Daily Brief Consumer: RedDoorz, Fujikura Rubber, LIFULL, Bega Cheese Ltd, Seria Co Ltd, Vince Holding and more

• RedDoorz (REDDOORZ SP) operates a leading multi-brand budget hospitality network across Southeast Asia with over 3,800 properties across 257 cities, anchored primarily in the high-density markets of Indonesia and the Philippines.
• The company has executed an operational turnaround, achieving positive cash flow and pre-tax earnings of US$9.6 million in FY24 driven by its proprietary RedPilot AI yield management platform, disciplined operating expense optimization, and growing high-margin ancillary micro-products.
• Management is actively preparing for a 2027 mainboard listing on the Singapore Exchange (SGX) to raise US$50 million to US$100 million, supporting a strategic pivot toward up to 150 company-operated hotels in Indonesia alongside an acquisition-led regional expansion across APAC.

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• Fujikura Rubber Ltd. (Fujikura Composites Inc., 5121 JP) has transformed its earnings profile by establishing global market leadership in high-margin carbon fiber golf shafts (Ventus, Speeder franchises) while maintaining a resilient, cash-generative industrial rubber components foundation.
• Financial performance demonstrates expanding operational profitability, with gross margin widening to 33.13% and net income reaching JPY 3,987.5M in 2026, supported by robust free cash flow generation (FCFE of JPY 4,055.9M) and an immaculate net-cash balance sheet.
• Shareholder value enhancement is reinforced by progressive capital returns (dividend growing at a 5-year CAGR of 40.20% to JPY 86.0 per share in 2026, yielding 3.03%) alongside ongoing structural portfolio reforms aimed at lifting return on invested capital (ROIC) across legacy industrial divisions.

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• In cumulative Q3 FY2026/9, LIFULL Co., Ltd. (hereinafter, the Company) reported higher revenue and profits, with revenue of JPY 21,983 mn (+4.4% YoY) and operating profit of JPY 3,239 mn (+7.9% YoY).
• Profit attributable to owners of the parent (net profit) came in at JPY 2,126 mn, representing a solid 41.8% YoY increase on an underlying basis (adjusting for prior-year one-off factors).
• The core HOME’S Services segment drove overall performance, with revenue of JPY 20,041 mn (+4.5% YoY).

• Bega Cheese (ASX:BGA) is one of Australia’s leading producers of dairy products for domestic branded segment, as well as bulk (volume) and highervalue exports.
• The Lion Dairy & Drinks acquisition (November 2020) proved a timely expansion in the branded dairy segment.
• BGA holds leading market share positions in yoghurt and milk beverages, with its branded business representing over 80% of group revenue.

• Daiso is unlisted but dominates the listed competitors in the 100 Yen sector like Seria Co Ltd (2782 JP) and Can Do Co Ltd (2698 JP).
• Daiso posted its 15th consecutive year of record sales in FY2025 and store count reaching 6,000, driven by rapid expansion of its multi-banner format.
• This is alongside a growing proprietary IP business and fandom marketing that is beginning to feed directly into product development.

• We are reiterating our Buy rating, projections and $9 price target after visiting the October’s Very Own (“OVO”) flagship store in Manhattan.
• We were impressed with the quality and offering of goods and the visit reinforced our belief OVO is a premium brand with the potential for material expansion.
• That said, we note the store, after being open for almost a decade, needs some upgrades and TLC, which we believe represents an opportunity for Vince.

• In cumulative Q3 FY2026/9, LIFULL Co., Ltd. (hereinafter, the Company) reported higher revenue and profits, with revenue of JPY 21,983 mn (+4.4% YoY) and operating profit of JPY 3,239 mn (+7.9% YoY).
• For FY2026/9, the Company trimmed its revenue forecast to JPY 29,300 mn due to delays in the regional revitalization business while raising its forecast for operating profit to JPY 3,900 mn and net profit to JPY 2,500 mn.
• The Company’s share price has recently rebounded following a period of fluctuations, supported by the significant upward revision announced with Q3 FY2026/9 results.