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

Asia Restaurant Sector: Disrupted. Opportunities/Challenges Ahead -Time to Pivot & Persist

Jollibee's (JFC PM) Acquisition of Coffee Bean -  Value Buy in Asia's 'Hot' Coffee Segment

F&B Retail in 'New Normal' Post-COVID - A Mixed Outlook. Gainers and Losers. Starbucks China Update

YUM China (YUMC): Resilient Business and Better than Expected 1Q20 Result

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

<p>In this note we look at potential upside for <a href="https://www.smartkarma.com/entities/jollibee-foods-corp" target="_blank" data-smartkarma-citation="entities:987:1" rel="noopener">Jollibee Foods (JFC PM)</a>, assuming normalcy in operations gradually sets in by next year as the Philippines is now relaxing its strict COVID-led restrictions that have been in place since March. <a href="https://www.smartkarma.com/entities/jollibee-foods-corp" target="_blank" data-smartkarma-citation="entities:987:1" rel="noopener">Jollibee Foods (JFC PM)</a> was amongst the worst hit large-cap consumer stock in the Philippines as the country's extended COVID-led restrictions nearly halved its local sales in the June quarter and the stock slipped. With the economy being opened up now, and improving visibility on Jollibee's recovery in sales, investors may start to value the stock on forward earnings based on normalized operations. More importantly, the icing on the cake for the company's valuation upside could be improved visibility on the possible turnaround in the financials of its overseas coffee chain, acquired in 2019.</p>

In this note we look at potential upside for Jollibee Foods (JFC PM), assuming normalcy in operations gradually sets in by next year as the Philippines is now relaxing its strict COVID-led restrictions that have been in place since March. Jollibee Foods (JFC PM) was amongst the worst hit large-cap consumer stock in the Philippines as the country's extended COVID-led restrictions nearly halved its local sales in the June quarter and the stock slipped. With the economy being opened up now, and improving visibility on Jollibee's recovery in sales, investors may start to value the stock on forward earnings based on normalized operations. More importantly, the icing on the cake for the company's valuation upside could be improved visibility on the possible turnaround in the financials of its overseas coffee chain, acquired in 2019.

Jollibee Foods (JFC PM): Riding Out of the COVID Storm. Upside Potential.