Investment Research - Asia Consumer Sector, Investory

Devi Subhakesan

Investment Research - Asia Consumer Sector. 

Equity Research experience of over 20 years. Earlier, Analyst for leading Buy and Sell-side institutions, covering markets in ASEAN, India, and North Asia. Expertise spans various sectors - Consumer Discretionary, Media, Textiles, Oil, Gas, and Coal.
Passionate about mindfulness and meditation.

Investment Research - Asia Consumer Sector

China Resources Beer (291 HK): Baijiu and Index Inclusion

CR Beer (291 HK): Minimal COVID Damage in 1H2020. Positive Sector/Stock Outlook; Upside Potential

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

China Resources Beer Holdings / Equity Bottom-Up

<p>In this insight, we discuss <a href="https://www.smartkarma.com/entities/china-resources-beer-holdings" target="_blank" data-smartkarma-citation="entities:399:1" rel="noopener">China Resources Beer Holdings (291 HK)</a> 's valuations, operational and financial outlook going forward following its recently announced FY2020 results before commenting on the stock's investment potential.</p><p><a href="https://www.smartkarma.com/entities/china-resources-beer-holdings" target="_blank" data-smartkarma-citation="entities:399:1" rel="noopener">China Resources Beer Holdings (291 HK)</a> reported strong growth in operating margins for FY2020 while its volumes were down 3% versus a steeper volume decline in China's overall beer market in the year. Its superior operational and financial performance was largely led by CR Beer consolidating its presence in the premium beer segment following the Heineken acquisition in 2019 and the launch of new products. Importantly, the Beer market in China is witnessing a shift in demand trend towards higher-end, premium and craft beers while demand for low priced economy segment is declining. CR Beer appears well placed to tap into this shift in industry trend. Consensus expectations for <a href="https://www.smartkarma.com/entities/china-resources-beer-holdings" target="_blank" data-smartkarma-citation="entities:399:1" rel="noopener">China Resources Beer Holdings (291 HK)</a> projected earnings for FY21 and FY22 have been steeply revised upwards after the company announced FY2020 results last week.</p>

In this insight, we discuss China Resources Beer Holdings (291 HK) 's valuations, operational and financial outlook going forward following its recently announced FY2020 results before commenting on the stock's investment potential.China Resources Beer Holdings (291 HK) reported strong growth in operating margins for FY2020 while its volumes were down 3% versus a steeper volume decline in China's overall beer market in the year. Its superior operational and financial performance was largely led by CR Beer consolidating its presence in the premium beer segment following the Heineken acquisition in 2019 and the launch of new products. Importantly, the Beer market in China is witnessing a shift in demand trend towards higher-end, premium and craft beers while demand for low priced economy segment is declining. CR Beer appears well placed to tap into this shift in industry trend. Consensus expectations for China Resources Beer Holdings (291 HK) projected earnings for FY21 and FY22 have been steeply revised upwards after the company announced FY2020 results last week.

CR Beer (291 HK): When Bigger Gets Better. Premium Trends, Higher Margins. Stock Upside.