Consumer

• Privileged Rolex distribution. Watches of Switzerland (WOSG LN) is one of Rolex’s most trusted retailers since 1919, with no online or price competition, no inventory risk, and pre-sold demand.
• The US is >50% of group revenues.  US revenue grew 24% to $1.24bn in FY26, past 50% of sales in eight years, with a long runway as Rolex lifts production.
• Cheap for the growth.  The shares trade at 8.2x FY26 EV/EBITDA and 18.2x P/E, with mid-teens ROCE, double-digit growth, and a return to net cash.

• Ather Energy, an Indian electric-scooter manufacturer, will unveil its first EL-platform model on 29 August, entering the INR 1-1.25 lakh mass-market segment before end-2026 commercialisation.
• Steel unibody, simpler transmission, 15% faster assembly and 10,000-km service intervals target affordability and ownership friction, expanding volumes with limited cannibalisation of Rizta and 450.
• Ather’s product gap is narrowing, but Factory 3.0’s Q3 FY27 start, five-lakh capacity, launch-to-delivery timing, quality, distribution throughput and margin retention now determine EBITDA breakeven.

• Revenue increased by 14.2% YoY to JPY16.9bn, with operating profit rising 87.4% YoY to JPY3.2bn.
• PR and Advertising revenue reached JPY9.3bn (+13.4% YoY), driven by Strategic PR and Taxi Signage businesses.
• Direct Marketing revenue grew 22.7% YoY to JPY4.4bn, with Vitabrid Japan expanding sales channels and product offerings.

• Sanrio is experiencing a period of exceptional growth, driven by the enduring global popularity of its character IP, particularly ‘Hello Kitty’. Revenue and net income have seen substantial increases over the past three years, accompanied by significant margin expansion.
• The company’s strategy is focused on global expansion, especially in Asia and North America, and increased investment in digital platforms and content to enhance character engagement. Management has provided a strong growth forecast for the upcoming fiscal year.
• While the outlook is positive, the company faces risks from potential margin pressure due to strategic investments, macroeconomic headwinds in key overseas markets, and a high valuation that prices in significant future growth.

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• In this edition: • Heineken | has its eyes on Brouwerij Haacht • TKH Group | Mr. Grandi to succeed Mr. van de Lof as CEO, who is becoming CEO of TKH Electrification

• We are reiterating our Buy rating, projections and $30 price target for JAKKS Pacific with the company reporting 2Q26 (June) results after the close next Thursday.
• We believe, as JAKKS Pacific anniversaries material tariff driven issues, which were exacerbated by the company’s Freight On Board (“FOB”) shipping model, JAKKS Pacific has the potential to register top and bottom-line upside, driven by a more normalized flow of goods, increasing international expansion and the continued positive impact of The Super Mario Galaxy Movie, which has grossed over $1 billion worldwide (Source: BoxOfficeMojo.com).
• Further, we believe JAKKS Pacific also has the potential to receive a material refund for tariffs paid in 2026, which would further strengthen a robust balance sheet.

• Lionsgate Studios, the company behind John Wick, The Hunger Games, Twilight and thousands of other film and television titles, has reportedly attracted takeover interest from France’s Bolloré Group and television producer Banijay Group.
• Lionsgate is working with an investment bank to assess inbound approaches, although discussions may not result in a transaction and the studio could remain independent.
• The timing is notable: Lionsgate has separated from Starz, simplified its share structure and entered fiscal 2027 with stronger film, television and library momentum.

• Leading South American Beef Exporter with Geographic Diversification: Minerva is the largest beef exporter in South America, with a diversified production base of 46 industrial units across Brazil, Argentina, Paraguay, Uruguay, Colombia, Chile, and Australia. This geographic diversification allows the company to mitigate risks related to sanitary issues and access a wider range of export markets, serving over 100 countries.
• Cyclical Pressures and Margin Compression: The company’s profitability is highly sensitive to the cattle cycle, which dictates input costs. Currently, higher cattle costs are pressuring margins, a trend expected to continue in the near term. This cyclicality, combined with exposure to currency fluctuations and commodity prices, represents a key risk for investors.
• Strategic Acquisitions Driving Growth Amid Financial Discipline: Minerva has a track record of growth through strategic acquisitions, most recently the purchase of Marfrig assets, which significantly increased its slaughtering capacity. While this strategy fuels expansion, it also elevates financial leverage. The company’s ability to successfully integrate new assets and deleverage its balance sheet is a critical factor for future performance.

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• A double of dose of StubWorld this week: restaurant group Colowide Co Ltd (7616 JP)‘s implied stub and NAV discount are elevated; but it’s not that simple.
• Preceding my comments on Colowide 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%.

• Seven & I still owns 35% of York Holdings and there are still many close operational ties.
• A year on from the demerger, York is planning more investment in stores, private label, and experiential shopping in the hope of dragging back price-conscious shoppers.
• It is also considering acquiring other food retailers in the Kanto region – but unless it fixes the price perception problem, price-led competitors may take more share.

• Cloud Intelligence AI revenue has posted 11 straight quarters of triple-digit growth; four banks cut targets in July but kept Buy-equivalent ratings.
• DOJ settlement resolved, Qwen approved for Apple Intelligence in China — geopolitical overhangs are clearing faster than consensus assumes.
• SOTP-Derived TP of US$170/ADS (44% upside) & CNY151.9 (65% upside) applies an explicit 10% discount for unresolved geopolitical risk that most sell-side models don’t itemise.

• New Hope Dairy Co Ltd (002946 CH), a nutritional food company specializing in dairy products, aims to raise around US$100m in its H-share listing.
• New Hope Dairy (NHD) is a technology-driven nutritional food company dedicated to the R&D and production of dairy products and other nutritional foods.
• In this note, we talk about the company’s past performances.

• GEC reported Q3/26 results that beat our estimates, including revenue of $5.3M (+12% YoY) and a 71% gross margin.
• YTD revenue was $16.6M, growing 9% YoY.
• Adjusted EBITDA came in at $2.1M for Q3 (39% margin) and $6.2M YTD, far above our estimates, reflecting the new focus on student housing.

• Kenvue is facing a renewed legal overhang just as Kimberly-Clark works toward completing its $48.7 billion acquisition.
• On July 13, a federal appeals court revived more than 500 private lawsuits alleging that prenatal acetaminophen use is associated with autism or ADHD.
• The decision immediately brought Tylenol back into the spotlight, but it did not establish that the medicine causes either condition.

• Netflix reports second-quarter results after the market closes on July 16 with its shares near the lower end of their annual range.
• Wall Street expects revenue of roughly $12.57 billion, representing growth of about 13.5%, alongside earnings of $0.79 per share.
• Management’s own forecast calls for 13% revenue growth and a 32.6% operating margin, down from 34.1% a year earlier as content amortization records its fastest annual increase of 2026.

• Shadowfax Technologies (1310315D IN) raised US$213m in its India IPO. in January 2026. The lockup on the Pre-IPO investors is set to expire soon.
• Shadowfax Technologies is a third-party logistics company that leverages a unified platform to facilitate digital commerce across India. Its service network covers 14,758 pin codes as of September 30, 2025.
• In this note, we will talk about the lockup dynamics and possible placement.

• FY05/26 revenue was JPY107.6bn (+2.7% YoY), with operating profit at JPY2.4bn (-21.1% YoY), and net loss JPY340mn.
• Automotive Textiles and Traffic Facilities revenue increased due to North and Central American site contributions and railway demand.
• FY05/27 forecasts revenue of JPY107.6bn, operating profit JPY3.5bn (+47.7% YoY), and net income JPY1.45bn.

• Post-Bankruptcy Turnaround and Planned Re-Entry to Public Markets: After filing for Chapter 11 bankruptcy in August 2020, Tailored Brands has undergone a significant operational and financial restructuring, emerging as a private company in December 2020. The company has since stabilized its operations and confidentially filed for an IPO in April 2026, signaling a potential return to the public markets under the ticker ‘MENW’.
• Dominant Market Position in a Niche Segment: Tailored Brands holds a leadership position in the North American men’s tailored clothing and formalwear rental market. It is the #1 retailer in U.S. tailored clothing, selling approximately one in three pieces, and commands a nearly 60% share of the men’s apparel rental market. This scale provides significant competitive advantages in sourcing, distribution, and brand recognition.
• Navigating Shifting Consumer Preferences: The company’s core market faces the secular headwind of workplace casualization, a trend accelerated by the pandemic. Management’s strategy focuses on adapting the product mix to include more ‘polished casual’ wear, enhancing its omnichannel capabilities, and leveraging its rental business for high-intent occasions like weddings and proms to mitigate the decline in traditional formalwear demand.

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• Swara Baby Products (SWARA IN) (SBPL) plans to raise around US$105m in its upcoming India IPO. The deal will be run by JM Financial and Avendus.
• SBPL is a specialized, independent manufacturer of disposable consumer hygiene products, across baby care, adult incontinence and feminine hygiene product categories.
• According to the TKC Report, it was the largest contract manufacturer by value in FY25 in the fast-growing hygiene manufacturing industry, including baby diapers, adult diapers and sanitary napkins.

• If you ran price risk for anything touching cocoa in 2024, you already know the story in your body, not just your spreadsheet.
• New York cocoa went from around $3,400 a tonne in late 2023 to an all-time high near $12,931 in December 2024 — and then handed back close to 70% of that move through 2025.
• For the desks caught on the wrong side of the timing, it was a year of margin calls, blown budgets, and uncomfortable conversations with the CFO.

• Menon Pistons is a well-established Indian manufacturer of pistons, piston pins, and piston rings, primarily serving the commercial vehicle, tractor, and stationary engine segments for original equipment manufacturers (OEMs).
• The company has demonstrated a track record of profitability and maintains a strong balance sheet with low debt levels. Recent financial performance indicates revenue growth, although profit margins have faced some pressure from rising raw material costs.
• Key growth drivers include the continued expansion of the Indian automotive market, particularly in the commercial vehicle and tractor segments, and the company’s long-standing relationships with major OEMs. However, the company faces risks from the cyclical nature of the automotive industry, raw material price volatility, and the long-term global shift towards electric vehicles.

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• Revenue increased to JPY497.1bn (+8.8% YoY), with gross profit at JPY127.0bn (+6.5% YoY) and operating profit at JPY24.0bn (+5.9% YoY).
• The company acquired Yaohan Holdings and Sunefu Co., Ltd., expanding into Tochigi Prefecture and enhancing its pharmacy network.
• FY05/27 forecasts include 8.8% revenue growth, 5.5% operating profit growth, and a JPY96 per share dividend.

• Recent deal activity around MGM Resorts International has intensified after People Inc., Barry Diller’s media company formerly known as IAC, offered $48.30 per share in cash for the casino operator’s remaining equity.
• People Inc. already owns approximately 26% of MGM, while its proposal reportedly values the company at about $12.4 billion in equity value.
• MGM has established a special board committee, retained advisers, and reportedly believes the offer undervalues its portfolio of Las Vegas, regional, Macau, and digital assets.

• Stellantis appears to be regaining momentum in North America after a difficult period marked by product gaps, falling market share and pressure on dealer relationships.
• The automaker estimated that its global shipments increased 10% year over year to roughly 1.6 million vehicles in the second quarter of 2026, led by a striking 38% increase in North America.
• That regional jump represented approximately 122,000 additional vehicles and reflected the arrival of new or refreshed models across the Jeep, Ram, Dodge and Chrysler portfolios.

• In cumulative Q3 FY08/26, revenue was JPY31.6bn (+13.8% YoY), operating profit JPY6.2bn (+22.0% YoY), and net income JPY3.8bn (+18.3% YoY).
• Chain-wide revenue totaled JPY68.9bn (+8.1% YoY), with membership fee revenue at JPY49.6bn (+5.7% YoY) and merchandise sales JPY19.3bn (+14.8% YoY).
• The company opened 12 new clubs in cumulative Q3 FY08/26, with membership reaching a record high of 890,000.

• T. Rad is strategically positioned to capitalize on the automotive industry’s transition to electric vehicles (EVs), which require more complex and numerous heat exchangers for batteries, motors, and power electronics, representing a significant growth tailwind.
• The company has demonstrated exceptional growth in profitability and shareholder returns, evidenced by a 3-year net income CAGR of 64.33% and a dividend CAGR of 91.29%, supported by improving margins and strong cash flow generation.
• While financially robust and well-positioned for EV growth, the company faces risks from high customer concentration within the automotive sector, volatility in raw material prices, and intense competition from larger, well-established players in the global market.

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Key points (machine generated)

• Delica Foods Holdings reported a 5.9% increase in consolidated sales, reaching 62,219 million yen for the fiscal year ending March 2026.
• The company achieved an ordinary profit of 2,172 million yen, marking a 145.7% rise and its best performance in two years.
• Robust sales in the food service industry and significant expansion in the logistics segment contributed to Delica’s stable growth.

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• In Q1 FY02/27, sales reached JPY159.6bn, a 15.5% YoY increase, driven by solid retail unit sales.
• Operating profit was JPY4.4bn, a 15.4% YoY rise, despite strategic inventory cleanup impacting earnings temporarily.
• SG&A expenses rose to JPY21.3bn, up 15.8% YoY, due to higher rent, personnel, and CRM development costs.

• HK$35.0bn net cash funds Phase 4 — Macau’s largest expansion — without a single dollar of new debt or dilution, while peers carry leverage at 2–8x EBITDA.
• FY2025 EBITDA grew 19% and NPAS rose 22%, yet shares fell. A 50-percentage-point divergence between fundamentals and price is not noise — it is the trade.
• We are BULLISH with a derived FV of HK$37.0 – 6.1x FY2027E EV/EBITDA — near the bottom of Galaxy’s historical range — we apply 8.0x for Fair Value.

• On the 30th October 2025, China Modern Dairy (1117 HK) (CMD) entered into a SPA to acquire 1.28% in China Shengmu (1432 HK), the completion of which triggered a MGO.  
• The Composite Doc was dispatched on the 30th June 2026, with a First Close on the 21st July. 31st August is the final close – unless unconditional 14 days beforehand. 
• CMD intends to Shengmu’s maintain listing. The Offer is conditional on CMD holding 50%. By my estimate, ~14.4% of shares out have now tendered, lifting CMD’s stake to ~45.66%. 

• ~26% GGR share, five resorts, 12,000+ rooms — the largest integrated gaming and hospitality footprint in Macau, and the sector’s leading non-gaming and MICE business.
• The LVS-consolidated leverage figure is misleading. SCL-specific net debt (~US$5.75bn) is materially lower than the parent figure, which includes Marina Bay Sands Singapore — a distinction consistently missed.
• Bullish, Fair Value HK$16.40. At 7.5x FY2027E EV/EBITDA — a 14% discount to our 8.75x warranted — the GGR franchise leader is priced as though the margin compression never stabilises.

• Art Vivant is a diversified company with a core business in the sale of contemporary art, primarily prints, supplemented by operations in financial services, resort hotels, and fitness clubs.
• The company exhibits strong shareholder return characteristics, including a high historical dividend yield and robust multi-year growth in dividends and earnings per share, supported by attractive valuation multiples compared to peers on an earnings basis.
• A management buyout (MBO) led by the Chairman and President is currently in progress with a tender offer at JPY 1,900 per share, signaling an intent to take the company private. This event is the primary driver for the equity’s outlook and presents a terminal valuation scenario for public shareholders.

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• GGR share rose from 9.5% (2019) to 16.1% (2025) — gains registered even during COVID, when the market itself was collapsing. This is structural execution, not cyclical recovery.
• EBITDA margin held at 28.8% through three consecutive years of double-digit revenue growth — growth without the margin trade-off visible at Sands and Wynn.
• Bullish — Top Conviction, FV HK$15.00. At 4.6x FY2027E EV/EBITDA. The capacity-ceiling concern is priced in; the 198-table 2022 renewal precedent is the counter-argument.

• Dekon is a major, vertically integrated producer of pork and poultry in China, the world’s largest pork market. Its performance is intrinsically linked to the highly cyclical nature of hog prices, which drives significant volatility in profitability.
• The company is focused on a ‘Company + Family Farm’ model, which aims to leverage the efficiency of local farmers while providing them with technology, breeding stock, and feed. This strategy, combined with investments in genetics and digital farming, is designed to create a cost-competitive advantage.
• While the industry is undergoing consolidation, providing opportunities for large players like Dekon, it faces persistent risks from animal diseases (such as African Swine Fever), volatile feed costs, and ongoing oversupply issues in the Chinese pork market which pressure prices and profitability.

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• Dixon Technologies, India’s leading electronics manufacturing services player, received approval for a 51:49 joint venture with Vivo to manufacture smartphones and potentially serve other brands.
• The deal reflects India’s shift from blocking China-linked capital to controlled Indian-majority partnerships, while addressing a USD112 billion trade deficit and low 15-20% domestic value addition.
• Vivo could lift FY27 revenue from INR 56,000 crore to INR 72,000-80,000 crore, but thin 2.5% assembly margins, NCI and working-capital needs limit headline earnings translation.

• Dream International is a well-established contract toy manufacturer with a strong dividend track record and a diversified manufacturing base across China and Vietnam, positioning it to navigate supply chain shifts.
• The company faces headwinds from declining gross margins, as seen in its recent financial performance, and high dependency on a concentrated base of major toy brands and retailers in North America and Japan.
• Future growth hinges on management’s ability to secure new programs from key clients, expand its manufacturing capacity efficiently in regions like Vietnam and Indonesia, and adapt to the growing demand for licensed and smart toys.

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• Strong Financial Performance and Shareholder Returns: The company exhibits a robust growth profile, with a 3-year net income CAGR of 33.18% and an impressive 3-year free cash flow CAGR of 88.11%. This financial strength supports a very attractive dividend yield of 11.39%, underpinned by a 3-year dividend CAGR of nearly 26%.
• Attractive Valuation Relative to Peers: Prosperous Industrial trades at a significant discount to its peers across key valuation metrics, including a P/E ratio of 4.4x and a P/B ratio of 0.6x. This suggests a potentially undervalued opportunity for investors, especially given its strong growth and dividend profile.
• Established OEM/ODM with Diversified Production Base: With over 50 years of experience, the company has established itself as a key manufacturing partner for renowned global brands. Its production facilities are strategically located in China, Vietnam, and Cambodia, mitigating concentration risk and enhancing supply chain flexibility.

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• Bausch + Lomb reported a first quarter 2026 marked by solid revenue growth, margin expansion, and ongoing execution of its multi-year strategic plan.
• Total company revenue reached $1.244 billion, representing 6% year-over-year growth on a constant currency basis, supported by strong performance across its Pharmaceuticals, Vision Care, and Surgical segments.
• Pharmaceuticals delivered notable momentum with revenue rising 12%, driven primarily by prescription dry eye treatments Miebo and Xiidra, which posted 33% and 30% growth, respectively.

• China Shengmu Organic Milk (1432 HK)’s mandatory offer from China Modern Dairy (1117 HK) is HK$0.35, subject to a 50% minimum acceptance condition. The first closing date is 21 July.
• I previously opined that meeting the minimum would be challenging. However, based on CCASS data, including acceptances, CMD’s shareholding was 45.69% of outstanding shares as of 10 July.
• The offer is on track to be declared unconditional by the first closing date. At the last close and the 30 July payment, the gross/annualised spread is 7.7%/294%.

• Q1 FY27 net profit +24% YoY on a North American fuel-margin surge; management raised FY27F operating profit guidance to ¥425bn on 9 July — its second upgrade this year.
• The ¥2tn buyback through FY2030 is funded independently of the SEI IPO, which has slipped to FY2028F+ on oil-price volatility — a delay, not a cancellation.
• We initiate BUY, TP ¥2,350 (19.4x FY27F EPS), +16.3% UPSIDE potential, on buyback-driven re-rating and treasury cancellation removing the dilution overhang the Street hasn’t yet priced in.

• More than three years after her arrest, Lijuan Chen was sentenced to 30 months in prison
• The California woman ran a scheme linked to tens of millions of parcels from China
• We believe US Feds may develop case against the companies who benefited from the fraud

• 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 14 pair trade opportunities persist across six markets and nine sectors.
• 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.

• China General Education operates in a challenging environment, marked by a consistent decline in revenue, net income, and profitability margins over the last three years. This is coupled with a highly negative free cash flow, signaling potential liquidity and investment constraints.
• The company faces significant regulatory uncertainty inherent in China’s private education sector. Government policies can shift rapidly, impacting operational models, profitability, and enrollment, representing a material risk for investors.
• Despite poor fundamental performance, the company’s valuation appears mixed, with a low price-to-book ratio suggesting potential value, but this is contrasted by strong share price momentum and a high P/E ratio relative to some peers. A recent acquisition in art examination training and a proposed name change to ‘Trillion Holding Group Limited’ signal a strategic shift, but the success of this pivot is uncertain.

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• OOh!Media Ltd (OML AU), Australia’s No.1 player in outdoor advertising, has announced the three known suitors have reconfirmed their NBIOs, and confirmatory due diligence has been afforded. 
• Pacific Equity Partners, I Squared Capital, and Oaktree remain in the mix, with indicative offers between A$1.60-A$1.65/share. 
• The final process is expected to take up to four weeks,

• Compared to open-loop platforms, LALATECH’s closed-loop model has stronger bilateral network effects.The downward trend in monetization rate is not a short-term phenomenon, but a structural trend under regulatory constraints/fierce competition
• If monetization rate drops to 8% and cannot recover, the efficiency of converting GTV into revenue will continue to decline.Even if GTV maintains growth, the incremental revenue will be eroded.
• Based on 2026 forecast, we think a conservative valuation range could be 18-22x P/E. A neutral valuation range could be 20-24x P/E. An optimistic valuation range could be 25-30x P/E. 

• There is a 15-20% correction occurring in the HK-Listed Apparel Universe (due to a weak market), which we have been tracking over the last two years, with yields at 9.1%.
• We highlight Nameson (1982 HK) weak H2 in Nameson Holdings (1982 HK) FY26: Volume Beats, Margins Buckle, but stress an improving H1 and a 14.3% dividend yield.
• Texwinca (321 HK) regular insider purchases continue to remain strong, with stock trades at a 9.1% yield and a 9.5xPE.

• SHEIN has received formal permission from China’s CSRC to list its shares in Hong Kong
• The IPO could value SHEIN at US$40-50B per reports, about half of its valuation in 2022
• Also: Temu fined 200M Euros for unsafe goods | New EU fee on cheap Chinese imports

• Netflix spent years teaching consumers that television did not need channels, schedules, or oversized subscription packages.
• Now, the company is considering ideas that look surprisingly familiar.
• Reported discussions around continuous programming feeds, third-party subscription packages, sports, podcasts, short videos, and outside broadcasters suggest that Netflix is broadening its ambitions.

• Structural Supply Deficit: The uranium market is experiencing a structural deficit, with global reactor demand significantly outpacing primary mine production. This imbalance is exacerbated by production discipline from major producers like Kazakhstan, geopolitical risks, and long lead times for new mine development, supporting a ‘higher-for-longer’ price environment.
• Resurgence in Nuclear Demand: A global renaissance in nuclear energy is underway, driven by the need for carbon-free baseload power, energy security concerns, and surging electricity demand from data centers and AI. More than 20 countries have pledged to triple nuclear capacity by 2050, creating a long-term demand tailwind for uranium.
• Diversified, Liquid Exposure: URA offers investors diversified exposure across the nuclear value chain, including miners, explorers, and nuclear component manufacturers. As a large and liquid ETF, it provides an efficient vehicle to invest in the long-term nuclear energy theme, though it is subject to the high volatility inherent in the uranium sector.

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• Harley-Davidson, Inc. reported its financial results for the first quarter of 2026 along with an updated strategic plan titled Back to the Bricks.
• The company demonstrated an 8% increase in global retail motorcycle sales compared to the prior year, driven primarily by a 14% increase in North American sales.
• U.S. retail sales grew 16%, while dealer inventory levels globally declined 22% year-over-year, signaling improved inventory management and alignment of shipments with retail demand.

• Lennar Corporation reported second quarter 2026 results reflecting steady operational execution amid a complex macroeconomic and housing market environment.
• The company delivered 20,519 homes and secured 21,749 new orders, both near the high end of guidance, signaling underlying demand resilience.
• Average sales price stood at approximately $371,500, while sales incentives declined sequentially to 12.9%, the first sustained drop after three years of generally increasing incentive levels.

• Mohawk Industries reported financial results for the first quarter of 2026 that were generally consistent with their expectations, despite a challenging macroeconomic environment influenced notably by the intensified conflict in the Middle East.
• The company posted adjusted earnings per share (EPS) of $1.90, representing an approximate 25% increase compared to the prior year, supported by benefits from productivity improvements, restructuring efforts, and favorable product mix.
• Net sales reached around $2.7 billion, equivalent to an 8% increase on a reported basis but declining 2.6% on a constant currency basis.

• Tesla enters its July 22 second-quarter update with a contradiction that makes the event unusually important.
• The company delivered 480,126 vehicles during the quarter, well above the company-compiled analyst median of 408,609, yet the shares initially fell after the announcement.
• That reaction suggests the market is no longer willing to judge the business only through vehicle volumes.

• AutoZone, Inc. reported a third quarter fiscal 2026 with total sales of $4.8 billion, representing an 8.4% increase over the prior year—the largest growth in over three years—alongside a 7.7% rise in earnings per share (EPS) to $38.07.
• Excluding a noncash $20 million LIFO charge this quarter (versus a $16 million credit last year), EPS growth would have been 12.5%.
• Domestic same-store sales grew 4.1%, driven by a 2.2% increase in do-it-yourself (DIY) sales and a stronger 10.4% growth in commercial sales, which now comprise approximately 29% of total company sales.

• It seems it will take a little longer than two years for Japanese companies to actually start making changes, given the direct link between corporate governance and return on capital.
• One reason why corporate governance code—set at an achievable level if companies stretch a little—did not bring about any decisive changes in companies or their boards of directors is that…
• It appears that many companies in Japan are failing to both fulfill their fiduciary duties by implementing growth strategies and meet their accountability obligations.

• Sales declined by JPY398mn YoY, with operating profit falling JPY489mn and net income decreasing JPY491mn.
• Chiyoda opened three stores and closed seven, resulting in a net decrease of 18 stores YoY.
• Progress toward full-year FY02/27 targets in Q1 FY02/27 was 26.2% for sales and 67.5% for operating profit.

• Swara Baby Products filed a Rs.1,000 crore DRHP on July 2, 2026, split evenly between a fresh issue and an offer for sale by FirstCry’s parent and a promoter entity.
• The company is India’s largest contract manufacturer of disposable hygiene products, yet has no listed peer, leaving valuation entirely reference-free for investors.
• Growth, margins and market share look strong on paper, but the ownership structure and client concentration deserve a closer read before subscription decisions are made.

• METI’s “cash should be concentrated on businesses with high capital efficiency, while businesses with low capital efficiency should be considered for sale to others” makes reviewing “parent-subsidiary listings” top priority.
• As companies became accustomed to increasing profits without creating products that added value, they were increasingly reluctant to make risky investments, resulting in cash piling up in bank deposits.
• Japanese companies often seem to prefer doling out shareholder returns in small increments because they find it a hassle to explain their decisions directly to shareholders.

• Sales increased 15.6% YoY to JPY80.7bn, driven by domestic and overseas eyewear business growth, with operating profit rising 1.2%.
• Domestic sales rose 13.0% YoY to JPY61.3bn, with operating profit declining 13.6%, and 44 new stores opened.
• Overseas sales increased 24.9% YoY to JPY19.4bn, with operating profit surging 143.8%, supported by structural reforms.

• Kusumgar Ltd., a niche engineered fabrics manufacturer, launched its INR 650 crore IPO, entirely as an Offer for Sale, opening on 8 July 2026.
• The company operates in high-entry-barrier technical textiles, driven by material science, qualification cycles, custom fabric engineering and defence-led demand.
• At ~45x FY26 earnings, the IPO needs sustained margins, export growth and recovery after FY26 revenue softness.

• The market’s recovery broadened further, supported by strong participation across stocks and a pickup in single stock option activity.
• Single stock implied vols remain elevated relative to their recent history despite a slight easing during the week.
• Alibaba stood out for strong price and option activity, with trading spread broadly across strikes and expiries.

• The SET50 index tracks the performance of the top 50 largest and most liquid names listed on the Stock Exchange of Thailand (SET).
• In this insight, we present our latest capping flow expectations for the September 2026 index rebal event.
• Separately, we have also shown our expectations for index changes in the next index review in December 2026.

• This is an update on the company following our last  update on 13th Jan 2026
• Stock offers a favorable risk-reward ratio in its favour of investing as it trades at liquidation value, the company is buying back stock and insders have also bought
• Management has been talking about new customer and new product  in a non-audio space: 

• Fast Retailing delivered a significant beat in Q3, with group operating profit of ¥214bn coming in approximately ¥30bn ahead of our prior estimate and well above  consensus of ~¥176bn
• The beat was broad-based, with Uniqlo International the primary source of upside surprise. We raise our full-year operating profit estimate to ¥758bn, above the newly upgraded company guidance of ¥730bn,
• The stock remains expensive at these levels, but the operational delivery continues to support the premium narrative. 

• Jumbo Interactive is a digital lottery specialist transitioning from a pure reseller in Australia to a global provider of lottery software and services, with a growing presence in the UK, Canada, and the US.
• The company’s growth is underpinned by the structural shift from offline to online lottery ticket sales, a trend expected to continue globally. However, its financial performance can be influenced by the frequency of large jackpots.
• Key risks include regulatory changes in the lottery and gaming sector, and a high dependency on its reseller agreement with The Lottery Corporation in Australia, which is due for renewal in 2030.

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• Formosa Prosonic Industries (FPI) is a manufacturer of speaker systems and related components, currently facing significant headwinds with declining revenue and profitability. The company’s financial performance has weakened considerably over the past two years.
• The stock appears attractive from a valuation standpoint, trading below its book value and offering a high dividend yield. Management is actively conducting share buybacks, signaling confidence in the company’s intrinsic value.
• Future growth hinges on a strategic pivot towards acquiring new customers and diversifying into non-audio product segments. The success of this strategy remains a key catalyst and a significant area of uncertainty for investors.

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• Sales rose 13.7% YoY, driven by strong comparable-store sales, new product initiatives, and promotional activities.
• Operating profit surged 140.9% YoY, with a significant increase in segment profit margin to 6.3% (+3.6pp YoY).
• The company maintained its FY02/27 earnings forecast, focusing on sales growth and cost reduction despite rising raw material costs.

• The J.
• M.
• Smucker Company entered the Hostess deal with a simple pitch: America was snacking more, and Twinkies, Ding Dongs, Donettes, and CupCakes could give the jam, peanut butter, coffee, and pet food company a new growth runway.

• Diversified Regional Operator with Strong Local Focus: Boyd Gaming stands out as a geographically diversified regional casino operator with a significant, stable revenue base from the Las Vegas Locals market, differentiating it from competitors focused on the more volatile tourist-driven Las Vegas Strip.
• Disciplined Capital Allocation and Shareholder Returns: The company demonstrates a commitment to shareholder value through a balanced approach of reinvesting in high-ROI projects, maintaining a strong balance sheet with moderate leverage, and executing an aggressive capital return program of dividends and share repurchases.
• Strategic Online Growth and Partnerships: Through its Boyd Interactive segment and a strategic partnership with FanDuel, the company is well-positioned to capitalize on the high-growth online gaming and sports betting markets, providing a key avenue for future earnings expansion.

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Key points (machine generated)

• POPER is focusing on structural reform and strategic investment for the fiscal year ending October 2026.
• The company aims to enhance educational support through its SaaS platform ‘Comiru’ and expand into extracurricular and school markets.
• For the interim period, POPER reported a 3.3% increase in sales to 714 million yen, but a significant decline in operating and ordinary profits, each down about 39%.

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• Strong delivery in the Fiber business – FY3/26 beat the revised FY guidance across all metrics, driven by a resilient Fiber segment.
• Fiber was boosted by robust exports of functional yarn and fabric, as well as winter temperature fluctuations.
• The newly acquired Triacetate fiber (Soalon) business boosted Outerwear, and Innerwear saw a major profit expansion following strategic price hikes. 

• Menon Bearings holds an established market position in the niche bi-metal engine bearings segment, serving as a key supplier to major domestic and international Original Equipment Manufacturers (OEMs).
• The company is pursuing growth through increased exports, particularly to the US and African markets, and diversification into aluminium die-casting and braking systems, which also provides a partial hedge against the long-term transition to Electric Vehicles (EVs).
• Financial performance shows strong revenue growth and healthy operating margins; however, this is coupled with negative free cash flow in recent years, indicating significant investment in capacity expansion and working capital.

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• We are reiterating our Hold rating and projections for Vera Bradley as we enter 2Q earnings season and preview 2HFY27 and beyond.
• 2HFY27 will see the full progression of Chief Executive Officer Ian Bickley and his team’s rollout of “Project Sunshine,” the plan to revive Vera Bradley and once again drive strong returns.
• With a focus on the pillars of the company’s roots of cotton, patterns, reviving wholesale and great innovation and utility at compelling prices, we believe Project Sunshine has the potential to be a game changer, and early indications (as pieces of the plan have been launched) demonstrate the potential for a turnaround.

• Two suppliers moving NCLT for ~INR 40 crore (INR 0.40bn) unpaid dues confirms acute working capital stress, flatly contradicting the Q4 claim of positive auto-segment free cash flow.
• Monthly volumes recovered to only 16,144 units in June 2026, staying 20–36% below the raised 20–25k breakeven threshold.
• This is the third external party legal action in twelve months that points to structurally impaired liquidity and eroding counterparty trust.

• Leading sustainable fashion brand with over 1.1 million active customers, 64 stores, strong celebrity influence, and more than 90% of revenue generated through direct-to-consumer channels.
• Compelling financial profile featuring 20 consecutive quarters of double-digit revenue growth, premium gross margins, positive earnings, and $507 million in 2025 revenue.
• Significant runway for expansion through new stores, international markets, wholesale growth, and category expansion, supported by an agile supply chain and highly loyal customer base.

• 1st July 2026 @HybridanLLP Our daily digest of news from UK Small Caps * A corporate client of Hybridan LLP.
• ** Potential means Intention to Float (ITF) or similar announcement has been made.
• ***Arranged by type of listing and date of announcement.

• Criteo S.A. has suddenly become one of the most interesting names in ad-tech after its ADRs soared 21% on a report that Vista Equity Partners and Quinti Capital teamed up on a takeover bid for the French advertising-technology company.
• The reported offer, made in recent days, valued Criteo at more than a 50% premium to where its shares had traded in recent weeks, immediately raising a bigger question for investors: is this a bargain buyout, or does the bid highlight deeper frustration with the public-market story?
• The company has not decided on the offer, and there is no certainty that it will lead to a transaction.

Key points (machine generated)

• Premium Water Holdings, formed in 2016 from a merger, specializes in home delivery of natural and purified water.
• The company has seen consistent growth, with operating profit increasing for eight consecutive periods due to a growing customer base.
• For the fiscal year ending March 2026, Premium Water reported sales revenue of 80,323 million yen and an operating profit of 12,647 million yen.

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• JPUS offers exposure to U.S. large-cap equities through a multi-factor strategy, aiming for superior risk-adjusted returns compared to traditional market-cap weighted indices.
• The ETF follows a rules-based index that screens for value, quality, and momentum factors, while also employing a risk-weighting methodology at the sector level to enhance diversification and potentially reduce volatility.
• With a competitive expense ratio and the backing of a major asset manager, JPUS represents a sophisticated, yet accessible, core equity holding for institutional portfolios seeking to diversify away from pure market-cap exposure.

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• We are reiterating our Buy rating, $20 price target and projections for Lands’ End as we enter 2Q earnings season and look forward for key trends for 2H26 and beyond.
• With the start of the joint venture with leading brand licensor WHP Global beginning on April 1st, Lands’ End entered a different state, now debt free (but with a hefty licensing payment) and with the ability to remake the Lands’ End model as potentially a multi-branded play and/or materially return capital to shareholders.
• When combined with a new Chief Executive Officer joining the company next week, we believe near term there is an opportunity for management to craft a compelling Lands’ End investor narrative; we await the next iteration of LE and reiterate our Buy rating and $20 price target.

• Expecting Beat: We forecast Q3 revenue of ¥1,007bn, +6% above consensus, driven by accelerating Uniqlo Japan sales and strong International performance.
• Margin Outlook: We model 18.3% EBIT margin, broadly in line with consensus, as SG&A efficiencies and International OPM gains offset yen-driven gross margin pressure.
• Watch List: Monitor China recovery, US/EU store productivity, and FY guidance commentary — we see upside risk to consensus OP of ¥705bn.

• Strong delivery in the Fiber business – FY3/26 beat the revised FY guidance across all metrics, driven by a resilient Fiber segment.
• Fiber was boosted by robust exports of functional yarn and fabric, as well as winter temperature fluctuations.
• The newly acquired Triacetate fiber (Soalon) business boosted Outerwear, and Innerwear saw a major profit expansion following strategic price hikes. 

• Menon Bearings holds an established market position in the niche bi-metal engine bearings segment, serving as a key supplier to major domestic and international Original Equipment Manufacturers (OEMs).
• The company is pursuing growth through increased exports, particularly to the US and African markets, and diversification into aluminium die-casting and braking systems, which also provides a partial hedge against the long-term transition to Electric Vehicles (EVs).
• Financial performance shows strong revenue growth and healthy operating margins; however, this is coupled with negative free cash flow in recent years, indicating significant investment in capacity expansion and working capital.

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• With real household income failing to rise, the environment was far too harsh for women—who had traditionally been responsible for childcare and housework—to balance these duties with their careers.
• It’s clear that subsidy policies designed merely to create the appearance of action—and to disburse money—have failed to address the problems of declining birthrate, aging population, and population decline.
• The same applies to corporate governance. Simply “improving” formal practices is not enough; unless management aligns with the diverse needs of consumers, it cannot create value.

• JPUS offers exposure to U.S. large-cap equities through a multi-factor strategy, aiming for superior risk-adjusted returns compared to traditional market-cap weighted indices.
• The ETF follows a rules-based index that screens for value, quality, and momentum factors, while also employing a risk-weighting methodology at the sector level to enhance diversification and potentially reduce volatility.
• With a competitive expense ratio and the backing of a major asset manager, JPUS represents a sophisticated, yet accessible, core equity holding for institutional portfolios seeking to diversify away from pure market-cap exposure.

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• The Marzetti Company reported a fiscal third quarter for 2026 with mixed operational and financial outcomes amid ongoing investments and portfolio expansion.
• A key development was the acquisition of Bachan’s, a Japanese-American barbecue sauce brand with notable growth momentum.
• Bachan’s posted over 25% sales growth and increased retail distribution points by more than 50% prior to its May 1 closing, positioning it as the second largest barbecue sauce retail brand.

• Brightstar Lottery reported first quarter 2026 results showing modest reported revenue growth but stronger underlying momentum on a constant currency basis.
• Revenue reached approximately $590 million, marking a 1% increase as reported and a 3% increase at constant currency, excluding service revenue amortization and the impact of the U.K. transition.
• Growth was notably driven by Italy’s 3% same-store sales increase, supported by new premium Scratch & Win ticket launches, alongside favorable mix improvements in the U.S. Conversely, the U.K. transition and weak New Jersey multistate lottery market agreement (LMA) performance moderated growth.

Key points (machine generated)

• Premium Water Holdings, formed in 2016 from a merger, specializes in home delivery of natural and purified water.
• The company has seen consistent growth, with operating profit increasing for eight consecutive periods due to a growing customer base.
• For the fiscal year ending March 2026, Premium Water reported sales revenue of 80,323 million yen and an operating profit of 12,647 million yen.

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

• We are reiterating our Buy rating, $65 price target and projections for Build-A-Bear Workshop as we enter 2Q earning season and look at key trends for 2H26 and beyond.
• With the recent shift in top management and quarterly results that were the first YoY top line decline since 2024, investors have driven down BBW almost 60% from its 52-week high, leaving BBW trading at 7.3X our FY27 EPS.
• While we understand, to some extent, the investor response to the current uncertainty, we believe it is overdone and ignores management’s shareholder friendly use of capital, industry leading returns and multiple growth drivers.

• The retailer of fresh cream celebration cakes reports full year results to 31 March 2026.
• Revenue increased 39.5% to £59.69m, EBITDA was up 39.9% to £10.55m, there was a 16.5% increase in PBT to £6.87m, leading to a 21.1% increase in underlying EPS to 15.97p and a 5.9% increase in the dividend to 7.2p.
• Revenue growth was supported by opening 37 new stores to now total 310, with organic growth 9.3% ahead.