Asia consumer research, Investory

Shilpa Krishnan

Asia consumer research

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

Mahindra Holidays & Resorts / Equity Bottom-Up

<p>Does a good product make for a great stock or a lousy one? I won’t buy a stock for its product alone, but I will definitely personally vouch for the holiday product of Club Mahindra. This is the company that has managed to convince over 222,000 Indian families that they deserve a break from their hard work, 7 days a year, and pampers them at its resorts with great locations, spacious rooms, a smorgasbord of treats at the restaurant, spa, club facilities and the works. </p><p>My non-Indian friends own timeshares at Marriott Vacations (VAC US) and Hilton Grand (HGV US). The comparisons intrigued me. MHRL’s member numbers are just 10-15% lower than those of its overseas peers, and with 50 resorts MHRL is comparable to HGV. But HGV has 2x MHRL’s room-inventory, 5x its revenues, 10x its profit, and 5x the market capitalization. Read on for why I think MHRL is not just another case of overestimating the discretionary consumption power of the Indian middle class.</p>

Does a good product make for a great stock or a lousy one? I won’t buy a stock for its product alone, but I will definitely personally vouch for the holiday product of Club Mahindra. This is the company that has managed to convince over 222,000 Indian families that they deserve a break from their hard work, 7 days a year, and pampers them at its resorts with great locations, spacious rooms, a smorgasbord of treats at the restaurant, spa, club facilities and the works. My non-Indian friends own timeshares at Marriott Vacations (VAC US) and Hilton Grand (HGV US). The comparisons intrigued me. MHRL’s member numbers are just 10-15% lower than those of its overseas peers, and with 50 resorts MHRL is comparable to HGV. But HGV has 2x MHRL’s room-inventory, 5x its revenues, 10x its profit, and 5x the market capitalization. Read on for why I think MHRL is not just another case of overestimating the discretionary consumption power of the Indian middle class.

How Do You Make Money When (Others Are) On Vacation