Asia consumer research, Investory

Shilpa Krishnan

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

DFI Retail Group Holdings / Equity Bottom-Up

A pioneer of modern retail in Asia. A play on consumption and consumer confidence across Asian markets. A stellar acquisition-led growth record. Strong cash flows and return ratios. A dull recent trajectory, as the breadwinner supermarket / hypermarket segment combats multiple battles, and faces margin erosion.  The stock corrects 56% from its peak. Enter a new group chief executive , circa Sep-2017, with other management changes in tow. A US$64M kitchen sinking, coupled with an intention to bring the group in-sync with disruptive changes in the retailing industry. The stock since recovers 15%. If management commentary and margin performance in its July 26 half-year release strike the right chords, the recovery could continue, in our view.

A pioneer of modern retail in Asia. A play on consumption and consumer confidence across Asian markets. A stellar acquisition-led growth record. Strong cash flows and return ratios. A dull recent trajectory, as the breadwinner supermarket / hypermarket segment combats multiple battles, and faces margin erosion.  The stock corrects 56% from its peak. Enter a new group chief executive , circa Sep-2017, with other management changes in tow. A US$64M kitchen sinking, coupled with an intention to bring the group in-sync with disruptive changes in the retailing industry. The stock since recovers 15%. If management commentary and margin performance in its July 26 half-year release strike the right chords, the recovery could continue, in our view. 

Dairy Farm International Holdings: Anticipation of a Margin Turnaround Reflects in the Stock Rally

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

Actionable Charts from Smart Karma’s Most-Searched Tickers.We ran through a list of the most frequently searched tickers on the SmartKarma platform using the Discovery Tool.  See the attached report for a complete list of our recommendations from this list.

Actionable Charts from Smart Karma’s Most-Searched Tickers.We ran through a list of the most frequently searched tickers on the SmartKarma platform using the Discovery Tool.  See the attached report for a complete list of our recommendations from this list.

SGX Market Strategist, Equity & Fixed Income, Singapore Exchange Ltd (SGX)

Geoff Howie

SGX Market Strategist, Equity & Fixed Income

Asia’s leading multi-asset exchange

Singapore Exchange Ltd (SGX)

Singapore Exchange is Asia’s leading and trusted market infrastructure, facilitating the exchange of capital and ideas to create value for people, businesses and economies. As a multi-asset exchange operating equity, fixed income and derivatives markets to the highest regulatory standards, SGX is a vertically integrated business that provides listing, trading, clearing, settlement, depository and data services.

With about 40% of listed companies and over 80% of listed bonds originating outside of Singapore as well as established linkages across the region and in Europe, SGX is Asia’s most international and connected exchange. Offering a full suite of derivatives products across Asian equity indices, commodities and currencies, SGX is the world’s most liquid international market for the benchmark equity indices of China, India, Japan and ASEAN.

As Asia’s pioneering central counterparty, SGX is globally recognised for its risk management and clearing capabilities, and was one of the first globally to adopt the Principles for Financial Market Infrastructure.

Headquartered in AAA-rated Singapore, SGX has over 800 employees including offices in Beijing, Chicago, Hong Kong, London, New York, Mumbai, San Francisco, Shanghai and Tokyo.

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Supermarkets Generate 12% Defensive Performance in 2018 YTD

Making sense of the Global Market, Euromonitor International Ltd.

Yu Mitsuhashi

Making sense of the Global Market

Euromonitor International Ltd.

We are a global market research company focused on industries, countries, economies and consumers worldwide. Our cross-country comparable research helps your organisation identify opportunities and develop growth strategies in countries and regions across the globe. With offices around the world, 1,200 analysts in 100 countries and market research on every key trend and driver, we give you powerful access to the real story behind consumer change.

Thematic (Sector/Industry)

<ul><li>Cafés/bars increased by 2% in current value terms to HKD8.2 billion in 2017, with a 1% drop in the number of outlets and a marginal decrease in transactions.</li><li>Chained cafés and specialist coffee shops showed signs of consolidation.</li><li>Bars/pubs recorded the highest current value growth in 2017 with 2%.</li><li>Starbucks and Bar Pacific remained the biggest players in cafés/bars and bars/pubs in 2017.</li><li>Cafés/bars are expected to see a positive value CAGR of 1% at constant 2017 prices over the forecast period to reach HKD8.7 billion in 2022.</li></ul>

Cafés/bars increased by 2% in current value terms to HKD8.2 billion in 2017, with a 1% drop in the number of outlets and a marginal decrease in transactions.Chained cafés and specialist coffee shops showed signs of consolidation.Bars/pubs recorded the highest current value growth in 2017 with 2%.Starbucks and Bar Pacific remained the biggest players in cafés/bars and bars/pubs in 2017.Cafés/bars are expected to see a positive value CAGR of 1% at constant 2017 prices over the forecast period to reach HKD8.7 billion in 2022.

Sector Capsule: Cafés/Bars in Hong Kong, China

<ul class=""><li>Convenience stores sales declined by 5% to SGD508 million in 2017</li><li>Supermarkets are gradually eroding the traditional value proposition of convenience stores, but the latter are experimenting with initiatives to differentiate</li><li>Both 7-Eleven and Cheers have been receptive to exploring new concepts and options to adapt to modern consumers</li><li>Convenience stores to post a negative retail value CAGR of 4% at constant 2017 prices over the forecast period to fall to SGD412 million in 2022</li></ul>

Convenience stores sales declined by 5% to SGD508 million in 2017Supermarkets are gradually eroding the traditional value proposition of convenience stores, but the latter are experimenting with initiatives to differentiateBoth 7-Eleven and Cheers have been receptive to exploring new concepts and options to adapt to modern consumersConvenience stores to post a negative retail value CAGR of 4% at constant 2017 prices over the forecast period to fall to SGD412 million in 2022

Sector Capsule: Convenience Stores in Singapore

Singapore

DFI Retail Group Holdings Ltd operates as a holding company. The Company, through its subsidiaries, focuses on retail stores such as supermarkets, drugstores, and convenience stores. DFI Retail Group Holdings serves customers in Asia.

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DFI Retail Group Holdings (DFI SP)

Dairy Farm International Holdings: Anticipation of a Margin Turnaround Reflects in the Stock Rally

A pioneer of modern retail in Asia. A play on consumption and consumer confidence across Asian markets. A stellar acquisition-led growth record....

Shilpa Krishnan

Popular Stocks, Attractive Charts

Actionable Charts from Smart Karma’s Most-Searched Tickers.We ran through a list of the most frequently searched tickers on the SmartKarma platform...

Vermilion Research

Supermarkets Generate 12% Defensive Performance in 2018 YTD

Singapore Exchange Ltd (SGX)

Sector Capsule: Cafés/Bars in Hong Kong, China

Cafés/bars increased by 2% in current value terms to HKD8.2 billion in 2017, with a 1% drop in the number of outlets and a marginal decrease in...

Euromonitor International Ltd.

Sector Capsule: Convenience Stores in Singapore

Convenience stores sales declined by 5% to SGD508 million in 2017 Supermarkets are gradually eroding the traditional value proposition of...

Euromonitor International Ltd.

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