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

Kalyan Jewellers (KALYANKJ IN): Riding the Big Fat Indian Wedding Boom

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>
<a href="https://www.smartkarma.com/entities/kalyan-jewellers" target="_blank" data-smartkarma-citation="entities:29714:1" rel="noopener">Kalyan Jewellers (KALYANKJ IN)</a> reported strong 1Q2025 sales and earnings growth, driven by robust same-store sales growth (SSSG) and new store additions.</li>
<li>
<a href="https://www.smartkarma.com/entities/titan-co-ltd" target="_blank" data-smartkarma-citation="entities:12630:1" rel="noopener">Titan Co Ltd (TTAN IN)</a>, the incumbent market leader, had a lacklustre performance for the quarter, highlighting Kalyan's rapid growth.</li>
<li>Expect <a href="https://www.smartkarma.com/entities/kalyan-jewellers" target="_blank" data-smartkarma-citation="entities:29714:1" rel="noopener">Kalyan Jewellers (KALYANKJ IN)</a> to outperform <a href="https://www.smartkarma.com/entities/titan-co-ltd" target="_blank" data-smartkarma-citation="entities:12630:1" rel="noopener">Titan Co Ltd (TTAN IN)</a> , narrowing the steep relative valuation discount as it ramps up growth, improves performance metrics.</li>
</ul>



Kalyan Jewellers (KALYANKJ IN) reported strong 1Q2025 sales and earnings growth, driven by robust same-store sales growth (SSSG) and new store additions.

Titan Co Ltd (TTAN IN), the incumbent market leader, had a lacklustre performance for the quarter, highlighting Kalyan's rapid growth.
Expect Kalyan Jewellers (KALYANKJ IN) to outperform Titan Co Ltd (TTAN IN) , narrowing the steep relative valuation discount as it ramps up growth, improves performance metrics.


Kalyan Jewellers:1QFY25-Glittering Performance. David Outshines Goliath in Growth