Consumer

• Tsuruha Holdings (3391 JP) had been planning to release a Medium Term Management Plan this month BUT stock prices are higher, goodwill effects changed, so they announced a “Vision” instead. 
• Today post-close, Aeon Co Ltd (8267 JP) announced its Partial Tender Offer on TSURUHA (Japanese) at ¥2,900/share. Slightly lower than hoped. Much better than before. 
• AEON obviously really did not want to bump, but they did, considering synergies and the desire to consummate the deal. The Tender Offer shrinks so minimum pro-ration is lower. 

• Tsuruha Holdings (3391 JP) announced a partial tender offer from Aeon Co Ltd (8267 JP) at JPY2,900, a 27.2% premium over the previously stated offer price of JPY2,280.
• Aeon will acquire a maximum (upper limit) of 43.2 million shares (9.52% ownership ratio) such that it attains a 50.90% ownership ratio. There is no lower limit. 
• The offer is above the midpoint of the IFA DCF valuation range and marginally below the JPY3,100 price Aeon paid in 2024 to acquire Oasis’ stake. 

• Mitra Adiperkasa stands out as Indonesia’s leading retailers, with an impressive portfolio of brands across segments, a dominant presence in major malls across Indonesia, and a strong online presence. 
• MAPI booked a solid set of results in 3Q2025, with momentum continuing into October, as consumer sentiment has started to improve, with active outperforming. Digital, F&B, and fashion are improving  
• The company’s international business is seeing better performance, especially in Thailand and the Philippines, with expansion remaining on track, and management expressing a more optimistic view for 4Q2025 and beyond.

• Indofood is a vertically integrated food solutions giant in Indonesia, poised to benefit from the country’s favorable demographics and rising consumer spending.
• The Agribusiness segment, particularly palm oil, is a significant growth driver, supported by strong commodity prices and government biodiesel mandates.
• While the company exhibits strong top-line growth and market leadership, it faces risks from commodity price volatility, currency fluctuations, and margin pressures in its consumer branded products segment.

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• Dominant Market Leader with Strong Pricing Power: Afya is the largest medical education group in Brazil, a market characterized by high demand and significant barriers to entry. This position allows for consistent tuition fee increases and maintains high occupancy rates (100% in medical programs), ensuring predictable revenue growth from the maturation of its existing medical school seats.
• Integrated Ecosystem Driving Lifetime Value: The company is successfully transitioning from a pure education provider to an end-to-end, physician-centric ecosystem. This strategy combines its core medical school offerings with a growing suite of digital health tools and continuing education, aiming to capture value throughout a physician’s entire career.
• Disciplined M&A Strategy and Solid Financials: Afya has a proven track record of growth through strategic acquisitions, funded by strong operating cash flow. The company maintains a healthy balance sheet with low leverage, providing flexibility for future M&A, share buybacks, and the recent initiation of dividend payments.

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• Mao Geping Cosmetics (1318 HK) raised around US$345m in its Hong Kong IPO. The lockup on its founders and pre-IPO investors is set to expire soon.
• Mao Geping Cosmetics (MGC) operates in the premium beauty segment. Via its two brands, MAOGEPING and Love Keeps, the firm offers a wide range of Color cosmetics and Skincare products.
• In this note, we will talk about the lockup dynamics and possible placement.

• Orion Holdings is a leading South Korean confectionery company with a strong brand portfolio, including the iconic ‘Choco Pie’, and a significant, growing presence in key international markets such as China, Vietnam, and Russia.
• The company is strategically diversifying its business into new growth areas, including beverages, convenient meal replacements, and biotechnology, to build a more comprehensive food and healthcare enterprise.
• Despite robust growth in revenue and net income, the company’s market capitalization has underperformed, suggesting a potential valuation disconnect that may present an opportunity for investors.

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• We are reiterating our Buy rating, projections and $20 price target for Lands’ End with the company reporting 3QFY25 (October) results before the open on Tuesday.
• We believe, as the company begins to: 1) anniversary the shift to deeper levels of licensed goods/selling segments; 2) continues their focus on lifestyle driven looks and offering key solutions for their customer base (increasingly driven by customization), and 3) further expands the Outfitters uniform business, top line growth will become more obvious and, even more so, margin expansion will drive material free cash flow and EPS upside.
• As such, we remain highly positive on the overall potential for LE and reiterate our Buy rating and $20 price target

• Dometic is a global leader in the niche market for mobile living solutions, with a strong brand and extensive distribution network. However, the company is currently navigating a challenging macroeconomic environment characterized by weakened demand in the key Recreational Vehicle (RV) and Marine markets.
• Recent financial performance reflects industry headwinds, with declining revenues and a net loss in the most recent full year. Management is implementing a global restructuring program to improve efficiency and profitability, which is showing early signs of success with improved margins and strong cash flow generation.
• The company’s valuation appears inexpensive on some metrics like Price-to-Book and EV/Sales, but the lack of profitability (negative P/E) reflects the current operational challenges. A recovery in earnings is contingent on a stabilization of its end markets and the successful execution of its cost-saving initiatives.

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• Essity is a global hygiene and health products leader, well-positioned to capitalize on long-term growth trends such as aging populations and rising hygiene standards in emerging markets.
• The company is demonstrating a commitment to improving profitability, evidenced by recent margin recovery, ongoing cost-saving initiatives, and a strategic portfolio shift towards higher-margin segments following the divestment of its Vinda stake.
• Despite a stable demand profile, Essity faces significant headwinds from volatile input costs, intense competition from branded and private-label players, and recent volume pressures in key segments like Professional Hygiene.

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• Today, post-close of its first day of trading as MergeCo, Tsuruha Holdings (3391 JP) announced 12 different investors who had voted against the deal filed for dissenting shareholder share repurchase.
• This covers 27.154mm shares – a bit more than what Orbis owned when they last filed (25.5mm shs) and is just over half the AGM dissension.
• This creates some weirdness. A 5+% buyback is strong accretion, but “fair price” is a question, and it could mean smaller tender offer quantity and larger eventual index selldowns.

• The December 2025 index review results for China’s CSI 300 and CSI 500 indices were announced after market close on Friday 28th November 2025.
• There will be 11 ADDs/DELs for CSI 300 and 50 ADDs/DELs for CSI 500.
• The CSI 300 and CSI 500 index rebal events could trigger US$5.3bn and US$4.2bn in one-way flows respectively.

• Fast Fitness Japan Inc (7092 JP) has recommended a JGIA-sponsored MBO at JPY2,315, a 29.3% premium to the undisturbed price (31 October).
• There was media speculation about a tender offer last month. The offer is arguably light as it is below the mid-point of the IFA DCF valuation range. 
• This is a done deal as the irrevocables to tender (20.65% ownership ratio) exceed the lower limit of the tender offer (17.12% ownership ratio).

• Dodla is entering a new growth phase with its Maharashtra plant, OSAM integration, premium value-added products, and stronger Africa operations, supported by a solid procurement network.
• With over 94% direct milk sourcing, better farmer yields through Orgafeed, and a rising VAP mix, Dodla is building a high-return, self-funded growth model.
• As capex peaks and free cash flows inflect post-FY27, Dodla is transitioning into a structurally compounding dairy platform with improving mix, margins, and regional balance.

• Geely’s deliveries grew by 24% YoY in November, reaching 65% of BYD.
• PHEV continued to accelerate and export deliveries rose strongly by 22% in November.
• We expect Geely’s stock price will rise by 20% in the next twelve months.

• Business Transformation to Live-Streaming E-commerce: East Buy Holding has pivoted from its origins in online education to a live-streaming e-commerce platform, focusing on the sale of private-label agricultural products and other premium goods. This strategic shift was necessitated by regulatory changes in the Chinese education sector.
• Financial Performance Under Pressure: The company’s recent financial results show a significant decline in revenue and net profit. For the fiscal year ended May 31, 2025, total net revenues decreased by 32.7% to RMB 4.4 billion, and net profit plummeted to RMB 6.2 million from RMB 249.1 million in the previous year. This downturn is largely attributed to the disposal of its education business and challenges in its new e-commerce venture, including a heavy reliance on a star livestreamer who has since departed.
• Evolving Strategy and High Uncertainty: Management is focused on developing its private-label brand, “East Buy,”and expanding its presence across multiple platforms, including its own app and other major e-commerce sites, to reduce reliance on any single channel. However, the business model is still evolving, and the departure of its top influencer has created significant uncertainty around future growth and profitability.

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• Thunderbird Entertainment is being acquired by Blue Ant Media for C$1.77/share in cash and 0.2165 BAMI shares.
• Voss Capital and other major holders, owning 37% of TBRD, support the transaction requiring two-thirds vote approval.
• The offer implies a 3.4x FY26 EBITDA multiple, dropping to 2.6x with expected C$7m synergies.

• Relying on MINISO’s mature retail system, TOP TOY has achieved scale accumulation rapidly.Real challenge lies in whether it can continuously create “blockbuster proprietary IPs” and reduce reliance on licensing model.
• Due to smaller revenue proportion of proprietary IPs/overseas revenue and lower profit margin, valuation of TOP TOY should be lower than Pop Mart, but would be higher than MINISO.
• If based on 2025 forecast, valuation is RMB9.3-11.2 billion. So, post-money valuation of US$1.3 billion after Series A financing is not cheap. Valuation premium space after IPO may be lower-than-expected.

• Under Armour is navigating a significant turnaround amid persistent revenue declines and profitability pressures, particularly in its core North American market. The company’s success hinges on the execution of its latest restructuring plan under founder and CEO Kevin Plank.
• Intense competition from dominant players like Nike and Adidas, as well as high-growth brands like Lululemon, continues to erode market share and pressure margins. The brand is perceived as being caught between performance and fashion, struggling to establish a clear identity with consumers.
• The forward outlook remains challenging, with management guiding for a low-double-digit revenue decline in fiscal 2025. The strategy involves simplifying the business by reducing SKUs, focusing on premium products, and reinvesting in marketing to rebuild brand strength, though a tangible recovery is not expected until late 2025 at the earliest.

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• Genting Bhd (GENT MK)‘s unconditional Offer for Genting Malaysia (GENM MK) closed yesterday, the 1st December, with GENT holding 73.13%, up from 49.99% initially. 
• The IFA previously opined the Offer to be NOT fair, and NOT reasonable. A bump in terms, long rumoured, failed to unfold. 
• Yesterday, GENM was one of three applicants selected by New York’s Gaming Facility Location Board for a full commercial casino license in downtown New York.

• In April there was a story suggesting Toyota Group would buy out Toyota Industries (6201 JP). In June, they announced a deal. It was a BAD DEAL.  
• The price was low, but it was BAD governance because it was the WRONG DEAL. TICO’s Board declared a valuation fair for a deal not announced, ignoring the ACTUAL DEAL.
• The valuation? Assumed no changes to the business. Actual deal? Sell 90+% of net assets driving 50% of net income, buy back 24+% of shares at discount. 

• Context: This Insight follows up on previously highlighted relative value opportunities, using a statistical methodology based on mean-reversion to identify opportunities in paired securities.
• Highlights: Currently twelve pair trade opportunities across four markets and five sectors persist.
• Why read: Statistical analysis offers a unique perspective on relative value. Gain insights into actionable statistical pair trade opportunities and monitor performance of previously highlighted pairs.

• Of foreign shareholding in 30% range, 1% is held by activist funds. Meanwhile, the cross-shareholding is around 10%, and ETFs held by BoJ account for 7% of TSE market capitalization.
• Passing shareholder proposals remains difficult, as conditions must align: a company must have fairly high foreign ownership, and its conduct must be bad that domestic institutions can endorse the proposal.
• Claiming that “shareholder proposals from activist investors often target short-term profit-seeking initiatives” merely serves as a comforting excuse for executives who are postponing management challenges.

• Choice Hotels International’s recent earnings call provides an intricate overview of the company’s financial performance and strategic initiatives during the third quarter of 2025.
• The company reported a 7% increase in adjusted EBITDA, reaching $190 million, primarily driven by an enhanced brand mix and increased business from small and medium enterprises and group bookings.
• However, the positive financial performance was countered by a flat global RevPAR compared to the prior year, with a notable dip of 3.2% in the U.S. market owing to softer government and international inbound demand.

• Meituan (MT)’s revenue growth rate plummeted to 2% YoY in 3Q25.
• The discount campaign has not actually ended after the authorities warned twice.
• We expect that MT’s price has a downside of 30% in the next twelve months.

• Taste Gourmet (8371 HK) reported H1 FY26 results of Revenues/Pat 11.8% YoY/17.8%YoY. Profits were in line with our expectations as the company reined in costs and showed slight margin improvements. 
• Cash continues to pile on the balance sheet, with 242 mn HKD of net cash representing >30% of market capitalization. The company paid an 8-cent semi-annual dividend.
• The stock trades at a 6.8x PE for FY26e, has an 8.6% dividend yield, and plans to grow at a CAGR of at least 15%.

• Since the announcement of the US$0.8 billion secondary offering, Toyoda Gosei (7282 JP)’s shares have declined 4.9% to the undisturbed price of JPY3,754 per share (20 November).
• It is instructive to look at recent large Japanese placements to understand the potential trading pattern. Toyoda’s share decline is better than the median of recent large placements.
• The offering will likely be priced on 1 December. The average large Japanese placement tends to generate positive returns.

• I tally 35 – mostly firm, mostly Asia-Pac – arb transactions currently being discussed and analysed on Smartkarma. Those arbs metrics and upcoming events are detailed below.
• Three new deals were  discussed on Smartkarma this week: Qube Holdings (QUB AU), Monash IVF (MVF AU), and National Storage REIT (NSR AU).
• Key updates/news also took place on: Iress Ltd (IRE AU), ANE Cayman Inc (9956 HK), Digital Holdings Inc (2389 JP), and Grindr (GRND US).

• Revenue increased by 2.7% YoY to JPY3.1bn, with EC business up 6.8% and Financial business down 2.6%.
• Operating profit decreased 7.3% YoY to JPY575mn, with a 2.4pp rise in GPM and 4.3pp increase in SG&A ratio.
• Financial business segment profit rose 7.2% YoY to JPY402mn, with external payments handled growing 11.2% YoY.

• Dominant state-owned enterprise in Anhui province with an extensive distribution network, particularly for educational materials, which provides a stable revenue base.
• Diversification into digital education, supply chain management, and other cultural segments offers new avenues for growth beyond traditional publishing.
• The company operates within a highly regulated industry, which creates significant barriers to entry for new competitors but also exposes it to policy risks and censorship.

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• Exceptional Profitability Growth Amidst Revenue Contraction: The company has demonstrated a remarkable ability to grow net income and EPS, with a 3-year CAGR exceeding 51%, despite a concurrent decline in revenues. This suggests a successful strategic shift towards higher-margin products, significant operational efficiencies, or divestiture of underperforming assets.
• Strategic Positioning for the New Energy Vehicle (NEV) Transition: Beijing WKW is actively investing in and expanding its product lines to include components for electric vehicles (EVs). This forward-looking strategy positions the company to capitalize on the rapid growth of the NEV market in China, which is the largest and fastest-growing in the world.
• Attractive Shareholder Returns and Valuation: The company exhibits strong value and dividend characteristics, underscored by high Smartkarma scores in these categories. A consistent dividend yield, which stood at 1.86% in the most recent fiscal year, combined with a reasonable valuation, presents an attractive proposition for value-oriented investors.

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• Duolingo’s third quarter results reflect both strengths and areas of potential concern for investors.
• The company continues to show robust daily active user (DAU) growth, with a stated 36% year-over-year increase for Q3.
• Current guidance projects nearly $1.2 billion in bookings by year-end with 33% growth and an adjusted EBITDA margin of 29%.

• Unilever PLC (ULVR LN) is spinning off its Ice Cream business into a standalone publicly-listed company, The Magnum Ice Cream Company (“TMICC”).
• TMICC is expected to list in early December 2025, trading under the ticker “MICC” on Euronext Amsterdam, LSE and NYSE.
• Significant index implications across EU and Global indices, on an intra-quarter basis.

• China Yuhua Education is a prominent private education provider in China, focusing on higher education and secondary education. The company has faced significant headwinds due to regulatory changes in the Chinese education sector but has shown resilience by adapting its business model.
• The company’s financial performance has been impacted by the deconsolidation of its K-9 assets in 2021, a direct consequence of the new regulations. However, recent results indicate a recovery, with revenue and adjusted net profit showing growth.
• The future outlook for China Yuhua Education is cautiously optimistic. While regulatory risks remain a significant concern, the company’s focus on higher and vocational education, which are more supported by government policies, could provide a pathway for sustainable growth.

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• DoorDash recently held an earnings call discussing its third-quarter 2025 financial results and strategic initiatives.
• CEO Tony Xu and CFO Ravi Inukonda outlined the company’s current performance and future plans.
• One of the central topics was DoorDash’s investment plans for 2026, which include several hundred million dollars allocated to technology and product development.

• LG Electronics (LGEINDIA IN) went public on 14 October 2025 on NSE and has a current market cap of over $12bn.
• Inclusion in Global All-World is expected in June 2026 as it passes eligibility and thresholds.
• Earliest possible inclusion in Global Standard is February 2026; however, it is currently estimated to fail the float cap threshold.

Key points (machine generated)

• G-7 Holdings is expanding its meat business through mergers and acquisitions to achieve record profits by March 2026.
• The company reported consolidated sales of 110.7 billion yen, a 9.6% increase year-over-year, and an ordinary profit of 3.3 billion yen, up 7.5%.
• Strong performance is driven by sales in automotive-related and Gyomu Super businesses, along with contributions from new subsidiaries.

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Key points (machine generated)

• FISCO Ltd. projects a double-digit profit increase for Garden Co. in the second half of fiscal year ending February 2026.
• Garden Co. operates 197 restaurant locations, primarily in Tokyo’s terminal stations, offering diverse formats like ramen and izakayas.
• Popular flagship offerings include ‘Ikkyakuya’ ramen and ‘Yamashita Honki Udon,’ appealing especially to young male customers.

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• In today’s Morning Views publication we comment on developments of the following high yield issuers: Health and Happiness (H&H)
• China’s industrial profits fell 5.5% y-o-y in October, reversing from the sharp double-digit growth in September and August. Industrial profits grew 1.9% in 10M/25, decelerating from 3.2% in 9M.
• Profits from the high-tech sector remained robust at 8.0% in 10M, with profits from smart unmanned aircraft and smart in-vehicle equipment registering triple-digit growth.

• Johnson Controls’ fourth quarter of fiscal year 2025 results highlight a year marked by growth and strategic advancements, coupled with continued efforts towards operational efficiency.
• Sales growth of 6% and a 17% increase in adjusted earnings per share (EPS) indicate strong performance, though challenges and opportunities are balanced.
• A significant highlight is the attainment of a 102% free cash flow conversion, bolstered by rigorous working capital management and operational efficiencies.

• Acushnet Holdings Corp. reported a solid performance for the third quarter of 2025, with net sales totaling $658 million, representing a 5% increase on a constant currency basis compared to the previous year.
• This growth was observed across all segments.
• The company’s adjusted EBITDA reached $119 million, which marks a 10% increase from the prior year, with year-to-date net sales amounting to $2.08 billion, reflecting a 4% growth.

• Lucid Group’s third quarter 2025 financial results illustrate a period of both significant achievements and challenges, showcasing a complex picture for current and prospective investors.
• The company reported a seventh consecutive quarter of record vehicle deliveries, a testament to steady demand and operational resilience.
• Revenue increased to $337 million, representing a 68% year-over-year growth, propelled by higher deliveries and a more favorable product mix that saw an increase in average selling prices.

• SilverCape has increased its tender offer price for Digital Holdings Inc (2389 JP) by 2.9% to JPY2,450 and raised the minimum tendering condition to 6.8 million shares (36.61% ownership ratio).
• The SilverCape hostile offer faces twin challenges: preventing completion of the Hakuhodo Dy Holdings (2433 JP) offer and gaining the Board’s support/stopping the implementation of countermeasures.
• SilverCape’s revised terms are unlikely to address these challenges. While Hakuhodo may (again) revise its offer, I expect the bump to be marginal (less than 5%). 

• Today late in the afternoon session, the Nikkei reported that the MBO price would be bumped by “about 30%”. The stock popped 4.6%. 
• Post-Close, the deal is bumped from ¥1,960 to ¥2,520 (+29%). Activist holders Murakami Group with 21.4% and Hibiki Path Advisors with 5.5% have agreed to tender. 
• With the two main activists publicly engaged now agreed to tender, this looks like a done deal.

• Digital Holdings Inc (2389 JP) jumped today after spending a week or more at levels just above the revised Tender Price of Hakuhodo Dy Holdings (2433 JP). 
• SilverCape had promised to bid ¥2,380 against Hakuhodo’s ¥1,970 and the Company responded by threatening a Poison Pill against SilverCape, for relatively spurious reasons (as discussed here).
• Hakuhodo bid slightly more, and lowered its minimum, thereby nearly ensuring their success. HOWEVER…. SilverCape’s CIO interviewed yesterday promised a higher price. The stock popped today. But…

• Mandom Corp (4917 JP) has disclosed that the CVC-sponsored MBO price has increased by 28.6% from JPY1,960 to JPY2,520.
• The revised terms mark a big win for activists, Murakami and Hibiki. Both activists will tender, with Hibiki reinvesting around 40% of its proceeds into the offeror’s parent entity.
• The revised terms are attractive, and this is a done deal. The offer closes on 18 December, with payment from 25 December.

• I see Wynn Resorts (WYNN US) trading around all-time highs – both the implied stub (net of Wynn Macau Ltd (1128 HK)) and on a simple ratio (WYNN/1280). 
• Preceding my comments on Wynn 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%.

• In this insight, we discuss about various aspects of Chow Tai Fook Jewellery (1929 HK) ‘s H1 FY2026 financial performance. It discusses about divergent performance by region and product.
• Details in this note include why dark clouds are looming over the stock price of this counter and why the valuation multiple could decline.
• Finally, we conclude discuss on valuation and how this will impact the stock price.

• India’s Nifty50 index reached an all-time high yesterday. However, many Indian stocks are near their 52-week lows. Many among them have strong forecast earnings growth, good balance sheets, attractive valuations.
• We screen 17 stocks with double digit forecast EPS growth, PEG < 1.4x, net debt to equity less than 50%. They are spread across construction, chemicals, healthcare, industrials and technology.
• The largest five are Deepak Nitrite (DN IN), Cohance Lifesciences, BASF India Ltd (BASF IN), Crompton Greaves Consumer Electricals (CROMPTON IN), Clean Science and Technology (CLEAN IN).

• Context: The Toyota Motor (7203 JP) vs. Suzuki Motor (7269 JP) price-ratio has deviated more than two standard deviations from its one-year average, presenting a potential relative value opportunity.
• Highlights: Going long Toyota and short Suzuki targets a 7% return.
• Why Read: Essential for quantitative traders seeking mean-reversion opportunities, with detailed execution framework, risk management protocols, and historical simulation showing the statistical basis for this relative value play.

• Cordelia Cruises, India’s only domestic cruise operator, is going public through an IPO of Rs. 7.27 billion. It plans to triple its fleet by 2028, expanding its passenger capacity significantly.
• The Indian cruise market remains under-penetrated with a CAGR forecast of 35-40% from FY2025-2030, creating a prime opportunity for growth, especially for domestic players like Cordelia.
• The IPO is a crucial step for Cordelia to expand its fleet, cater to increasing demand, and capitalize on the underpenetrated Indian cruise market.

Dentsu Group’s better-than-expected Q325 profit performance, which was driven by Japan, and the phasing of restructuring costs and investment have enabled management to upgrade underlying profit guidance for the year. The regional revenue trends remain consistent with prior quarters, with Japan leading the charge and outperforming management’s expectations, while international markets remain weak with trends quite mixed. Relative to its peers, Dentsu’s organic growth position is broadly in the middle of the pack. Although the upgrade is encouraging, there is uncertainty due to management’s ongoing search for strategic partnerships for its international business and regarding the FY25 dividend.

• Last week, before the long weekend, Toyota Motor (7203 JP) and Sumitomo Mitsui Financial Group (8316 JP) announced a very big secondary selldown of shares in Toyoda Gosei (7282 JP). 
• The selldown is 85x 3mo ADV, 27% of shares out. 125% of Max Real World Float. It’s a lot of stock at $750mm. One wonders where demand is.
• They also announced a big buyback, which is some of it, and there are index impacts, BUT this offering needs to find LOTS of new fundamental owners quickly.

• Human Made (456A JP) raised US$116m in its Japan IPO.
• Human Made Inc. is a Japan-based apparel and lifestyle company. Its business model centers on producing high-value, limited-supply apparel and goods. 
• In our previous note, we looked at its past performance and valuations. In this note, we will talk about the trading dynamics.

• Technology platform play Ingdan (400 HK) is moving ahead, again, with the spin-off and listing of 72.42%-held Shenzhen Comtech in the PRC. 
• The listing – should it go ahead, as the previous attempt was abandoned – is expected to involve the issuance of new shares. Ingdan will maintain a stake in Comtech. 
• Comtech accounted for 95% of Ingdan’s revs in the 1H25. Expect the market to heavily discount Ingdan’s stub ops, and Ingdan’s NAV post spin-off. 

• Solid Q3 and 9M FY25 Financial Delivery: Despite challenging market conditions in China, Haier Smart Home (6690 HK) delivered solid third-quarter results reinforcing company’s strategic positioning and operational execution.
• Operational Efficiency and Mix Upgrade: The company continued to benefit from digitalised manufacturing, supply-chain optimisation, and higher contribution from high-end segments, supporting EBITDA and net profit resilience despite macro softness
• Strategic Focus Driving Sustainable Growth:Emphasis on Smart Home ecosystem expansion, global penetration, and disciplined capital allocation reinforce its competitive positioning and sets the foundation for sustained earnings momentum into FY26.

• Busy Ming Group, a founder-led food and beverage chain retailer in China with strong presence in third- and lower-tier cities, filed the updated Application Proof in October.
• In the six months ended Jun-25, the company’s revenue was ~RMB28,124m, representing a year-over-year growth of ~87%. LTM net profit was ~RMB2,025m.
• Busy Ming Group enjoys superior growth profile coupled with improving gross profit margins. The company ended Aug-25 with RMB3,393m net cash on the balance sheet.  

• US Foods and Performance Food Group have officially ended their merger discussions, closing the door on what could have been the most consequential consolidation event in modern food‑distribution history.
• After months of due diligence and information‑sharing, both companies independently concluded that pursuing their standalone strategies would create greater long‑term shareholder value than combining into a $30 billion foodservice powerhouse capable of rivaling Sysco.
• The decision follows heightened regulatory considerations, diverging strategic priorities, and each company’s confidence in its independent business trajectory.

• We are dropping research coverage of GES after the company reported strong 3Q results (handily beating the Street in almost every level) but, more importantly, provided the final pieces to the merger puzzle timing and return.
• With Guess?
• disclosing the November 21st approval of the Merger Agreement at a special shareholder meeting and the issuance of a final $0.225 per GES share dividend to shareholders of record on December 10th, the management buyout with leading brand licensee Authentic Brands Group will provide GES shareholders with a confirmed final payment of $16.975 in cash per GES share ($16.75 for the merger and dividend of $0.225) a slight discount to Tuesday’s closing price.

• No surprises in the results, margins better than our anticipation
• Business continues to be steady & the company has negative working capital
• Kimly maintained dividend of 2 cents with a yield of 5.1% 

• Kingfisher’s 3Q26 sales growth of 1.0%, including LFL +0.9%, was better than expected and driven by market share gains in UK.
• In addition, the group’s investments in e-commerce and trade continued to deliver double digit growth across the group as self-help actions helped offset soft markets, particularly in France and Poland.
• Building on the strong profit performance in H126, management has upgraded FY26E Adj. PBT guidance again, to £540m-£570m.

• The beauty and well-being brand owner and manufacturer, reports interims to September 2025.
• Revenue marginally increased by £0.1m to £27.2m with 15.4% growth to £2.2m in private labels resulting from new retailers and category expansion.
• This was offset by a decline in contract manufacturing. 

• In F2Q26, pro forma revenue increased by 18% YoY excluding two disposals.
• It was successful that the company rebranded its food delivery business.
• However, the rebranding brought significant sales and marketing expenses in F2Q26.

• United Arrows is beginning to flex its market power by launching more new brands rather than just iterations of its eponymous name
• A key focus is a move to exploit the massive demand for Korean brands in Japan with Korean licenses for Nice Weather and Osoi.
• More licenses are expected in the near future as the select shop retailer looks to take more share of the premium market.

• Mars Group Holdings exhibits a compelling value and dividend profile, underpinned by a robust history of financial growth and a strong net cash position, making it attractive for income-oriented investors.
• The company’s primary exposure to the Japanese pachinko industry presents a significant headwind, as the market is in a long-term structural decline due to demographic shifts, regulatory pressures, and competition from other entertainment forms.
• A recent downturn in quarterly performance (FY1Q26) following years of strong growth introduces uncertainty, making near-term earnings and regulatory developments critical catalysts to monitor.

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• Life Time Group Holdings Inc. reported its third-quarter 2025 financial results, showcasing significant growth across several metrics, indicative of effective strategic execution and market positioning.
• Total revenue rose by 12.9% to $783 million, supported by an increase in average monthly dues per member and robust comparable center revenue, which grew 10.6% over the prior year.
• Moreover, membership remained stable with 841,000 center memberships and total memberships reaching 891,000, in line with the company’s expectations.

• AO’s impressive H126 results show strategic, customer-focussed progress.
• 14% revenue growth reflects market share gains, and Adj. PBT rose 10% despite payroll cost headwinds.
• AO’s differentiated 5* membership programme and sustained 5* customer service underpin its success, whilst improved profit trends in mobile and musicMagpie contribute to the positive outlook.

• Tesla’s latest earnings and strategic updates present a revealing picture of a company navigating an increasingly complex path.
• The electric vehicle and clean energy giant is caught between near-term financial pressure and long-term ambitions rooted in AI, autonomy, and robotics.
• While recent quarterly results missed Wall Street’s expectations—adjusted earnings came in at 40 cents per share and revenue dropped 12% year-over-year to $22.5 billion—investor focus has shifted beyond EV sales.

• Yum China Holdings Inc., a licensee of Yum!
• Brands in China, presented mixed results in the third quarter of 2025.
• On a positive note, Yum China reported a record $400 million in adjusted operating profit, marking an 8% increase year-over-year.

• Despite the higher probability of the cancellation of treasury shares by Lotte Corp, we believe that its worsening balance sheet is a greater concern. 
• There does not appear to be a rapid business turnaround of its major affiliates including Lotte Chemical. As a result, we are concerned about further credit downgrades in 2026/2027.
• Our base case NAV valuation of Lotte Corp is market cap of 2.2 trillion won or target price of 20,918 won per share, which is 29% lower than current price.

• Marriott International’s third-quarter 2025 results demonstrate a mixed performance with several key indicators reflecting the broader intricacies of the global hospitality market.
• On the positive side, Marriott reported financial outcomes that exceeded previous expectations, driven largely by a solid development pipeline and significant portfolio growth.
• The company expanded its room repertoire by 4.7% year-over-year, reaching over 1.75 million rooms across more than 9,700 properties worldwide.

• Bombay Burmah Trading Corporation (BBTC) is a diversified holding company of the Wadia Group, with its intrinsic value primarily derived from its ~50.5% stake in the fast-moving consumer goods (FMCG) major, Britannia Industries.
• The company trades at a significant and persistent discount to the market value of its underlying assets, offering potential for substantial value unlocking. However, this discount is perpetuated by the underperformance of its standalone businesses and concerns over capital allocation.
• BBTC’s standalone operations, mainly in tea plantations and auto-electric components, face industry-specific headwinds and have historically yielded modest returns, weighing on the consolidated financial performance and investor sentiment.

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• The March 2026 review for the Nikkei 225 is turning out to be a little more interesting than one might have expected a few months ago. 
• As of the end of August, the 3mo ADTV for Kioxia (285A) was ¥18bn despite expectations it would go into M _ _ _. The 1mo average today? ¥383bn.
• That means it has rapidly climbed into the top echelons of 5yr trading history. Importantly, JX Advanced Metals (5016 JP) and Kokusai Electric (6525 JP) are not far behind.

• The proposed bill fully closes the treasury-share loopholes, bans all exchangeable/pledge uses, blocks M&A allocations, and imposes strict cancellation deadlines—1 year for new buys, 6 months for existing.
• The amendment tightens disposal rules: no cancellation means pro-rata sales to existing shareholders only, shutting down selective deals and closing the wide-open disposal gap under current law.
• The proposal is far tougher than expected, likely to become the final version, and should drive a near-term mandatory-cancel narrative and notable price action in governance-sensitive holding-co names.

• Alibaba will announce Q2 earnings on after the market close (HK time) November 25.
• Earnings implied jump pricing is similar to the last release, but recent downside skew in past Q2 moves highlights why traders may focus more on potential weakness.
• Recent market patterns, including muted reactions to beats and sharp responses to misses, add weight to risks around Baba’s earnings day move.

• While focus on dividend yield is common, we think secular growth in DPS over a long period of time is a stronger marker of robust earnings trajectory and shareholder friendliness. 
• Among stocks in Asian EM and DM, we screen 50 that raised their DPS every year over the past decade – a commendable performance given earnings dislocations during this period.
• Stocks from Japan (24), HK (10), onshore China (6), India (6), Singapore (2) and Taiwan (2) make up our list. 10 are large and liquid with strong forecast EPS growth.

• In this insight, we discuss a pair trade involving a basket of Korean consumer stocks (long) and  a basket of Japanese consumer stocks (short) over the next 3-6 months.
• The 10 Korean names (long basket) include Samyang Food, APR, Amorepacific Corp, Korean Air, CJ Corp, Classys, Nongshim, Shinsegae, Hotel Shilla, and Lotte Tour Development. 
• The 10 Japanese names (short basket) include Fast Retailing, Oriental Land, Kao Corp, Seibu Holdings, ANA Holdings, Shiseido, J.Front Retailing, Kose Corp, Pola Orbis Holdings, and Kyoritsu Maintenance. 

• Chagee’s IPO surged early but collapsed, falling nearly 70% from its debut high amid intense market and China-based issuer volatility.
• Weak U.S. sponsorship and a sales miss triggered sustained selling pressure, pushing CHA far below its $28 issue price.
• The deal highlights 2025’s unforgiving IPO environment, where consumer and China-linked listings face sharp downside risk when momentum fades.

• Institutions were net sellers of Singapore stocks from Nov 14 to Nov 20, with a net outflow of S$131 million.
• United Overseas Bank led share buybacks, acquiring 997,700 shares at an average price of S$34.01, totaling S$58.2 million.
• Wing Tai Holdings’ Cheng Wai Keung increased his interest to 62.24%, while Banyan Tree Holdings’ Goodview Properties raised its stake to 6.06%.

• Share buybacks peak every year in June when AGMs are held, after which the “Quiet Period” begins. Toward the fiscal year-end, buybacks are expected as a means to resolve cross-shareholdings.
• Given that the capital profitability of all TSE-listed companies hasn’t shown improvement, investors must continue to call for reducing excess cash reserves through dissolution of cross-shareholdings and the share buybacks.
• Shareholders entrust management with the responsibility to maximize shareholder interest, which includes shareholder returns and corporate value growth. It’s natural for shareholders to demand that management fulfill this fiduciary duty.

• ADT’s third-quarter 2025 financial performance indicates a steady trajectory with both positive and negative elements impacting its outlook.
• The company’s financial highlights reveal a 4% increase in total revenue to $1.3 billion and a 3% growth in adjusted EBITDA to $676 million.
• Additionally, the adjusted earnings per diluted share rose by 15% year-over-year to $0.23, reflecting robust cash flow generation amounting to $709 million year-to-date.

• Comcast (CMCSA) announced in late 2024 that it would spin off a bundle of its traditional U.S. cable networks and related digital properties into a new independent company, now named Versant Media Group (VSNT).
• Versant will host an analyst day on Thursday, December 4th and the spin-off is expected to take place in early 2026.
• The move is driven by the secular decline of linear TV and the “transition of our video businesses”, as Comcast’s President Michael Cavanagh described.

• China Hongqiao, Innovent Biologics and Yum China replace ENN Energy, Haidilao International and New Oriental Education in the Hang Seng China Enterprises Index (HSCEI INDEX) in December. All changes are in line.
• Estimated one-way turnover at the rebalance is 4.6% resulting in a round-trip trade of HK$6.3bn (US$811m). The final capping will use the close of trading on 2 December.
• Innovent Biologics is also an add to the Hang Seng Index (HSI INDEX). The passive buying will absorb some stock from the recent placement in China Hongqiao. 

• Welcome to Curator’s Cut — a fortnightly roundup of standout themes from the 1,500+ insights published on Smartkarma.
• In this cut, we review CATL’s H-share lock-up expiry, iron ore equity opportunities in the face of Simandou’s expected supply, and the accelerating consolidation in Japan’s consumer sector.
• Want to dig deeper? Comment or message with the themes you’d like to see highlighted next.

• A tactical snapshot of the Asian indices and stocks we cover.
• Many Asian stocks we track are flashing very oversold signals—creating tactical long setups worth considering.
• We find no overbought stocks or indices in Asia at present. US equities are aligned with this view, this is a global market pullback, probably about to end.

• On 21 November, Webjet Group (WJL AU) disclosed a non-binding takeover offer from BGH Capital at A$0.91 per share, a 1.1% premium to the Helloworld Ltd (HLO AU) offer.
• BGH’s takeover offer is conditional on a 75% minimum acceptance condition, which is too high a threshold to meet. The acceptance condition is likely to be revised to 50.1%.     
• Helloworld has justification to engage in a bidding war, particularly due to potential synergies and multiple re-rating. I would expect at least another round of bids. 

• PDD’s total revenue increased by 9% YoY in 3Q25 higher than 7% YoY in 2Q25.
• In 3Q25, operating cash flows stopped decreasing after a year and grew by 66% YoY.
• We believe PDD’s stock price can be double for the next twelve month according to other e-commerce companies’ EV/EBITDA.

• We compile our selection of small- and mid-cap names with the desired characteristics of high dividend yields, value, and a margin of safety.
• We compile updates on Oriental Watch (398 HK), The Keepers Holdings (KEEPR PM), and Ginebra San Miguel (GSMI PM), and others into the results.
• Our top picks are Asian Terminals (ATI PM), The Keepers Holdings (KEEPR PM), Taste Gourmet (8371 HK), Philippine Stock Exchange (PSE PM), and Ginebra San Miguel (GSMI PM).

• Lovesac is a niche, direct-to-consumer furniture company with a strong brand identity centered on its patented, modular “Sactionals”and premium “Sacs.”
• The company’s growth is driven by its unique “Designed for Life”philosophy, emphasizing sustainable, adaptable products that foster a loyal, repeat customer base, with approximately 47% of transactions from existing customers.
• While exhibiting strong long-term revenue growth, the company faces significant near-term headwinds from a challenging macroeconomic environment, increased competition, and margin pressure from promotional activity.

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