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 Capital Markets

Hyundai Motor India  / Equity Capital Markets

<ul>
<li>Hyundai Motor India (HMIL) saw a market share loss in India Passenger Vehicles sales reported for June 2024 and 1QFY2025, impacted by intensified competition in the SUV segment.</li>
<li>Mahindra &amp; Mahindra, and Toyota Kirloskar India gained market share in 1QFY2025 led by upgraded model launches in the SUV segment, traditionally a strong category for HMIL.</li>
<li>HMIL's declining market share, if not reversed soon, could challenge optimistic growth projections and valuation multiples for its upcoming IPO.</li>
</ul>


Hyundai Motor India (HMIL) saw a market share loss in India Passenger Vehicles sales reported for June 2024 and 1QFY2025, impacted by intensified competition in the SUV segment.
Mahindra &amp; Mahindra, and Toyota Kirloskar India gained market share in 1QFY2025 led by upgraded model launches in the SUV segment, traditionally a strong category for HMIL.
HMIL's declining market share, if not reversed soon, could challenge optimistic growth projections and valuation multiples for its upcoming IPO.


India Car Sales Slow: Can Hyundai Keep Its No. 2 Spot Amidst Fierce Competition?

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.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/hyundai-motor-co-44d5ac4e-94e3-4be9-b34f-5f3155e7a3d6" target="_blank" data-smartkarma-citation="entities:26936:1" rel="noopener">Hyundai Motor (005385 KS)</a> is looking to raise around US$3bn via listing its India unit, <a href="https://www.smartkarma.com/entities/hyundai-motor-india-ltd" target="_blank" data-smartkarma-citation="entities:40900:1" rel="noopener">Hyundai Motor India</a>. HMI is a wholly owned subsidiary of the Hyundai Motor Group.</li>
<li>HMI primarily manufactures and sells four-wheeler passenger vehicles and parts. Currently its vehicle portfolio includes 13 passenger vehicle models across sedans, hatchbacks, SUVs and battery EVs.</li>
<li>In this note, we talk about the not-so-positive aspects of the deal.</li>
</ul>



Hyundai Motor (005385 KS) is looking to raise around US$3bn via listing its India unit, Hyundai Motor India. HMI is a wholly owned subsidiary of the Hyundai Motor Group.
HMI primarily manufactures and sells four-wheeler passenger vehicles and parts. Currently its vehicle portfolio includes 13 passenger vehicle models across sedans, hatchbacks, SUVs and battery EVs.
In this note, we talk about the not-so-positive aspects of the deal.


Hyundai Motor India Pre-IPO - The Negatives - Not All Hunky-Dory

<ul>
<li>
<a href="https://www.smartkarma.com/entities/hyundai-motor-co-3267897e-5e6b-47f2-9804-92aa22202d2b" target="_blank" data-smartkarma-citation="entities:26933:1" rel="noopener">Hyundai Motor (005387 KS)</a> is looking to raise around US$3bn via listing its India unit, <a href="https://www.smartkarma.com/entities/hyundai-motor-india-ltd" target="_blank" data-smartkarma-citation="entities:40900:1" rel="noopener">Hyundai Motor India</a>. HMI is a wholly owned subsidiary of the Hyundai Motor Group.</li>
<li>HMI primarily manufactures and sells four-wheeler passenger vehicles and parts. Currently its vehicle portfolio includes 13 passenger vehicle models across sedans, hatchbacks, SUVs and battery EVs.</li>
<li>In this note, we talk about the positive aspects of the deal.</li>
</ul>



Hyundai Motor (005387 KS) is looking to raise around US$3bn via listing its India unit, Hyundai Motor India. HMI is a wholly owned subsidiary of the Hyundai Motor Group.
HMI primarily manufactures and sells four-wheeler passenger vehicles and parts. Currently its vehicle portfolio includes 13 passenger vehicle models across sedans, hatchbacks, SUVs and battery EVs.
In this note, we talk about the positive aspects of the deal.


Hyundai Motor India Pre-IPO - The Positives - Quasi-Local, Riding the SUV Wave

<ul>
<li>India's passenger vehicle industry is shifting towards alternative fuels and facing intense competition, amidst changing customer preferences.</li>
<li>Despite a growing vehicle market, <a href="https://www.smartkarma.com/entities/hyundai-motor-india-ltd" target="_blank" data-smartkarma-citation="entities:40900:1" rel="noopener">Hyundai Motor India (HMIL)</a> faces a tough battle to defend its market share given changing industry dynamics.</li>
<li>With more competitors in the fray, including its parent group company Kia and EV leader BYD, Hyundai Motor India is in for a challenging ride.</li>
</ul>


India's passenger vehicle industry is shifting towards alternative fuels and facing intense competition, amidst changing customer preferences.
Despite a growing vehicle market, Hyundai Motor India (HMIL) faces a tough battle to defend its market share given changing industry dynamics.
With more competitors in the fray, including its parent group company Kia and EV leader BYD, Hyundai Motor India is in for a challenging ride.


Hyundai Motor India: Can It Thrive Amidst a Rapidly Evolving Mobility Landscape?

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

<ul>
<li>Hyundai Motor India is getting ready to complete its IPO in 2H 2024. Hyundai Motor India plans to offer up to 142.2 million shares (17.5% stake) to investors. </li>
<li>Hyundai Motor (005380 KS) currently owns a 100% stake in Hyundai Motor India. The IPO of Hyundai Motor India could raise as much as US$3 billion.</li>
<li>If Hyundai Motor India (HMI) is valued at US$25 billion and HMC sells a 17.5% stake in the company, HMC's remaining stake in HMI would be worth nearly US$21 billion.  </li>
</ul>


Hyundai Motor India is getting ready to complete its IPO in 2H 2024. Hyundai Motor India plans to offer up to 142.2 million shares (17.5% stake) to investors. 
Hyundai Motor (005380 KS) currently owns a 100% stake in Hyundai Motor India. The IPO of Hyundai Motor India could raise as much as US$3 billion.
If Hyundai Motor India (HMI) is valued at US$25 billion and HMC sells a 17.5% stake in the company, HMC's remaining stake in HMI would be worth nearly US$21 billion.  


South Korea

Hyundai Motor India Limited (HMIL) manufactures automobiles. The Company offers new and used cars, vans, trucks, and sport utility vehicles along with financing, leasing, and maintenance services. HMIL serves customers globally.

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Hyundai Motor India (1342Z IN)

India Car Sales Slow: Can Hyundai Keep Its No. 2 Spot Amidst Fierce Competition?

Justifying premium valuations for the upcoming IPO will be challenging if Hyundai Motors India fails to reverse its declining market share in...

Devi Subhakesan

Hyundai Motor India Pre-IPO - The Negatives - Not All Hunky-Dory

Hyundai Motor (005385 KS) is looking to raise around US$3bn via listing its India unit, Hyundai Motor India. In this note, we talk about the not-so...

Sumeet Singh

Hyundai Motor India Pre-IPO - The Positives - Quasi-Local, Riding the SUV Wave

Hyundai Motor (005387 KS) is looking to raise around US$3bn via listing its India unit, Hyundai Motor India. HMI is a wholly owned subsidiary of...

Sumeet Singh

Hyundai Motor India: Can It Thrive Amidst a Rapidly Evolving Mobility Landscape?

India's passenger vehicle industry is shifting towards alternative fuels and facing intense competition, posing challenges for Hyundai Motor India...

Devi Subhakesan

Hyundai Motor India IPO Preview

If Hyundai Motor India (HMI) is valued at US$25 billion and HMC sells a 17.5% stake in the company, HMC's remaining stake in HMI would be worth...

Douglas Kim

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

India Car Sales Slow: Can Hyundai Keep Its No. 2 Spot Amidst Fierce Competition?

Justifying premium valuations for the upcoming IPO will be challenging if Hyundai Motors India fails to reverse its declining market share in...

Devi Subhakesan

Hyundai Motor India Pre-IPO - The Negatives - Not All Hunky-Dory

Hyundai Motor (005385 KS) is looking to raise around US$3bn via listing its India unit, Hyundai Motor India. In this note, we talk about the not-so...

Sumeet Singh

Hyundai Motor India Pre-IPO - The Positives - Quasi-Local, Riding the SUV Wave

Hyundai Motor (005387 KS) is looking to raise around US$3bn via listing its India unit, Hyundai Motor India. HMI is a wholly owned subsidiary of...

Sumeet Singh

Hyundai Motor India: Can It Thrive Amidst a Rapidly Evolving Mobility Landscape?

​India's passenger vehicle industry is shifting towards alternative fuels and facing intense competition, posing challenges for Hyundai Motor India...

Devi Subhakesan

Hyundai Motor India IPO Preview

If Hyundai Motor India (HMI) is valued at US$25 billion and HMC sells a 17.5% stake in the company, HMC's remaining stake in HMI would be worth...

Douglas Kim

India's passenger vehicle industry is shifting towards alternative fuels and facing intense competition, posing challenges for Hyundai Motor India...