to 9.1X and Dividend yield of 6.6% to...

Devi Subhakesan

China Consumption Weekly (9 Sep 2024): Tesla, NIO, PDD, Anta, 361 Degree

In August, Tesla’s shipments grew by only 3% YoY in China, much lower than the industry average 30%. NIO denied bankruptcy.

Ming Lu

HK Short Interest Weekly: Trip.Com, Shk Ppt, Anta Sports, Tencent, Baba, CCB, Jd, Meituan

We analyzed the latest HK SFC report for aggregate short position as of Aug 30th and highlight short interest changes in Trip.Com, Shk Ppt, Anta...

Ke Yan, CFA, FRM

[Blue Lotus Daily]:1211 HK/LI US/XPEV US/NIO US/LKNCY US

BYD and Xpeng see strong EV sales growth in 35th week of 2024, while Li Auto, NIO, and Xpeng benefit from Xiaomi SUV spy photos resembling Model...

Blue Lotus Research Institute

Midea A/H Listing - Thoughts on A/H Premium and past A/H Listings

Midea Group Co Ltd A (000333 CH) aims to raise up to US$3bn in its H-share listing, as per media reports. In this note, we talk about the likely A...

Sumeet Singh

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Midea Group: Quick Overview of HK Offer, Post-Issue Valuations. Attractive.

492.1 million shares being offered in Hong Kong, priced between HKD52 and HKD54.8 per share. At P/E of 8.6X to 9.1X and Dividend yield of 6.6% to...

Devi Subhakesan

China Consumption Weekly (9 Sep 2024): Tesla, NIO, PDD, Anta, 361 Degree

In August, Tesla’s shipments grew by only 3% YoY in China, much lower than the industry average 30%. NIO denied bankruptcy.

Ming Lu

HK Short Interest Weekly: Trip.Com, Shk Ppt, Anta Sports, Tencent, Baba, CCB, Jd, Meituan

We analyzed the latest HK SFC report for aggregate short position as of Aug 30th and highlight short interest changes in Trip.Com, Shk Ppt, Anta...

Ke Yan, CFA, FRM

[Blue Lotus Daily]:1211 HK/LI US/XPEV US/NIO US/LKNCY US

​BYD and Xpeng see strong EV sales growth in 35th week of 2024, while Li Auto, NIO, and Xpeng benefit from Xiaomi SUV spy photos resembling Model...

Blue Lotus Research Institute

Midea A/H Listing - Thoughts on A/H Premium and past A/H Listings

Midea Group Co Ltd A (000333 CH) aims to raise up to US$3bn in its H-share listing, as per media reports. In this note, we talk about the likely A...

Sumeet Singh

BYD and Xpeng see strong EV sales growth in 35th week of 2024, while Li Auto, NIO, and Xpeng benefit from Xiaomi SUV spy photos resembling Model...