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>
Tatas are scripting India's early journey in electric cars - <a href="https://www.smartkarma.com/entities/tata-motors-ltd" target="_blank" data-smartkarma-citation="entities:216:1" rel="noopener">Tata Motors Ltd (TTMT IN)</a> accounted for 87% of the 8077 electric cars sold in Q1FY23 (1605 units in Q1FY22).</li>
<li>The rapid roll-out of charging infrastructure across the country by <a href="https://www.smartkarma.com/entities/tata-power-co-ltd" target="_blank" data-smartkarma-citation="entities:15618:1" rel="noopener">Tata Power (TPWR IN)</a> and the success of Tata's electric car (compact SUV). Tata Nexon EV, are key factors. </li>
<li>Demand and infrastructure for electric cars seem to be in place but market growth is restricted by a lack of choice/adequate supply in the popular price range (&lt;USD 20K).</li>
</ul>



Tatas are scripting India's early journey in electric cars - Tata Motors Ltd (TTMT IN) accounted for 87% of the 8077 electric cars sold in Q1FY23 (1605 units in Q1FY22).
The rapid roll-out of charging infrastructure across the country by Tata Power (TPWR IN) and the success of Tata's electric car (compact SUV). Tata Nexon EV, are key factors. 
Demand and infrastructure for electric cars seem to be in place but market growth is restricted by a lack of choice/adequate supply in the popular price range (&lt;USD 20K).


India EV Sector: Electric Cars in Demand, but Limited Options. Tata's Nexon EV Leads

Senior Credit Analyst, Lucror Analytics

Leonard Law, CFA

Senior Credit Analyst

High Yield Experts

Lucror Analytics

Lucror Analytics is a leading credit and ESG research specialist and a provider of technology solutions for differentiated fixed income strategies. Our roots are in bottom-up fundamental credit analysis with a specialization in high yield corporate credits from Europe, Asia and Latin America. We are one of few research specialists integrating ESG considerations with fundamental credit research through a dedicated ESG platform. Our ESG assessment covers five key criteria: Disclosure, E,S, & G Pillars, Controversies, ESG Impact on Credit and ESG Momentum.

Recognizing the importance and value-add of Factor Investing in fixed income, Lucror developed the Smart Quant Navigator (SQN), an intuitive platform that helps clients devise and implement factor-based strategies ranging from pure quant to active fundamental, with integrated ESG.

Our company has been at the forefront of developments in the fixed income markets, identifying opportunities and consistently delivering new products and value-adding solutions to clients. Lucror has close relationships with the largest and most reputable asset managers, family offices, hedge funds, investment and wealth managers globally.

Credit

Lucror Analytics Weekly Wraps provide an overview of all Morning Views comments and reports published by our analyst team in the past week, and also showcase a list of the most-read reports.In this Insight:<ol><li><a href='/entities/yankuang-energy-group' target='_blank' rel='noopener'>Yankuang Energy Group</a></li><li><a href='/entities/powerlong-real-estate-holdings-limited' target='_blank' rel='noopener'>Powerlong Real Estate Holdings</a></li><li><a href='/entities/sawit-sumbermas-sarana-tbk-pt' target='_blank' rel='noopener'>Sawit Sumbermas Sarana</a></li><li><a href='/entities/vedanta-resources-ltd' target='_blank' rel='noopener'>Vedanta Resources</a></li><li><a href='/entities/tata-motors-ltd' target='_blank' rel='noopener'>Tata Motors Ltd</a></li></ol>and more...

Lucror Analytics Weekly Wraps provide an overview of all Morning Views comments and reports published by our analyst team in the past week, and also showcase a list of the most-read reports.In this Insight:Yankuang Energy GroupPowerlong Real Estate HoldingsSawit Sumbermas SaranaVedanta ResourcesTata Motors Ltdand more...

Senior Technology Analyst, Japanese Equities, LightStream Research

Scott Foster

Senior Technology Analyst, Japanese Equities

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>Renesas and Tata Group companies have announced a new partnership in electronic systems and wireless telecom for automotive and other applications.</li>
<li>Specifically, they are working on the development of electric vehicles and industrial system solutions combining their semiconductor, IT system and manufacturing expertise.</li>
<li>This should provide a significant boost to their business in India and global markets. As Mio Kato wrote in late April, <a href="https://www.smartkarma.com/insights/renesas-like-we-said-accelerating" target="_blank" data-smartkarma-citation="insights:69073" rel="noopener">Renesas – Like We Said… Accelerating</a> </li>
</ul>


Renesas and Tata Group companies have announced a new partnership in electronic systems and wireless telecom for automotive and other applications.
Specifically, they are working on the development of electric vehicles and industrial system solutions combining their semiconductor, IT system and manufacturing expertise.
This should provide a significant boost to their business in India and global markets. As Mio Kato wrote in late April, Renesas – Like We Said… Accelerating 


Renesas Electronics (6723 JP): Tie-Ups with Tata Group Add to Growth Potential

External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

HDFC securities is the best online trading platform for stocks, IPOs, mutual fund in India. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Thematic (Sector/Industry)

<div><ul><li>Q1 margin pressure likely to be lower than earlier envisaged - We refrain from comparing YoY numbers, given the low base of last year and, hence, compare numbers on a QoQ basis for all companies.</li><li>Outliers expected within our coverage universe in Q1 - We expect M&amp;M to be the best performer in Q1, with an estimated 41% growth in earnings QoQ.</li><li>Q1 estimates for ancillaries - At the moment, we only have two ancillary companies under coverage.</li></ul></div>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Q1 margin pressure likely to be lower than earlier envisaged - We refrain from comparing YoY numbers, given the low base of last year and, hence, compare numbers on a QoQ basis for all companies.Outliers expected within our coverage universe in Q1 - We expect M&amp;M to be the best performer in Q1, with an estimated 41% growth in earnings QoQ.Q1 estimates for ancillaries - At the moment, we only have two ancillary companies under coverage.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Autos - Margin Pressure to Be Lower than Earlier Envisaged

Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region, based on key company-specific developments in the past 24 hours. Our Morning Views include a section with a brief market commentary, key market indicators and a macroeconomic and corporate event calendar.<ul><li><a href='#lucror-entity-953'>Bharti Airtel</a></li><li><a href='#lucror-entity-227'>Guangzhou R&F Properties</a></li><li><a href='#lucror-entity-1776'>Indika Energy</a></li><li><a href='#lucror-entity-8149'>Longfor Properties</a></li><li><a href='#lucror-entity-198'>Reliance Industries</a></li><li><a href='#lucror-entity-21047'>Ronshine China Holdings</a></li><li><a href='#lucror-entity-31037'>Sino-Ocean Service</a></li><li><a href='#lucror-entity-12763'>Tata Motors ADR</a></li><li><a href='#lucror-entity-8085'>Times China</a></li></ul>

Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region, based on key company-specific developments in the past 24 hours. Our Morning Views include a section with a brief market commentary, key market indicators and a macroeconomic and corporate event calendar.Bharti AirtelGuangzhou R&F PropertiesIndika EnergyLongfor PropertiesReliance IndustriesRonshine China HoldingsSino-Ocean ServiceTata Motors ADRTimes China

Morning Views Asia: Bharti Airtel, Guangzhou R&F Properties, Indika Energy, Longfor Properties

India

Tata Motors Limited manufactures cars and commercial automotive vehicles in India. The Company designs, manufactures and sells heavy commercial, medium commercial and small commercial vehicles including trucks, tankers, vans, buses, ambulances and minibuses. Tata also manufactures small cars and sports utility vehicles.

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Tata Motors DVR (TTMT/A IN)

India EV Sector: Electric Cars in Demand, but Limited Options. Tata's Nexon EV Leads

India's electric car market is in an early stage of accelerated growth - currently driven predominantly by Tata Motors which has successfully...

Devi Subhakesan

Weekly Wrap - 15 Jul 2022

Lucror Analytics Weekly Wraps provide an overview of all Morning Views comments and reports published by our analyst team in the past week, and...

Lucror Analytics

Renesas Electronics (6723 JP): Tie-Ups with Tata Group Add to Growth Potential

Renesas and Tata Group partnerships should boost the growth potential of both in auto, wireless telecom, IoT and industrial applications in India...

Scott Foster

Autos - Margin Pressure to Be Lower than Earlier Envisaged

We refrain from comparing YoY numbers, given the low base of last year and, hence, compare numbers on a QoQ basis for all companies.

HDFC Securities

Morning Views Asia: Bharti Airtel, Guangzhou R&F Properties, Indika Energy, Longfor Properties

Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region,...

Lucror Analytics

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