
In today’s briefing:
- NAV Valuations of Top Five Largest “Pure” Holdcos in Korea
- Updated NAV Valuations of Doosan Corp, Hanwha Corp, CJ Corp, GS Holdings, and Lotte Corp
- AMD Ups The Ante With A Flurry Of Smaller Acquisitions
- COLI (688 HK): The Best Beta Play for China
- Reiterate Short Tata Motors – Weak Sales Volume, JLR UK Retails Weak
- Can Lululemon Athletica Strike Back? Some Bold Moves to Crush Tariffs & Supply Chain Chaos!
- Lululemon 1Q’25 Update
- PVH Is Reinventing Calvin Klein And Tommy Hilfiger: Inside Its Recent
- MongoDB: An Insight Into Its Strategic Positioning Amidst AI Revolution & Key Growth Catalysts!
- Apple WWDC25: Nothing Announcements, and Nothing on AI.

NAV Valuations of Top Five Largest “Pure” Holdcos in Korea
- Holding companies have been the best performing asset class in the Korean stock market in the past month.
- In this insight, we provide updated NAV valuations of the top five, largest “pure” holdcos in Korea including SK Square, SK Inc, LG Corp, Hanjin KAL, and HD Hyundai.
- The NAVs of these five holdcos are about 18% higher than their current prices on average.
Updated NAV Valuations of Doosan Corp, Hanwha Corp, CJ Corp, GS Holdings, and Lotte Corp
- We provide updated NAV valuations of Doosan Corp (000150 KS), Hanwha Corporation (000880 KS), CJ Corp (001040 KS), GS Holdings (078930 KS), and LOTTE Corporation (004990 KS).
- These holding companies’ outperformance has been driven by investors’ perception that the new Lee Jae-Myung administration will make real changes to improve corporate governance policies that could unlock greater value.
- The share prices of Hanwha Corp, Doosan Corp, CJ Corp, GS Holdings, and Lotte Corp are up on average 97% YTD.
AMD Ups The Ante With A Flurry Of Smaller Acquisitions
- AMD recently announced the acquisition of Enosemi, a silicon-valley based startup specialising in chips for Co-Packaged Optics (CPO), and Brium, a previously unknown startup specialising in compiler optimisation
- AMD is also acquiring the engineering team behind Untether, a canadian AI hardware startup similar in many ways to Graphcore
- Wave Computing, Luminos Computing, Graphcore, Untether, the list of failing would-be NVIDIA challengers keeps growing. Who’s next?
COLI (688 HK): The Best Beta Play for China
- COLI, being a SOE residential developer, has no bankruptcy risk. Under the current downturn, it is gaining market share and evolving into a stronger market leader
- It recently issued onshore bond at historical low coupon 1.80% (5-year) and 2.37% (10-year), which is even lower than China’s LPR. This is very significant
- Valuation is almost all time low, and downside is limited. We think it is the perfect beta play for China
Reiterate Short Tata Motors – Weak Sales Volume, JLR UK Retails Weak
- We continue to reiterate our short call on Tata Motors Ltd (TTMT IN) based on near term challenges.
- May sales volume is weak versus peers in industry. This weak performance is seen across segments – India passenger cars, commercial vehicles and UK Retail sales
- This insight discusses the whole sale volume in the month of May and compares it with its nearest competitors.
Can Lululemon Athletica Strike Back? Some Bold Moves to Crush Tariffs & Supply Chain Chaos!
- Lululemon Athletica Inc. reported its financial results for the first quarter of 2025, posting revenue growth that reached the high end of its guidance range with a notable improvement in the United States, where revenues grew by 2%.
- The overall revenue increased by 7% (or 8% in constant currency) reaching $2.4 billion, driven by strong performance across various regions, despite a seemingly cautious consumer sentiment in the U.S. The brand witnessed robust in-market performance with revenues in Canada increasing by 9% and a significant 22% increase in Mainland China.
- The company also saw 17% revenue growth in the rest of the world.
Lululemon 1Q’25 Update
- Lulu is again back to LSD growth in the US; what makes it more disappointing is they actually had a somewhat easier comparison since 1Q’24 growth was just 2%.
- Canada, despite a low double digit growth in 1Q’24, again had higher growth than the US this quarter.
- China and Rest of the World (RoW) maintained healthy growth rates but growth has materially decelerated.
PVH Is Reinventing Calvin Klein And Tommy Hilfiger: Inside Its Recent
- PVH Corp.’s first-quarter 2025 performance reflects a balance of achievements and challenges in a complex macroeconomic environment.
- On the positive side, PVH delivered revenue growth that surpassed company guidance, attributable to the effective execution of its PVH+ Plan.
- The revenue increased by 2%, exceeding expectations due to stronger-than-projected wholesale performance, early shipments, and the relaunch of Calvin Klein women’s sportswear and jeans in North America.
MongoDB: An Insight Into Its Strategic Positioning Amidst AI Revolution & Key Growth Catalysts!
- MongoDB, Inc., a leading document-oriented database platform provider, has reported its financial results for the first quarter of fiscal year 2026.
- This quarter, MongoDB announced revenues of $549 million, marking a 22% year-over-year increase that surpassed expectations.
- The revenue growth was significantly driven by Atlas, its cloud-based database service, which saw a 26% rise and accounted for 72% of the total revenue.
Apple WWDC25: Nothing Announcements, and Nothing on AI.
- How many times can Apple management say “delightful” when they have nothing to say? WWDC25 highlighted a bunch of small software tweaks, mostly “new designs” and nothing on AI.
- The air pocket continues: very low growth in hardware categories, potentially large negative consequence of the Epic lawsuit, no AI roadmap.
- Consensus expects revenue growth for FY26 and that’s very questionable. The stock trades at 28x FY25 EPS, 26x FY26 with the only driver being share buybacks. Avoid!