Daily Brief Consumer: Cheil Worldwide, Suzuki Motor, Build A Bear Workshop, United Spirits, A.G. Barr, Londonla, Hermes International, MercadoLibre , Maple Leaf Foods, Trial Holdings and more

• On 30 September, Cheil Worldwide (030000 KS) announced that it is cancelling its entire treasury shares, representing 12% of outstanding shares. 
• Cheil Worldwide also plans to buy back an additional 40 billion won worth of shares on the open market between October 1 and December 30, representing 1.9% of outstanding shares.
• The bigger concerns are the company’s relatively flat growth in sales and profits which has partly been due to the negative impact of the greater use of generative AI services.

• In this insight we discuss about how Suzuki Motor (7269 JP) technology focus has evolved from 2024 to 2026
• We highlight key theme changes in each year and operational developments.
• Finally, we summarize what to look forward in coming years.

• We are reiterating our Buy rating, projections and $50 price target for Build-A=Bear Workshop after visiting company stores and shop in shop in London.
• We believe the company’s United Kingdom operations remain focused on driving solid top and bottom line results, with an emphasis on continuing to expand the tourist trade and store expansion on Build-A-Bear’s terms, which includes a focus on rental costs, the ability to drive top line growth and the potential to capture market share.
• As such, we remain impressed with Build-A-Bear’s ability to drive high-margin full price selling in key tourist driven arenas, and reiterate our Buy rating and $50 price target for BBW.

• The Board wiped out a historic INR 1,238 crore loan to United Breweries (Holdings) Limited (UBHL) in March 2026, abandoning INR 1,343 crore in unrecognised interest.
• Auditors have maintained an ‘Emphasis of Matter’ regarding fund diversions to the former non-executive Chairman’s entities for six consecutive years.
• The SFIO launched a formal inquiry in FY2026 into historic fund diversions, signaling that legacy regulatory risks are far from resolved despite recent settlements with the MCA.

• H127 revenue rose 8.5% to £247m, driven by recent acquisitions and strong innovation across Boost, Rubicon and IRN-BRU Zero.
• Distribution points increased 15% and earlier stock availability issues have now been resolved.
• Investment in brands, people, systems and manufacturing is driving market share gains and helping reposition the portfolio towards higher-growth categories.

• Londonla Inc. operates a next-generation online homeschooling platform built around the UK National Curriculum, integrating AI, multilingual support, and adaptive learning for global students aged 3 to 10.
• The global e-learning market was valued at over $263 billion in 2023, projected to reach over $933 billion by 2032, with a CAGR of 14.8%.
• The company reported a net loss of $(6,093) for the period from inception through May 31, 2026, and auditors expressed substantial doubt about its ability to continue as a going.

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• Since our December 2020 Insight, Hermès has returned about 62% in euros against roughly 111% for the MSCI ACWI gross index, despite tripling its profit.
• It led the index at every year-end through 2025; a 57.5× starting multiple, Asia’s stall and luxury’s pricing fatigue erased that lead within 2026.
• For long-term luxury investors: own the top of the customer pyramid, separate price from volume, benchmark against the index, and demand an explicit expected return.

• MercadoLibre priced US$1.0bn 5.850% 2036s at 6.139%; we remain Neutral, rate the new bond Hold, and continue to prefer the lower-duration 2031s.
• The deal lifts pro forma liquidity coverage to ~1.10x, but total debt rises to US$14.18bn, gross leverage to ~3.64x, and annual coupon expense by US$58.5mn. 
• The 2036s offered no obvious new-issue concession and sit broadly in line with long-dated LatAm IG peers, leaving limited valuation cushion against funding-intensive Fintech growth. 

• Maple Leaf Foods (MFI CN) has fundamentally transformed its operational and margin profile following the strategic spin-off of its commodity pork business (Canada Packers), emerging as a focused, brand-led consumer packaged goods (CPG) protein platform centered on prepared meats, poultry, and plant-based foods.
• The completion of major capital expenditure cycles—specifically the commissioning of the world-class London, Ontario poultry hub and Winnipeg Bacon Centre of Excellence—marks a decisive shift into a cash-harvesting phase, supporting gross margins near 18.8% in 1H 2026 and robust Free Cash Flow generation ($303.7M in FY2025).
• Trading at C$25.57 (~8.8x forward EV/EBITDA), MFI presents institutional investors with a compelling risk-adjusted entry point at a noticeable discount to pure-play North American packaged food peers (11-13x), backed by an attractive ~3.3% dividend yield and reduced earnings volatility.

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• Trial Holdings is monetising ¥17 billion of Seiyu property to acquire funds to expand. 
• Behind record consolidated sales of ¥1.347 trillion sits ¥394.6 billion of borrowing, a 70% fall in net profit, and a Seiyu expansion that will get more expensive before it pays.
• But it will be worth the cost. Trial-Seiyu has compelling stores, mixing low prices and flexible formats, including small stores to take on convenience chains.