Consumer

• DICK’S Sporting Goods recently reported a strong performance in its second quarter of 2025, showcasing a 5% increase in comparable store sales, supported by growth in average ticket size and transactions.
• This builds upon the company’s past success, including a 4.5% comp increase in the previous year and a 2% increase in 2023.
• One of the notable highlights was the expansion of gross margins by over 30 basis points, underscoring effective inventory and pricing strategies.

• As geopolitical pressures and regulatory hurdles continue to stifle Nvidia’s ability to deliver its most powerful AI processors to Chinese buyers, Alibaba Group Holding Ltd. is rapidly stepping in to fill the void.
• The Chinese tech conglomerate has developed a new AI chip that is both more versatile and domestically manufactured—breaking its prior dependency on Taiwan Semiconductor Manufacturing.
• This new chip, tailored for a broad range of AI inference tasks, is currently in testing and could offer Chinese enterprises a viable alternative to Nvidia’s downgraded H20 processor, which was specifically built for the Chinese market under export restrictions.

• Market breadth remained weak as option activity slowed and speculation concerns lingered around speculative trading.
• Option demand cooled, led by waning interest in Calls, while heavyweights in Consumer Discretionary kept overall volumes supported.
• Trading momentum slowed, but sector heavyweights maintained dominance, with implied vols drifting lower across much of the market.

• Alibaba (BABA) reported C2Q25 top line, non-GAAP op. profit and GAAP net income (4.3%), (10%) and 7.7% vs. our est. and (2.2%), 20% and 9.5% vs. cons.. 
• As stated in our previous reports, we believe O2O e-commerce will constitute ~20% of China’s e-commerce and BABA will capture ~50%. 
• We maintain BABA’s TOP BUY classification and raise TP to US$181

• Having lost out to Trial in acquiring Seiyu, PPI’s new president last month announced an aggressive new strategy. 
• PPI will hugely expand through a roll out of a completely new chain of up to 300 supermarkets and the addition of 250 more Don Quijote stores.
• Don Quijote continues to outperform thanks to strong support from both locals looking for cheaper essentials and inbound tourists, as well as improving performance abroad.

• Williams-Sonoma, Inc. has reported strong financial results for the second quarter of fiscal year 2025, showing significant top-line growth, effective cost management, and continued investment in strategic priorities.
• The company recorded a comparable sales growth of 3.7%, with all brands showing positive comps, and achieving an operating margin of 17.9%.
• Earnings per share increased by nearly 20%, reaching $2.

Key points (machine generated)

• Tesla’s current valuation is seen as overly optimistic, with future prospects not yet generating revenue.
• Increased competition and a challenging automotive sales environment threaten Tesla’s market position.
• Concerns over CEO Elon Musk’s leadership may impact Tesla’s relationship with existing and potential customers.

This article is sourced from an online content aggregator through publicly available sources and is displayed below for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

• Dollar General Corporation showcased a mixed performance in its second quarter of 2025 results, reflecting noteworthy growth in certain areas, offset by ongoing challenges in others.
• Discussing top-line growth, net sales rose by 5.1% to $10.7 billion year-over-year, driven by robust contributions from both new and existing stores.
• The company successfully gained market share across consumable and non-consumable product categories, with same-store sales increasing by 2.8%, spurred by a balanced rise in customer traffic and higher average baskets.

• If large companies that posted conservative outlook for FY3/2026 revise their guidance upwards amid weakening of Japanese Yen, there is an expectation that the decline in ROE will be smaller.
• More companies are strengthening shareholder returns, but a few companies can maintain high enough ROE to create value by hiring large higher shareholder returns to have impact on ROE. 
• In order to raise ROE to a level that creates value, it is necessary to make investments and shareholder returns to have much impact on ROE.

• Kraft Heinz’s decision to split into two independent companies by 2026 marks a dramatic unraveling of the 2015 megamerger orchestrated by Warren Buffett’s Berkshire Hathaway and 3G Capital.
• Once heralded as a union of food titans to unlock economies of scale, the split reflects a strategic pivot to specialization over breadth.
• The new structure will separate the $15 billion global “Taste Elevation” unit—home to iconic brands like Heinz ketchup and Kraft Mac & Cheese—from the $10 billion North American grocery staples business that includes Oscar Mayer, Lunchables, and Kraft Singles.

• Pop Mart (9992 HK) will be added to both the Hang Seng Index (HSI) and the Hang Seng China Enterprises Index (HSCEI) — effective Monday, September 8, 2025.
• Beyond the tail winds from this technical upgrade, stock’s further upside rests on investor conviction on its potential to continue to deliver strong growth beyond the short term.
• Pop Mart’s near term growth rests on proving IP durability and executing global scale-up.

• Harim Holdings (003380 KS) announced that it plans to sell its 14.744 million treasury shares through an issuance of EB worth 143 billion won. 
• The EB exchange price is 9,713 won (15.6% higher than its current price). The company plans to use the EB proceeds to pay down debt and for working capital. 
• We are NEGATIVE on Harim Holdings’ EB issue using its treasury shares as the main asset to be exchanged.

• Context:Alibaba (9988 HK) reported Q1 results on 29 Aug. Despite a revenue miss, strong cloud growth and its AI chip announcement drove the stock up double digits.
• Highlight: Implied volatility deflated sharply post-earnings, with the September contract down 8.5% and back months also lower, while skew shifted down in parallel.
• Why it matters: Put the current volatility surface into context. This insight can serve as a case study of how earnings-driven repricing can inform positioning ahead of future events.

• Three Squirrels (TRS HK) is looking to raise around US$200m in its upcoming H-share listing.
• It began selling nuts through e-commerce channels. Over the years, it had evolved significantly, growing from a single category nut brand into the largest domestic snack company in China.
• In this note, we look at its past performance and other deal dynamics that might impact the listing.

• Lowe’s Companies, a prominent player in the home improvement retail sector, recently announced its Q2 2025 earnings results along with its strategic acquisition of Foundation Building Materials (FBM).
• This acquisition plays a pivotal role in advancing Lowe’s Total Home strategy by expanding its Pro service offerings and diversifying its revenue streams.
• FBM, a leading distributor of interior building products, complements Lowe’s existing operations by enhancing its capabilities in serving larger Pro customers, a market estimated at $250 billion.

• Flowers Foods, in its second quarter 2025 call, outlined both ongoing challenges and strategic efforts to realign with shifting market dynamics.
• The company is navigating a transformative phase, adapting to challenging economic environments and changing consumer preferences, which have impacted its traditionally strong market performance.
• This transition is not immediate; however, leadership is optimistic about its long-term portfolio repositioning strategy that emphasizes innovation and consumer alignment.

• Toll Brothers, a prominent player in the luxury home building market, shared optimistic third-quarter results for fiscal year 2025.
• The company delivered 2,959 homes, which contributed to record third-quarter home sale revenues of $2.9 billion, with an average home price of $974,000.
• This robust performance underscores the firm’s strategic focus on maintaining high margins rather than increasing sales pace.

Intralot reported ‘steady’ 1–2% growth in revenue and EBITDA in H125, with underlying growth dampened by foreign currency translation, and trends quite variable between the quarters. From a contract perspective, Intralot has had a good year so far, with renewals/extensions in Idaho, Montana, New Hampshire and New Zealand, and a new win in Nebraska. The coming months will be transformational for Intralot with the Q425 completion of the acquisition of Bally’s International Interactive (BII). The acquisition will significantly change Intralot’s business exposure (with the addition of online casino, so that sports betting and iGaming will represent more than 70% of combined revenue), geographic exposure (the majority of the acquired revenue is in the UK, which will become the largest revenue source at c 60% of the combined group) and scale, given BII’s enterprise value of €2.7bn versus Intralot’s current c €1.1bn.

• The J.M. Smucker Company’s first-quarter earnings for fiscal 2026 highlighted both challenges and opportunities in its performance.
• A significant point of discussion was the impact of pricing strategies and tariff headwinds on its Coffee segment.
• Initially, the company expected pricing actions to boost this segment’s sales by about 20% annually.

• Five Below, Inc. recently reported its financial outcomes for the second quarter of 2025, revealing a strong performance that exceeded expectations and marked pivotal achievements.
• During the quarter, the company reached over $1 billion in sales, a milestone outside of the typically high-Q4, underscoring its robust business model and consumer appeal.
• The results were propelled by strategic decisions, including curated newness in product assortments, simplified pricing structures, improved product availability, and innovative marketing efforts leveraging creator content.

• Takateru Murakami, Yoshiaki Murakami’s son, has increased his Ashimori Industry (3526 JP) to an 18.36% ownership ratio at an average buy-in price of JPY4,154.28 vs. the JPY4,140 tender offer. 
• Crucially, in today’s disclosure, Takateru Murakami outlines the rationale for his stake building, which centres on the book value being materially understated if certain land were revalued at market rates.
• Maintaining current terms is increasingly not a viable option. Toyoda Gosei (7282 JP) is likely to pursue a strategy of either increasing its offer or lowering the minimum acceptance condition. 

• Effissimo reported a 5.87% ownership ratio in Pacific Industrial (7250 JP). The average buy-in price of JPY2,235.91 per share is 9.1% above the JPY2,050 MBO offer.
• Effissimo buying significantly above terms is justifiable as the offer implied a P/B of 0.71x. Effissimo is agitating for either a bump or an opportunity to participate in the back-end.
• With the offer closing on 8 September and shares trading 16.9% above terms, the Ogawas have little choice but to revise terms.

• The 56th GST Council Meeting is currently underway in New Delhi, having commenced on September 3, 2025 at 11:00 AM and will continue until September 4, 2025.
• These are supposed to be “next-generation GST reforms” with a promise of implementing reforms as a “Diwali gift” for consumers.
• Negative FII Participation, Negative Price Action, Rich Multiples coupled with Negative Earnings Revisions argue for a bearish positioning going into the “G” Day – Day of GST Reform Announcements.

• Firing on All Cylinders :Midea Group (300 HK) delivered robust 15.7% YoY revenue growth and 25% profit increase in H1 2025, driven by strong domestic demand and overseas expansion.
• Disciplined Execution : Smart Home remained the largest contributor, while Energy Solutions and Intelligent Building Technology delivered fastest growth; overseas revenue rose 17.7% YoY, now 42.5% of group sales.
• Available at compelling valuation of 13.7x P/E (FY25e), Midea emphasizes R&D leadership, digital transformation, and green solutions to sustain long-term growth.

• In today’s Morning Views publication we comment on developments of the following high yield issuers: Melco Resorts, Tata Motors, Fosun International
• UST yields rose yesterday alongside a sell-off in long-dated European bonds, as well as on account of concerns that court rulings against US President Donald Trump’s tariffs would worsen the country’s fiscal deficit.
• The yield on the 2Y UST rose 2 bps to 3.64%, while the yield on the 10Y UST was up 3 bps at 4.26%. Equities slipped, with the S&P 500 and Nasdaq down 0.7% and 0.8% at 6,416 and 21,280, respectively.

• Most companies appointed IR officers and hold some sort of briefing for analysts and investors, but briefings for overseas investors and explanations by the CEO himself are still insufficient.
• It is valuable to have a direct Q&A session with the CEO about the feasibility of the business plan’s commitments and planned values, and the formulation process.
• There are still many companies that are reluctant to hold meetings between independent outside directors and investors, and such companies are missing out on an opportunity to create value.

• We are reiterating our Buy rating, projections and $4 price target for Vince Holding with the company announcing 2QFY25 (July) results after the close on Wednesday.
• We believe the company has continued to offer compelling styles in both the wholesale and retail channels, even in the face of higher tariffs, which have somewhat altered the product flows for the Spring/Pre-Fall collections.
• Further, we expect the impact of higher tariffs, which did not coincide with material price increases in 2Q, to be the largest negative this quarter, with the bottom line impact increasingly offset going forward from price and sourcing shifts.

• The September rebalance of the Hang Seng family of indices will use today’s closing prices to cap the index constituent weights.  
• The net round-trip trade across all stocks across the five indices is estimated at HK$57.55bn (US$7.4bn). There is size to trade in a lot of stocks.
• Alibaba (9988 HK) has flipped from a net buy to a net sell following its huge rally yesterday.

• September brings heavy index rebalancing activity. Pop Mart (9992 HK) will join both the Hang Seng Index (HSI INDEX) and the Hang Seng China Enterprises Index (HSCEI INDEX).
• The Fed is widely expected to cut rates and Asia-Pac peers (BoJ, RBA, RBI) are also meeting.
• Why Read: Plan ahead and take into account known market events when making investment and trading decision.

• The past month has witnessed a remarkable shift in India-China relations, with multiple high-profile developments signaling the most significant thaw in bilateral ties since 2020.
• Despite the expansion in bilateral commerce, India continues to face a significant trade deficit, especially in pharmaceuticals, where dependence on Chinese imports remains high. 
• At present, the revived engagement seems to offer greater advantages to Chinese companies than to their Indian counterparts.

• The expiry of cornerstone investors’ lock-up today modestly increases Mixue Group (2097 HK)’s free float, which still remains below 10%.
• Mixue’s 1H2025 results show limited overseas scale-up, with growth driven entirely by the domestic market, raising concerns over long-term growth prospects from new markets.
• At 22x forward earnings, Mixue trades at a premium to HK-listed F&B peers, reflecting market optimism for above-consensus growth.

• In our previous insight we correctly forecasted a short-lived, 2-3 weeks relief rally for BYD (1211 HK) , followed by a new downtrend (started this week). 
• The stock went into OVERSOLD territory according to our model, this week. It’s however a bit early to BUY, the stock could fall more.
• If BYD reaches 102 next week, or the following week, that would be a very good place to BUY. A catalyst could bring the stock back to 140-150.

• Q2 saw sales growth slow sharply (+8% yoy vs +16% in Q1) with OPM collapsing 600bps qoq; OP cut 34% sequentially.
• China sales reset to long-term average, but FY25 outlook slashed to ¥58b (-42% vs prior) with limited disclosure on margin impact.
• Stock down 25% post-results; buyback expansion (¥50b cap maintained) and long-only accumulation (First Eagle to 9.4%) provide near-term support.

• Indonesia’s leading retailer, Mitra Adiperkasa (MAPI IJ), dominates the country’s major malls with 150 brands. It booked a solid 2Q2025 despite the seasonal impact from Lebaran.
• The company’s growth was led by active wear and fashion, with luxury brands outperforming in 2Q2025, although the Inditex brands continued to dominate fashion, with digital business also rebounding.
• MAPI’s expansion into Southeast Asia has slowed, as it focuses on Indonesia. Valuations attractive, with a forecast recovery in 2H2025, with recent troubles providing a  buying opportunity. 

• Black Rock Coffee Bar (BRCB US) is set to offer 14.7 million shares at $16-$18 equating to a valuation of up to $861 million at the high-end of the range.
• Wellington Management has indicated an interest in purchasing up to $30.0 million in shares of Class A common stock in this offering.
• Store revenue has increased by the mid 20% in the 1H 2025 and the expansion plan is aggressive. At first glance, we like the risk-reward of this deal.

• We are reiterating our Buy rating, projections and $20 price target for Lands’ End with the company announcing 2QFY25 (July) results after the close on Tuesday.
• We believe the quarter was another key positive in the company’s transformation to a leading lifestyle player, with Lands’ End continuing to shift the product mix to higher margin licensed items, enjoying the full impact of warmer weather for the swimwear season and successfully navigating the current tariff driven waters.
• We believe, especially in 2HFY25, when new licensing categories kick in and the back-to-school uniform segment ramps up, Lands’ End will be poised to drive solid upside on both the top and bottom lines; as such, we reiterate our Buy rating and $20 price target for LE.

• What you need to know: • GEC provided a corporate update on its achievements in FY25 including the sale of SSCC, record performance in its student housing portfolio, and successful project financing and development progress.
• • GEC remains well positioned to transition to a student housing pure-play and take advantage of the supply shortage in British Columbia.
• • The Company has a large cash balance following the divestiture and strong development plans with a group of elite partners.

• Today post-close, Lifedrink (2585 JP) announced the Sunrise PE funds which own 22% of the company will sell their stake in a clean-up offering with pricing in 8 days.
• This offering comes 8 trading days after a new post-earnings all-time-high. At 24x ADV, the offering will increase Max Real World Float by 50+%. 
• There are some index and buyback supply/demand dynamics to note. It’s a heavy offering, so bullish/bearish may be a matter of horizon.

• In August, BYD’s total sales volume was still flat and its domestic sales volume continued to shrink.
• The operating margin declined significantly to 2.3% in 1H25 from 4.4% in 1H24.
• The P/E band suggests a downside of 23% and a price target of HK$89.00.

• Context: Volatility cones provide a clear framework to evaluate whether options are trading cheap or rich.
• Highlights:Tencent (700 HK), HSBC (5 HK),Meituan (3690 HK), Ping An (2318 HK), and JD.com (9618 HK) all display historically cheap implied volatility. Read on for trade suggestions.
• Why Read: Spot opportunities, assess regime shifts, and manage risk effectively — volatility cones turn complex data into actionable insights for traders and investors.

• KT&G announced that it is selling numerous properties nationwide as well as financial assets, aiming to generate about 1 trillion won in additional cash flow.
• KT&G has started to sell off a number of real estate properties in Seoul, Bundang, Daegu, Sejong, Busan, and North Chungcheong, and other parts of Korea through public bidding process.
• Four key catalysts with KT&G include an increasing probability of cigarette price hike, asset sales of non-core properties/improving corporate governance, high dividend yields, and profitable growth of core tobacco business. 

• Lifedrink (2585 JP)  is looking to raise around US$175m from a secondary placement.
• The deal is a large one to digest, representing 20.7 days of the stock’s three month ADV, despite being 18.4% of total shares outstanding.
• In this note, we will talk about the placement and run the deal through our ECM framework.

• Golden Throat (6896 HK — US$343 million) is an iconic Chinese brand of throat lozenges, used to deal with sore or dry throats.

• The core product is similar to Strepsils, Halls, or Ricola, but is sold over-the-counter in pharmacies.

• The company sells 146 million boxes per year and has an estimated market share of 26% in China.

• Orion Breweries Limited’s (409A JT) operations span across alcoholic beverages, tourism and hotel businesses, aiming to raise ~US$126m in its Japan IPO via a mix of primary and secondary offerings.
• Orion Breweries (OBL) has a strong Okinawa market position. Share of overseas sales has been growing (~23% of FY25 revenues), while profitability has also largely been steady.
• In our previous note, we looked at the firm’s past performance. In this note, we talk about the peer comparison and IPO valuations.

• Genting Berhad’s H1/25 results were soft.
• Revenue and EBITDA picked up q-o-q in Q2, albeit the numbers were down on a y-o-y basis.
• The group reported sound earnings growth from Genting Malaysia (supported by improved gaming volumes at Resorts World Genting), though they were offset by earnings declines from Resorts World Singapore and the US assets.

• Pinduoduo Holdings Inc. on Monday reported its slowest revenue growth in three years, as the Chinese e-commerce giant ran into stiffer competition at home and new tariff challenges abroad for its overseas arm Temu.
• The Nasdaq-listed company posted second-quarter revenue of 103.99 billion yuan ($14.5billion), just above market expectations and up 7% from a year earlier. That marked the fifth straight quarter of deceleration and the slowest pace since mid-2022.
• Pinduoduo’s meteoric rise since launching Temu in September 2022 peaked with a 131% revenue surge in the first quarter of 2024. Growth has slowed each quarter since, falling to 86% in the second quarter of 2024, 44% in the third, 24% in the fourth, and only 10% in the first quarter of 2025.

• Orion Breweries Limited (409A JT) has become synonymous with Okinawa, combining heritage, loyalty, and local identity into a brand experience that larger rivals struggle to replicate.
• The company benefits from Okinawa’s nearly 10 million annual visitors, turning tourism into both a sales driver and a powerful channel for brand amplification abroad.
• The IPO offers attractive valuation versus peers, despite risks from MBO-related debt and potential share overhang from private equity owners.

• Honda Motor (7267 JP) and Samvardhana Motherson International Ltd (MOTHERSO IN) have arranged to buy Honda’s 69.7%-owned subsidiary Yutaka Giken (7229 JP) in a Tender Offer. 
• The transaction structure means Motherson buys Yutaka for less than net cash but even assuming Motherson pay minority TOB price for everything, TOB ex-net cash = 0.05x PBR, <1x EBITDA.
• But they are paying less. They are paying ¥12.4bn less than net cash, and getting the other ¥58bn of net assets (¥23bn inventory, the rest in hard assets) for free.

• The de facto total revenue increased by 10% YoY excluding two disposed shopping malls.
• We believe Alibaba will win the price war for food deliveries, because competitors’ earnings were even worse.
• The stock surged by 13% in NYSE after the result release, but we still believe it has an upside of 48% for next twelve months.

• Alibaba (BABA US)  jumped 12.9% on Friday following better than expected 2Q2025 results and upbeat management commentary.
• Investors cheered growth plans centered around Consumption and AI + Cloud, signaling confidence in the company’s long-term strategy.  
• 2Q2025 operating profits dipped slightly, as higher costs in quick commerce were largely offset by growth in other business segments.

• I summarise the latest spreads and newsflow of merger arb situations we cover across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Philippines, Thailand and Chinese ADRs.
• Highest spreads: Mayne Pharma (MYX AU), Smart Share Global (EM US), ENN Energy (2688 HK), Dongfeng Motor (489 HK), Joy City Property (207 HK), Santos Ltd (STO AU). 
• Lowest spreads: Bright Smart Securities (1428 HK), Pacific Industrial (7250 JP), Humm Group (HUM AU), Ashimori Industry (3526 JP), Carenet Inc (2150 JP), Ainsworth Game Technology (AGI AU).

• For Aug 2025, 17 new transactions (firm and non-binding) were discussed on Smartkarma (by the Quiddity team) with an overall announced deal size of ~US$18bn.
• The average premium for the new transactions announced (or first discussed) in August was 48%, with a year-to-date average of 47%.
• The average premiums for transactions in 2024 (129 transactions), (2023 (117), 2022 (106), 2021 (165), 2020 (158), and 2019 (145 ) were 43%, 39%, 41%, 33%, 31%, and 31%

• SHEIN is reportedly moving its corporate HQ to China to pave way for HK IPO
• US ‘de minimis’ exemption for all countries ended Aug 29 (China/HK was May 2)
• We believe end of US ‘de minimis’ exemption changed the game for SHEIN

• Aequitas Research’s weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
• On the IPO front, a number of company’s appear to be lining up to launch their IPOs in the coming month.
• On the placements front, there were a number of large deals across the region.

Key points (machine generated)

• The core portfolio includes leading health and hygiene consumer brands projected to generate £10 billion in sales and £2.6 billion in operating income for FY’24.
• Mead Johnson and Essential Home contribute about 15% of EBIT but are planned for divestment due to low growth potential.
• The self-care segment is expected to represent 33% of total sales in FY’24, with a growth rate of 7% and varying contributions from different regions.

This article is sourced from an online content aggregator through publicly available sources and is displayed below for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

• Tesla, Inc. designs, develops, manufactures, leases, and sells electric vehicles, and energy generation and storage systems in the United States, China, and internationally.
• The company operates in two segments, Automotive and Energy Generation & Storage.
• The Company’s shares are listed in the Nasdaq Composite Index under the symbol ‘TSLA’ since June 29, 2010 and are included among the companies with the higher market capitalization globally. 

• SJM Holding’s H1/25 results were weaker than anticipated, as the company lost GGR market share in Q2 (after a strong Q1).
• The top line continued to expand, in line with the ramp-up of Grand Lisboa Palace (GLP).
• That said, EBITDA unexpectedly contracted due to unfavourable win rates (particularly at GLP). FCF was likely negative, owing to the reduced profitability.  Positively, the planned reorganisation of gaming assets will likely raise the properties’ margins and provide the company with operational flexibility to optimise its assets going forward.

• Crocs, Inc. reported a solid performance in the second quarter despite facing ongoing market volatility.
• The company achieved revenues of $1.1 billion, reflecting a 3% growth from the previous year.
• Revenues for the Crocs brand alone rose by 4%, reaching $960 million, with a notable 16% growth in international markets.

• We remain near-term bullish since our 4/22/25 Compass, and our intermediate-term outlook remains bullish as well (as of our 5/14/25 Compass), with Int’l Compass reports all echoing this sentiment.
• We will maintain our bullish intermediate-term view as long as market dynamics remain healthy and the SPX and ACWI-US are above 6028-6059 and $119-$121.
• We remain overweight/continue to have a major focus on China (Shanghai Composite). It continues to offer the most attractive opportunities, with a significant number of today’s recommendations coming from China.

• Dongfeng Motor (489 HK) to be taken private via cash plus scrip into the backdoor listing of its EV arm.
• Minebea extends its ¥6,200 TOB for Shibaura (6957 JP) to 11 September, a day after YAGEO’s ¥7,130 bid expires. Now there’s no game of chicken with Minebea. Just with METI.
• The HD Hyundai Heavy Industries (329180 KS)/HD Hyundai Mipo (010620 KS) merger announcement reaffirms Seoul’s commitment to the MASGA project. 

• Nexstar Media Group’s second quarter of 2025 results revealed a mix of positive achievements and ongoing challenges, shaping a comprehensive investment thesis for the company.
• The company’s net revenue stood at $1.23 billion, representing a decline of 3.2% compared to last year, largely due to decreased political advertising.
• Despite this decline, Nexstar’s financial stability was upheld by adjusted EBITDA of $389 million and adjusted free cash flow of $101 million, reflecting effective expense management amidst a challenging advertising landscape.

• Performance Food Group Company (PFG) has demonstrated strong financial performance in the fiscal year 2025, with promising indications for 2026.
• The company reported net sales exceeding $63 billion, marking a significant year-over-year increase.
• This growth was primarily driven by strategic market share gains in the food away-from-home industry and expansion of margins through improving business mix and operational efficiency.

• Aptiv is no stranger to transformation.
• Once pegged as a traditional auto-parts supplier, the company is now orchestrating a strategic pivot that could redefine how Wall Street values its business.
• The upcoming spin-off of its Electrical Distribution Systems (EDS) unit, slated for early 2026, aims to carve out a clearer identity for the remaining core business: a high-growth platform deeply entrenched in advanced safety, automation, electrification, and digital edge computing.

• Tapestry has reported strong financial performance for fiscal year 2025, with revenue reaching an impressive $7 billion and an operating margin of 20%.
• The company achieved these results despite a challenging macroeconomic environment, demonstrating the resilience and effectiveness of its strategies.
• Tapestry has seen significant growth across key regions, particularly North America, China, and Europe, and has successfully attracted 6.8 million new customers in North America alone, with a substantial portion from the Gen Z and millennial demographics.

• In a year that was supposed to be about electrification and forward momentum, Ford Motor Company finds itself grappling with a growing crisis: vehicle recalls.
• As of late August 2025, the automaker has issued 105 separate recall notices, covering nearly 7 million vehicles—a record for the company and for the industry in recent memory.
• The most recent recall involves 355,656 Fseries trucks from the 2025 and 2026 model years due to potential failures in the instrument panel display.

• Madison Square Garden Sports Corp. (MSG Sports) reported their fiscal 2025 results, highlighting both achievements and challenges that offer a nuanced perspective on the company’s current standing.
• The company achieved more than $1 billion in revenues and an adjusted operating income of $38.2 million.
• Despite this significant revenue figure, the financial year concluded with notable challenges in the fourth quarter, leading to an adjusted operating loss of $16.8 million.

• E-Commerce is a natural fit for furniture brands given the difficulty of taking purchases home from stores.
• A number of start-ups are attracting investment and growing fast, but more established online players like Lowya are now opening stores given demand to try out furniture before purchase.
• Industry estimates suggest the e-commerce home decor market is growing at twice the rate of the market overall.

• Keurig Dr Pepper, following the close of the JDE Peet’s acquisition, plans to separate Global Coffee Co. via a tax-free spin-off to KDP shareholders
• Post separation, the parent will retain North American refreshment beverages portfolio (Dr Pepper, Canada Dry, 7UP, A&W, energy/functional, RTD alcohol adjacencies).
• We view KDP’s two-step transaction as value accretive for shareholders, creating two investable profiles that should appeal to distinct shareholder bases.

• As forecasted in our previous insight, the NIFTY Index rallied past 25k, but we said this was a BEARISH pattern – rally was short-lived (2 weeks), then this week down.
• Effective September 30 InterGlobe Aviation (IndiGo) and Max Healthcare Institute will be added to the NIFTY, replacing Hero MotoCorp and IndusInd Bank, in the meanwhile 50% US tariffs kicked in.
• We see a potential continuation of the recent bearishness with a RISK-OFF scenario where the index could drop to much lower prices in September, support target 23819 or below.

• Ola secured Auto-PLI compliance for its Gen-3 scooters and guided first deliveries with in-house “Bharat” 4680 cells in Q2 FY26, with heavy rare-earth-free motors in Q3 FY26. 
• ACC-PLI plus Auto-PLI and insourced cells/motors can lift gross margins structurally, derisk China-centric magnet supply, and shift Ola from assembler to integrated value-chain player.
• Watch PLI accrual from Q2 FY26, the 1.4→5 GWh cell ramp, and ferrite motor rollout in Q3 FY26. Execution across these will validate the “not just an EV company” narrative.

• There is a clear difference in awareness of pre-AGM disclosure in annual securities reports between companies that are targeted by overseas investors and those that are not.
• Regarding the postponement of shareholder meetings, companies that have responded to investor needs are considering postponing their AGM dates, while most other companies are reluctant to do so.
• In order for more companies to disclose their annual securities reports three weeks prior to AGMs and postpone their AGM dates, more companies need to be aware of this need.

• Under Armour’s recent earnings present a picture of a company undergoing significant transformation while facing notable challenges.
• The company’s management team, led by CEO Kevin Plank, highlights a strategic direction aimed at strengthening Under Armour’s brand identity, fostering innovation in product offerings, and bolstering consumer engagement.
• This reinvention strategy is juxtaposed with immediate market adversities, including declining revenues and the impact of newly introduced tariffs.

• Acushnet Holdings Corp.’s Q2 2025 results reveal a steady performance characterized by growth in specific segments, balanced by challenges in others, influenced by external factors such as tariffs and global economic conditions.
• With worldwide net sales increasing by 5% to $720 million and adjusted EBITDA rising by 9%, the company succeeded in leveraging its strengths in Golf Equipment and Gear.
• Positives from the quarter include significant growth in the Golf Equipment segment, driven by the successful launch of new Pro V1 golf ball models and momentum in GT Metals and hybrid clubs.

• The Wendy’s Company’s latest earnings for the second quarter of fiscal 2025 highlighted several strategic initiatives and results that offer insights into the company’s current performance and future direction.
• The earnings report presented both strengths and challenges, providing an opportunity to analyze the company’s potential as an investment.
• Starting with the positives, Wendy’s reported significant international growth, with systemwide sales increasing by 8.7% and adjusted EBITDA growing by 23.9% in their International segment.

• Celsius Holdings has delivered a robust performance in the second quarter of 2025, with significant revenue growth driven primarily by its recent acquisition, the Alani Nu brand.
• Total revenue rose by 84% year-over-year to $739.3 million, a substantial increase facilitated by a strong gain from Alani Nu, which contributed $301.2 million.
• Meanwhile, Celsius-branded products continued their growth trajectory with a 9% increase, reflecting successful innovation and expanded distribution networks.

• We compile our selection of small and mid-cap names with our desired characteristics of high dividend yields, value, and margin of safety.
• 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).
• We have some very positive updates from Plover Bay Technologies (1523 HK) / Asian Terminals (ATI PM) and The Keepers Holdings (KEEPR PM), post their quarterly results.

• Meituan (3690 HK) shares fell 12.5% post – 2Q2025 results, reflecting investor concerns over prolonged subsidy wars and lack of visibility on when rational competition may resume.
• 2Q 2025 revenue growth lagged the pace of delivery transaction growth as incentives sharply reduced effective revenue capture while rising marketing costs nearly wiped out quarterly profit.
• Along side the rapid growth in China’s instant delivery market, where groceries and daily essentials are delivered in 30 minutes or less, competition among leading retail/delivery players have escalated.

• Tovis is one of the key beneficiaries of continued opening of new casinos in Asia/globally. The company provides specialty monitors for slot machines, casino gaming cabinets, and arcade/gaming machines.
• The growth of the automotive/other displays unit has been driven mostly by domestic sales which increased from 36.6 billion won in 2022 to 239.2 billion won in 2024.
• Tovis is trading at EV/EBITDA of 4.5x based on LTM financials and recent prices. This is much lower than average EV/EBITDA multiple of 12.4x from 2020 to 2024.

• The stock price surged by 7.7% on the 2Q25 release day.
• Total revenue increased by 16% YoY in 2Q25 among which accommodation reservation revenue increased by 21% YoY.
• The operating margin was stable at a level significantly higher than the period before COVID.

• Orion Breweries Limited’s (409A JT) operations span across alcoholic beverages, tourism and hotel businesses, aiming to raise ~US$126m in its Japan IPO via a mix of primary and secondary offerings.
• Orion Breweries (OBL) has a strong Okinawa market position (~40% beer share). Share of overseas sales has been growing (~23% of FY25 revenues), while profitability has also largely been steady.
• In this note, we look at its past performance and other deal dynamics that might impact the listing.

• Prime Minister Modi kick‑started production and global dispatch of Maruti Suzuki’s e‑Vitara EV with a “Make in India, Make for the World” pitch.
• It marks India’s ascent as a global EV manufacturing hub while bolstering local EV infrastructure and Japan‑India industrial synergy.
• Suzuki is investing INR 70,000 crore (~US$8 billion) over 5–6 years and targeting 50k to 1L units of EV exports each year. 

• US Foods Holding Corp. reported a solid second quarter for fiscal year 2025, exhibiting positive momentum across various strategic pillars.
• The company delivered a record adjusted EBITDA of $548 million, showcasing a 12% year-over-year increase and achieving an adjusted EBITDA margin of 5.4%, marking a 40-basis-point expansion.
• This growth was driven by disciplined cost management, strategic vendor initiatives, improved operational efficiency, and robust performance across its customer segments, particularly independent restaurants, healthcare, and hospitality sectors.

• Meituan’s Q2/25 performance was weaker than we had expected, with profitability plunging as irrational price competition in food delivery eroded margins (due to heightened courier incentives and aggressive marketing spend).
• The Q2 performance was also a stark contrast to the stronger than anticipated Q1 results, which included robust revenue growth (+18.1%) and a surge in profitability (operating profit: +102.8%) on the back of enhanced operational efficiency and operating leverage.
• While the Q2/25 development is of some concern, Meituan is clearly making strategic moves by absorbing short-term pain (through material investments in subsidies, marketing and incentives) to protect its commanding 60-70% share in the food delivery market.

• Hyatt’s second quarter of 2025 presented a mixed bag of strategic moves and operational results, demonstrating both growth opportunities and challenges.
• On the positive side, the company’s acquisition of Playa Hotels & Resorts and subsequent real estate sale for $2 billion are noteworthy, aligning with its asset-light strategy.
• The acquisition is expected to contribute significantly to management fees and earnings through Hyatt’s distribution platform by 2026.

• Live Nation Entertainment’s second quarter 2025 earnings pointed towards various aspects of its business and future prospects.
• A significant area of growth is its Latin America strategy, particularly with the OCESA partnership in Mexico and broader opportunities in Brazil and other Latin American markets.
• The company is optimistic about leveraging its capabilities in venue development, festival launches, and advancing Ticketmaster’s operations across the region, which remain relatively underdeveloped compared to North America.

• Betr Entertainment (BBT AU) has bumped scrip terms to 4.375 betr shares per PointsBet Holdings (PBH AU) share, equivalent to A$1.31/share, based on betr’s last traded price. 
• True to form with betr, there’s a typo in its latest announcement stating a 4.735 ratio. betr just issued a Bidder’s Statement with the correct info.
• Apologies: in my last note I mentioned Mixi Inc (2121 JP) had bumped to A$1.30/share. However, that was predicated on Mixi securing 90%, which won’t happen if betr doesn’t tender.

• What seems to be the controlling shareholder of Laopu Gold (6181 HK), aims to raise around US$250m via selling 1.6% of the company.
• The shares have done very well since its listing and the previous deal in the name did well too.
• In this note, we talk about the deal dynamics and run the deal through our ECM framework.

• Anta Sports acquired Jack Wolfskin in April 2025 so that “other brands” revenues surged by 61% YoY in 1H25.
• The margin pressure came from e-commerce promotion and product function development.
• We conclude an upside of 18% and a price target of HK$120. Buy.

• Shares of Pop Mart International Group Ltd. hit an all-time high after the Chinese toymaker posted strong half-year earnings, fueled by frenzied demand for its Labubu plushies in the U.S. and other overseas markets.
• The Hong Kong-listed company’s profit soared 385.6% year-on-year to nearly 4.7 billion yuan ($654.9 million) in the first half of 2025, while revenue jumped 204.4% to almost 13.9 billion yuan, according to a stock exchange filing on Tuesday.
• Notably, Pop Mart’s revenue from the Americas skyrocketed more than twelvefold from the first half of 2024, while sales in Europe and other regions excluding Asia-Pacific jumped more than eightfold.

• Context: After three consecutive up weeks, Toyota (7203 JP) / Toyota ADR (TM US) now screens as overbought, with quantitative models signaling a high probability of a trend reversal.
• Trade Idea: Elevated implied volatility (82–83rd percentile) makes short call strategies attractive. Selling near-term calls captures rich premium while aligning with downside risk.
• Why Read: This Insight highlights a timely opportunity where technical overbought signals and historically rich IV converge — ideal for investors seeking a tactical setup.

• New Oriental is an education service company based in China that has seen significant growth and success since its founding in 1993.
• The company faced challenges in 2021 due to policy changes in China, but has since recovered and is deemed undervalued by Xu Zhong Xu.
• Xu Zhong Xu, a knowledgeable investor with background in the education industry, provides insights on the company’s history, growth trajectory, and potential for continued success.

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Topps Tiles’ (TPT’s) diversification into larger addressable markets with more trading brands means it is well-placed to service more products to more customers in more sectors, and with greater efficiency given the associated investment in operations. There has been good progress with the Mission 365 growth initiatives, albeit these were somewhat masked by a tough trading environment in FY24. Our multiple valuation methods confirm similar upside to the current share price, to at least 111p/share, even at the conservative end of management’s financial goals.

• Pointerra Ltd (ASX:3DP) provides a powerful cloud-based solution (Pointerra3D) for managing, visualising, analysing, using and sharing massive 3D point clouds and geo-spatial datasets.
• Pointerra3D is a proprietary digital twin Software-as-a-Service (SaaS) platform which delivers predictive digital insights and definitive answers to complex physical asset management questions.
• Pointerra has reported FY25 revenue of $11.0m, up 45% on the previous corresponding period (pcp) and largely in-line with our forecast.

• Flutter Entertainment reported positive results for the second quarter of 2025, showcasing significant growth across its U.S. and international segments.
• The company witnessed a 16% increase in revenue and a 25% rise in adjusted EBITDA compared to the previous year.
• This growth was fueled by strong engagement with approximately 16 million average monthly players and substantial operational improvements across the board.

• In 1H FY01/26, revenue was JPY117.7bn (+0.1% YoY), with operating profit at JPY1.4bn (-39.5% YoY).
• Domestic Beverage business revenue was JPY71.5bn (-2.0% YoY), with an operating loss of JPY2.0bn.
• International Beverage business revenue was JPY28.8bn (+7.5% YoY), with operating profit of JPY3.1bn (+37.2% YoY).