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

The Week That Was in ASEAN@Smartkarma - Banks, Beers, and Mergers

ThaiBev BeerCo Pre-IPO - Declining Rev and Mkt Share Concerns but Good Cost Control

ThaiBev BeerCo Pre-IPO - Thoughts on BeerCo and ThaiBev HoldCo Valuation

ThaiBev’s Strong 1QFY21 Results Could Shift Opinions About The BeerCo Spin-Off

StubWorld: Double Stub Via ThaiBev's BeerCo IPO

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 present our investment view on <a href="https://www.smartkarma.com/entities/thai-beverage-pcl" target="_blank" data-smartkarma-citation="entities:3656:1" rel="noopener">Thai Beverage (THBEV SP)</a> and stock-upside rationale based on (1) updated Sum-of-the-parts (SOTP) valuation following its quarterly results (December) announced on Feb 11th (2) BeerCo valuation based on updated numbers (3) Quarterly results review. <a href="https://www.smartkarma.com/entities/thai-beverage-pcl" target="_blank" data-smartkarma-citation="entities:3656:1" rel="noopener">Thai Beverage (THBEV SP)'s</a> reported quarterly results (1QFY21, ending Dec 2020) were close in line to the year-ago quarter (1QFY20), and significantly higher than 2Q-4QFY20 levels, suggesting a bounce-back in revenues and net earnings to pre-COVID levels, especially for its core spirits segment. </p>

In this note, we present our investment view on Thai Beverage (THBEV SP) and stock-upside rationale based on (1) updated Sum-of-the-parts (SOTP) valuation following its quarterly results (December) announced on Feb 11th (2) BeerCo valuation based on updated numbers (3) Quarterly results review. Thai Beverage (THBEV SP)'s reported quarterly results (1QFY21, ending Dec 2020) were close in line to the year-ago quarter (1QFY20), and significantly higher than 2Q-4QFY20 levels, suggesting a bounce-back in revenues and net earnings to pre-COVID levels, especially for its core spirits segment. 

Thai Beverage: Bouncy 1QFY21 Can Fire up the Stock; 20% Upside on SOTP