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

Hyundai Motor India  / Equity Capital Markets

<ul>
<li>Hyundai Motor India's proposed IPO is an offer for sale by its parent, Hyundai Motor Company, Korea, and reported to raise USD3 billion, potentially making it India's largest IPO ever.  </li>
<li>Hyundai Motor India's sales growth has been driven by strong domestic and export sales, both in volume and unit realisation.</li>
<li>With SUVs now making up 62% of Hyundai Motor India's domestic volumes, up from 45% in FY2021, the shift towards premium models has boosted profit margins.</li>
</ul>


Hyundai Motor India's proposed IPO is an offer for sale by its parent, Hyundai Motor Company, Korea, and reported to raise USD3 billion, potentially making it India's largest IPO ever.  
Hyundai Motor India's sales growth has been driven by strong domestic and export sales, both in volume and unit realisation.
With SUVs now making up 62% of Hyundai Motor India's domestic volumes, up from 45% in FY2021, the shift towards premium models has boosted profit margins.


Hyundai Motor India IPO: Key Facts and Financials at a Glance

Korea / Special Sits, Pairs, Index Rebalancing, Clepsydra Capital

Sanghyun Park

Korea / Special Sits, Pairs, Index Rebalancing

Clepsydra Capital

Investigate special situations, pairs, and index rebalancing trades in Korea.

Event-Driven

<ul>
<li>Senior Presidential Secretary said this morning that a tax reform, including reducing inheritance tax rates to the OECD average, will be disclosed in late July with the tax reform plan.</li>
<li>Stocks sensitive to reduced inheritance tax, notably Hyundai Motor Group subsidiaries like Hyundai Glovis and Hyundai Motor, could see significant attention amid governance restructuring efforts under Chung Eui-sun.</li>
<li>Retroactive application and its extent may impact markets, potentially affecting groups like Samsung, influencing diverse investment strategies based on specifics.</li>
</ul>


Senior Presidential Secretary said this morning that a tax reform, including reducing inheritance tax rates to the OECD average, will be disclosed in late July with the tax reform plan.
Stocks sensitive to reduced inheritance tax, notably Hyundai Motor Group subsidiaries like Hyundai Glovis and Hyundai Motor, could see significant attention amid governance restructuring efforts under Chung Eui-sun.
Retroactive application and its extent may impact markets, potentially affecting groups like Samsung, influencing diverse investment strategies based on specifics.


Unexpected Inheritance Tax Rate Reduction Included in July Tax Reform: Impact on Value-Up Trading

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

<ul>
<li>Hyundai Motor India has been taking initial steps for an IPO. We believe this IPO could be completed sometime in 4Q 2024. </li>
<li>Hyundai Motor India Limited (HMIL) IPO offering size is estimated to be at least US$3 billion, which would be one of the largest in India and the world this year.</li>
<li>If HMIL is valued at US$25 billion and HMC sells a 15% stake, its remaining 85% stake would be worth US$21 billion, representing 55% of HMC's market cap. </li>
</ul>


Hyundai Motor India has been taking initial steps for an IPO. We believe this IPO could be completed sometime in 4Q 2024. 
Hyundai Motor India Limited (HMIL) IPO offering size is estimated to be at least US$3 billion, which would be one of the largest in India and the world this year.
If HMIL is valued at US$25 billion and HMC sells a 15% stake, its remaining 85% stake would be worth US$21 billion, representing 55% of HMC's market cap. 


Initial Thoughts on Hyundai Motor India IPO

<ul>
<li>Early this morning, rumors spread that Hyundai’s honorary chairman Chung Mong-koo was hospitalized and died, causing stock prices to surge, but Hyundai denied this news.</li>
<li>Control of Hyundai hinges on increasing the stake in Mobis. Chung Eui-sun aims to keep Mobis's stock low, but Chung Mong-koo’s health complicates timing and strategy.</li>
<li>Mobis's trading point depends on Chung Mong-koo's health. Three scenarios: he's healthy, critically ill, or deceased. Current rumors' price impacts are unlikely to subside soon.</li>
</ul>


Early this morning, rumors spread that Hyundai’s honorary chairman Chung Mong-koo was hospitalized and died, causing stock prices to surge, but Hyundai denied this news.
Control of Hyundai hinges on increasing the stake in Mobis. Chung Eui-sun aims to keep Mobis's stock low, but Chung Mong-koo’s health complicates timing and strategy.
Mobis's trading point depends on Chung Mong-koo's health. Three scenarios: he's healthy, critically ill, or deceased. Current rumors' price impacts are unlikely to subside soon.


The Latest on the Rumors Surrounding the Death of Chung Mong-Koo of Hyundai Motor Group

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

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

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.

Quantitative Analysis

<ul>
<li>We analyzed the changes in foreign holdings of KRX Stocks as of Jun 7th which has an aggregated holding worth USD542.4bn.</li>
<li>We estimate that foreign flows to be outflows of USD266mln. We tabulate the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.</li>
<li>We highlight foreign changes in Alteogen Inc (196170 KS), Naver Corp (035420 KS).</li>
</ul>


We analyzed the changes in foreign holdings of KRX Stocks as of Jun 7th which has an aggregated holding worth USD542.4bn.
We estimate that foreign flows to be outflows of USD266mln. We tabulate the league table for top changes by value for 1W/4W/1Y and top stocks held by foreign institutions.
We highlight foreign changes in Alteogen Inc (196170 KS), Naver Corp (035420 KS).


KRX Foreign Holding Weekly (Jun 7th): Alteogen, Naver

South Korea

Hyundai Motor Company manufactures, sells, and exports passenger cars, trucks, and commercial vehicles. The Company also sells various auto parts and operates auto repair service centers throughout South Korea. Hyundai Motor provides financial services through its subsidiaries.

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Hyundai Motor (005385 KS)

Hyundai Motor India IPO: Key Facts and Financials at a Glance

Hyundai Motor India's sales growth is driven by strong domestic and export performance. This combined with a steady shift to premium models has...

Devi Subhakesan

Unexpected Inheritance Tax Rate Reduction Included in July Tax Reform: Impact on Value-Up Trading

Senior Presidential Secretary Seong Tae-yoon confirmed this morning on KBS that reducing inheritance tax rates to 30% will be disclosed in late...

Sanghyun Park

Initial Thoughts on Hyundai Motor India IPO

Hyundai Motor plans to sell a stake of up to 17.5% in the IPO of Hyundai Motor India Ltd. This IPO is expected to raise between US$2.5 billion to...

Douglas Kim

The Latest on the Rumors Surrounding the Death of Chung Mong-Koo of Hyundai Motor Group

This post offers the latest update on market rumors concerning the passing of Chung Mong-koo, chairman of Hyundai Motor Group.

Sanghyun Park

KRX Foreign Holding Weekly (Jun 7th): Alteogen, Naver

We analyzed KRX foreign holding data for the past week and highlighted foreign holding changes in Alteogen (196170 KS), Naver (035420 KS).

Ke Yan, CFA, FRM

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Hyundai Motor India IPO: Key Facts and Financials at a Glance

​Hyundai Motor India's sales growth is driven by strong domestic and export performance. This combined with a steady shift to premium models has...

Devi Subhakesan

Unexpected Inheritance Tax Rate Reduction Included in July Tax Reform: Impact on Value-Up Trading

Senior Presidential Secretary Seong Tae-yoon confirmed this morning on KBS that reducing inheritance tax rates to 30% will be disclosed in late...

Sanghyun Park

Initial Thoughts on Hyundai Motor India IPO

Hyundai Motor plans to sell a stake of up to 17.5% in the IPO of Hyundai Motor India Ltd. This IPO is expected to raise between US$2.5 billion to...

Douglas Kim

The Latest on the Rumors Surrounding the Death of Chung Mong-Koo of Hyundai Motor Group

This post offers the latest update on market rumors concerning the passing of Chung Mong-koo, chairman of Hyundai Motor Group.

Sanghyun Park

KRX Foreign Holding Weekly (Jun 7th): Alteogen, Naver

We analyzed KRX foreign holding data for the past week and highlighted foreign holding changes in Alteogen (196170 KS), Naver (035420 KS).

Ke Yan, CFA, FRM

Hyundai Motor India's sales growth is driven by strong domestic and export performance. This combined with a steady shift to premium models has...