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 Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/ola-electric-mobility-pvt-ltd" target="_blank" data-smartkarma-citation="entities:40618:1" rel="noopener">Ola Electric (OLAELEC IN)</a>  launched its highly anticipated electric motorcycles, offering models from mass market to super premium.</li>
<li>With entry-level e-bikes priced to compete directly with <a href="https://www.smartkarma.com/entities/hero-motocorp-ltd" target="_blank" data-smartkarma-citation="entities:2391:1" rel="noopener">Hero Motocorp (HMCL IN)'s</a> popular models, Ola could disrupt India's high-volume, competitive motorcycle market.</li>
<li>Ola's ebike volumes could ramp up quickly if its performance meets expectations of the value conscious customer base in the mass-end of the market.</li>
</ul>



Ola Electric (OLAELEC IN)  launched its highly anticipated electric motorcycles, offering models from mass market to super premium.
With entry-level e-bikes priced to compete directly with Hero Motocorp (HMCL IN)'s popular models, Ola could disrupt India's high-volume, competitive motorcycle market.
Ola's ebike volumes could ramp up quickly if its performance meets expectations of the value conscious customer base in the mass-end of the market.


Ola Electric: Takes Aim at India Motorcycle Mass Market with Competitive Pricing

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>
<a href="https://www.smartkarma.com/entities/ola-electric-mobility-pvt-ltd" target="_blank" data-smartkarma-citation="entities:40618:1" rel="noopener">Ola Electric</a> managed to raise around US$734m in its India IPO.</li>
<li>Ola Electric Mobility is a vertically integrated pure EV player in India with manufacturing capabilities for EVs and EV components, including cells</li>
<li>In our previous notes, we looked at the company’s past performance and valuations. In this note, we talk about the trading dynamics.</li>
</ul>



Ola Electric managed to raise around US$734m in its India IPO.
Ola Electric Mobility is a vertically integrated pure EV player in India with manufacturing capabilities for EVs and EV components, including cells
In our previous notes, we looked at the company’s past performance and valuations. In this note, we talk about the trading dynamics.


Ola Electric IPO Trading - Decent Anchor, Tepid Overall Demand

India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

Thematic (Sector/Industry)

<ul>
<li>Bangladesh, India's 2nd largest trading partner in Asia is under a political crisis leading to instability and uncertainty. </li>
<li>Companies impacted by Bangladesh Crisis in India across sectors and across market caps listed below. </li>
<li>There might be short-term impact, but in long run, there would not be much impact as overall exposure is not that much.</li>
</ul>


Bangladesh, India's 2nd largest trading partner in Asia is under a political crisis leading to instability and uncertainty. 
Companies impacted by Bangladesh Crisis in India across sectors and across market caps listed below. 
There might be short-term impact, but in long run, there would not be much impact as overall exposure is not that much.


Bangladesh Chaos: Impact on Indian Companies

<ul>
<li>
<a href="https://www.smartkarma.com/entities/ola-electric-mobility-pvt-ltd" target="_blank" data-smartkarma-citation="entities:40618:1" rel="noopener">Ola Electric (1700674D IN)</a> 's IPO appears attractive versus peers based on valuation analysis, supported by detailed sales and revenue projections.  </li>
<li>Expect strong near-term revenue growth driven by its dominant market presence, e-mobility expansion, and potential entry into the e-motorcycle segment.</li>
<li>With a significant head start in the rapidly growing e2W sector, Ola's robust product lineup, competitive pricing, and strong brand make it a compelling EV play.</li>
</ul>



Ola Electric (1700674D IN) 's IPO appears attractive versus peers based on valuation analysis, supported by detailed sales and revenue projections.  
Expect strong near-term revenue growth driven by its dominant market presence, e-mobility expansion, and potential entry into the e-motorcycle segment.
With a significant head start in the rapidly growing e2W sector, Ola's robust product lineup, competitive pricing, and strong brand make it a compelling EV play.


Ola Electric IPO: Valuation Analysis. A High-Voltage EV Play

Equity Analyst, LightStream Research

Shifara Samsudeen, ACMA, CGMA

Equity Analyst

Long-Short Analysis on Japan, Asia and the World

LightStream Research

LightStream conducts quantitatively rigorous and data-driven analysis with a focus on Japan and Asia.

We consistently cover the Tech, Consumer and Industrial sectors, and provide ECM and Events coverage more broadly.

We supplement traditional qualitative insights from company relationships with a robust quantitative foundation that examines as much historical data as is available.
We further refine the accuracy of our insights and calls through the use of alternative data to flesh out current trends, and through a valuation framework that emphasises non-superficial peer group selection and a proper attempt to understand the metrics and changes that have driven security valuations in the past.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/ola-electric-mobility-pvt-ltd" target="_blank" data-smartkarma-citation="entities:40618:1" rel="noopener">Ola Electric (1700674D IN)</a> plans to raise INR55bn through fresh issue of shares while existing shareholders will offer 84.9m shares at an indicative IPO price band of INR72-76 per share.</li>
<li>We expect the company’s revenues to continue to expand and grow at much higher rates during the next few years compared to competitors in the Indian two-wheeler market.</li>
<li>Our valuation analysis suggests that Ola Electric’s IPO is attractively priced compared to peers and we would suggest subscribing for the company’s IPO.</li>
</ul>



Ola Electric (1700674D IN) plans to raise INR55bn through fresh issue of shares while existing shareholders will offer 84.9m shares at an indicative IPO price band of INR72-76 per share.
We expect the company’s revenues to continue to expand and grow at much higher rates during the next few years compared to competitors in the Indian two-wheeler market.
Our valuation analysis suggests that Ola Electric’s IPO is attractively priced compared to peers and we would suggest subscribing for the company’s IPO.


Ola Electric IPO: Forecasts and Valuation

India

Hero MotoCorp Ltd. designs, manufactures and distributes motorcycles. The Company's products also include motorcycle parts and accessories.

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Hero Motocorp (HMCL IN)

Ola Electric: Takes Aim at India Motorcycle Mass Market with Competitive Pricing

Ola could disrupt India's high-volume motorcycle market with its highly competitively priced electric bikes. Potential cost advantage from...

Devi Subhakesan

Ola Electric IPO Trading - Decent Anchor, Tepid Overall Demand

Ola Electric managed to raise around US$734m in its India IPO. In this note, we talk about the trading dynamics. While the anchor book was decent,...

Sumeet Singh

Bangladesh Chaos: Impact on Indian Companies

Political crisis in Bangladesh is causing instability, impacting India's 2nd largest trading partner in Asia. Companies may see short-term...

Sudarshan Bhandari

Ola Electric IPO: Valuation Analysis. A High-Voltage EV Play

Ola Electric IPO subscription closes tomorrow, Tuesday Aug 6th. This Insight gives you Valuation comp with sector peers.based on detailed...

Devi Subhakesan

Ola Electric IPO: Forecasts and Valuation

Ola Electric plans to raise INR55bn through fresh issue of shares and our valuation analysis suggests that Ola Electric’s IPO is attractively...

Shifara Samsudeen, ACMA, CGMA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Ola Electric: Takes Aim at India Motorcycle Mass Market with Competitive Pricing

Ola could disrupt India's high-volume motorcycle market with its highly competitively priced electric bikes. Potential cost advantage from...

Devi Subhakesan

Ola Electric IPO Trading - Decent Anchor, Tepid Overall Demand

Ola Electric managed to raise around US$734m in its India IPO. In this note, we talk about the trading dynamics. While the anchor book was decent,...

Sumeet Singh

Bangladesh Chaos: Impact on Indian Companies

​Political crisis in Bangladesh is causing instability, impacting India's 2nd largest trading partner in Asia. Companies may see short-term...

Sudarshan Bhandari

Ola Electric IPO: Valuation Analysis. A High-Voltage EV Play

Ola Electric IPO subscription closes tomorrow, Tuesday Aug 6th. This Insight gives you Valuation comp with sector peers.based on detailed...

Devi Subhakesan

Ola Electric IPO: Forecasts and Valuation

Ola Electric plans to raise INR55bn through fresh issue of shares and our valuation analysis suggests that Ola Electric’s IPO is attractively...

Shifara Samsudeen, ACMA, CGMA

Political crisis in Bangladesh is causing instability, impacting India's 2nd largest trading partner in Asia. Companies may see short-term...