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

Thai Beverage (Thbev): Delayed Beer IPO and Undervaluation

Thai Beverage (THBEV): Weak Quarter Ahead

Thai Beverage (THBEV): Not the Time to Buy Yet

BeerCo IPO (Thai Bev's Spin-Off Listing): Financials, Valuation - Not Bubbly as Reported

ThaiBev BeerCo Pre-IPO - Valuation Updates and Crystallizing Growth Potential for BeerCo

StubWorld: ThaiBev’s BeerCo Spin-Off One Step Closer

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

<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> has deferred the earlier proposed listing of BeerCo, it's subsidiary that holds beer assets in Vietnam and Thailand, citing current uncertain market conditions and volatile outlook, aggravated by the worsening COVID-19 pandemic in Thailand and other countries. This upends our bullish view on the stock ( <a href="https://www.smartkarma.com/insights/thai-beverage-bouncy-1qfy21-can-fire-up-the-stock-20-upside-on-sotp" target="_blank" data-smartkarma-citation="insights:47914" rel="noopener">Thai Beverage: Bouncy 1QFY21 Can Fire up the Stock; 20% Upside on SOTP</a> ) as we see little upside to the stock in the near term with no catalyst to trigger a valuation upside. Recent reports of a third wave of infections in Thailand has led to Government imposing fresh restrictions including a ban on sale of alcohol in restaurants, adding further concerns on a protracted revival in tourism. In this insight we discuss <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> 's valuation to assess what is priced in the stock and discuss  investment view on the stock at current levels.

Thai Beverage (THBEV SP) has deferred the earlier proposed listing of BeerCo, it's subsidiary that holds beer assets in Vietnam and Thailand, citing current uncertain market conditions and volatile outlook, aggravated by the worsening COVID-19 pandemic in Thailand and other countries. This upends our bullish view on the stock ( Thai Beverage: Bouncy 1QFY21 Can Fire up the Stock; 20% Upside on SOTP ) as we see little upside to the stock in the near term with no catalyst to trigger a valuation upside. Recent reports of a third wave of infections in Thailand has led to Government imposing fresh restrictions including a ban on sale of alcohol in restaurants, adding further concerns on a protracted revival in tourism. In this insight we discuss Thai Beverage (THBEV SP) 's valuation to assess what is priced in the stock and discuss  investment view on the stock at current levels.

Thai Beverage: No Near Term Catalyst as BeerCo IPO Is Deferred. Value Buy or Value Trap?