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 Capital Markets

<a href="https://www.smartkarma.com/entities/28110" target="_blank" data-smartkarma-citation="entities:28110:1">Chewy Inc (CHWY US)</a>, the largest US-based online pet store, has launched its IPO to raise up to USD790 mn involving stake sale/offer for sale of 41.6 mn shares. At the higher end of the proposed price range of USD17 to USD19 per share, Chewy's Enterprise Value of about USD 7.6 bn implies 2X EV/Sales (2018).  Chewy, a subsidiary of PetSmart, has built its name around a fast-growing e-commerce business backed by excellent customer service, large selection and fast shipping. While Chewy's pure-play pet e-tailer model offers customers convenience and breadth of variety and scale from online shopping, its team of nearly 10,000 employees help give customers a neighbourhood pet store-like experience with personalised customer support 24/7. Notably, it has managed to grow its business and maintain segment leadership despite competition.  Millennials, especially in developed countries, across the US, Europe and Asia, are leading the growth trend in pet adoption even as they increasingly postpone parenthood. From pet foods to vaccines to grooming services, the demand for pet-related products and services are booming and is fast shifting to online. <a href="https://www.smartkarma.com/entities/28110" target="_blank" data-smartkarma-citation="entities:28110:1">Chewy Inc (CHWY US</a>), offers an opportunity to ride this growing investment opportunity. Can Chewy's IPO go the  <a href="https://www.smartkarma.com/entities/28065" target="_blank" data-smartkarma-citation="entities:28065:1">Beyond Meat Inc (BYND US)</a> way? Being a Digital Disruptor in a highly fragmented business segment with strong growth prospects raises <a href="https://www.smartkarma.com/entities/28110" target="_blank" data-smartkarma-citation="entities:28110:1">Chewy Inc (CHWY US)</a>'s IPO debut prospects. <a href="https://www.smartkarma.com/entities/28065" target="_blank" data-smartkarma-citation="entities:28065:1">Beyond Meat Inc (BYND US)</a>  (See our earlier report<a href="https://www.smartkarma.com/insights/beyond-meat-post-ipo-goes-beyond-valuations-more-than-just-a-vegan-burger" target="_blank" data-smartkarma-citation="insights:29534">Beyond Meat (Post IPO) Goes Beyond Valuations - More than Just a Vegan Burger</a> ) has nearly quadrupled from its IPO price and is now trading at USD100+ per share. With its segment leadership, a strong revenue growth business model (USD3.5 bn in 2018 vs USD2bn in 2017) and an addressable market size of USD20 bn by 2022, Chewy has the potential to be the investor's favourite; IPO values it at EV/sales of 2X.

Chewy Inc (CHWY US), the largest US-based online pet store, has launched its IPO to raise up to USD790 mn involving stake sale/offer for sale of 41.6 mn shares. At the higher end of the proposed price range of USD17 to USD19 per share, Chewy's Enterprise Value of about USD 7.6 bn implies 2X EV/Sales (2018).  Chewy, a subsidiary of PetSmart, has built its name around a fast-growing e-commerce business backed by excellent customer service, large selection and fast shipping. While Chewy's pure-play pet e-tailer model offers customers convenience and breadth of variety and scale from online shopping, its team of nearly 10,000 employees help give customers a neighbourhood pet store-like experience with personalised customer support 24/7. Notably, it has managed to grow its business and maintain segment leadership despite competition.  Millennials, especially in developed countries, across the US, Europe and Asia, are leading the growth trend in pet adoption even as they increasingly postpone parenthood. From pet foods to vaccines to grooming services, the demand for pet-related products and services are booming and is fast shifting to online. Chewy Inc (CHWY US), offers an opportunity to ride this growing investment opportunity. Can Chewy's IPO go the  Beyond Meat Inc (BYND US) way? Being a Digital Disruptor in a highly fragmented business segment with strong growth prospects raises Chewy Inc (CHWY US)'s IPO debut prospects. Beyond Meat Inc (BYND US)  (See our earlier reportBeyond Meat (Post IPO) Goes Beyond Valuations - More than Just a Vegan Burger ) has nearly quadrupled from its IPO price and is now trading at USD100+ per share. With its segment leadership, a strong revenue growth business model (USD3.5 bn in 2018 vs USD2bn in 2017) and an addressable market size of USD20 bn by 2022, Chewy has the potential to be the investor's favourite; IPO values it at EV/sales of 2X. 

Chewy Inc IPO: Ride the Millennial Trend - Pets over Parenthood - With a Preferred Pet-Etailer

United States

Chewy, Inc. is an online retailer of pet food and other pet-related products. The Company through its retail website and mobile application offers pet food, treats, supplies, and healthcare products for dogs, cats, fish, birds, horses, and reptiles, as well as provides a range of pet clothing and medications. Chewy serves customers in the United States.

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Chewy (CHWY US)

Chewy Inc IPO: Ride the Millennial Trend - Pets over Parenthood - With a Preferred Pet-Etailer

Chewy Inc (CHWY US), the largest US-based online pet store, has launched its IPO to raise up to USD790 mn involving stake sale/offer for sale of...

Devi Subhakesan

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