Consumer

• After the market close on 11 December, Trillion Luck Group announced a tender offer of a 52.5% stake in Rothwell International Co (900260 KS).
• The tender offer price is 1,580 won per share, which is 58% higher than current price.
• There has not been a meaningful positive impact of keeping Rothwell publicly listed in Korea. It makes more sense to take the company private. 

Borussia Dortmund is one of Europe’s leading football clubs, with a strong track record in its domestic league and an enviable consistency in competing in the financially lucrative European competitions. The consistent on-pitch success and structural growth drivers of expanding global audiences, increasing demand for media rights and developing sponsorship partners have led to a strong 20-year revenue CAGR of c 10%. When combined with management’s conservative approach to operating costs and player investment, the result is a long-term record of positive net income and free cash generation, which may be at odds with the general perception about the financial health of football clubs. The company’s valuation looks attractive versus peers and its own trading history.

• Honda Motor Company Limited’s recent financial performance presents a complex picture involving both opportunities and challenges.
• On the positive side, Honda’s Motorcycle operations achieved record-high unit sales, operating profit, and operating margin, driven by strong sales in Brazil and the Philippines despite declines in Vietnam.
• This segment’s operating profit reached JPY 368.2 billion, marking a year-over-year increase of JPY 42.4 billion.

• Meesho has established itself as a significant player in Indian e-commerce, particularly targeting price-sensitive consumers in Tier 2 and Tier 3 cities with its zero-commission, mobile-first marketplace.
• The company exhibits a strong growth trajectory, evidenced by rapidly increasing revenues and a large, expanding user base. However, this growth has been accompanied by significant net losses, raising concerns about its path to sustainable profitability.
• A key strategic initiative is the development of its proprietary logistics platform, Valmo, aimed at reducing costs, improving efficiency, and insourcing a critical part of the value chain, which presents both a major opportunity and an execution risk.

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• naoo AG recently announced its half-year figures for 2025.
• Thanks to the acquisition of Kingfluencers at the beginning of the year (consolidation of the transaction with retroactive effect from January 2025), the company was able to achieve a sharp increase in sales to CHF 4.30 million (H1 2024: CHF 0.42 million).
• At the same time, gross profit increased dynamically to CHF 1.62 million (H1 2024: CHF 0.07 million), which equates to an almost doubling of the gross profit margin to 38.0% (H1 2024: 17.0%).

Key points (machine generated)

• SYLA Holdings Co., Ltd. was formed from the merger of CUMICA Corporation and SYLA Technologies Co., Ltd., focusing on real estate development and crowdfunding.
• In FY5/25, CUMICA experienced a 13.7% revenue increase but reported a net loss of ¥657 million; SYLA Holdings forecasts revenue growth to ¥34,500 million and net income of ¥868 million for FY5/26.
• The company aims to establish itself as a comprehensive real estate tech firm with mid-term targets of ¥100 billion in total assets and a 10% return on equity by FY5/30.

This article is sourced from an online content aggregator through publicly available sources and is displayed below for general informational purposes only.

Key points (machine generated)

• San-ei Corporation reported a decline in revenue and profit due to decreased demand for travel and outings.
• The company operates 17 overseas bases and 11 stores in Japan, focusing on high value-added products through OEM and brand businesses.
• The furniture and household goods segment accounts for 50.8% of sales, with apparel and accessories also contributing significantly.

This article is sourced from an online content aggregator through publicly available sources and is displayed below for general informational purposes only.

Topps Tiles’ (TPT’s) FY25 results clearly demonstrated the profit leverage available as incremental revenue and services from the Mission 365 growth initiatives combined with more favourable end markets. Revenue growth was broad based across all divisions, which fed through to higher gross margins for all divisions and the group. Management remains confident in the growth strategy and the Mission 365 financial goals, which offer substantial upside from the current share price if achieved over the next few years.

• We are reiterating our Hold rating on Vera Bradley after the company reported slightly better than expected 3QFY26 (October) top line results (driven by continued Direct Sales improvement), while operating upside potential was offset by material inventory write-downs and the write-off of media credits; if these one-time impacts are excluded, 3QFY25 EBITDA of $0.3 million and EPS of $0.05 would have handily beat our projections.
• We believe the new “Operation Sunshine” program, which has brought back the core OG Vera Bradley shopper, with an emphasis on cotton fabric items, more relevant looks and brand focus, increased versatility and value and a more streamlined and cohesive shopping experience across channels, is registering key successes and providing a hint to investors of the potential to come.
• While we are remaining conservative due to the nascent stage of the turn, we are encouraged.

• AutoNation just made a strategic pit stop in the Baltimore area with its acquisition of Jerry’s Toyota, a more than 40-year-old dealership that’s been a fixture in the Mid-Atlantic automotive scene.
• The move, announced December 9, marks AutoNation’s first Toyota acquisition in over a decade and expands its footprint deeper into a region where it’s been steadily building scale.
• What makes this deal unique isn’t just the brand—Toyota is among the most durable and profitable franchises in retail auto—but the dealership’s heritage and the deliberate succession planning involved.

• Elliott has filed a substantial shareholder notice reporting a Toyota Industries (6201 JP) ownership of 16.3 million or 5.01% of outstanding shares.
• The disclosure is likely a tactic to pressure Toyota Fudosan (offeror) and also a useful signalling tactic to other minorities that Elliott is committed to securing a bump.
• A potential bump could reach JPY19,000. While this would require an additional US$4 billion, financing should not be an issue as the book value (understated) is close to JPY18,000. 

• Meesho successfully went  public with a Fresh Issue of up to INR4,250 crore. Notably, nearly 44% of the fresh capital is earmarked specifically for deepening its technology and AI moat.
• Unlike traditional search-led e-commerce, Meesho is proving the viability of a “discovery-led” model powered by an immense data engine (5.9 billion daily data points), integrating a high-growth content commerce business. 
• Meesho presents a compelling play on consumption. IPO is not just for funding growth, but for funding AI infrastructure required to defend its “Everyday Low Price” moat against deep-pocketed competitors.

• DraftKings Inc. recently held its third-quarter 2025 earnings call, highlighting both achievements and challenges.
• The company reported $1.144 billion in revenue, growing 4% year-over-year, though this was below their expectations due to unfavorable sports outcomes impacting revenue by over $300 million.
• Despite these challenges, some positive developments were noted.

• On October 21st we published an insight predicting Toyota Motor’s imminent pullback. The stock started to pullback the following week, the correction lasted for a few weeks.
• After last week’s weakness, Toyota Motor (7203 JP) is rallying again. There’s conflicting sentiment on valuation—some see it as undervalued.
• This insight presents a short-term tactical analysis with a bullisht target at 3291 (75% probability of seeing a new pullback after that target is reached). 

• Dominant Market Leader Poised for Diversified Growth: Gabriel India is the flagship company of the ANAND Group and a market leader in ride control products in India, with an 89% market share in the commercial vehicle segment, 32% in two/three-wheelers, and 24% in passenger vehicles. A recent strategic restructuring is set to transform the company from a suspension-focused entity into a diversified mobility solutions provider, integrating businesses in EV drivetrains, automotive fluids, NVH solutions, and sunroofs.
• Strong Financial Performance and Growth Trajectory: The company has demonstrated a robust growth track record, with a 3-year revenue CAGR of 20.35% and a net income CAGR of 39.88%. This financial strength is underpinned by its leadership position, strong OEM relationships, and a vast aftermarket network of over 700 dealers and 12,000 retailers.
• Strategic Pivot to High-Growth Areas: Gabriel is proactively adapting to industry trends by expanding into higher-growth segments. It has a first-mover advantage in the electric two-wheeler (E2W) space, commanding over 70% market share. Furthermore, new joint ventures for sunroofs and EV fluids position the company to capitalize on vehicle premiumization and electrification trends.

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• The convenience store sector is not only saturated but also facing serious levels of new competition. Despite this, Seven Eleven posted much higher growth in November but problems remain.
• The big 3 are working hard to innovate their way out of trouble and move on to new, fertile pastures of growth but Seven Eleven is behind Lawson and Familymart.
• Innovation means high levels of differentiation across prices, tech, services and merchandising, making each chain much more distinctive and a fascinating example of where Japanese retail is headed.

• Somnigroup International reported a strong performance in the third quarter of 2025, driven by its recent acquisition of Mattress Firm and successful execution of key initiatives.
• The company achieved record results across important financial metrics despite flat conditions in the U.S. bedding market and persistent challenges internationally.
• Net sales rose by 63% to $2.1 billion, while adjusted EBITDA increased 52% to $419 million, and adjusted EPS grew by 16% to $0.95 per share.

• DigiPlus Interactive (PLUS PM) confirmed that the government is working with licensed operators to develop a legal framework to ensure responsible gaming/root out illegal gambling/player protection—final hearing this month(December). 
• The company purchased a convertible bond for 1.6 billion HKD (205 million USD), giving it the right to acquire 53.89% of International Entertainment (1009 HK), lowering its GGR share. 
• The stock trades at 7x/5.5x FY25/26PE, based on our numbers, which assume a sequential quarterly recovery (normalized by Q2FY26 levels) as guided by management. 

• Advance Auto Parts (AAP) continues to struggle even after two major restructuring programs.
• For 2025, this seller of after-market auto parts has pulled out a save from liquidity constraints by raising cash, extending debt maturities, shedding assets, and streamlining operations.
• But that brings AAP near to the bottom of its bag of tricks.

• Renaissance Inc. is a major player in the Japanese fitness industry, demonstrating a strong revenue recovery post-pandemic, although profitability and cash flow remain volatile.
• The company is diversifying its business model beyond traditional fitness clubs to include healthcare-related services, such as corporate wellness programs and senior-focused rehabilitation centers, tapping into Japan’s key demographic trends.
• While facing intense competition and economic sensitivity, the company’s strategic focus on health solutions for an aging population and its established brand presence of over 100 clubs position it for potential long-term growth in the expanding wellness market.

This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

• Elliott has filed a substantial shareholder notice reporting a Toyota Industries (6201 JP) ownership of 16.3 million or 5.01% of outstanding shares.
• The disclosure is likely a tactic to pressure Toyota Fudosan (offeror) and also a useful signalling tactic to other minorities that Elliott is committed to securing a bump.
• A potential bump could reach JPY19,000. While this would require an additional US$4 billion, financing should not be an issue as the book value (understated) is close to JPY18,000. 

• Meesho successfully went  public with a Fresh Issue of up to INR4,250 crore. Notably, nearly 44% of the fresh capital is earmarked specifically for deepening its technology and AI moat.
• Unlike traditional search-led e-commerce, Meesho is proving the viability of a “discovery-led” model powered by an immense data engine (5.9 billion daily data points), integrating a high-growth content commerce business. 
• Meesho presents a compelling play on consumption. IPO is not just for funding growth, but for funding AI infrastructure required to defend its “Everyday Low Price” moat against deep-pocketed competitors.

• DraftKings Inc. recently held its third-quarter 2025 earnings call, highlighting both achievements and challenges.
• The company reported $1.144 billion in revenue, growing 4% year-over-year, though this was below their expectations due to unfavorable sports outcomes impacting revenue by over $300 million.
• Despite these challenges, some positive developments were noted.

• On October 21st we published an insight predicting Toyota Motor’s imminent pullback. The stock started to pullback the following week, the correction lasted for a few weeks.
• After last week’s weakness, Toyota Motor (7203 JP) is rallying again. There’s conflicting sentiment on valuation—some see it as undervalued.
• This insight presents a short-term tactical analysis with a bullisht target at 3291 (75% probability of seeing a new pullback after that target is reached). 

• Dominant Market Leader Poised for Diversified Growth: Gabriel India is the flagship company of the ANAND Group and a market leader in ride control products in India, with an 89% market share in the commercial vehicle segment, 32% in two/three-wheelers, and 24% in passenger vehicles. A recent strategic restructuring is set to transform the company from a suspension-focused entity into a diversified mobility solutions provider, integrating businesses in EV drivetrains, automotive fluids, NVH solutions, and sunroofs.
• Strong Financial Performance and Growth Trajectory: The company has demonstrated a robust growth track record, with a 3-year revenue CAGR of 20.35% and a net income CAGR of 39.88%. This financial strength is underpinned by its leadership position, strong OEM relationships, and a vast aftermarket network of over 700 dealers and 12,000 retailers.
• Strategic Pivot to High-Growth Areas: Gabriel is proactively adapting to industry trends by expanding into higher-growth segments. It has a first-mover advantage in the electric two-wheeler (E2W) space, commanding over 70% market share. Furthermore, new joint ventures for sunroofs and EV fluids position the company to capitalize on vehicle premiumization and electrification trends.

This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

• The convenience store sector is not only saturated but also facing serious levels of new competition. Despite this, Seven Eleven posted much higher growth in November but problems remain.
• The big 3 are working hard to innovate their way out of trouble and move on to new, fertile pastures of growth but Seven Eleven is behind Lawson and Familymart.
• Innovation means high levels of differentiation across prices, tech, services and merchandising, making each chain much more distinctive and a fascinating example of where Japanese retail is headed.

• DigiPlus Interactive (PLUS PM) confirmed that the government is working with licensed operators to develop a legal framework to ensure responsible gaming/root out illegal gambling/player protection—final hearing this month(December). 
• The company purchased a convertible bond for 1.6 billion HKD (205 million USD), giving it the right to acquire 53.89% of International Entertainment (1009 HK), lowering its GGR share. 
• The stock trades at 7x/5.5x FY25/26PE, based on our numbers, which assume a sequential quarterly recovery (normalized by Q2FY26 levels) as guided by management. 

• Somnigroup International reported a strong performance in the third quarter of 2025, driven by its recent acquisition of Mattress Firm and successful execution of key initiatives.
• The company achieved record results across important financial metrics despite flat conditions in the U.S. bedding market and persistent challenges internationally.
• Net sales rose by 63% to $2.1 billion, while adjusted EBITDA increased 52% to $419 million, and adjusted EPS grew by 16% to $0.95 per share.

• Renaissance Inc. is a major player in the Japanese fitness industry, demonstrating a strong revenue recovery post-pandemic, although profitability and cash flow remain volatile.
• The company is diversifying its business model beyond traditional fitness clubs to include healthcare-related services, such as corporate wellness programs and senior-focused rehabilitation centers, tapping into Japan’s key demographic trends.
• While facing intense competition and economic sensitivity, the company’s strategic focus on health solutions for an aging population and its established brand presence of over 100 clubs position it for potential long-term growth in the expanding wellness market.

This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

• Advance Auto Parts (AAP) continues to struggle even after two major restructuring programs.
• For 2025, this seller of after-market auto parts has pulled out a save from liquidity constraints by raising cash, extending debt maturities, shedding assets, and streamlining operations.
• But that brings AAP near to the bottom of its bag of tricks.

• Wakefit Innovations (1684049D IN) is looking to raise up to US$144m in its upcoming India IPO. 
• Wakefit Innovations is a direct‑to‑consumer sleep and home‑solutions company, founded in 2016. 
• We have looked at the company’s past performance in our previous note. In this note, we talk about valuations.

• In this insight, we discuss a pair trade between Coupang (CPNG US) (short) and CJ Logistics (000120 KS) (long).
• There are six major factors that have negatively impacted Coupang in the past several weeks including a massive data breach, loss of customers, and potential ban on early dawn deliveries. 
• Coupang’s daily active users (DAU) were 16.2 million as of 5 December, down by 1.8 million (10%)  from 18 million as of 1 December. 

• The parent has requested DKSH Malaysia to propose DKSH Malaysia to do capital reduction
• The capital reduction price is set at at MYR 6.15 
• We think this is a very low price and below our fair value. We are not experts, but we believe most of the minority shareholders may not accept this  offer. 

• AVATR Technology (1913753D CH) is looking to raise about US$1bn in its upcoming Hong Kong IPO. The deal will be run by CICC and CITIC.
• AVATR Technology is a New Energy Passenger Vehicle (NEPV) brand focused on delivering a “new-luxury emotionally intelligent mobility experience” that combines aesthetic design, advanced intelligent features and strong product performance.
• AVATR has launched four mass-produced models which offer both pure electric (BEV) and range-extended powertrain (REEV) options. These models span a wide price range between RMB200,000 and RMB700,000.

• Strong Q2 FY26 performance was driven by the accretive Railways division and domestic EV traction motors, effectively offsetting the deceleration from a major global BEV customer.  
• The bankruptcy of three core European competitors has unlocked a substantial INR 2,500-3,000 crore opportunity, accelerating the potential for significant international market share gain and geographic de-risking. 
• The pivot into Railways, Rare Earth-Free Motors, and advanced robotics reinforces a high-visibility, multi-year growth runway that transcends near-term EV cyclicality and justifies its premium valuation.

• Nexstar Media Group reported its third-quarter 2025 financial performance, highlighting its strategic moves and operational developments.
• The company announced a major milestone with its definitive agreement to acquire TEGNA for $6.2 billion, a transaction expected to boost Nexstar’s position as a leading local media entity.
• This acquisition aims to enhance Nexstar’s scale, geographic reach, and financial metrics, with a projected 40% increase in adjusted free cash flow due to anticipated synergies and modest leverage growth.

• PepsiCo’s third-quarter 2025 earnings call highlighted several key aspects of the company’s performance and strategic direction.
• The company reported growth in beverages after adjusting for changes in its case pack water business, but noted some challenges within the food segment due to a new promotional strategy.
• This shift from brand-specific discounts to an everyday low-value approach impacted volumes but improved revenue realization.

• Planet Fitness delivered a quarter marked by solid operational execution, meaningful membership stability, and continued progress against its strategic priorities, while also navigating persistent churn dynamics and the normalization of rate-driven revenue growth.
• The company ended the period with approximately 20.7 million members, in line with internal expectations, and system-wide same-club sales growth of 6.9%, driven primarily by rate increases and balanced by modest net membership gains.
• Member engagement trends were favorable, supported by higher utilization rates and strong participation in the High School Summer Pass program.

• Red Rock Resorts reported strong third quarter 2025 results, supported by robust performance from its Las Vegas operations, including the Durango Casino Resort.
• This marked the ninth consecutive quarter of record net revenue and the fifth of record adjusted EBITDA, exemplifying the resilience and growth potential of its operating model.
• The company achieved its highest third quarter net revenue and adjusted EBITDA in history, with a near-record adjusted EBITDA margin, indicating efficient operational management.

• Texas Roadhouse delivered a promising performance in its third quarter, underscored by robust top-line growth and strategic development initiatives.
• The company reported a significant revenue increase, topping $1.4 billion, the highest quarterly growth in the year, driven by robust same-store sales and traffic improvements.
• The strong demand for Texas Roadhouse’s brands, encompassing its core offerings and newer outlets like Bubba’s 33 and Jaggers, underscores their successful operational strategy and value proposition.

• The deliveries still grew strongly by 24% YoY in November 2025.
• We believe Geely will take BYD’s place as the largest Chinese producer.
• We also believe the stock has an upside of 49% for the next twelve months.

• After a tragic 61.4pp underperformance against the HSI in 2025, the market is almost unanimously bearish on Meituan (3690 HK), which presents opportunities in 2026.
• Negative news did not push it further down; P/B is at over 1SD below average, and net cash-to-share price is 5.6pp above the historical average.
• 3Q25 margins are so depressed that sustaining the price war is difficult. As the 7th-heaviest HSI constituent, it is the one to move the Index next year. 

• The streaming wars just got their biggest twist yet.
• Netflix, already the world’s largest video platform by subscribers, is poised to acquire Warner Bros Discovery in a mammoth $82.7 billion cash-andstock deal.
• If completed, the transaction would bring HBO, HBO Max, and an iconic catalog—think Game of Thrones, The Big Bang Theory, and the entire DC Universe—under Netflix’s roof.

• Ralph Lauren’s recent fiscal performance demonstrates strong progress as the company continues to execute its strategic growth plan, coined “Next Great Chapter: Drive.” The second quarter of fiscal year 2026 delivered better-than-expected results across various financial metrics, indicating robust brand strength and alignment of operational execution with its strategic objectives.
• From a financial perspective, Ralph Lauren reported a 14% increase in total company revenue, exceeding expectations.
• This growth was marked by significant contributions from each geographical segment, including a 16% increase from Asia, a 15% increase from Europe, and a 13% increase in North America.

• The recent earnings release from Expedia Group for the third quarter of 2025 reveals a mixed yet optimistic outlook for the company.
• While the company reports exceeding top and bottom line expectations with a 12% growth in bookings and 9% revenue increase, alongside expanded EBITDA margins, there are nuances to consider in assessing its performance.
• Positive aspects include the substantial growth in the B2B segment, which saw a 26% increase in bookings, marking the 17th consecutive quarter of double-digit growth.

• Strong Growth Trajectory: The company has demonstrated impressive top-line and bottom-line growth over the past three years, with revenue and net income CAGRs of 17.3% and 62.4%, respectively. This growth is underpinned by a significant increase in student enrolments, which have grown from approximately 3,000 in 2019 to over 10,000 at present.
• Favorable Industry Dynamics: Cyberjaya Education Group is well-positioned to benefit from the Malaysian government’s push to establish the country as a regional education hub, with a target of attracting 250,000 international students by 2025. The growing demand for private higher education, particularly in STEM and digital-focused programs, provides a strong tailwind for future growth.
• Intense Competition and Financial Pressures: The Malaysian private higher education market is highly fragmented and competitive, with over 400 institutions. This intense competition puts pressure on tuition fees and profitability. Several private institutions are reported to be under financial stress, a risk that requires prudent financial management to mitigate.

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• What you need to know: • DWS issued shares at a premium to market as part of the earnouts from its acquisition of Perigon Beverage Group.
• • This provides a new floor for the stock ($0.196/share and $0.21/share), and tells us that Perigon is performing well on gross margins.
• • There has also been some insider buying on the stock from CFO Basman Alias and Director Ronald MacEachern.

• Institutions were net sellers of Singapore stocks from Nov 28 to Dec 4, with a net outflow of S$78 million.
• Singtel led share buybacks with 9,072,500 shares repurchased for S$61.2 million, under the Singtel Performance Share Plan 2012.
• MetaOptics plans to raise S$4.85 million through a placement of 6.69 million shares at S$0.7255 each.

• Perfect Medical Health (1830 HK) announced its H1FY26 results, with the pace of revenue decline sharply decelerating to 4.5% HoH, while net profits increased 43% due to cost-cutting initiatives. 
• Signs of demand recovery haven’t emerged yet and would need to be monitored as the weak base of effect of H2FY25 kicks in for H2FY26. 
• With aggressive cost-cutting initiatives, the stock trades at 9.4x FY26e and a 10.7% dividend yield. We need to monitor the sales recovery, though, as it is critical to the company. 

Intralot’s Q325 results indicate revenue growth weakened in the period but profit margin increased as a result of good cost control. The key focus of the presentation and conference call was management’s response to the increase in remote gaming duty in the UK to 40% from 21% from April 2026, announced in the UK budget the day before. This was significant given the UK represents c 63% of the pro forma FY25 adjusted EBITDA of the newly combined group of Intralot and Bally’s International Interactive (BII). Management is confident its higher UK profitability, an EBITDA margin of c 42%, provides a competitive advantage versus the high number of competitors (over 1,000) that are currently less profitable and are likely to be unprofitable as a result of the proposed duty increase. Management believes many competitors will likely exit the market, and therefore Intralot will likely take share in the longer term, and by definition, the costs of competing will reduce. It also believes its UK-based players are unlikely to move to the black market in response to the proposed duty increase, as they have relatively low ARPU.

• HK$77bn/Day of gross SOUTHBOUND activity last week vs HK$88bn the week before, HK$100+bn the week before. Gross flows are winding down.
• Watch for news on the Dual Counter (RMB) Trading eligibility for SOUTHBOUND near-term. That could re-up the pace .
• The data tables below update on a daily basis in the Tools section of Smartkarma. The Southbound Flow Monitor and AH Pairs Monitor are both there – free – for all SK readers.

• NIO (NIO US) is a Chinese premium electric vehicle manufacturer listed on three exchanges. 
• NIO’s Q4 deliveries guidance was below expectations, and sales momentum is on a declining trend. Sustainably hitting its 20% gross margin target and achieving breakeven in 2026 seems a stretch.  
• NIO’s valuation is stretched, trading at a material premium to the median EV/Sales and growth-adjusted EV/Sales multiples of Chinese EV peers. 

• Unilever (UL) will spin-off the Magnum Ice Cream Company (MICC) next week. Regular way trading is expected to begin on December 8, 2025.

• Shareholders and ADS holders will receive one Magnum Share for every five Unilever Shares or Unilever ADS.

• The spin-off was announced in March 2024 as a way for Unilever to separate its lower margin, higher capital intensity business, leaving behind a higher quality business.

• Do Day Dream is navigating a turnaround, with a return to profitability in 2024 after a challenging 2023, driven by its flagship skincare brand SNAILWHITE.
• The company operates in the large and growing Thai beauty and personal care market, which is valued at over USD 7 billion and benefits from trends like ‘skinimalism’ and demand for natural ingredients.
• Significant risks remain due to the highly competitive nature of the Thai cosmetics industry, which features numerous local and international players, leading to margin pressure and the need for continuous innovation.

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• DOD Biotech is a Thailand-based Original Design Manufacturer (ODM) specializing in dietary supplements and beauty products, operating in a growing but competitive domestic market.
• The company has demonstrated significant revenue volatility and negative net income in two of the last three fiscal years, reflecting operational challenges and market pressures. However, recent quarterly results in 2025 show a return to profitability.
• Positioned within the expanding Thai wellness and cosmetics industry, future growth hinges on successful product innovation, diversification of its client base, and effective management of operational costs to improve margin stability.

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• 52TOYS Development filed to go public in Hong Kong. The Beijing-based toymaker is planning H-share listing that could raise up to $200M.
• In my second insight about 52TOYS IPO, I discuss IPO valuation, examine competitive landscape and focus on comparable company analysis.
• 52TOYS manages 35 proprietary IPs and 80 licensed IPs, including pop, sci-fi and cultural IPs. The company collaborates with 400+ distributors, covering 20,000+ sales outlets. 

• The most common reason companies fail to meet listing maintenance standards is insufficient tradable shares market capitalization for Prime and Standard Markets, and insufficient market capitalization growth for Growth Market.
• Many companies failing to meet listing maintenance standards on Prime/Growth Market will transition to Standard Market. Those failing to meet Standard market’s criteria will seek to transition to regional exchanges.
• Most companies failing to meet the listing maintenance standards on the Standard Market can transfer to regional exchanges, but 14 companies face difficulties even in transferring to regional exchanges.

• On the latest WTR Small-Cap Spotlight, we were joined by Stefano Valentini, Chairman of Drone Volt SA (Euronext Paris: ALDRV), and our host, Tim Gerdeman, WTR’s Vice-Chair & Co-Founder, and Chief Marketing Officer, to discuss strategic priorities of a drone company, focusing on its growth and go-to-market strategy in North America. 
• The discussion highlighted local production of the KOBRA drone to meet ‘Made in the USA’ requirements for government and critical infrastructure contracts. 
• We also delved into technical and business differentiators, including its LineDrone product, platform flexibility, and the scalability and margin structure of its ‘Drone-as-a-Service’ (DaaS) model, alongside its proactive navigation of the evolving FAA regulatory landscape for BVLOS operations. 

• Wakefit Innovations (1684049D IN) ‘s INR 12.9 bn IPO is a combination of fresh issue worth INR 3.8 bn and OFS component worth INR 9.1 bn.
• Wakefit is among the top 3 companies in the organised mattress market and has been growing much faster than its rival B2C companies.
• Wakefit’s turnaround in profitability in H1FY26 however relies on other income, inventory changes and A&P spends. Moreover, stagnant provisions for loyalty, and slow moving inventory warrant attention

• The process in the Toyota Industries (6201 JP) transaction is egregiously bad and lacking in  transparency. This deal, as structured, is block-able, even if bumped.
• There’s been a lot of enthusiasm for HK spin-offs of late (Zijin Mining (2899 HK) and MINISO (9896 HK)). I’m not convinced Dongfeng Motor (489 HK) deserves similar accolades.  
• If you’ve the ability to borrow Aeon (8267 JP), this promises to be fun/interesting. If you’re a long-only investor, it’s more nuanced. And it depends on where you are post-tender.

• Airbnb’s latest quarterly results for the third quarter of 2025 demonstrated a robust financial performance, marked by a 10% increase in revenue year-over-year, amounting to $4.1 billion, and achieving an all-time high adjusted EBITDA exceeding $2 billion.
• Gross booking value grew by 14%, while nights and seats booked increased by 9%, largely driven by strong performance in the U.S. market.
• However, the results weren’t solely driven by top-line growth; they also highlighted significant strategic advancements and operational improvements.

• Instacart’s recent earnings call highlighted several key aspects of the company’s performance and strategic outlook.
• The company reported robust growth in its core marketplace, enterprise technology offerings, and advertising ecosystem during the third quarter of 2025.
• This positioning is underpinned by a focus on customer satisfaction through product affordability, enterprise expansion, and advertising innovations.

• NIKE, Inc.’s first-quarter fiscal 2026 results indicate a company in the midst of a transformative phase, focusing intently on its ‘Win Now’ actions aimed at revitalizing the brand across various dimensions.
• Elliott Hill, NIKE’s President and CEO, emphasized the efforts to realign approximately 8,000 employees under the new ‘Sport Offense’ strategy, intending to identify sharper consumer and athlete insights to fuel innovation and brand differentiation.
• This strategic shift is aimed at enhancing focus across NIKE’s three core brands: NIKE, Jordan, and Converse, with a significant emphasis on product development and market positioning by sport.

• TOP TOY is expected to IPO in 2026. The company has completed a ~$60M Series A round that was led by Temasek at a ~$1.3B post-money valuation in July.
• In my insight, I discuss IPO valuation, update relative valuation table and examine competitive landscape among domestic and international toymakers.
• TOP TOY revenue growth accelerated in 2025 coupled with improving profitability and growing free cash flows. TOP TOY was a major growth engine for MINISO’s business in 3Q.

• Lenskart is a dominant, vertically integrated eyewear retailer in India with a rapidly growing omnichannel presence, well-positioned to capitalize on the under-penetrated and fast-growing Indian eyewear market.
• The company has demonstrated strong revenue growth and improving profitability, driven by its unique blend of online and offline sales channels, in-house manufacturing, and a strong brand recall.
• While the company’s high valuation at IPO and dependence on the Indian market present risks, its aggressive expansion plans, both domestically and internationally, coupled with a technology-driven approach, offer a compelling long-term growth story.

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• Ford Motor Company’s third-quarter results for 2025 reflected a strong operational performance with some key challenges impacting the overall financial outlook.
• The company reported a record revenue of $50.5 billion and an adjusted EBIT of $2.6 billion, driven by robust demand and effective cost management strategies.
• The underlying business performance was solid, but external factors, such as the Novelis fire and tariff impacts, have moderated otherwise favorable guidance revisions.

• Choo Chiang is a leading distributor of electrical products in Singapore, benefiting from a strong brand presence, an extensive network of 10 retail branches, and a diverse product portfolio of over 30 third-party and two proprietary brands (‘CCM’ and ‘CRM’).
• The company demonstrates resilient financial performance, characterized by stable revenue streams, consistent profitability, and strong cash flow generation. A secondary revenue stream from a portfolio of 11 investment properties adds diversification.
• Shareholders are rewarded through a consistent dividend policy, with the company historically aiming to distribute at least 30% of net profits. The company’s strong balance sheet and positive operating cash flow support this shareholder return policy.

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• Subsidiary Role in a Market Leader: Kasumi is a core supermarket subsidiary of United Super Markets Holdings (U.S.M.H.), Japan’s largest supermarket federation and a key component of the Aeon Group. This provides significant competitive advantages in sourcing, private label offerings (TopValu), and financial stability, though its strategic direction is determined at the group level.
• Strong Regional Focus in a Mature Market: The company holds a strong market position in the Kanto region, particularly in Ibaraki Prefecture. However, it operates within the mature, slow-growing, and highly competitive Japanese grocery industry, facing pressures from demographic decline and format encroachment from drug and convenience stores.
• Operational Strategy and Financials: Kasumi employs a multi-format store strategy to cater to diverse consumer needs, from standard supermarkets to discount outlets. While detailed financials are now consolidated at the U.S.M.H. level, available data indicates stable top-line revenue. The valuation of its parent, U.S.M.H., appears moderate relative to its peer group.

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• This is our 11th “Annual Edition of the Major Korean IPOs Pipeline Preview” at Smartkarma.
• This insight features 40 of the biggest potential IPOs in Korea in 2026.
• Some of the largest potential IPOs in Korea in 2026 include CJ Olive Young, DN Solutions, Dunamu, Goodai Global, K Bank, Kurly, Musinsa, SK On, SK Ecoplant, and Sono International.

• Wakefit Innovations’ INR 1,288.89 crore IPO signaling the pivot of India’s largest D2C home brand toward institutional funding for accelerated omnichannel expansion.
• The fund utilization is heavily skewed towards offline growth and brand building, confirming a strategic shift from pure-play digital to a capital-intensive, integrated retail model.
• While the model mitigates supply chain risk through vertical integration, we must weigh the past profitability volatility and strategic roadmap for capturing India’s rapidly formalizing home and furnishings sector.

• Wakefit Innovations is a leading direct-to-consumer (DTC) brand in India’s home and sleep solutions market, rapidly expanding its omnichannel presence. The company has demonstrated strong revenue growth, driven by diversification from its core mattress business into furniture and home furnishings.
• Despite impressive top-line growth, the company has faced challenges in achieving consistent profitability, with losses widening in some fiscal years. The upcoming IPO is crucial for funding its ambitious offline expansion and marketing initiatives.
• The company’s vertically integrated business model provides a competitive advantage in terms of cost and quality control. However, it faces significant competition from both established players and other online-first brands in a fragmented market.

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• In the midst of a challenging consumption environment in Mexico, companies have remained competitive by balancing pricing strategies and strict cost control.
• As expected, consumers continue to trade down, supporting strong momentum for private-label products.
• Within this context, the hard-discount format has accelerated, and Tiendas 3B stands out through strong store openings and solid SSS performance.

• Many companies failing to meet listing maintenance standards will transition to Standard Market. Given the inherent risk of moral hazard, strengthening the discipline of listed companies is a critical point.
• Companies that have migrated to or remained in the Standard Market for various reasons harbor moral hazard stemming not from diversity, but rather from gathering in pursuit of lax standards.
• If more companies view TSE’s increased disclosure requirements as a cost of listing and consider going private, that’s positive development. Hopefully, this will lead to progress in resolving “parent-subsidiary listings.”

• Back on the 22nd August 2025, SOE-backed Dongfeng Motor (489 HK) announced a privatisation; together with a concurrent listing of its EV arm, VOYAH. The two proposals are interconditional.
• In its October application proof, VOYAH turned a profit in 7M25.  The market was implying a price-to-trailing-sales of 1.5x for VOYAH, versus the basket average of 2.1x. It’s now ~1.2x.
• Key PRC reg approvals (Mofcom/NDRC/SAFE) remain outstanding. Meanwhile, a basket of peers are down 21% since the dual proposals were announced. And their average price-to-trailing-sales are down to 1.7x. 

• The Tsuruha and Welcia merger before the year’s close, backed by Aeon, is targeting ¥50 billion in cost savings over three years. 
• As well as the massive economies of scale, consolidated procurement, revamped private brands and a unified points and customer‑ID strategy are central to this.
• However, weak food offerings, legacy stores and IT complexity still threaten sustainable profit recovery as is the question of who will be in charge.

• In this insight, we review our Korean Small Cap Gem insights that we published in 2025. We published 18 Korea Small Cap Gem Series insights in 2025.
• The 18 Korean Small Caps have generally performed well this year. They were up on average 17% and 45%, respectively one week and two weeks after the insights were published.
• Some of the best performing stocks so far this year include Chunil Express (000650 KS), Aurora World (039830 KS), Makus Inc (093520 KS), and Flitto Inc. (300080 KS). 

• We are gradually building a high-conviction coverage of ideas for mid and small-cap companies in the Philippines.
• We established metrics focused on high ROCE, sustainable 10-15% YoY growth, robust balance sheets, and prudent capital allocation —essential elements for identifying potential multi-bagger opportunities.
• We turn our attention to the top picks for 2026. Our overwhelming favorite is  The Keepers Holdings (KEEPR PM), but we also highlight four other names. 

• Victorian Plumbing’s FY25 results illustrate the strength of its market-leading, profitable and cash-flow generative business.
• In this initiation report we review the group’s attractive investment thesis and conclude the 40% sell-off in the past 12 months significantly undervalues the group’s potential.
• We initiate coverage with a 110p Fair Value equating to 1.1x EV / Revenues, c.11x EV/EBITDA and a c.5% FCF yield (cal 2026).

• GEC reported FY25 and Q4 financial results yesterday with Q4 revenue of $8.4M (flat YoY).
• Q4 Adjusted EBITDA was ($3.9M) as the quarter represented a transition for the Company with the sale of SSC.
• GEC continues to advance its development assets, with GEC Oakridge expected to be completed in early 2027, adding ~450 beds (+35%).

• We are reiterating our Hold rating and projections for Vera Bradley with the company announcing 3QFY26 (October) results before the open on Thursday, December 11th.
• Given the continuing initial shifts under new management (who joined in July) and the limited ability to change product offerings until 1Q2026 (at the earliest), we believe overall financial results are not as important as are customer responses to the shift back to heritage looks, the return of key silhouettes, the launch of Outlet 2.0 at the end of the quarter and what further changes are in store going forward.
• We continue to view the changes as a positive, but await clarification on the overall implications for the company (and returns) before becoming more aggressive in VRA.

• We are reiterating our Buy rating, but lowering our projections and reducing our price target of BBW to $65 (from $75) after Build-A-Bear reported solid 3Q EBITDA & EPS upside, but lighter than expected revenue, and implied deep tariff impacts into 1HFY26 will serve to offset near-term positives and materially impact operating results.
• 3Q tariffs negatively impacted the company by $4 million (or a projected $0.23 in EPS) with a $6 million further negative impact in 4Q (projected $0.35 in EPS) and, we believe approximately $7 million to $9 million (projected $0.41 to $0.53 in EPS) in the first five months of FY26.
• While we view this scenario as potentially conservative, we have to face the facts that overall gross margins, if tariff impacts remain similar to 2HFY25 in 1HFY26 without any further material offsets, will significantly decline.

• At ¥17,340/share, Toyota Industries (6201 JP) is cheap. Corporate governance supporting this deal is shocking. In Travis Lundy‘s words: “Stay long. Buy more. And make some noise.”
• Preceding my comments on Toyota are the current setup/unwind tables for Asia-Pacific Holdcos.
• These relationships trade with a minimum liquidity of US$1mn, and a % market capitalisation >20%.

• Tohokushinsha Film is a diversified media and entertainment company in Japan with a long history, operating across content production, advertising, media broadcasting, and property/rights management.
• The company is positioned to benefit from the growth of the Japanese content market, particularly the increasing global demand for anime and the shift towards digital and streaming platforms.
• However, the company faces challenges from a declining legacy advertising market, intense competition, and potential reputational damage from a past corporate governance scandal involving the Ministry of Internal Affairs and Communications.

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• Turnaround Strategy Focused on Digital Transformation and Cost Optimization: GameStop is undergoing a significant strategic shift, moving away from its traditional brick-and-mortar model to an e-commerce and digital-first approach. This includes enhancing its online presence, developing a new mobile app, and exploring opportunities in blockchain and NFTs. Concurrently, the company is aggressively cutting costs by closing underperforming stores and reducing SG&A expenses.
• Diversification into New Revenue Streams: To mitigate the decline in physical software sales, GameStop is expanding its product offerings to include high-margin categories like PC gaming peripherals and collectibles. The company is also leveraging its brand recognition to potentially introduce private label products.
• Strengthened Leadership and Balance Sheet: The appointment of Ryan Cohen as CEO and Chairman, along with other experienced e-commerce executives, signals a clear focus on digital transformation. The company has also fortified its balance sheet through strategic capital raises, providing the financial flexibility to execute its turnaround plan.

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• Dominant Regional Player with Diversified Revenue Streams: KSE Ltd. is a leading manufacturer of compound cattle feed in Southern India, with a growing presence in the dairy and coconut oil processing segments. This diversification provides a natural hedge against volatility in any single business line.
• Strong Financial Performance and Attractive Valuation: The company has demonstrated robust profit growth and maintains a healthy balance sheet with minimal debt. Trading at a significant discount to its peers, the stock presents a compelling value proposition for long-term investors.
• Favorable Industry Tailwinds: The Indian animal feed market is poised for significant growth, driven by rising demand for protein-rich diets, increasing livestock population, and a shift towards organized farming practices. KSE is well-positioned to capitalize on these trends.

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Key points (machine generated)

• Japan BS Broadcasting operates the free digital high-definition service ‘BS11’ and collaborates with various TV stations and production companies.
• For the fiscal year ending August 2025, the company reported a sales figure of 11,039 million yen, a 2.8% decrease from the previous year.
• Operating profit fell by 3.4% to 1,988 million yen, with ordinary and net profits also declining, highlighting income generation challenges.

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• Despite some one-off inbound travel disruption during June to August 2025, Q1-2 FY3/26 results demonstrated strong and sustained YoY growth.
• We interpret this as Polaris’s earnings stream becoming more resilient and predictable, with improved quality of earnings.
• FY3/26 guidance has been upwardly revised, indicating robust earnings visibility for Q3-4 FY3/26, and the company has increased DPS to ¥4.0 from ¥3.0, with capital allocation demonstrating a well-structured balance between active growth investments and improving shareholder returns. 

• Sakata Seed is a global leader in the vegetable and ornamental seed industry, with a strong focus on research and development to produce high-quality, value-added varieties.
• The company is strategically expanding its presence in emerging markets, particularly in Asia and Africa, while also focusing on the growing Controlled Environment Agriculture (CEA) sector.
• Financial performance has been robust, with consistent revenue growth driven by strong demand for its vegetable seeds. The company maintains a healthy financial position with a strong balance sheet.

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• Showa Sangyo is a major Japanese food company with a diversified business portfolio centered on grain processing, including flour milling, edible oils, starches, and sweeteners. This diversification provides a degree of stability against fluctuations in any single market segment.
• The company is strategically focused on strengthening its core businesses and expanding into new areas, including overseas markets and the growing frozen foods sector. This is outlined in their long-term vision, “SHOWA Next Stage for 2025”.
• Financial performance has shown strong net income and earnings per share growth over the past three years, alongside a consistent increase in dividend payouts, indicating a commitment to shareholder returns.

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• Sukhjit Starch & Chemicals is a well-established player in the Indian starch industry with over seven decades of experience, making it one of the oldest and largest producers in the country. The company has a strong foothold in the maize-based starch and derivatives market, with a diverse product portfolio catering to various industries including food and beverage, pharmaceuticals, paper, and textiles.
• The company is strategically expanding its manufacturing capacities to meet the growing demand for starch and its derivatives. This expansion, coupled with a focus on high-value products and deeper penetration into Tier 2 and 3 cities, positions the company for future growth. The favorable global environment for the starch industry, due to higher corn costs in other major producing countries, presents an additional tailwind.
• Key risks for the company include the volatility of raw material prices, particularly maize, which constitutes a significant portion of its operating income. The company’s operating margins are susceptible to fluctuations in maize prices and changes in government regulations, such as the implementation of minimum support prices.

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• Ambika Cotton Mills (ACML) is a specialized manufacturer of premium compact and Elitwist cotton yarn, catering to high-end apparel makers globally, which affords it a niche position and pricing power compared to commodity yarn producers.
• The company demonstrates strong financial resilience with a historically conservative, low-debt approach, funding capacity expansions primarily through internal accruals and maintaining healthy profitability margins.
• Key risks include volatility in raw cotton prices, high dependence on a few large clients, and cyclical demand from the global textile industry, which has impacted recent financial performance.

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