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

Consumer Tales & Trends #July 11-20: THBEV SP Swap Deal, Bad Debts in Thailand, AI in Beauty.

Thai Bev (THBEV SP): Exits Property, Boosts F&N Stake. Deal Valuation Seem Excessive

Battle Lines Drawn As BABA Builds Out First/Last-Mile Capacity; But Who Will Fund 75+ Bn CNY CapEx?

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.

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/thai-beverage-pcl" target="_blank" data-smartkarma-citation="entities:3656:1" rel="noopener">Thai Beverage(THBEVSP)</a>'s  proposed swap deal involves acquiring a 41.3% stake in F&amp;N from promoters, seemingly at book value than fair market value, expected in case of an arms length transaction.</li>
<li>
<a href="https://www.smartkarma.com/entities/fraser-and-neave-ltd" target="_blank" data-smartkarma-citation="entities:980:1" rel="noopener">Fraser And Neave (FNN SP)</a>  holds a 20.3% stake in <a href="https://www.smartkarma.com/entities/vietnam-dairy-products-jsc" target="_blank" data-smartkarma-citation="entities:19635:1" rel="noopener">Vietnam Dairy(VNM VN</a>), Vietnam's leading dairy player, which is now trading at nearly a 40% discount to the investment value.</li>
<li>Understanding TCC Assets' ownership history of F&amp;N may help clarify the deal's valuation rationale.</li>
</ul>



Thai Beverage(THBEVSP)'s  proposed swap deal involves acquiring a 41.3% stake in F&amp;N from promoters, seemingly at book value than fair market value, expected in case of an arms length transaction.

Fraser And Neave (FNN SP)  holds a 20.3% stake in Vietnam Dairy(VNM VN), Vietnam's leading dairy player, which is now trading at nearly a 40% discount to the investment value.
Understanding TCC Assets' ownership history of F&amp;N may help clarify the deal's valuation rationale.


Thai Bev to Get F&N Stake from Promoters At Book Value than Fair Market Value