Investment Research - Asia Consumer Sector, Investory

Devi Subhakesan

Investment Research - Asia Consumer Sector

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

MINISO Group Holding Limited operates as a holding company. The Company, through its subsidiaries, retails home decor, small electronics, textile, accessories, beauty tools, toys, cosmetics, personal care, snacks, fragrance and perfumes, and stationery and gifts. MINISO Group Holding serves customers worldwide.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/miniso-group-holding-ltd" target="_blank" data-smartkarma-citation="entities:36659:1" rel="noopener">MINISO Group Holding (9896 HK)</a> has surged 34% since announcing strong 9M24 results, backed by robust revenue growth, in end November, 2024.</li>
<li>With strong growth prospects, the stock could scale further in 2025, driven by rapid store expansion, blind box toys, ACG goods, and collaborations with top IPs like Harry Potter.</li>
<li>MINISO’s evolution from a value retailer into a lifestyle brand with trademarked IP goods, innovative blind boxes, and creative retail formats enhances its competitive edge and drives growth.</li>
</ul>



MINISO Group Holding (9896 HK) has surged 34% since announcing strong 9M24 results, backed by robust revenue growth, in end November, 2024.
With strong growth prospects, the stock could scale further in 2025, driven by rapid store expansion, blind box toys, ACG goods, and collaborations with top IPs like Harry Potter.
MINISO’s evolution from a value retailer into a lifestyle brand with trademarked IP goods, innovative blind boxes, and creative retail formats enhances its competitive edge and drives growth.


MINISO (9896 HK): From Blind Boxes to ACG Hits—Growth Magic Continues in 2025!

DFI Retail Group Holdings / Equity Bottom-Up

DFI Retail Group Holdings Ltd operates as a holding company. The Company, through its subsidiaries, focuses on retail stores such as supermarkets, drugstores, and convenience stores. DFI Retail Group Holdings serves customers in Asia.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/dfi-retail-group-holdings-ltd" target="_blank" data-smartkarma-citation="entities:7427:1" rel="noopener">DFI Retail Group Holdings (DFI SP)</a>, a leading retail player in Asia, is navigating sector headwinds through strategic pivots and cost cuts to drive superior margins and returns.</li>
<li>After hitting a 10-year low in early August, DFI Retail’s stock rebounded, driven by strong 1H2024 earnings that reflected the impact of management's initiatives.</li>
<li>With an attractive dividend yield, strong cash flow, and a positive earnings growth outlook, DFI Retail offers a low-risk, high-return opportunity for investors in 2025.</li>
</ul>



DFI Retail Group Holdings (DFI SP), a leading retail player in Asia, is navigating sector headwinds through strategic pivots and cost cuts to drive superior margins and returns.
After hitting a 10-year low in early August, DFI Retail’s stock rebounded, driven by strong 1H2024 earnings that reflected the impact of management's initiatives.
With an attractive dividend yield, strong cash flow, and a positive earnings growth outlook, DFI Retail offers a low-risk, high-return opportunity for investors in 2025.


2025 High Conviction: DFI Retail - Churning Free Cash by Turning the Right Levers

Jollibee Foods Corporation owns, franchises and manages a network of fast food restaurants under the trade name Jollibee. The Company was incorporated in 1978.

<ul>
<li>
<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> delivered strong sales and profit growth in 3Q, driven by robust Same Store Sales Growth (SSSG) in its home market and key overseas regions, excluding China.</li>
<li>Jollibee's value-for-money appeal has likely driven its impressive Same Store Sales Growth (SSSG), outpacing industry peers struggling with rising customer price sensitivity and fall in SSSG.</li>
<li>However, in China, Jollibee's delay in adapting to a quickly shifting market landscape has led to EBITDA losses, a sharp reversal from the profitability seen in Q2.</li>
</ul>



Jollibee Foods (JFC PM) delivered strong sales and profit growth in 3Q, driven by robust Same Store Sales Growth (SSSG) in its home market and key overseas regions, excluding China.
Jollibee's value-for-money appeal has likely driven its impressive Same Store Sales Growth (SSSG), outpacing industry peers struggling with rising customer price sensitivity and fall in SSSG.
However, in China, Jollibee's delay in adapting to a quickly shifting market landscape has led to EBITDA losses, a sharp reversal from the profitability seen in Q2.


Jollibee Foods: Sector-Beating Growth Fuelled by Value-For-Money Appeal.

Sea Limited offers information technology services. The Company provides online personal computer and mobile digital content, e-commerce, and payment platforms. Sea serves customers worldwide.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sea-ltd" target="_blank" data-smartkarma-citation="entities:8509:1" rel="noopener">Sea (SE US)</a> 's management expects all three business segments - ecommerce, financial services and entertainment - to deliver high growth and profitability in 2025, supported by strong macro-eceonomic tailwind.</li>
<li>It's GAAP revenue was US$4.3 billion, up 30.8% year-on-year and net income was US$153.3 million, as compared to total net loss of US$(144.0) million for 3Q2023.</li>
<li>Its e-commerce business achieved positive adjusted EBITDA in 3Q 2024 in both Asia markets and Brazil.</li>
</ul>



Sea (SE US) 's management expects all three business segments - ecommerce, financial services and entertainment - to deliver high growth and profitability in 2025, supported by strong macro-eceonomic tailwind.
It's GAAP revenue was US$4.3 billion, up 30.8% year-on-year and net income was US$153.3 million, as compared to total net loss of US$(144.0) million for 3Q2023.
Its e-commerce business achieved positive adjusted EBITDA in 3Q 2024 in both Asia markets and Brazil.


Sea (SE US): Strong 3Q, Upbeat Management Talk Fires up the Stock

Equity Capital Markets

Swiggy Limited operates an online easy-to-use food ordering application. The Company offers platform that allows users to browse, select, order, and pay for food, grocery, and household items delivered to their doorstep through on-demand delivery partner network. Swiggy serves customers in India.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/bundl-technologies-private-limited-swiggy" target="_blank" data-smartkarma-citation="entities:35630:1" rel="noopener">Swiggy (1255298D IN)</a> debuts today amid bearish market sentiment, pressured by FII selling and disappointing corporate earnings.</li>
<li>The IPO received lukewarm interest from retail investors, who had minimal allocation - this could limit listing day selling pressure.</li>
<li>
<a href="https://www.smartkarma.com/entities/bundl-technologies-private-limited-swiggy" target="_blank" data-smartkarma-citation="entities:35630:1" rel="noopener">Swiggy's</a> valuation discount to <a href="https://www.smartkarma.com/entities/zomato-ltd" target="_blank" data-smartkarma-citation="entities:28820:1" rel="noopener">Zomato (ZOMATO IN)</a>  is noteworthy; improved metrics, financials could drive gains, but escalating competition and regulatory risks loom large in the near term.</li>
</ul>



Swiggy (1255298D IN) debuts today amid bearish market sentiment, pressured by FII selling and disappointing corporate earnings.
The IPO received lukewarm interest from retail investors, who had minimal allocation - this could limit listing day selling pressure.

Swiggy's valuation discount to Zomato (ZOMATO IN)  is noteworthy; improved metrics, financials could drive gains, but escalating competition and regulatory risks loom large in the near term.


Swiggy: Expect Soft Debut in a Weak Market. Will It Regain Lost Mojo with IPO Boost?

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.

Devi Subhakesan
Investment Research - Asia Consumer Sector
• Investory

MINISO (9896 HK): From Blind Boxes to ACG Hits—Growth Magic Continues in 2025!

Growth in 2025 could pick up pace as MINISO accelerates its transformation from a value retailer into a lifestyle brand with more trademarked IP...

Devi Subhakesan

2025 High Conviction: DFI Retail - Churning Free Cash by Turning the Right Levers

DFI Retail is overcoming challenges with strategic shifts and cost reductions. With an attractive dividend yield, strong cash flow, and earnings...

Devi Subhakesan

Jollibee Foods: Sector-Beating Growth Fuelled by Value-For-Money Appeal.

Jollibee's value-for-money appeal has driven impressive Same Store Sales Growth (SSSG) in 3Q, outpacing industry peers struggling with rising...

Devi Subhakesan

Sea (SE US): Strong 3Q, Upbeat Management Talk Fires up the Stock

Stock was up 14.5% on strong 3Q results. Key takeaways from Mgt call. Sea's mgt expects high growth and profitability across business segments to...

Devi Subhakesan

Swiggy: Expect Soft Debut in a Weak Market. Will It Regain Lost Mojo with IPO Boost?

Expect a soft debut given weak market sentiment. Fresh capital offers Swiggy an opportunity to regain lost market share. But it will need to face...

Devi Subhakesan

MINISO (9896 HK): From Blind Boxes to ACG Hits—Growth Magic Continues in 2025!

Growth in 2025 could pick up pace as MINISO accelerates its transformation from a value retailer into a lifestyle brand with more trademarked IP...

Devi Subhakesan

2025 High Conviction: DFI Retail - Churning Free Cash by Turning the Right Levers

​DFI Retail is overcoming challenges with strategic shifts and cost reductions. With an attractive dividend yield, strong cash flow, and earnings...

Devi Subhakesan

Jollibee Foods: Sector-Beating Growth Fuelled by Value-For-Money Appeal.

Jollibee's value-for-money appeal has driven impressive Same Store Sales Growth (SSSG) in 3Q, outpacing industry peers struggling with rising...

Devi Subhakesan

Sea (SE US): Strong 3Q, Upbeat Management Talk Fires up the Stock

​Stock was up 14.5% on strong 3Q results. Key takeaways from Mgt call. Sea's mgt expects high growth and profitability across business segments to...

Devi Subhakesan

Swiggy: Expect Soft Debut in a Weak Market. Will It Regain Lost Mojo with IPO Boost?

Expect a soft debut given weak market sentiment. Fresh capital offers Swiggy an opportunity to regain lost market share. But it will need to face...

Devi Subhakesan

DFI Retail is overcoming challenges with strategic shifts and cost reductions. With an attractive dividend yield, strong cash flow, and earnings...

Stock was up 14.5% on strong 3Q results. Key takeaways from Mgt call. Sea's mgt expects high growth and profitability across business segments to...