Consumer

• We see 28 potential and close adds and 34 potential and close deletes for the Hang Seng Composite Index in September. Some of the stocks are close on market cap/liquidity.
• A lot of the potential adds are very recently listed stocks that have a limited trading history. The low free float could lead to price spikes in the stocks.
• There are stocks that have a very high percentage of holdings via Stock Connect and there could be some unwinding prior to the stocks becoming Sell-only.

• A group of shareholders are looking to raise US$333m from selling their respective stakes in Nh Foods Ltd (2282 JP) .
• While the deal shouldn’t come as a surprise, given the ongoing cross-shareholding unwind narrative in Japan, the timing of such a selldown isn’t always certain.
• In this note, we will talk about the placement and run the deal through our ECM framework.

• In this insight, we discuss the alpha generation through companies that announced share buybacks in the Korean stock market in May and June 2025.
• There were 24 companies in the Korean stock market that announced share buybacks in the past two months. On average, the share buyback announcements represented 1.7% of outstanding shares.
• There were four companies with more than 100 billion won in market cap that announced share buybacks in May and June with at least 3% of outstanding shares. 

• Harindarpal Singh Banga, one of Nykaa’s early investors, aims to raise around US$140m via selling a 2% stake in FSN E-Commerce Ventures (NYKAA IN).
• He has been gradually reducing his holding, currently owns about 4.97% of Nykaa. Prior to Nykaa’s IPO in Nov 2021, he held a stake of 8.7% in the company.
• In this note, we run the deal through our ECM framework and comment on deal dynamics.

• Crizac’s INR 860-crore, 100% OFS IPO opens at INR 233-245, giving investors exposure to its fast-growing B2B overseas-education marketplace.
• International student demand is booming, yet 95 % of revenue hinges on UK-Canada-Ireland; any visa tightening or pricing shock could squeeze growth.
• Valuation looks fair and model asset-light, but high concentration and no fresh funds temper enthusiasm.

• IFBH’s IPO debut is outstanding. Capital/investors are actually voting for “light-asset + high-efficiency” business model, as they see the possibility of achieving great results with small investment in if coconut water. 
• When coconut water consumption boom subsides, real competition lies in whether IFBH can turn the opportunity of “riding the wave” into high moat amid supply chain crisis/price wars/single product line.
• The ultimate outcome of this capital frenzy remains an unknown. We updated our forecast. IFBH is overvalued. Reasonable valuation should be lower than Nongfu Spring/MIXUE who has supply chain barriers.  

• Taste Gourmet (8371 HK) reported revenues/adj profits up 19%/14% YoY for FY25, led by strong customer growth on account of new store openings. 
• Net cash on the balance sheet was 190 million HKD, or 27% of the market capitalization. The company declared a final dividend of 8 cents (FY: 14 cents, ~7.2% yield). 
• Despite the strong move following the results, the stock trades at 6.2x FY26e, assuming earnings on an adjusted basis grow by 14% YoY, mirroring their store growth. 

• Linglong Tire’s new plants in Brazil, Kenya and Anhui in China  
• Yongsheng Rubber to take advantage of Morocco’s FTA with West  
• CNTR’s car tire facility to come up at Alexandria in Egypt  

• CULP posted 4QFY25 adjusted EPS of ($0.07), beating our estimate by $0.03, on strong gross margin gains in mattress fabrics on the back of management’s restructuring gains despite softer-than-expected revenue.
• Upholstery fabrics revenue was down 8.9%, even as management noted strength (and potentially market share gains) in the contract/hospitality side of the upholstery business.
• On the residential side of upholstery, it was continued weak industry-wide demand (slow housing, mortgage rates, consumers pulling back from discretionary durable spend) and the continued hangover from one large customer’s order timing that pulled sales forward in early FY25. 

• Recent positive sentiment towards A/H listings fails to drive Haitian’s post-IPO stock price performance, as the market still has doubts about whether Haitian can effectively break through the growth bottleneck.
• The core contradiction of Haitian lies in the mismatch between high valuation and slow growth. Haitian’s fundamentals are difficult to support high valuation – 20-30x P/E is a reasonable range.
• The intensification of geopolitical tensions has brought considerable uncertainty to the market, which has reduced investors’ risk appetite and made them more willing to avoid investment targets with potential risks.

• OUG Holdings (TYO 8041) is a vertically integrated seafood group that auctions fresh fish at major markets, runs a nationwide cold-chain for trading, processing, and delivering seafood to stores and restaurants, and farms premium buri and bluefin tuna.
• Because it controls aquaculture, logistics hubs, and its own truck fleet, it moves product from port to plate faster and fresher than rivals that outsource storage and transport.
• They currently have dominant market share in Osaka and are slowly expanding to Tokyo.

• We are reiterating our Buy rating, $30 price target and projections for A.K.A. Brands after meeting with management in their San Francisco headquarters.
• We believe the company has continued to make material progress on multiple fronts, from adding new Princess Polly stores (and upgrading the current fleet), increasing the wholesale presence for both Petal & Pup and Princess Polly, leveraging the “test and repeat” model to return Culture Kings to higher margins and top line growth, and shifting the Australian market to top line expansion.
• When combined with the potential for debt refinancing and continued strong online results (helped by new store expansion), we believe there remains top and bottom line upside, and we are reiterating our Buy rating and $30 price target for AKA.

• The NIFTY Index rally may stop briefly, for 1 or 2 weeks. At the moment the index hast started a very mild pullback, after closing higher for 2 consecutive weeks.
• Usually the rally does not last more than 3 weeks when this pattern is encountered although there has been occasions where it lasted 7 weeks.
• Two scenarios lie ahead: (1) if this week closes higher, expect a near-term pullback; or (2) if it closes lower—possibly continuing into next week—the rally may resume afterward.

• The Boston Beer Company’s latest earnings report for Q1 2025 demonstrates both positive progress and ongoing challenges in a dynamic market environment.
• The company reported a solid start to the year with a 5.3% increase in shipments and a 6.5% rise in revenue, driving its highest first quarter gross margin since 2019 thanks to volume growth and margin enhancement initiatives.
• However, depletions decreased by 1%, indicating that consumption trends remain under pressure amidst broader category headwinds.

• LG Electronics presented its first-quarter financial results for 2025, painting a nuanced picture of challenges and strategic initiatives that the company is undertaking.
• LG Electronics reported consolidated sales of KRW 22.74 trillion and an operating profit of KRW 1.26 trillion for the quarter.
• The results showcased a strong quarter with record-high sales figures from several of its business segments, notably in Household Solutions (HS), Vehicle Solutions (VS), and Environmental Solutions (ES).

• Coursera reported its first quarter 2025 financial results, highlighting both strengths and challenges.
• The company posted revenue of $179 million, reflecting a 6% increase from the prior year, driven by growth in its Consumer and Enterprise segments.
• This marks a solid start to the year, with Coursera generating over $25 million in free cash flow, a 40% year-over-year increase.

• LGI Homes delivered their first quarter 2025 results, facing a challenging environment due to high mortgage rates and economic uncertainties.
• While the demand for new homes remains robust, affordability issues and rate fluctuations have somewhat dented homebuyer confidence.
• Despite a sluggish start, especially in January and February, the company witnessed an uptick in March, suggesting a potential start to the spring selling season.

• Century Communities, Inc. reported its financial performance for the first quarter of 2025, indicating a mix of both challenges and opportunities.
• The company faces macroeconomic headwinds with increased economic uncertainty, interest rate volatility, and erosion in consumer confidence impacting the home sales market.
• These factors have contributed to a slower-than-typical spring selling season, leading to a weaker absorption rate than anticipated.

• GTN Limited (ASX:GTN) provides traffic information reports and cash compensation to radio and television stations, and in return gets a guaranteed number of commercial advertising spots adjacent to traffic, news and information reports.
• GTN has announced its long-awaited major capital management initiative, proposing a $0.23/share ($44m) capital return.
• What could have been a share price boost has been complicated by the announcement of a material H2 FY25 earnings downgrade, with EBITDA likely to be down ~55% on a ~4% decline in revenue.

• We compile our selection of companies across Japan, China and India based on bottom-up triggers in each company.
• Our top in China are Chow Tai Fook Jewellery (1929 HK) , Midea Group (300 HK) and Dongfeng Motor (489 HK) 
• Our top picks in Japan are Denso Corp (6902 JP),ROHM Co Ltd (6963 JP) and in India Auto it is Mahindra & Mahindra (MM IN) & Ashok Leyland (AL IN) 

• RPSG Ventures reported a strong Q4FY25 led by the BPO business that has been growing well. BPO revenues grew 3%+ QoQ and 30%+ YoY. EBIT margin has sustained at 11%+.
• The FMCG business after posting INR 550cr+ annualized revenue run-rate for the past few quarters saw a dip in Q4FY25 with annualized revenue at INR 520cr.
• The Sports segment reported similar revenue YoY at INR 135cr+, led by part revenue recognition from IPL 2025 that began at end of March, similar to that in 2024.

• Aditya Birla Fashion and Retail Ltd (ABFRL IN) demerged its business into two focussed entities, ABLBL(Stable Business) and ABFRL(High growth Business).
• The separation aligns capital with business maturity isolating cash-generating lifestyle brands from high-growth, capital-hungry verticals like ethnic, luxury, and digital-first.
• The two entities are targeting a combined INR 30,000 Cr in revenue and 3x cash profit by FY30 through unlocking sharper execution, better capital efficiency, and distinct investor appeal.

• International Gaming Technologies (IGT) is in the process of selling its Global Gaming and PlayDigital segments.
• The merger arbitrage market implies a high likelihood that this deal closes soon ($14.23 share price for EVRI vs. acquisition price of $14.25).
• Guidance is the deal could close as soon as July 1, 2025.

• Deliveroo shareholders approved DoorDash’s 180p cash offer; only court sanction and procedural steps remain. Settlement could occur as early as 30 July 2025.
• At 175.9p, the 2.33% gross spread implies a ~36.3% annualised return assuming 30-day closing.
• Amazon counterbid now highly improbable under Rule 2.8; DoorDash bid remains dominant with 97% scenario weighting.

• Easy Bio Inc is one of the leaders specializing in piglet feed and animal feed additives in Korea. 
• The company completed an excellent M&A of a company in the US called Devenish Nutrition in February 2024 for 88 billion won. 
• If we assume a P/E of 10x and apply this on consensus net profit estimate of 36.3 billion won in 2026, this would suggest market cap of 363 billion won. 

• TME proposed to acquire 100% shares of Ximalaya, a long audio app.
• TME has been exploring the long audio market since 2020.
• We believe Ximalaya has advantages in monthly active users and car radio.

• Revenue decreased by 5.7% YoY to JPY14.5bn, with operating profit declining by 95.2% YoY to JPY36m.
• Net income attributable to owners fell 93.9% YoY to JPY36m, with recurring profit down 96.6% YoY to JPY25m.
• Despite reducing SG&A expenses by JPY400m, cost-control efforts failed to offset gross profit decline from lower revenue.

• Annto IPO: Midea Group (300 HK)plans to spin off its subsidiary Annto Logistics via a domestic IPO to unlock value in its fast-growing logistics platform.
• Share Buyback:Midea Group Co Ltd A (000333 CH) announced a RMB 5–10 billion A-share buyback in June 2025, signaling confidence and supporting shareholder returns through disciplined capital allocation.
• B2B Transition: Shifting from a B2C appliance maker to a tech-led B2B solution provider. With B2B contribution over 30% of revenue, it positions it for long-term, higher-margin, solution-led global growth

• Context: Over the past five trading days, JD.com (9618 HK) multi-leg option strategies showcased a variety of approaches. Strategy highlights are provided.
• Highlights: Diagonal Spreads continue to enjoy popularity. Plus, an out of the money butterfly at near zero premium demonstrates a creative application of this popular option combination.
• Why read: This breakdown of complex option strategies sheds light on market sentiment and positioning. Detailed examples provide actionable insights that could inspire similar strategies,

• AH premia gives back previous week gains but the “beautiful skew” of wide premia converging more than narrow premia continues. It has paid to be long wide H discounts.
• It has paid to be long the H on those H/A pairs with the biggest H discounts. I would continue to ride that trend.
• The data tables below update on a daily basis in the Tools section of Smartkarma. The SOUTHBOUND Flow Monitor and AH Monitor are both there free for SK readers. Technical issue delayed this week’s Monitor.

• I summarise the latest spreads and newsflow of merger arb situations we cover across Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Philippines, Thailand and Chinese ADRs.
• Highest spreads: Mayne Pharma (MYX AU), Insignia Financial (IFL AU), ENN Energy (2688 HK), Santos Ltd (STO AU), Seven & I Holdings (3382 JP), Ainsworth Game Technology (AGI AU).
• Lowest spreads: Bright Smart Securities And (1428 HK), New World Resources (NWC AU), Avjennings Ltd (AVJ AU), Hainan Meilan International Airport (357 HK), Toyota Industries (6201 JP). 

• Anjoy Foods Group (2648 HK), already listed in Shanghai, is offering 40 million shares in Hong Kong to raise up to HKD2.6 billion (USD335 million); Offer closes today, June 30th.
• HK offer is priced at a decent discount to A share price and at valuation multiples that are aligned with its peer group and business fundamentals.
• With limited organic growth and little evidence of a strategic pivot to higher-value offerings, Anjoy Foods lacks a compelling long term investment case.

• IFBH (6603 HK) raised about US$148m in its HK IPO.
• IFBH specializes in ready-to-consume beverages and food, with a focus on coconut water and plant-based products.
• We have covered various aspects of the deal in our previous note. In this note, we will talk about the demand and trading dynamics.

• Context: Over the past five trading days, BYD (1211 HK) multi-leg option strategies showcased a variety of approaches. Strategy highlights are provided.
• Highlights: Diagonal Spreads continue to enjoy huge popularity. Strategies tend to have a short-term horizon of one month, and over 60% of strategies exhibit a bearish bias.
• Why read: This breakdown of complex option strategies sheds light on market sentiment and positioning. Detailed examples provide actionable insights that could inspire similar strategies,

• Wrap of events affecting the market on Friday night and the weekend and a preview of the week ahead

• It’s unclear whether voluntary compensation committee can make proactive recommendations, or whether it simply follows the proposals of CEO/BOD, and how much the decisions of the voluntary committee are influential.
• Only 0.1% of listed companies are disclosing the individual compensation of all board directors, as investors have long requested, and there has been no progress in disclosing individual compensation.
• Performance-Based compensation is implemented by 72.7% of companies listed on the Prime Market. Recently, there has been an increase in the introduction of restricted stock in place of stock options.

• Context: Over the past five trading days, Hang Seng Index (HSI INDEX) multi-leg option strategies showcased a variety of approaches. Strategy highlights are provided.
• Highlights: Yield-extracting strategies prove more popular in the index than in single stocks. Two such examples, a Ratio Put Spread and an Iron Condor, are presented.
• Why read: This breakdown of complex option strategies sheds light on market sentiment and positioning. Detailed examples provide actionable insights that could inspire similar strategies,

• Crizac is a play on growth of overseas education. Its network of agents help candidates file University applications, which are then processed by Crizac before passing it to the universities
• Universities are increasingly outsourcing application and assessment processes to tap inbound students from emerging markets like India/China. 7mn people study abroad today, off which 3+mn are from India and China.
• IPO is priced attractively at TTM PE of 28x. We estimate FY27 EPS of 11-13 and potential multiple of 30x implying an upside of 35-60% from IPO price of 245

• Simeon McMillan, founder of Accrued Interest, has a unique perspective on the broadcast television industry, with experience as a banker and executive in prominent media companies.
• The broadcast television industry has evolved from the hub and spoke model of major networks to a more consolidated landscape, with companies like Nexstar Media Group emerging as major players.
• McMillan will discuss the revenue streams, impact of cord cutting, and strategic investments within the industry, providing insights into the structure and evolution of broadcast television.

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

• Playtika Holding Corp reported a strong first quarter of 2025, achieving a record revenue of over $700 million, marking their highest quarterly revenue to date.
• This success reflects the robustness of their diverse portfolio of mobile games and showcases their ability to support and grow acquired franchises.
• The global launch of Disney Solitaire in April has shown promising early performance, demonstrating the potential for it to become a significant contributor to Playtika’s revenue, alongside the established success of their flagship titles.

• Anjoy Food Group launched its Hong Kong IPO aiming to raise up to HK$2,639 million (US$336 million). The company plans to sell 39.9 million shares at HK$66 per share.
• Anjoy is the largest quick-frozen food company in China, with a market share of 6.6% and 39 signature products, each generating revenue exceeding RMB 100 million.
• Pricing pressure due to intense market competition is the concern that seems will persist in the near term. However, the company has long-term growth opportunities.

• Lancaster Colony Corporation delivered mixed results for its fiscal year 2025 third quarter.
• Despite the 2.9% decline in consolidated net sales to $458 million, the company achieved record gross profit and operating income, reaching $106 million and $50 million, respectively.
• This highlights effective cost management and operational efficiencies in a challenging sales environment.

• CTS EVENTIM reported solid financial performance for the first quarter, driven by key strategic acquisitions and overall market dynamics.
• For the quarter, revenue reached approximately EUR 500 million, marking an increase of 22% compared to the same period last year.
• The growth was primarily fueled by the consolidation of newly acquired businesses, such as See Tickets and France Billet, which contributed notable revenue increments alongside moderate growth within existing operations.

• Most companies with voluntary nomination committees have majority of committee members as outside directors, and two-thirds have outside directors as chairpersons, but it’s difficult to establish a statutory nomination committee.
• It’s unclear whether voluntary nomination committee can make proactive proposals or whether it simply follows proposals made by CEO, and to how much influence the decisions of voluntary committee have.
• More than half of listed companies have former presidents and other executives serving as advisors or consultants. Concerns remain that former board directors may still be involved in management.

• After the market close on 26 June, LOTTE Corporation (004990 KS) announced that it sold 5% of its outstanding shares worth 145 billion won to its affiliate Lotte Moolsan. 
• This is poor corporate governance since the company should be cancelling the treasury shares instead.
• Major reason why Lotte Corp sold its 5% stake in the company to Lotte Moolsan is to have the Lotte Group Chairman’s Shin family maintain control over the Lotte Group. 

• Anjoy Foods Group (2648 HK) debuts on the HKEX on 4 July, at a market cap of ~$2.8bn, raising ~$340m.
• The security is expected to fail the minimum float cap threshold of Global-F and therefore be excluded even after the lock-up expiry.
• Anjoy Foods Group (2648 HK) can be added to Global-M at the November 2025 review if its market cap is assigned to the SmallCap segment.

• Academy Sports and Outdoors navigated through a challenging environment in the first quarter of fiscal 2025 marked by new complexities due to newly imposed tariffs and macroeconomic uncertainties.
• Their financial performance for the quarter reported sales of $1.35 billion, slightly down by 0.9% from the previous year, translating to a negative 3.7% in comparable sales.
• Despite unfavorable weather conditions early in the quarter impacting sales, momentum improved towards the end as milder temperatures arrived in March and April, yielding a positive comp in April thanks to strategic initiatives and partnerships.

• Metcash’s FY25 result was solid, showing resilience in Food & Liquor.
• Signs are positive for a recovery in Hardware, but rate cuts are key

• The merger of Tsuruha and Welcia got the green light in May and will further galvanise the sector to consolidate, especially in prescriptions due to the shortage of qualified staff.
• Which is why Ain has confirmed the acquisition of Kanto-based prescription drug chains operated by Kraft. 
• The move will help maintain Ain’s dominance in the dispensing pharmacy sector and encourage further M&A.

• TEGNA Inc. reported its Q1 2025 financial results, offering insights into its strategic focus and financial performance.
• The company remains focused on five key areas: team building, leveraging station strengths, deploying technology and automation, growing digital revenues, and cost cutting.
• These efforts are aimed at streamlining operations and enhancing revenue generation through audience growth.

• Henkel’s first quarter of 2025 results reflect a mixed but strategic period for the company.
• With a reported organic net sales decline of 1%, Henkel’s downturn aligns with its prior forecast, signaling management’s capability to anticipate market dynamics accurately.
• The consumer business experienced a 3.5% decline in sales, attributed to prior strong innovation-led comparables and current market softness.

At its H125 results, Topps Tiles’ (TPT’s) management excluded CTD Tiles’ results from its adjusted results, as it did not take full control of the business until after the period end due to the prolonged investigation by the Competition and Markets Authority (CMA). Management also indicated it would apply the same treatment to CTD’s results for the full year. We have adjusted our estimates to be consistent with management’s treatment of CTD’s results, removing the previous estimated operating profit from our adjusted numbers. We should stress there are no underlying changes to our estimates for TPT’s other operating divisions.

• We are reiterating our Buy rating, $4 price target and projections for Vince Holding after visiting stores in Connecticut, Long Island and New Jersey.
• After a somewhat confusing visit last month, when product flows were shifted due to the tariff situation, our June tours were more normalized, with Vince stores beginning to flow the Pre-Fall 1 collection; while slightly (one week) later than last year, we believe the depth and breadth of goods demonstrates the company is quickly responding to tariffs and providing the customer with the looks, quality and versatility they expect.
• Further, we believe the Summer and Pre-Fall 1 collections have remained fashion right, with great colors, solid knits and sweaters and warm weather items, from dress to short sleeve tops and shorts.

• Viomi recently launched a new filtration system that produces mineral water-like output, which could be a differentiated product in the market, enabling Viomi to gain a share in an increasingly crowded filtration market.
• The company’s inability to file a timely 20-F with the SEC, combined with a recent change in auditors, will likely raise concerns among investors.
• Viomi’s strong balance sheet could enable it to pursue multiple growth strategies (expansion, new products, M&A) over the next 3-5 years.

• Anjoy Foods Group (603345 CH), a quick-frozen food company in China, aims to raise around US$336m in its H-share listing.
• AFG was the largest quick-frozen food company in China in terms of revenue in 2023, with a market share of 6.2%, according to the Frost & Sullivan report.
• We have looked at the past performance and likely A/H premium in our previous note. In this note, we talk about the IPO pricing.

• Laopu Gold (6181 HK)’s  365-day lockup on shares held by pre-IPO investors expires tomorrow (June 27), more than doubling its current free float.
• Near-Term pressure on the stock is likely, given the sharp increase in tradable shares, mixed gold price outlook, and limited retail investor access after a steep rally.
• A potential stock split could broaden investor participation, improve liquidity and serve as a catalyst for next leg of stock upside.

• Eternal Beauty Holdings raised around US$125m in its Hong Kong IPO.
• Eternal Beauty is the largest brand management company of perfumes in the combined markets of Mainland China, Hong Kong and Macau, in terms of retail sales in 2023.
• We have looked at the company’s past performance in our previous note. In this note we talk about the trading dynamics.

• Formosa Prosonic: Asymmetrical Risk Reward for investing as operating business is being priced for nothing
• The company is leading manufacturer of industrial solutions focused for audio and electronic musical products
• It has significant client concentration risks with Top 3 customers accounting for 92% of Revenues.

• Zhou Liu Fu Jewellery Co., Ltd. (1716396D CH) is looking to raise up to $143m in its upcoming Hong Kong IPO
• It is a leading and fast growing jewellery franchise in China offering a diverse range of products through offline and online sales channels.
• We have covered various aspects of the deal in our previous note. In this note, we will talk about the demand and trading dynamics.

• Kontoor Brands, a prominent name in the fashion industry known for its Wrangler and Lee brands, has recently shared its financial results for the first quarter of 2025.
• The company made notable headway with the impending acquisition of Helly Hansen, which is anticipated to bring substantial benefits in terms of revenue growth, earnings, and cash flow.
• The acquisition is expected to be finalized by the end of May and will likely offer opportunities for expansion and operational synergy.

• While the 2H FY25 result of China Dongxiang (3818 HK) does not look exciting, there are meaningful operating and financial improvements deep inside. 
• The HSI change is a good proxy for its investment gains, and the 5.9% gain since end-FY25 (Mar) should positively reflect on CNDX’s 1H FY26 results. 
• The sports goods business is not expected to be a drag in FY26. Trading at a steep 76.5% discount, the stock stays highly undervalued.

• Anjoy Foods Group (2648 HK)‘s H-share IPO at a maximum price of HK$66.00 appears reasonably attractive, as this equals a 33-34% discount to peer average FY25F PER. 
• It is well-positioned to capture quick-frozen food demand growth, will gain from geographical and market share expansion, and has solid product, marketing and production capability.
• We value the stock at HK$72.66, 12.7x FY25F PER, or a 25% discount to the sector PER. It will also be on a 13.9% discount to its A-share.

• We are reiterating our Buy rating, $23 price target and projections for Guess?
• after visiting stores in Long Island and the Metropolitan New York City area.
• We believe Guess?

• Freshpet recently reported its first-quarter 2025 results, demonstrating a mixed performance amidst a challenging macroeconomic environment.
• The key takeaway from the earnings discussion is that while Freshpet has managed to maintain a growth trajectory, driven by its broad consumer base and strong brand proposition, it’s facing economic headwinds that are impacting its ability to maintain the previous levels of growth.
• 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.

• Gemlife (GLF AU) is looking to raise A$750m in a primary offering, valuing the company at A$1.58bn. The stock is expected to start trading on 3 July.
• The Puljich family and Thakral Corp (THK SP) are escrowed on their shares till mid 2026 at the earliest. 
• Gemlife (GLF AU) could be added to global indexes in November and December this year, but S&P/ASX 300 Index inclusion could take place only in March 2026.

• Context: After three consecutive down weeks, Toyota Motor (7203 JP) has entered oversold territory, triggering a potential upside signal in quantitative models.
• Trade Idea: With signs pointing to a short-term reversal, a Bull Call Spread strategy offers high return potential (~12x premium) with limited upfront cost. 
• Why Read: This Insight presents a timely, actionable trade idea with a well-defined risk/reward profile—ideal for investors seeking tactical exposure. Details Provided.

• Dickson Concepts Intl (113 HK)’s IFA opines that the controlling shareholder (Sir Poon) at HK$7.20 to be fair and reasonable. The vote is on 18 July. 
• A low AGM minority participation rate and quiet retail forums are helpful. However, the offer is below the net cash, and Dickson is cash generative on an underlying basis. 
• Dickson shares traits similar to those of the Goldlion and Soundwill deal breaks, which showed that low-ball offers can be blocked. This situation warrants a safety-first approach.

• Cao Cao is a ride hailing platform in China that raised US$236m in its Hong Kong IPO.
• As of 2024, it held a 5.4% market share as per Frost & Sullivan.
• We have covered various aspects of the deal in our previous note. In this note, we will talk about the demand and trading dynamics.

• Kent R O Systems (6592700Z IN) Kent R O Systems Ltd plans to come up with its IPO
• The company is the second largest player in the Indian water purifier market with a market share of about 20%, behind Eureka Forbes.
• We are concerned with the related party transactions of the company, especially with the promoters. The lease rental policy, coupled with some impairments, and trademark infringement matter also attracts attention.

• Back on the 29th April, Dickson Concepts Intl (113 HK)‘s Chairman, Dickson Poon (& relatives), holding (now) 65.77%, tabled an Offer by way of a Scheme for shares not held.
• The family offered HK$7.20/share (best & final). That compared to DC’s net cash (as at 31st Mar 2025) of HK$6.92/share. Plus financial assets comprise an additional ~HK$1.92/share.
• The Scheme Document’s now out, with a Court Meeting on the 18th July, and expected payment around the 12th August. The IFA (Platinum) says “fair & reasonable”. It is not.

• Viomi recently launched a new filtration system that produces mineral water-like output, which could be a differentiated product in the market, enabling Viomi to gain a share in an increasingly crowded filtration market.
• The company’s inability to file a timely 20-F with the SEC, combined with a recent change in auditors, will likely raise concerns among investors.
• Viomi’s strong balance sheet could enable it to pursue multiple growth strategies (expansion, new products, M&A) over the next 3-5 years.

• In this edition: • Unilever | agrees to buy Dr. Squatch from Summit Partners

• We are reiterating our Buy rating, projections and $58 price target for Build-A-Bear Workshop after visiting stores in Connecticut and Long Island.
• We believe, with compelling offerings, the ability to launch new exciting seasonal items and then further leverage the offerings via extensions into Mini (Beans) or Giant sized “furry friends,” the ability to drive upside from movie releases, to quickly capitalize on online trends and to expand key licensed franchises (Sanrio, Pokemon), Build-A-Bear is putting on a master class in how to drive incremental purchases and to achieve top and bottom line growth.
• As such, we remain highly impressed and believe there remains upside to our top and bottom line projections and price target and reiterate our Buy rating and $58 price target.

• IFBH Ltd launched its Hongkong IPO aiming to raise up to HK$1,160 million. The company plans to sell 41.7 million shares at HK$25.3–27.8 per share.
• IFBH is a ready-to-consume beverage and food company based in Thailand. It enjoys market leader position in the ready to drink coconut water segment in Mainland China.
• The growth momentum is expected to continue in the near term. IFBH’s leadership position would help garner volume strength.  We would recommend the investors to subscribe to the issue.

• AH premia bounce back last week but the “skew” of wide premia converging and narrow premia moving wider continues. It has paid to be long wide H discounts.
• The previous week smelled like an RMB counter trade was being set up, “confirmed” by a Caixin article the weekend. The HKEX “confirmation” this past week, well, maybe wasn’t one.
• The data tables below update on a daily basis in the Tools section of Smartkarma. The SOUTHBOUND Flow Monitor and AH Monitor are both there free for SK readers. Technical issue delayed this week’s Monitor.

• We continue our coverage of Toyota Motor. In our last insight we flagged overbought conditions and a likely pullback—Toyota declined as expected. Our model now flashes an “upcoming rebound” signal.
• Toyota Motor (7203 JP) has been falling for 3 weeks. At the end of last week our WEEKLY model flagged the stock as “very oversold“: 83% probability of WEEKLY reversal.
• We cannot say if this rebound will become a rally, at the moment: uncertainty around the stock persists, and this particular pattern usually sees more selling, after the bounce.

• IFBH (IFBH HK)  is looking to raise about US$148m in its HK IPO.
• IFBH specializes in ready-to-consume beverages and food, with a focus on coconut water and plant-based products.
• In our previous note, we looked at the firm’s past performance. In this note, we talk about the IPO valuations.

• Antoinette sang with a heavy metal band at the Paris Olympics, sponsored by LVMH
• Moet Hennessy, a struggling arm of LVMH, faced pressure to turn around its business
• Moet Hennessy’s importance to LVMH lies in its role as a cash cow for acquisitions, despite internal strategic mistakes and market challenges

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

• Brian Chesky and Joe Gebbia, founders of Airbnb, met at the Rhode Island School of Design in 1999
• Chesky’s background in industrial design engineering heavily influenced Airbnb’s design-centric approach
• Chesky’s scrappiness and founder mentality have driven Airbnb’s success, with a focus on improving margins and generating free cash flow.

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

• Giant Biogene (2367 HK) ‘s  stock is down 40% from its mid-May high triggered by public spat with rival Bloomage Biotechnology over collagen content labelling in its skincare line.
• Biogene’s use of recombinant collagen is rapidly emerging as the new gold standard in anti-aging skincare, giving it a clear edge over traditional ingredient players like Bloomage.
• Giant Biogene now trades at a steep discount to peers in the functional beauty space; current valuations offer meaningful downside protection, and strong upside potential as sentiment stabilizes.

• Haier Smart Home Co., Ltd. recently released its third-quarter financial results, providing insights into its performance and strategic developments.
• During the initial three quarters, the company reported sales revenue of RMB 148.9 billion, representing a 7.7% growth.
• The net profit was RMB 717 million, which marks a 26.2% increase year over year.

• Volkswagen AG’s first quarter of 2025 exhibited a blend of advancements and challenges.
• On the positive side, the company made significant progress in implementing its strategic product renewal, unveiling several new models at the Shanghai Auto Show and in other markets.
• Sales revenue rose by 3%, with a notable 30% increase in Western Europe.

• Since the number of companies transitioning to US Type 3 Committees isn’t increasing, a perverse debate has begun on weakening the authority of nomination committees in US Type 3 Committees.
• Despite calls from investors to appoint outside directors as chairpersons of BODs to stimulate discussion and strengthen supervisory functions by separating supervision from execution, these calls have been ignored.
• If the board of directors simply approves plans created by each business division based on their budgets, then it is not involved in important company decisions.