Vinod Moras of Kiara Advisors presented his in-depth investment thesis on Zydus Wellness (India: ZYDUSWELL) at Asian Investing Summit 2021.

Thesis summary:

Zydus Wellness is a health and wellness products company in India, with a dominant position in niche food and personal care products. The company dominates five of the seven categories in which it operates. Most of the products are in their early stages of consumer penetration, affording the products a long runway for growth. Rising disposable income and chronic diseases in India are resulting in an increasing focus on Indians leading healthier lifestyles, and Zydus should be the biggest beneficiary of this structural trend.

The company received a major boost after the acquisition of Heinz India’s consumer portfolio. The total addressable market size has increased fourfold, alongside entry into four new product categories. The acquisition has given Zydus the supply-chain and distribution scale that will let it compete against the bigger consumer companies.

Zydus has a good track record of launching market.leading products due to strong management and R&D teams as well as pharma company parentage.

The recent market quotation is attractive in light of the growth potential for the company’s products and the high quality of the management team.

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About the instructor:

Vinod Moras is a value investor focused on Asian equity markets scouting for undervalued companies with high quality business models, strong moats and top quality management teams. He is currently a senior investment analyst at KIARA Advisors, an Asia focused long/short equity fund, covering India and Southeast Asia markets. In his prior role, Vinod served as a senior investment analyst at APS Asset Management, a $3bn Asian hedge fund investing in long/short equities focused on the Chinese internet sector and India. Vinod is a member of the Value Investors Club (VIC) since 2010. Vinod holds a Master’s degree in Finance from New York University, Polytechnic Institute.

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