Smartkarma Daily Briefs

• KOSPI 200 is a Korean blue-chip index that tracks the 200 largest and most-liquid names listed in the KOSPI section of the KRX. Here we look at Dec25 index rebal.
• We expect up to 6 ADDs and 6 DELs in the KOSPI 200 index during the December 2025 index rebal event based on the latest available data.
• This is up from 4 ADDs and 4 DELs last month, but there is a lot of potential sector threshold borderline volatility to change both the number and the names.

• Patek Philippe is a premier watchmaker with a rich history and unmatched craftsmanship
• The brand is differentiated from others like Rolex by its exclusivity, handmade quality, and tradition of creating the finest watches in the world
• John Reardon from Collectability provides insights into what makes Patek Philippe a special and highly sought-after brand

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• As reported by Gaudenz Schneider , South Korea left interest rates unchanged on July 11th, but significant uncertainty from US Tariffs policies pose a challenge for its economy.
• In our previous KOSPI 200‘s insight we flagged an ‘overbought warning’, yet the index extended its rally for four more weeks, closing at 428 — near its all-time highs (449).
• The index is now off the chart on our time model and approaching the upper limit of our SHORT price model. A WEEKLY pullback is imminent, but may be short-lived.

• The TJX Companies, Inc. delivered solid financial results for the second quarter of fiscal year 2025, citing exceptional execution of their flexible off-price business model and strong customer transaction-driven sales growth across all divisions.
• The company’s ongoing commitment to delivering excellent value and an exciting merchandise assortment continues to resonate with consumers globally.
• This effectively reflects in the company’s decision to raise the full year guidance for both pretax profit margins and earnings per share.

• Pandora A/S, a renowned name in the global jewelry market, delivered a robust financial performance during the first quarter of 2025, aligning well with its strategic objectives.
• The company reported a solid 6% like-for-like growth, translating into a 7% organic increase, attributed to the adherence to its Phoenix strategy and the mission to develop a comprehensive jewelry brand.
• Pandora’s ability to maintain growth amidst a volatile global economic environment is a testament to its strategic positioning and operational resilience.

• We are reiterating our Buy rating, projections and $22.50 price target for Betterware de Mexico as we look at key trends for 2HFY25 and beyond.
• We believe BWMX has remained weak in 2025 (down 14% YTD) as worries remain over the health of the Mexican consumer and a material 1Q25 miss, which also resulted in a 20% cut in the annual dividend rate.
• While management maintained the 2025 annual guidance, we believe the Street is already projecting the company will have to reduce overall guidance.

• Gen Z is an important & sometimes challenging target demo for brands to reach.
• The Brag House model is designed to enable brands to connect to Gen Z casual gamers via multiple channels.
• Based on user behavior on its platform, TBH expects to build a database that can provide brands insights to customize offerings and marketing strategies & potentially lower customer acquisition costs.

Greggs’ H125 trading update showed sales growth slowed in June as high temperatures affected footfall and purchasing patterns. Although the company benefits from sales of cold drinks, including its own over-ice drinks that are in only part of the estate and third-party drinks, there is both an overall volume and a gross margin impact versus other products that have sold less well. Therefore, following challenging weather conditions in January and June and with hotter weather forecast in July, management anticipates FY25 operating profit could be modestly lower than reported in FY24. We reduce our FY25 profit estimate by c 10%.

• Puig, a significant player in the premium beauty market, reported strong financial performance for the year ending December 31, 2024.
• The company achieved record net revenues of EUR 4.8 billion, indicating a double digit reported growth of 11.3% and a 10.9% like-for-like increase, which outpaced the premium beauty market.
• Gross margins improved to 74.9%, a reflection of the desirability and strength of Puig’s brand portfolio.