Consumer

• 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.

This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

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).

• BETR Entertainment (BBT AU) has disclosed revised terms but has failed to check its work. The announcement has two revised scrip ratios – 4.735 (in bold) and 4.375. 
• To match the stated PointsBet Holdings (PBH AU) offer value, the scrip ratio should be 4.375. The revised terms suggest that Betr is struggling to secure acceptances. 
• The key issue remains that Betr will be unable to exercise compulsory acquisition rights to realise its stated synergies, a key pitch for shareholders to favour its all-scrip offer.

• In his recent insight, Brian Freitas stated that Fast Retailing (9983 JP)‘s CPAF will stay the same at the September 25 Nikkei 225 Index rebalance.
• The stock is turning oversold—not yet extreme, but notable. Historically, this short-term downtrend pattern often reversed after two weeks of declines; we are now in the second consecutive week lower.
• Monitor the 47150 support level: the stock is trading at 47810 at the moment of writing, if it goes at or below 47150 it will start to be clearly oversold.

• Alibaba (9988 HK) will announce quarterly results on Friday, August 29, 7:30 p.m. Hong Kong Time.  In the lead-up, options strategies on the Hong Kong Exchange showcase a variety of approaches.
• Highlights: Recent option trades show a bias towards bullish sentiment. Two strategies using weekly options expiring soon after the earnings announcement are explored.
• Why Read: This review offers real-market insight into how sophisticated participants are positioning ahead of Tencent’s earnings.

• Back on the 10th March 2025, First Resources (FR SP) entered into a SPA to acquire a 91.17% stake in oil plantation producer Austindo Nusantara Jaya (ANJT IJ).
• The completion of the transaction would trigger an mandatory tender offer (MTO). The sale was completed on the 6th May. 
• The MTO kicks off today. The Offer Price is IDR 1,813/share. Payment is the 3rd October.

• Nongfu Spring’s revenue increased by 16% YoY in 1H25, compared to a decrease of 7% YoY in 2H24.
• The operating margin reached its historical high, 37%, since the company’s IPO.
• Wahaha, the competitor that defamed Nongfu, is in a scandal itself.

• The operator of guest-centric, drive-thru coffee bars offering premium caffeinated beverages and an elevated in-store experience crafted by our engaging baristas filed for an IPO on August 18th.
• They have 158 locations spanning seven states as of June 30, 2025, from the Pacific Northwest to Texas.
• Store revenue increased $18.6 million, or 24.3%, to $95.1 million for the six months ended June 30, 2025, compared to $76.5 million for the six months ended June 30, 2024.

• Mixue Group (2097 HK) raised around US$450m in its Hong Kong IPO in March 2025. The lockup on its cornerstone investors is set to expire soon.
• MIXUE Group (MIXUE) is a freshly-made drinks company providing affordable products to consumers, including freshly-made fruit drinks, tea, ice cream and coffee, typically priced at around one USD per item.
• In this note, we will talk about the lockup dynamics and possible placement.

• Over the past six months, Class B of Schibsted ASA has significantly surpassed Class A in liquidity.
• If Class B is recognized in the September 2025 review as the company’s most liquid share class, it has a high probability of being added to Europe Top 600.
• Class A has a lower probability of inclusion due to its smaller security float cap which results in lower ranking.

• Expedia Group’s Q2 2025 results show both strengths and challenges in their performance.
• On the positive side, the company has managed to surpass expectations for gross bookings, revenue, and adjusted EBITDA margins, indicating effective execution amid a soft U.S. travel market.
• Gross bookings grew by 5%, while revenue increased by 6%, suggesting solid underlying business momentum.

• Sony Group Corporation’s earnings for the first quarter of fiscal year 2026 showcased a mixture of record highs and challenges.
• Sales from continuing operations increased by 2% year-on-year to JPY 2,621.6 billion, and operating income rose significantly by 36% to JPY 340 billion.
• Net income saw an increase of 23%, reaching JPY 259 billion, indicating robust financial health.

• Dongfeng Motor (489 HK) has announced a privatisation; together with a concurrent listing of its EV arm.
• The same day as the dual proposals, Dongfeng announced an interim loss (1H25). Evidently, the way forward – from an investor standpoint – is electric, not internal combustion engines. 
• The cash terms + scrip (into the EV listing) under the proposals are attractive. Even after this morning’s move (+53.6%) in Dongfeng’s share price.

• Mercedes-Benz Pension Trust aims to raise around US$330m via selling its 3.8% stake in Nissan Motor (7201 JP).
• The discount seems enticing, however, the company’s recent share performance and longer term track record aren’t great.
• In this note, we will talk about the placement and run the deal through our ECM framework.

• The TDIV index tracks the top 50 names in the Taiwan Stock Exchange with the highest dividend yields. It is a yield-weighted index with unique capping rules.
• In this insight, we take look at Quiddity’s expectations for index changes and capping flows for the TDIV Index for the September 2025 index rebal event.
• We expect no changes for the TDIV index for September 2025 rebal and we estimate the one-way capping flow to be US$591mn.

• Takateru Murakami, Yoshiaki Murakami’s son, reported a 10.88% ownership ratio in Ashimori Industry (3526 JP). The purchases were from 14 to 18 August, i.e., after the tender offer announcement.
• Takateru Murakami’s average buy-in price of JPY4,134.79 per share is broadly in line with the Toyoda Gosei (7282 JP)‘s JPY4,140 tender offer. 
• Murakami’s disclosure suggests three possibilities: 1) force Toyoda Gosei to bump, 2) reach an agreement to rollover its shares into the BidCo or 3) a combination of 1 and 2.

• Transaction services revenue was stagnant due to high comparison base.
• The gross margin declined significantly due to the overseas expansion.
• However, we believe revenue growth and margins will be stable in the long run.

• Laopu maintained high growth in 25H1, mainly benefit from the upward cycle of gold price and the continuous improvement of the brand power. Accordingly, we raised our 2025 performance forecast.
• The key issue here is the sustainability of performance during stable and declining cycle of gold hasn’t been verified. Especially when gold price drops, it will also cause inventory depreciation.
• Laopu cannot “escape” the gold price cycle.The Fed’s rate cuts are usually accompanied by fluctuations in asset prices, and gold may also face sell-off, which may lead to valuation decline.  

• On 25 August, Affirma Capital announced that it will be doubling the tender offer volume of JTC from 10.43 million shares previously to 20.87 million shares (40.4% of outstanding shares).
• Affirma Capital’s stake in JTC will increase from the existing 29.2% to 69.5% after this second tender offer.
• There were a total of 21.5 million international visitors to Japan from January to June 2025, up 21% YoY. This is a record breaking figure. 

• Aux Electric (2580 HK)  is looking to raise up to US$460m in its upcoming Hong Kong IPO.
• It is one of the global top five air conditioner providers, with capabilities covering the design, R&D, production, sales and related services of household and central air conditioners.
• In this note, we examine the IPO dynamics, and look at the firm’s valuation.

• Alibaba (9988 HK/ BABA US)will announce quarterly results on Friday, August 29, 7:30 p.m. Hong Kong Time. The timing is crucial for options expiries in HK and the US.
• Highlight: The options market provides estimates for the anticipated price move. Implied volatility is projected to decline post-event; this Insight maps the resulting term structure.
• Why Read: Get the expected move and a view of the post-event volatility term structure.

• It was reported today that SoftBank sold 2.3 trillion won ($1.7 billion) worth of Coupang (CPNG US) shares this year.
• The total number of Coupang shares sold in three rounds this year by SoftBank is 60 million, worth $1.66 billion (2.3 trillion won).
• We believe that this partial stake sale of SoftBank by Coupang is likely to have a moderately negative impact on Coupang.

• There are no constituent changes for the Hang Seng TECH Index (HSTECH INDEX) in September. However, there are float and capping changes.
• Estimated one-way turnover is 6.3% leading to a round-trip trade of HK$31.1bn (US$4bn). There is plenty to buy in Horizon Robotics (9660 HK), BYD (1211 HK) and Meituan (3690 HK). 
• Short interest is elevated in some of the stocks with large flows and shorts could be active in the stocks over the next couple of weeks.

• There are 24 adds and 22 deletes for the Hang Seng Composite Index (HSCI) at the September rebalance to take the number of index constituents up to 504.
• We expect 20 of the 24 HSCI inclusions to be Stock Connect adds from the open on 8 September. 19 of the 22 deletions could be removed from Stock Connect.
• On average, stocks that are expected to be added to Southbound Stock Connect have outperformed stocks that are expected to be removed from Southbound Stock Connect.

• 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: Dongfeng Motor (489 HK), Mayne Pharma (MYX AU), Smart Share Global (EM US), ENN Energy (2688 HK), Santos Ltd (STO AU), Shibaura Electronics (6957 JP). 
• Lowest spreads: Bright Smart Securities (1428 HK), Pacific Industrial (7250 JP), Humm Group (HUM AU), Ainsworth Game Technology (AGI AU), Ashimori Industry (3526 JP), PointsBet Holdings (PBH AU). 

• HUGE, rampaging, “Beautiful Skew”… unwinds. Big swings in H/A ratios continue, this time on average with 2.3% H underperformance vs As, 4% wider on the highest AH premia.
• Last week’s long reco on Guangzhou Automobile Group (2238 HK) was up 1 tick on the week in Hs and Hs underperformed the A by 1.5%. 
• The data tables below update on a daily basis in the Tools section of Smartkarma. The SOUTHBOUND Flow Monitor and AH Pairs Monitor are both there free for SK readers.

• Gross SOUTHBOUND volumes US$20+bn a day this past 5-day week. Net buying much more limited. Big ETF buying turned into ETF selling and tech buying, as suggested. 
• Last week’s reco Tencent (700 HK) was the top net buy in SOUTHBOUND this past week, up 2.2%, outperforming major HK benchmarks.
• The data tables below update on a daily basis in the Tools section of Smartkarma. The SOUTHBOUND Flow Monitor and AH Pairs Monitor are both there free for SK readers.

• Zhou Liu Fu Jewellery (6168 HK)‘s 1H25 results are healthy, but there are challenges, including weak revenue growth and higher R&D costs.  
• Growth is almost entirely driven by online sales, but its plan to expand offline stores rapidly may erode net profit in the near term. 
• The stock has become the most expensive one in the sector, based on its PERs of 22.4x CY25F and 21.4x CY26F. Its 3-year EPS CAGR of 6.8% is uninspiring.

• Smart Share Global’s management consortium offered $1.25/ADS, with Hillhouse’s competing bid at $1.77/ADS, a 33% spread.
• Mayne Pharma’s trial delayed to September 22, with Harvest Lane trimming its stake; spread to Cosette’s offer is 47%.
• Gore Street Energy Storage faced significant shareholder dissent; RM Funds calls for Chairman’s resignation amid strategic review efforts.

• Duolingo’s second-quarter 2025 results illustrate a company in a robust growth phase, marked by strong financial performance and promising strategic developments, balanced with some areas requiring further attention.
• On the positive side, Duolingo continues to show impressive financial strength with record profitability and solid top-line growth across all subscription tiers.
• This performance has enabled the company to once again raise its full-year guidance, highlighting confidence in its ongoing strategy.

• The New York Times Company’s second quarter 2025 earnings report highlights several key outcomes and strategic directions for the renowned media organization, providing both positive aspects and challenges to consider for potential investors.
• The company reported solid revenue growth, with total revenues increasing by nearly 10% year-over-year.
• Digital subscription revenues were a major contributor, growing by over 15% and driving the total subscription revenue up by approximately 10% to $481 million.

• Planet Fitness recently reported its quarterly earnings, and the company showcased a blend of optimism and strategic re-evaluations, set against a backdrop of strong growth metrics and a roadmap for future expansion.
• During the quarter, Planet Fitness opened 23 new clubs, taking its global presence to 2,762 locations and 20.8 million members.
• The company experienced an 8.2% systemwide same club sales growth, driven by both rate and membership growth, which highlights their successful expansion strategies and appeal to new demographics, especially Gen Z.

• Dongfeng Motor (489 HK) disclosed a pre-conditional privatisation by merger by absorption by Dongfeng Motor Corporation, along with a proposed distribution and listing of VOYAH shares.
• The offer comprises HK$6.68 + 0.3552608 VOYAH H Shares per H Share, which is valued at HK$10.85 per H Share, a 81.7% premium to the last close price. 
• The vote is low risk as the offer is attractive. It values the remaining business at a premium multiple, and the appraised value of HK$11.735 per VOYAH share is conservative. 

• As forecast, Pop Mart (9992 HK) will replace J&T Global Express (1519 HK) in the Hang Seng China Enterprises Index (HSCEI INDEX) at the close on 5 September.
• Estimated one-way turnover at the rebalance is 3% resulting in a round-trip trade of HK$4.8bn (US$612m). The final capping will use the close of trading on 2 September.
• Pop Mart is also being added to the Hang Seng Index (HSI INDEX) and that marks the end of inclusion in major indices for the stock.

• Revenues are up 7% yony & down 10% qonq and net profits are down 10%
• Historically 2nd quarter is weak quarter as 1st quarter sales are influenced by festival seasons
• Reason for improvement in margin is higher raw material on own brands, increased labour cost and FX losses.

• Honda Motor Company Limited’s recent financial results for the first fiscal quarter of 2025 and forecasts for the entire year reveal various factors influencing the company’s performance.
• The operating profit for Q1 was JPY 244.1 billion, a significant decline compared to the same period last year, impacted by several nonrecurring expenses related to electric vehicles (EVs) and tariffs.
• Despite challenges, notably in the automobile segment with operating losses, the company revised its full-year forecast upward, anticipating an operating profit of JPY 700 billion — a JPY 200 billion increase from previous projections.

• A cigarette price hike has been long overdue in Korea. The last time there was cigarette price hike in Korea was more than 10 years ago.
• We believe that the Korean government could raise cigarette prices to about 7,000 won to 8,000 won per pack from current price of 4,500 won in the next 6-12 months.
• Raising cigarette prices could improve the sharp shortfall in government tax revenues.

• Guess?
• Inc. has announced it will go private in a $1.4 billion transaction with Authentic Brands Group, marking a pivotal moment in the denim retailer’s four-decade history.
• The buyout, which offers shareholders $16.75 per share in cash—a 26% premium to the closing stock price on the day prior to the announcement—signals a new chapter for the company amid operational headwinds and evolving consumer behavior.

• P/B was highly correlated with P/E, so it’ll be effective for individual companies to announce/implement measures to increase EPS or profits in order to attract the attention of overseas investors.
• From April 2022 to June 2025, overseas investors have been focusing on companies with significant potential for shareholder returns, as the TOPIX has the highest correlation with BPS.
• The recent rise in stock prices may be due to expectations for increased shareholder returns rather than growth expectations, as EPS and BPS have risen while P/B and P/E haven’t.

• Fonterra Co-Operative Group (FCG NZ) has agreed to sell its consumer and associated businesses to Lactalis for NZ$3.845bn, in line with prior market valuations upward of NZ$4bn for the “Mainland Group”.
• The ACCC previously commenced a formal review of Lactalis’ proposed acquisition on the 2nd May, and on the 10th July, announced it would not oppose the deal.
• There is potential for a further NZ$375mn increase from the inclusion of the Bega licences held by Fonterra’s Australian business – once a legal dispute is resolved.

• There is 1 add and 21 deletions for the Hang Seng Biotech Index (HSHKBIO Index) at the September rebalance.
• Estimated one-way turnover at the rebalance is 11.25% resulting in a round-trip trade of HK$1.77bn (US$226m).
• The deletes have underperformed the HSHKBIO Index since the start of the year with the gap opening up over the last two months following the announcement of the methodology change.

• XPeng reported C2Q25 top line, non-GAAP operating loss and GAAP net loss (5.4%), 28% wider and 10% narrower than our estimate and (2.2%), 13% narrower and 49% narrower than consensus. 
• Vehicle gross margin beat our estimate by 2.3ppt, consensus by 1.7ppt, and improved 14ppt YoY and 1.8% QoQ. XPEV guided for breakeven in C4Q25;
• We reiterate our TOP BUY on XPEV with TP unchanged.

• Airbnb’s second-quarter 2025 earnings call presented a mixed yet promising landscape for investment consideration.
• The company reported robust financial results, marked by a notable increase in key metrics such as bookings, revenue, and margin, which indicate strong demand recovery, particularly in global markets outside the U.S. Despite a challenging economic environment at the beginning of the quarter, travel demand saw an upturn, with significant contributions from expanded offerings in home-sharing and the evolving services and experiences sector.
• Baptista Research looks to evaluate the different factors that could influence the company’s price in the near future and attempts to carry out an independent valuation of the company using a Discounted Cash Flow (DCF) methodology.

• The controlling shareholder Koo Jeong-Mo and his affiliates will sell their 34.7% stake in Daegu Department Store through a public competitive bidding process.
• A recent valuation of the company’s real estate assets suggests a market valuation of nearly 700 billion won which is about 10x its market cap (72 billion won).
• Even if this real estate value is discounted by 50% that would represent nearly 350 billion won (386% higher than its market cap).

• RSB Retail India Limited (1633680D IN)  is looking to raise US$171mn in its upcoming India IPO. The deal will be run by IIFL Capital, HDFC Bank, and Motilal Oswal.
• RSB Retail India (RSB) is a multi-format apparel retailer headquartered in Hyderabad. As of 31 March 2025, RSB operated 73 stores across 22 cities in Telangana, Andhra Pradesh, and Karnataka.
• RSB does not produce its own goods, instead, it sources products from third-party suppliers and job-workers. It also sells merchandise under 13 in-house private labels.

• In today’s Morning Views publication we comment on developments of the following high yield issuers: Wynn Macau, AAC Technologies
• UST yields climbed yesterday, led by the front end, following hawkish comments from a few Fed officials and strong PMI data. The UST curve bear-flattened, with the yield on the 2Y UST rising 5 bps to 3.79%, while the yield on the 10Y UST increased 4 bps to 4.33%. Equities continued to retreat amid a rotation out of big tech stocks.
• The S&P 500 slipped for a fifth straight day, declining 0.4% to 6,370, while the Nasdaq fell 0.3% to 21,100.

• In the second quarter of 2025, McDonald’s Corporation demonstrated a strategic approach to navigating a challenging economic landscape, showing both strengths and areas for potential improvement.
• The company’s global system-wide sales rose over 6% in constant currency, and global comparable sales increased nearly 4%.
• This performance was supported by menu innovations, effective marketing, and robust value offerings, which together fostered positive guest counts in a tough market environment.

• DoorDash’s latest earnings for Q2 2025 presents a comprehensive view of the company’s current performance, strategic focuses, and the challenges it faces.
• Key highlights positively impacting DoorDash’s performance include the accelerated growth in its U.S. marketplace orders.
• This growth is attributed to improvements in product offerings, enhanced personalization, and the increased adoption of DashPass.

• Life Time Group Holdings Inc. exhibited a robust performance in the second quarter of 2025, presenting a mixed bag for potential investors to consider.
• On the positive side, the company reported a significant 14% increase in total revenue, reaching $761 million.
• This growth was fueled by a 14% rise in membership dues and enrollment fees alongside a comparable 14.4% boost in in-center revenue.

• On 26 August at the close, 2 names will get added to and 5 names deleted from a global index provider’s major Japan/global “standard” index.
• 6 of 7 changes were in the Quiddity Index predictions as of end Jun-2025. One dropped, then two got added. Our final predictions had all seven plus one more DEL.
• They were well-flagged so well pre-positioned. This insight looks at shareholder structure, historical fundamental ratios, and performance vs Peers. This sets up a possible trade before or into the event.

• Mixi Inc (2121 JP) disclosed its final PointsBet Holdings (PBH AU) offer. The base unconditional offer remains A$1.25 but will be increased to A$1.30 if it acquires a 90% stake. 
• Mixi’s final offer is designed to put maximum pressure on BETR Entertainment (BBT AU) to fold. Mixi would not satisfy the 90% threshold unless Betr accepts its offer.
• Betr has three options: to improve its offer, accept Mixi’s offer, or maintain terms. The last option, which results in a significant stake in a competitor, makes strategic sense.

• Mixi Inc (2121 JP) has bumped its Offer to A$1.30/share, up from A$1.25/share; and declared terms final. Mixi currently holds 37.12% of shares out. 
• Separately, PointsBet Holdings (PBH AU) released its Target Statement as it relates betr Entertainment (BBT AU)‘s all-scrip Offer, with a definitive “Reject”.
• Mixi’s Offer is open to the 29th August – and will not be extended. Time for betr to fold its tent.

• Shanghai Forest Cabin Biological-Tech (SFCBT HK)  is looking to raise at least US$100m in its upcoming Hong Kong IPO.
• SFC is the leader among China’s premium domestic skincare brands. In 2024, SFC was ranked first among all premium domestic skincare brands in China by retail sales.
• In this note, we look at the company’s past performance.

• Newton Golf (NASDAQ: NWTG) is an innovative, technology driven golf company with a growing portfolio of golf products, including putters, golf shafts, golf grips, and other golf-related accessories.
• The company went public in August 2023 raising $11.6 million in net proceeds.
• The company announced its entry into the golf shaft market in November 2023.

Dentsu’s Q225 performance was a little below management expectations, with conditions remaining challenging outside Japan. Group operating margins were controlled for H125 at 12.0%. With a further goodwill write-down of ¥86.0bn, Dentsu reported a statutory loss for H125 and is not now paying an interim dividend. A decision on the full year will be made later, and our model assumes dividends resume for FY26. Our FY25 forecasts have been realigned to match revised guidance, with a slightly more cautious stance on growth for FY26. Management’s target for operating margins of 16–17% by FY27 remains in place, predicated on the targeted cost reductions in the mid-term management plan.

• MFE secured 43.6% of ProSieben; board supports its offer. PPF stalled at 18.4% with expired bid. The arbitrage spread compressed, leaving minimal upside but structural consolidation remains pivotal.
• Short-Term arbitrage returns are capped (+0.4% base case), while downside risk persists if blocking dynamics resurface. The medium-term value case depends on synergy delivery, with 18–35% EPS accretion possible.
• Key milestones: September 1 end of extended acceptance, September 4 final results. Thereafter, MFE may pursue creeping acquisitions under Germany’s best-price rule, progressively consolidating control and enabling strategic integration.

• More companies are mentioning share buybacks, reducing cross-shareholdings, capital allocation policies, and capital costs. However, the ROE of most companies has not improved significantly.
• “TSE’s request” is at critical juncture addressing whether it’ll lead to formal improvements such as the introduction of corporate governance code, or whether it’ll enable sustainable growth in corporate value.
• Looking at recent market trends, investors are increasingly expecting activist investors to directly demand management reforms from companies, in anticipation that it’ll take time to realize results of internal reforms.

• Aramark’s third quarter of fiscal 2025 showcased a blend of record-breaking revenues, strategic client wins, and persistent operational challenges.
• The company reported record-setting revenues of $4.6 billion, a 6% increase, alongside a significant achievement in adjusted EPS growth of nearly 30%.
• This performance was largely driven by organic growth, strategic client engagements, and elevated retention rates, exceeding 97% in both U.S. and International Food Services segments.

• We are reiterating our Buy rating, $4 price target and projections for Vince Holding after visiting stores in Connecticut, Long Island and New Jersey.
• Given the company’s response to tariffs has somewhat muddied the traditional product flows, our visits were a combination of two seasons (Pre-Fall 1 & 2) in a period where traditionally a third season (Pre-Fall 3) is debuting.
• Did it matter?

• Hang Seng Indexes announces changes to the Hang Seng Index, Hang Seng China Enterprises Index, Hang Seng TECH Index, HSIII Index, HSHKBIO Index and HSCI Index post market close tomorrow.
• The net round-trip trade across the stocks is estimated to be HK$54.3bn (US$6.9bn) with big impact in a lot of names.
• The largest inflows will be in Geely Auto if added to the HSTECH, Pop Mart if added to the HSCEI and HSI, and Horizon Robotics due to a FAF increase.

• Lynch Group (LGL AU), an integrated wholesale floral play, has entered into a Scheme Implementation Deed with  Hasfarm Holdings and Darwin Aus Bidco – both of which are TPG entities.
• Hasfarm is offering A$2.245/share, a 28.3% premium to last close. The consideration includes a fully franked dividend of A$0.09/share. It’s April 2021 IPO price was A$3.60/share.
• The Offer has unanimous board support. 38.5% of the register is supportive. Hasfarm has also entered into a call option for 19.9% of shares out. Done deal.

• Smart Share Global’s management consortium signed a definitive agreement to acquire the company at $1.25/ADS, later challenged by Hillhouse’s $1.77/ADS bid.
• Hillhouse’s competing bid is 40% higher than management’s offer, with significant shareholder stakes potentially influencing the outcome.
• EM’s business is unprofitable, with declining power bank rentals, but holds a net cash pile of $1.6/ADS.

• Lynch Group Holdings (LGL AU) has entered a scheme implementation deed with TPG Inc (TPG US) at A$2.245, a 28.3% premium to the undisturbed price of A$1.75 (19 August).
• Lynch has several substantial shareholders, which poses a vote risk. Encouragingly, four out of eight substantial shareholders are supportive.
• The offer is attractive compared to historical trading ranges. The scheme meeting is estimated to be in November, with payment in December. 

• Goodai Global is the most aggressive M&A player in the Korean cosmetics industry. It has grown its business mainly through M&As.
• It has achieved the strongest growth in sales and profits among the major Korean cosmetics companies in the past four years. 
• In early August 2025, Goodai Global secured 800 billion won, with a pledge to go public within three years. Goodai’s value is estimated to be about 4 trillion won. 

• Yum China Holdings, Inc. reported strong financial results for Q2 2025, marked by new record levels in revenue, operating profit, and operating margin.
• The company’s dual-focused strategy emphasizing both same-store sales and system sales growth has yielded significant results.
• Notably, overall same-store sales grew by 1%, driven by a 17% increase in same-store transactions at Pizza Hut and 5% system sales growth at KFC.

• Standard Market is home to companies that face challenges that fail to meet tradable shares ratio, can’t grow market capitalization, or feel it burdensome to meet governance and disclosure requirements.
• TSE is likely to request companies listed on the Standard Market to disclose improvement measures in response to TSE’s requests, rather than raising the listing maintenance criteria.
• 262 Standard Market companies are listed subsidiaries. It’s considered that the quickest way to improve the quality of the Standard Market is to delist these companies by eliminating parent-subsidiary listings.

• Yum!
• Brands reported its second quarter results for 2025, showcasing a mix of growth and strategic shifts amidst a challenging consumer environment.
• The quarter was highlighted by system sales growth of 4%, with contributions from KFC International and Taco Bell US, which delivered positive transaction growth.

• Tariff confusion has hit stocks, but the names in focus continue to be resilient as they pass on the costs, and the future impact of demand is to be determined. 
• The investing world is now searching for stocks that are not directly affected by Trump tariffs. Lever Style (1346 HK) is one such stock trading at 7.2x trailing PE.
• With a trailing dividend yield of 6.2%, net cash of 27% of market cap, and impressive metrics on growth, this is a stock worth exploring. 

• We are reiterating our projections and Buy rating and lowering our price target on GES to $16.75 (from $23.00) after the company announced an agreement with Authentic Brands, Maurice and Paul Marciano and Guess?
• Chief Executive Officer Carlos Alberini to acquire Guess?
• for $16.75 per GES share, a valuation for the company of $1.4 billion.