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> reportedly faces challenges with poor product service, leading to dissatisfied customers. This underscores the urgency to improve its service infrastructure and restore brand trust.</li>
<li>The Indian electric two-wheeler sector saw weak sales in August, following a robust July, with Ola experiencing a sharp decline in monthly volumes and a loss of market share.</li>
<li>Meanwhile, <a href="https://www.smartkarma.com/entities/maruti-suzuki-india-ltd" target="_blank" data-smartkarma-citation="entities:733:1" rel="noopener">Maruti Suzuki India (MSIL IN)</a>  is gearing up for a January 2025 EV launch and is preparing to establish a 25,000-unit charging infrastructure in advance.</li>
</ul>



Ola Electric (OLAELEC IN) reportedly faces challenges with poor product service, leading to dissatisfied customers. This underscores the urgency to improve its service infrastructure and restore brand trust.
The Indian electric two-wheeler sector saw weak sales in August, following a robust July, with Ola experiencing a sharp decline in monthly volumes and a loss of market share.
Meanwhile, Maruti Suzuki India (MSIL IN)  is gearing up for a January 2025 EV launch and is preparing to establish a 25,000-unit charging infrastructure in advance.


Ola Electric's Negative Noise. Maruti Suzuki's Electric Plans: India EV Update

APAC IPOs & Placements, Aequitas Research

Akshat Shah

APAC 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

Belstar Microfinance Ltd / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/belstar-microfinance-ltd" target="_blank" data-smartkarma-citation="entities:43409:1" rel="noopener">Belstar Microfinance Ltd (3624918Z IN)</a> is looking to raise around US$156m in its upcoming India IPO.</li>
<li>Belstar Microfinance is a non-banking finance company (NBFC) in India with a focus on furnishing micro-enterprise loans. </li>
<li>In this note, we talk about the company’s historical performance.</li>
</ul>



Belstar Microfinance Ltd (3624918Z IN) is looking to raise around US$156m in its upcoming India IPO.
Belstar Microfinance is a non-banking finance company (NBFC) in India with a focus on furnishing micro-enterprise loans. 
In this note, we talk about the company’s historical performance.


Belstar Microfinance Pre-IPO - Accelerating Profitability Growth With A Diversified Network

P N Gadgil Jewellers / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/p-n-gadgil-jewellers" target="_blank" data-smartkarma-citation="entities:41129:1" rel="noopener">P N Gadgil Jewellers (1742652D IN)</a> raised around US$130m in its India IPO. </li>
<li>It is an Indian organized jewellery player with product offerings which include traditional as well as modern and functional jewellery designs, in gold, diamond, silver and platinum.</li>
<li>In our previous notes, we looked at the company’s past performance and valuation. In this note, we talk about trading dynamics.</li>
</ul>



P N Gadgil Jewellers (1742652D IN) raised around US$130m in its India IPO. 
It is an Indian organized jewellery player with product offerings which include traditional as well as modern and functional jewellery designs, in gold, diamond, silver and platinum.
In our previous notes, we looked at the company’s past performance and valuation. In this note, we talk about trading dynamics.


P N Gadgil Jewellers IPO Trading- Decent Anchor, Strong Insti Demand

<ul>
<li>
<a href="https://www.smartkarma.com/entities/p-n-gadgil-jewellers" target="_blank" data-smartkarma-citation="entities:41129:1" rel="noopener">P N Gadgil Jewellers (1742652D IN)</a> is looking to raise up to US$132m in its India IPO.</li>
<li>P N Gadgil Jewellers (PNGJ) is an Indian organized jewellery player. Its product offerings include traditional as well as modern and functional jewellery designs, in gold, diamond, silver and platinum.</li>
<li>Previously, we talked about the company’s historical performance. In this note, we provide a summary of its RHP updates and share our quick thoughts on peer comparison and valuation.</li>
</ul>



P N Gadgil Jewellers (1742652D IN) is looking to raise up to US$132m in its India IPO.
P N Gadgil Jewellers (PNGJ) is an Indian organized jewellery player. Its product offerings include traditional as well as modern and functional jewellery designs, in gold, diamond, silver and platinum.
Previously, we talked about the company’s historical performance. In this note, we provide a summary of its RHP updates and share our quick thoughts on peer comparison and valuation.


P N Gadgil Jewellers IPO - RHP Updates & Quick Thoughts on Peer Comp and Valuation

<ul>
<li>Toyota Kirloskar, <a href="https://www.smartkarma.com/entities/toyota-motor-corp" target="_blank" data-smartkarma-citation="entities:73:1" rel="noopener">Toyota Motor</a>'s 89%-owned India JV, recorded a 65% rise in revenues and 240% jump in profits to around USD575 million in FY2024 following 48% increase in units sold.</li>
<li>The company has continued to maintain its strong growth momentum in FY2025 YTD, with wholesale volumes up 36% YoY.</li>
<li>Successful launch of rebadged Suzuki models, ramped-up production and customer-friendly initiatives have supported Toyota's accelerated volume growth in India.</li>
</ul>


Toyota Kirloskar, Toyota Motor's 89%-owned India JV, recorded a 65% rise in revenues and 240% jump in profits to around USD575 million in FY2024 following 48% increase in units sold.
The company has continued to maintain its strong growth momentum in FY2025 YTD, with wholesale volumes up 36% YoY.
Successful launch of rebadged Suzuki models, ramped-up production and customer-friendly initiatives have supported Toyota's accelerated volume growth in India.


Toyota Motor (7203 JP): Scripting an India Success Story with Suzuki Tie Up

India

Maruti Suzuki India Limited manufactures and exports automobiles. Maruti collaborated with Suzuki of Japan to produce affordable cars for the average Indian.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Maruti Suzuki India (MSIL IN)

Ola Electric's Negative Noise. Maruti Suzuki's Electric Plans: India EV Update

Reports of rising customer complaints highlight the need for faster ramp up in service infrastructure - a weak point for Ola Electric.

Devi Subhakesan

Belstar Microfinance Pre-IPO - Accelerating Profitability Growth With A Diversified Network

Belstar Microfinance Limited is looking to raise around US$156m in its upcoming India IPO. In this note, we talk about the company’s historical...

Akshat Shah

P N Gadgil Jewellers IPO Trading- Decent Anchor, Strong Insti Demand

P N Gadgil Jewellers Ltd (PNGJ) raised around US$130m in its India IPO. In this note, we talk about the trading dynamics.

Akshat Shah

P N Gadgil Jewellers IPO - RHP Updates & Quick Thoughts on Peer Comp and Valuation

P N Gadgil Jewellers is looking to raise up to US$132m in its India IPO. In this note, we provide a summary of its RHP updates and share our quick...

Akshat Shah

Toyota Motor (7203 JP): Scripting an India Success Story with Suzuki Tie Up

Fuelled by successful launch of rebadged Suzuki models,Toyota recorded highest ever revenues and profits in its India venture in FY2024. Growth...

Devi Subhakesan

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)