Daily Brief Consumer: SHEIN Global Holdings, Ajinomoto Malaysia, Alibaba, ClubMed Lifestyle Group, Samyang Foods, Youmi, Nextboat and more

• A month into SHEIN’s IPO process, its near-term (FY26) growth prospects are downbeat
• Here we present an array of FY27e PERs based on a range of top-line, OPM% estimates
• Objective is to show combinations of revenue growth, margin that make SHEIN cheap-ish

• The Ajinomoto Malaysia (AJI MK) IA has opined that Ajinomoto Co (2802 JP)’s RM20.00 offer is NOT fair but reasonable. 
• The key conditions are the headcount test (majority in number) and the value test (approval by at least 75% of disinterested shareholders, with rejection by <10% of all disinterested shareholders).
• The lack of a disinterested shareholder holding a blocking stake, the Board’s support and recent precedents suggest that the vote remains low-risk. 

• Aequitas Research’s weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
• On the IPO front, SHEIN Global Holdings (625 HK) and Momenta Global (6880 HK) are set to list this week. 
• On the placement front, deals continued to flow in across the region, throughout the week.

• ClubMed Lifestyle Group is a global premium vacation lifestyle group, anchored by its Club Med brand, operating premium all-inclusive resorts and providing asset-light vacation scenario services worldwide.
• The group operated 69 premium resorts globally and had a sales network spanning over 40 countries, with revenue increasing to EUR1,948.5 million in 2025.
• Revenue was EUR1,948,546 in 2025, with net liabilities of EUR171.9 million as of June 30, 2026, and profit decreased from EUR68,768 in 2023 to EUR10,917 in 2025.

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• On the 22nd June 2026, MSG-manufacturer Ajinomoto Malaysia (AJI MK) announced Ajinomoto Co (2802 JP), its controlling shareholder, intended to delist the company via a selective capital reduction.
• In response to local media reports, Ajinomoto defended its Offer Price of RM20/share, stating it represents a reasonable premium, and reflected the company’s business value and historical share performance.
• The Circular is out. The Independent Advisor (RHB) opined not fair, but reasonable. The “not fair” part is tenuous. The EGM is the 24th September. Cash payment late January 2027. 

• Samyang has absorbed every capacity addition within months since 2022, and the July-2026 export slowdown to +8% YoY reads as the same ceiling recurring, not fading Buldak demand.
• A 15% US tariff was passed through as a 9% October-2025 price hike with no volume loss, proving pricing power; a Nov-2025 treasury-share sale still weighs on governance.
• We initiate BULLISH with a 12-month Fair Value of ₩1,880,000, 17x our FY2028E EPS of ₩110,792, for +22.7% upside from Samyang’s ₩1,532,000 spot.

• Youmi Inc. is a paper-thin corporate shell with a single pilot store in China and an unreleased, outsourced software platform. Despite its grand pitch to digitize mom-and-pop stores, it lacks the scale, supply chain power, or capital to compete with established giants, operating on just $132,508 in cash as of April 30, 2026.
• The structural shift in Chinese retail favors low-cost digital franchise networks like Meiyijia (40,147 stores as of late 2025), while high-capital, algorithmic-heavy models like Bianlifeng have severely faltered, closing approximately 1,300 stores over the last three years due to a lack of local human touch and margin compression from quick commerce.
• The broader convenience store sector faces unprecedented macro headwinds, with CCFA’s July 2026 briefing revealing that 71.7% of convenience store enterprises suffered declining foot traffic in the first half of 2026. Early-stage, uncapitalized networks like Youmi are fundamentally unviable in this environment, especially given their lack of compliance with China’s strict “two-store, one-year” franchise regulations.

• NextBoat Inc. is a premier yacht and boat dealership specializing in buying, selling, and wholesaling. It operates as an AI-enabled, vertically integrated marine marketplace with complementary businesses.
• NextBoat generates over $120 million in annual sales, operating across eight locations with 100 sales representatives, transacting over 400 vessels annually.
• Revenue was $119,866,298 in FY2025 and $98,995,562 in FY2024. Total assets were $100,493,104 as of June 30, 2026.

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