Equity Analyst, Investory

Devi Subhakesan

Equity Research experience of over 20 years include working at leading Buy and Sell-side institutions, covering markets in ASEAN, India, and North Asia. Multi-sector coverage included - Consumer Staples/Discretionary, Media, Textiles, Oil, Gas, and Coal. 
Passionate about money, mindfulness and meditation.

Equity Analyst

Health & Happiness (1112 HK): 2H2020 -Strong Sales Growth in China Calms Daigou Pain. Stock Upside

Health & Happiness (1112 HK): Upside Potential. Pet Care Adds to NutriPower. Q4 Preview.

Pet Care Sector in Asia: Saga Has Just Started. Opportunities Galore.

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

Health And Happiness (H&H) / Equity Bottom-Up

In this insight, we discuss various socio-demographic factors which suggest that China's announced 3-child policy is unlikely to reverse the shifting demographic trends - accelerated aging and fall in the birth rate - in the medium term. We also discuss why we prefer companies like <a href="https://www.smartkarma.com/entities/health-and-happiness-h-h-int" target="_blank" data-smartkarma-citation="entities:20582:1" rel="noopener">Health And Happiness (H&amp;H) (1112 HK)</a> that have a diverse product portfolio including adult/elder care Vs. pure-play Infant/child care stocks. The current trend of slow down in births in China will lead to slower growth in the market for Infant/child care products. Expect companies focussed predominantly on infant/child care in China to witness a slow down in growth rate and consequent derating in valuation. After its highly anticipated population data in early May, China has now announced a shift in policy allowing couples to have up to three children in an attempt to arrest the declining birth rate. It is unlikely to have much of an impact going by the experience from China's shift to the 2-child policy earlier (2016). There are multiple social and economic factors, apart from birth restrictions, that have led to China's extremely low birth rate of 1.3; these factors are unlikely to change easily.

In this insight, we discuss various socio-demographic factors which suggest that China's announced 3-child policy is unlikely to reverse the shifting demographic trends - accelerated aging and fall in the birth rate - in the medium term. We also discuss why we prefer companies like Health And Happiness (H&amp;H) (1112 HK) that have a diverse product portfolio including adult/elder care Vs. pure-play Infant/child care stocks. The current trend of slow down in births in China will lead to slower growth in the market for Infant/child care products. Expect companies focussed predominantly on infant/child care in China to witness a slow down in growth rate and consequent derating in valuation. After its highly anticipated population data in early May, China has now announced a shift in policy allowing couples to have up to three children in an attempt to arrest the declining birth rate. It is unlikely to have much of an impact going by the experience from China's shift to the 2-child policy earlier (2016). There are multiple social and economic factors, apart from birth restrictions, that have led to China's extremely low birth rate of 1.3; these factors are unlikely to change easily. 

China's 3-Child Policy Unlikely to Reverse Trend. Child-Care Stocks Can Derate, Prefer Diverse Plays