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 Bottom-Up

FSN E-Commerce Ventures (Nykaa) / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/fsn-e-commerce-ventures-nykaa" target="_blank" data-smartkarma-citation="entities:33796:1" rel="noopener">FSN E-Commerce Ventures (Nykaa) (NYKAA IN)</a> announced a steady growth across all key operating metrics in both the Beauty and Fashion verticals for the quarter ending 31st December 2021.</li>
<li>Steady operating performance was helped by favorable macro (normalization in economic activity) and supportive sector-specific factors (Diwali, wedding season) as well as aggressive marketing (now 14% of revenues).</li>
<li>Despite an 83% growth in 9MFY22 GMV and a resultant 89% growth in gross profits, EBITDA grew only 11% as increased marketing spend consumed most of the margin upside.</li>
</ul>



FSN E-Commerce Ventures (Nykaa) (NYKAA IN) announced a steady growth across all key operating metrics in both the Beauty and Fashion verticals for the quarter ending 31st December 2021.
Steady operating performance was helped by favorable macro (normalization in economic activity) and supportive sector-specific factors (Diwali, wedding season) as well as aggressive marketing (now 14% of revenues).
Despite an 83% growth in 9MFY22 GMV and a resultant 89% growth in gross profits, EBITDA grew only 11% as increased marketing spend consumed most of the margin upside.


FSN E-Comm (NYKAA IN): Macro, Micro & Marketing Drive Metric Growth

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

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 Capital Markets

<ul>
<li>Vedant Fashions is looking to raise up to US$420m in its India IPO.</li>
<li>It is a fashionwear company targeting the Indian wedding and celebration wear segment. According to CRISIL, it was the largest company in India in the men’s Indian wedding wear segment.</li>
<li>In this note, we will run the deal through our ECM framework and talk about the deal background.</li>
</ul>


Vedant Fashions is looking to raise up to US$420m in its India IPO.
It is a fashionwear company targeting the Indian wedding and celebration wear segment. According to CRISIL, it was the largest company in India in the men’s Indian wedding wear segment.
In this note, we will run the deal through our ECM framework and talk about the deal background.


Vedant Fashions IPO - Dominant Position in a Small Niche but Appears Pricey

LG Energy Solution / Equity Capital Markets

<ul>
<li>2021 marked our sixth year covering Equity Capital Markets (ECM) in Asia Pacific. </li>
<li>Most markets were in top gear on the ECM front and we ended the year covering the highest number of IPOs and the second highest number of placements since inception.</li>
<li>For those not familiar with our coverage, we aim to cover all IPOs and placements with a minimum deal size of US$100m across Asia-Pacific, including China ADRs.</li>
</ul>


2021 marked our sixth year covering Equity Capital Markets (ECM) in Asia Pacific. 
Most markets were in top gear on the ECM front and we ended the year covering the highest number of IPOs and the second highest number of placements since inception.
For those not familiar with our coverage, we aim to cover all IPOs and placements with a minimum deal size of US$100m across Asia-Pacific, including China ADRs.


Aequitas 2021 IPOs and Placements Performance Review - Busiest Year on Record

<ul>
<li>We take a look at the Asia Pacific IPO pipeline for 2022. This list has been compiled on a best effort basis from tracking company filings and other sources.</li>
<li>For readers who aren't familiar with our coverage, we aim to cover all IPOs and placements with a minimum deal size of US$100m across Asia-Pacific (ex A-shares), including China ADRs. </li>
<li>The deals you see in this note are only a part of our full IPO pipeline tracker. Feel free to drop us a message for additional information on these IPOs.</li>
</ul>


We take a look at the Asia Pacific IPO pipeline for 2022. This list has been compiled on a best effort basis from tracking company filings and other sources.
For readers who aren't familiar with our coverage, we aim to cover all IPOs and placements with a minimum deal size of US$100m across Asia-Pacific (ex A-shares), including China ADRs. 
The deals you see in this note are only a part of our full IPO pipeline tracker. Feel free to drop us a message for additional information on these IPOs.


APAC IPOs & Placements, Aequitas Research

Clarence Chu

APAC IPOs & Placements

Waaree Renewable Technologies / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/waaree-energies-limited" target="_blank" data-smartkarma-citation="entities:35367:1" rel="noopener">Waaree Energies Limited (0656504D IN)</a> is looking to raise up to US$202m in its upcoming India IPO. The deal will be run by Axis Capital, HSBC, ICICI Securities.</li>
<li>As of Aug 2021, it had 24% market share out of total enlisted capacity as per the Approved List of Models and Manufacturers for solar PV module manufacturing in India</li>
<li>It currently operates three manufacturing facilities comprising four factories in India.</li>
</ul>



Waaree Energies Limited (0656504D IN) is looking to raise up to US$202m in its upcoming India IPO. The deal will be run by Axis Capital, HSBC, ICICI Securities.
As of Aug 2021, it had 24% market share out of total enlisted capacity as per the Approved List of Models and Manufacturers for solar PV module manufacturing in India
It currently operates three manufacturing facilities comprising four factories in India.


India

FSN E-Commerce Ventures Private Limited providese-retailing beauty and personal care solutions. The Company offers comprehensive selection of makeup, skin and hair care, bath body, fragrance, grooming appliances, personal care, and health and welness categories. FSN E-Commerce Ventures serves customers worldwide.

FSN E-Commerce Ventures (Nykaa) (NYKAA IN)

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FSN E-Commerce Ventures (Nykaa) (NYKAA IN)

FSN E-Comm (NYKAA IN): Macro, Micro & Marketing Drive Metric Growth

Nykaa's 9MFY22 operating performance is in line with expectations but helped by strong marketing expenses. Valuations appear stretched beyond...

Devi Subhakesan

Vedant Fashions IPO - Dominant Position in a Small Niche but Appears Pricey

Vedant Fashions is looking to raise up to US$420m in its India IPO. In this note we will talk about the company background and run the deal through...

Sumeet Singh

Aequitas 2021 IPOs and Placements Performance Review - Busiest Year on Record

2021 marked our sixth year of Asia ECM coverage. Most markets were in top gear on the ECM front and we ended the year covering the highest number...

Sumeet Singh

Aequitas 2022 Asia IPO Pipeline

We take a look at the Asia Pacific IPO pipeline for 2022. This list has been compiled on a best effort basis from tracking company filings and...

Sumeet Singh

Waaree Energies Pre-IPO Tearsheet

Waaree Energies Limited (0656504D IN) is looking to raise up to US$202m in its upcoming India IPO. The deal will be run by Axis Capital, HSBC,...

Clarence Chu

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