Category

Consumer

Daily Brief Consumer: Fast Retailing, ITC Ltd, Tcl Multimedia Technology, Hershey Co/The, Great Wall Motor, TSE Tokyo Price Index TOPIX, Cable One Inc and more

By | Consumer, Daily Briefs

In today’s briefing:

  • Fast Retailing (9983) – Now At Double Downweight Levels
  • ECM Weekly (18th Mar 2024) – ITC, Interglobe (Indigo), MS&AD, GlobalWafer, Belle, Auntea, Trial
  • TCL Electronics (1070.HK) – a Rising Star in the TV Business
  • Hershey Co (HSY) – Sunday, Dec 17, 2023
  • China Consumption Weekly (18 Mar 2024): Great Wall, KE, Tuniu, Tuhu Car, Boss Zhipin, Weibo
  • In the Prime Market, Disclosure in English Also Widens the Gap in the Company’s Attitude
  • Cable One Inc.: Initiation Of Coverage – Unveiling the 4 Major Forces Propelling Its Success! – Financial Forecasts


Fast Retailing (9983) – Now At Double Downweight Levels

By Travis Lundy

  • Fast Retailing (9983 JP) is the largest weight in the Nikkei 225. On Friday, it closed at 11.36% of the Nikkei 225, putting it well above the 10% cap level.
  • If the stock is above 10% on a pro-forma basis on the base date of 31 July 2024, it will get a capping coefficient. 2.8mm shares (US$2.5bn) to sell.
  • At Friday’s close, we were borderline above a double-downweight trigger. At Monday’s open, just below. 30mins later? Back well above. Lots of interesting issues and nuances here for a short.

ECM Weekly (18th Mar 2024) – ITC, Interglobe (Indigo), MS&AD, GlobalWafer, Belle, Auntea, Trial

By Sumeet Singh

  • Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.
  • On the IPO front, Hong Kong appears to be heading towards its first US$100m+ IPO for the year.
  • For placements, after a flurry of placements in the prior week, past week was relatively quiet with only the US$2bn ITC Ltd (ITC IN) block.

TCL Electronics (1070.HK) – a Rising Star in the TV Business

By Pyramids and Pagodas

  • TCL Electronics Limited (1070.HK ) (“TCL”), with a market cap of HKD 7.57 billion (USD 968 million), is not your ordinary Chinese TV manufacturer.
  • TCL focuses on mid-to-high end audio/video products like miniLED, QLED, Android, and smart TVs, ranking second in the global TV market behind Samsung.
  • The Company also produces air conditioners, refrigerators, smartphones, tablets, and smart home devices. A recent catch-up with the IR team at TCL’s Shenzhen Industrial Park Headquarters intrigued us and we decided to dig a bit deeper.

Hershey Co (HSY) – Sunday, Dec 17, 2023

By Value Investors Club

  • Hershey stock trading at 52-week low, making it attractive investment opportunity
  • Drop in 10-year treasury yield making dividend-paying companies like Hershey more appealing to investors
  • Challenges from new weight loss drugs affecting consumer appetite, but temporary dip creating discounted buying opportunity for strong brand

This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.


China Consumption Weekly (18 Mar 2024): Great Wall, KE, Tuniu, Tuhu Car, Boss Zhipin, Weibo

By Ming Lu

  • Great Wall Motor denied that many employees have resigned recently, but there many complaints from employees on social media.
  • Many small companies grew strongly, such as Tuniu up by 140% and Kanzhun up by 46%.
  • Weibo’s advertising revenue decreased, while most companies’ ad revenues have recovered.

In the Prime Market, Disclosure in English Also Widens the Gap in the Company’s Attitude

By Aki Matsumoto

  • Most companies with large market capitalization (i.e., those with a high ratio of foreign shareholders) already disclose their financial statements, timely disclosure materials, and convocation notices in English.
  • Disclosure in English of corporate governance reports and annual securities reports, which have lagged behind, is gradually increasing among companies with large market capitalization.
  • Similar to the results of the recent disclosure regarding the ”TSE’s request”, there is also a difference in the disclosure stance between companies with large market capitalization and other companies.

Cable One Inc.: Initiation Of Coverage – Unveiling the 4 Major Forces Propelling Its Success! – Financial Forecasts

By Baptista Research

  • This is our first report on Cable One.
  • The balancing growth strategy of the company indicated the progress during the fourth quarter of 2023, as the company reported customer growth driven by improvement in new connects year-over-year and sustained low churn rates.
  • Focusing on specific new customer segments and adjusted market approach, the company has re-engineered its go-to-market approach to counter competition and expand network footprint.

💡 Before it’s here, it’s on Smartkarma

Sign Up for Free

The Smartkarma Preview Pass is your entry to the Independent Investment Research Network

  • ✓ Unlimited Research Summaries
  • ✓ Personalised Alerts
  • ✓ Custom Watchlists
  • ✓ Company Data and News
  • ✓ Events & Webinars



Daily Brief Consumer: Naspers , Toyota Motor Corp Spon Adr, Carvana , Carnival Corp, Migao Group Holdings, TSE Tokyo Price Index TOPIX and more

By | Consumer, Daily Briefs

In today’s briefing:

  • NPN X PRX: Discounts Continue to Come Under Pressure
  • Toyota Motors: Investing In Innovation For The Future Of Mobility! – Key Drivers
  • Carvana Co (CVNA) – Friday, Dec 15, 2023
  • Carnival Corporation: Are its deleveraging and refinancing efforts successful? – Key Drivers
  • Migao Group IPO – Last Listing Didn’t Do Well, This One Might Struggle Too
  • Is the Emission Data of a Company that Doesn’t Disclose in Annual Securities Report Reliable?


NPN X PRX: Discounts Continue to Come Under Pressure

By Charlotte van Tiddens, CFA

  • Naspers and Prosus continue to come under pressure relative to their underlying holdings.
  • Since our last update on the 1st of March, Naspers’ look through discount has widened by 1.6 percentage points to 42%. 
  • Naspers’ discount to Prosus’ market value has widened notably by 2.1 percentage points to 11.3%. Prosus’ discount is only 30bps wider and is trading at 35.4%.

Toyota Motors: Investing In Innovation For The Future Of Mobility! – Key Drivers

By Baptista Research

  • Toyota Motor Corporation continues to deliver robust financial performance despite a myriad of challenges.
  • In the fiscal year 2024 second-quarter results, the Japanese automotive giant reported an operating income of JPY 2,559.2 billion.
  • This was a significant increase compared to the same period of the previous fiscal year.

Carvana Co (CVNA) – Friday, Dec 15, 2023

By Value Investors Club

  • Carvana has seen a big increase in its stock price despite concerns over bankruptcy that did not come to fruition
  • The company has advantages in unit economics and is well-positioned to gain market share in the auto retail industry
  • Carvana offers competitive pricing, quality, convenience, and selection, making it an attractive option for customers and investors alike

This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.


Carnival Corporation: Are its deleveraging and refinancing efforts successful? – Key Drivers

By Baptista Research

  • Carnival Corporation’s latest earnings suggest an optimistic outlook for the company as it reports setting records in all four quarters of 2023, with revenues, booking levels, and customer deposits seeing an all-time high.
  • Encouragingly, both North American and European brand occupancy levels exceeded 101% in Q4, and per diems for these brands showed significant increases over 2019.
  • The company’s performance enabled it to surpass high cost inflation over the past four years, delivering per unit Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) that outpaced 2019 levels when excluding fuel and currency fluctuations.

Migao Group IPO – Last Listing Didn’t Do Well, This One Might Struggle Too

By Clarence Chu

  • Migao Group Holdings (9879 HK) is looking to raise up to US$124m in its Hong Kong IPO.
  • Migao Group (Migao) is a vertically-integrated national potash fertilizer company in China.
  • In this note, we look at the firm’s past performance and share our thoughts on valuation.

Is the Emission Data of a Company that Doesn’t Disclose in Annual Securities Report Reliable?

By Aki Matsumoto

  • Corporate Governance Code requires disclosure based on TCFD, and an ISSB-based disclosure system will be discussed in Japan. While interest in disclosing climate change-related information is growing, disclosure hasn’t progressed.
  • In the TSE survey, only one-tenth of the companies that listed Scope 1, 2, and 3 emissions in their integrated reports disclosed them in their annual reports.
  • If a company can’t disclose Scope 1/Scope 2 in its annual securities report, there’s concern that the company may have challenges in data collection and risk delaying management decisions.

💡 Before it’s here, it’s on Smartkarma

Sign Up for Free

The Smartkarma Preview Pass is your entry to the Independent Investment Research Network

  • ✓ Unlimited Research Summaries
  • ✓ Personalised Alerts
  • ✓ Custom Watchlists
  • ✓ Company Data and News
  • ✓ Events & Webinars



Daily Brief Consumer: Miniso, Beenos Inc, Meituan, Build A Bear Workshop, Dollar General and more

By | Consumer, Daily Briefs

In today’s briefing:

  • [Miniso Group (MNSO US, BUY, TP US$31) Target Price Change]: Near Term Story Is Still the Americas
  • BEENOS (3328): Q1 FY09/24 Update
  • MT/ Meituan (3690 HK) Earnings Preview: Fourth Positive EPS, 99% Upside
  • BBW: 4Q Review: Adding Value; Initiates Q Dividend; Reiterate Buy, $41 PT
  • Dollar General 4Q’23 Update


[Miniso Group (MNSO US, BUY, TP US$31) Target Price Change]: Near Term Story Is Still the Americas

By Eric Wen

  • Miniso report C4Q23 revenue in-line/7.9% vs. our estimate/consensus, non-GAAP NI is 5.1%/10.5% higher than our estimate/consensus on strong overseas sales from North and Latin Americas. 
  • Company guided for soft operating margin thanks to robust new store openings, which we believe to be accretive to earnings in the long run
  • We maintain the stock as BUY and but cut TP by US$2 to US$31/ADS

BEENOS (3328): Q1 FY09/24 Update

By Shared Research

  • Beenos Inc (3328 JP) operates cross-border e-commerce websites that allow mainly individual users to buy and sell goods both in Japan and internationally over the Internet.
  • In FY09/23, BEENOS reported full-year consolidated revenue of JPY32.5bn, operating profit of JPY4.5bn, recurring profit of JPY4.1bn, and a net income attributable to owners of the parent of JPY2.2bn.
  • BEENOS Inc. has announced changes in its consolidated subsidiaries (share transfer).

MT/ Meituan (3690 HK) Earnings Preview: Fourth Positive EPS, 99% Upside

By Ming Lu

  • In 4Q23, we believe total revenue will grow by 20% YoY and MT will have the fourth profitable quarter.
  • We believe Douyin will not threaten MT in the long run according to other competitors’ failure.
  • We believe EPS will reach RMB0.35 in 4Q23 and RMB2.23 in 2023.

BBW: 4Q Review: Adding Value; Initiates Q Dividend; Reiterate Buy, $41 PT

By Small Cap Consumer Research

  • We are reiterating our Buy rating and $41 price target for Build-a-Bear, slightly raising our FY24 EPS and rolling out FY25 projections after the company reported basically in-line 4QFY23 (January) results and initiated a quarterly dividend program, with an initial quarterly payout of $0.20 per share.
  • We believe Build-A-Bear remains highly focused on shareholder value and the company is poised to register solid returns and upside as their experiential offerings continue to expand and resonate with their growing customer base; further, with net cash per share of over $3.10 (and no debt), a dividend yield of 2.7% and trading under 4.5X our FY25 EBITDA, we view the risk/reward in BBW as compelling, and we reiterate our Buy raring and $41 price target.

Dollar General 4Q’23 Update

By MBI Deep Dives

  • Dollar General (DG)’s stock had an interesting reaction to today’s earnings.
  • First it went up by ~6% in pre-market, but then ended the day 5% down.
  • Despite the somewhat bizarre stock price reaction throughout the day, I think the worst days are likely behind DG.

💡 Before it’s here, it’s on Smartkarma

Sign Up for Free

The Smartkarma Preview Pass is your entry to the Independent Investment Research Network

  • ✓ Unlimited Research Summaries
  • ✓ Personalised Alerts
  • ✓ Custom Watchlists
  • ✓ Company Data and News
  • ✓ Events & Webinars



Daily Brief Consumer: Auntea Jenny (Shanghai) Industrial, Luckin Coffee, JD.com , Dongwon Industries, TSE Tokyo Price Index TOPIX, TVS Motor , Belle Fashion Group, Dr Horton Inc, Campbell Soup Co and more

By | Consumer, Daily Briefs

In today’s briefing:

  • Auntea Jenny (Shanghai) Industrial Pre-IPO – The Positives – Has Benefited from a Growing Network
  • [Luckin Coffee (LKNCY US, BUY, TP US$37) TP Change]:Weak Sales in 1Q24 but Likely to Improve in 2Q24
  • JD.com Inc.: Market Share Expansion via Platform Ecosystem Improvements! – Key Drivers
  • An Update of the Potential KOSPI200 Rebalance Candidates in June 2024
  • Will Parent Company Valuations Remain Undervalued Until the Parent-Subsidiary Listing Is Dissolved?
  • Fundamental Longs – TVS Motors | Nestle India | Honasa
  • Auntea Jenny (Shanghai) Industrial Pre-IPO – The Negatives – Improving Margins Playing Catch Up
  • Belle Fashion Pre-IPO – Refiling Updates
  • D.R. Horton: Building a New Model – [Business Breakdowns, EP.154]
  • The Campbell Soup Company: Can The Acquisition Of Sovos Brands Be A Game Changer? – Key Drivers


Auntea Jenny (Shanghai) Industrial Pre-IPO – The Positives – Has Benefited from a Growing Network

By Clarence Chu

  • Auntea Jenny (Shanghai) Industrial (AJI HK) is looking to raise around US$300m in its upcoming Hong Kong IPO.
  • Auntea Jenny (Shanghai) Industrial (Auntea) is a freshly-made beverage producer.
  • In this note, we will talk about the positive aspects of the deal.

[Luckin Coffee (LKNCY US, BUY, TP US$37) TP Change]:Weak Sales in 1Q24 but Likely to Improve in 2Q24

By Eric Wen

  • We cut Luckin Coffee’s 1Q24 revenue estimate by 3% to RMB7.9bn with 79% yoy and cut non-GAAP net income estimate by 42% to RMB318mn due to (1) weak sales;
  • We expect 2Q24 to be the turning point for earnings due to (1) sales improving with weather warm-up (2) ASP rebound from easing competition 
  • We maintain the stock as BUY rating but lower TP by US$4 to US$37 to factor in the temporary near-term weak sale.

JD.com Inc.: Market Share Expansion via Platform Ecosystem Improvements! – Key Drivers

By Baptista Research

  • JD.com’s latest earnings showed a strong commitment to growth, navigating a mix of macro recoveries, seasonality factors and strategic refocus.
  • They delivered a growth in net revenues by 4% and recorded a non-GAAP net income attributable to ordinary shareholders of RMB 8.4 billion.
  • Cash and cash equivalents, restricted cash, and short term investments totaled RMB 198 billion.

An Update of the Potential KOSPI200 Rebalance Candidates in June 2024

By Douglas Kim

  • We provide an update of the potential KOSPI200 rebalance candidates in June 2024. 
  • The bottom 5% market caps in KOSPI200 could be excluded from the KOSPI200 rebalance in June 2024. These 10 stocks are down on average 12.6% YTD. 
  • We identified seven potential inclusion candidates. Among them, those that have low PBR multiples including HHI and Dongwon Industries could continue to outperform the market leading up to rebalance announcement. 

Will Parent Company Valuations Remain Undervalued Until the Parent-Subsidiary Listing Is Dissolved?

By Aki Matsumoto

  • It’s true that the difference in profit margins between a listed subsidiary that focuses on specific business and a parent company that has different businesses is the difference in valuations. 
  • It will be difficult for a parent company to reverse the valuations of its subsidiaries until the parent company dissolves the parent-subsidiary listing and increases its own profit margins.
  • With respect to corporate governance practices, companies with no major shareholders are included with relatively higher corporate governance scores, but this isn’t as significant difference as it tends to be.

Fundamental Longs – TVS Motors | Nestle India | Honasa

By Pranav Bhavsar

  • We screen our coverage universe for earnings surprises, EPS upgrades, and management narratives to identify fundamental longs.
  • Stocks discussed include TVS Motor (TVSL IN), Nestle India (NEST IN), and Honasa Consumer (HONASA IN) 
  • TVSL EVs could surprise, NEST offers the right safety in the current environment, and for HONASA there is a possibility of turning around. 

Auntea Jenny (Shanghai) Industrial Pre-IPO – The Negatives – Improving Margins Playing Catch Up

By Clarence Chu

  • Auntea Jenny (Shanghai) Industrial (AJI HK) is looking to raise around US$300m in its upcoming Hong Kong IPO.
  • Auntea Jenny (Shanghai) Industrial (Auntea) is a freshly-made beverage producer.
  • In this note, we will talk about the not so positive aspects of the deal.

Belle Fashion Pre-IPO – Refiling Updates

By Sumeet Singh

  • Belle Fashion (BF) aims to raise up to US$1bn in its Hong Kong listing. The company recently refiled its application proof after a gap of two years.
  • As per F&S, it was the largest player in China’s fashion footwear market with a 12.3% market share, based on 2022 retail sales.
  • We have looked at the company’s past performance based on its earlier filings in 2022. In this note, we talk about the updates from its recent filings.

D.R. Horton: Building a New Model – [Business Breakdowns, EP.154]

By Business Breakdowns

  • Ed Wachenheim, founder of Greenhaven Capital, discusses his experience in the homebuilding industry since the 1980s
  • Ed shares insights on the evolution of the homebuilding business model and his investment approach
  • Early investment in US Home led to a deep dive into the industry, identifying growth opportunities and the impact of market crises.

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


The Campbell Soup Company: Can The Acquisition Of Sovos Brands Be A Game Changer? – Key Drivers

By Baptista Research

  • Campbell Soup Company’s earnings were decent and the company reported moderately optimistic results and future predictions for the company.
  • Clouse highlighted a sequential improvement in volume trends and year-over-year operating margin expansion in both divisions, despite slowed category trends over the last year due to economic pressures.
  • 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.

💡 Before it’s here, it’s on Smartkarma

Sign Up for Free

The Smartkarma Preview Pass is your entry to the Independent Investment Research Network

  • ✓ Unlimited Research Summaries
  • ✓ Personalised Alerts
  • ✓ Custom Watchlists
  • ✓ Company Data and News
  • ✓ Events & Webinars



Daily Brief Consumer: Li Ning, ITC Ltd, BYD, Centurion Corp, ASICS Corp, Minor International, Takashimaya, Round One Corp and more

By | Consumer, Daily Briefs

In today’s briefing:

  • Li Ning (2331 HK): Value Trap Play?
  • ITC $2bn Placement – Very Well Flagged but Still Won’t Be an Easy One to Digest, Won’t Do an Indigo
  • Li Ning (2331 HK): Evaluating a Potential Privatisation
  • Li Ning (2331 HK):  Update On The Name Given Potential Privatization News
  • BYD (1211 HK) 2023 Earnings Preview: Strong Top Line and Bottom Line
  • Smartkarma Corporate Webinar | Centurion: Quality Housing for Workers and Students the World Over
  • Asics (7936) | Pumping the Brakes
  • APAC Luxury Industry Series Update: The Growth of Luxury Travel Unmatched by Dull Share Prices
  • Takashimaya (8233): Q3 FY02/24 Update
  • Round One (4680): Q3 FY03/24 Update


Li Ning (2331 HK): Value Trap Play?

By David Blennerhassett


ITC $2bn Placement – Very Well Flagged but Still Won’t Be an Easy One to Digest, Won’t Do an Indigo

By Sumeet Singh

  • In Feb 2024,  BAT’s management stated that they were reviewing their stake in ITC Ltd (ITC IN).  The news of a possible selldown by BAT was leaked again earlier today.
  • BAT has owned its stake in ITC for over a century and remains its largest shareholder.
  • In this note, we talk about the deal dynamics and run the deal through our ECM framework.

Li Ning (2331 HK): Evaluating a Potential Privatisation

By Arun George

  • Reuters reported that due to the steep share price declines, Mr Li Ning is considering leading a consortium to privatise Li Ning (2331 HK)
  • The shares have been weighed down by concerns about channel inventory, steep retail discounts, and unauthorised distributor sales. To counter this, Li Ning aims to achieve RMB50bn sales by 2028.
  • The probability of an offer is low as funding the scheme consideration could prove challenging. Nevertheless, the downside is low as Li Ning trades at an undemanding valuation. 

Li Ning (2331 HK):  Update On The Name Given Potential Privatization News

By Steve Zhou, CFA

  • According to public news today afternoon during trading hours, the founder and biggest shareholder of Li Ning (2331 HK), Mr. Li Ning, is mulling privatizing the public company. 
  • Mr. Li Ning has shown the opposite intention over the last few years, with several major sell-down of stake.
  • The company is trading at 16x 2024 PE, with visibility being quite low. 

BYD (1211 HK) 2023 Earnings Preview: Strong Top Line and Bottom Line

By Ming Lu

  • We believe revenue will grow by 44% in 2023 according to the sales volume and the price trend.
  • We believe net profit will increase by 100%, higher than the company’s estimate.
  • We conclude an upside of 54% and a price target of HK$304. Buy.

Smartkarma Corporate Webinar | Centurion: Quality Housing for Workers and Students the World Over

By Smartkarma Research

For our next Corporate Webinar, we are glad to welcome Centurion Corporation’s CEO, Mr Kong Chee Min. 

In the upcoming webinar, Chee Min will share a short company presentation after which, he will engage in a fireside chat with Smartkarma Insight Provider, Angus Mackintosh.

Angus will also be providing an industry overview, featuring landscape commentary and returns analysis. The Corporate Webinar will include a live Q&A session

In the spirit of giving back to our community, one of the attendees will also be awarded an Amazon Kindle as part of our exclusive lucky draw. 

The Corporate Webinar will be hosted on Thursday, 21 March 2024, 19:00 SGT.

About Centurion Corporation 

Centurion Corporation Limited (“Centurion” or the “Company” and together with its subsidiaries, the “Group”) owns, develops and manages quality, purpose-built workers accommodation assets in Singapore and Malaysia, and student accommodation assets in Australia, the United Kingdom (“UK”) and the United States (“US”). The Group owns and manages a strong portfolio of 34 operational accommodation assets totalling approximately 66,607 beds as of 30 September 2023. Centurion’s established portfolio of workers accommodation assets are managed under the “Westlite Accommodation” brand and comprises nine workers accommodation assets in Singapore as well as eight workers accommodation assets in Malaysia. The Group’s student accommodation assets are managed under the “Dwell” brand, with ten assets in the UK, five assets in US and two assets in Australia. With global reach and a clear growth strategy to actively enhance and manage its assets, identify strategic acquisitions and joint ventures, as well as develop customised accommodation management services, Centurion is well-positioned as a leading provider of quality, purpose-built accommodation.


Asics (7936) | Pumping the Brakes

By Mark Chadwick

  • On’s quarterly results disappoint, triggering a 10% stock drop. Meanwhile, ASICS’ share price is up 43% YTD despite modest performance.
  • ASICS shareholders advised to consider profit-taking as stock outpaces fundamentals, faces competition from resurging Nike and fast-growing On
  • On’s ambitious growth projections threaten ASICS’ market position, with potential market share parity within three years

APAC Luxury Industry Series Update: The Growth of Luxury Travel Unmatched by Dull Share Prices

By Oshadhi Kumarasiri

  • This is a follow-up to our initial report on the APAC Luxury Industry where we were of the belief that small niches within the luxury sector could offer potential opportunities.
  • Below, we analyse the recent trends in luxury travel on Minor International (MINT TB), Mandarin Oriental International (MAND SP) and Shiseido Company (4911 JP).
  • While travel has rebounded to pre-pandemic levels, Shiseido’s Travel Retail struggles, yet Minor International and Mandarin Oriental are showing signs of improvement. 

Takashimaya (8233): Q3 FY02/24 Update

By Shared Research

  • Takashimaya (8233 JP) was founded in 1831 and is the operator of one of the leading department store companies in Japan.
  • Takashimaya began applying the Accounting Standard for Revenue Recognition from the beginning of FY02/23.
  • Takashimaya Co., Ltd. announced revisions to its full-year earnings forecasts for FY02/24.

Round One (4680): Q3 FY03/24 Update

By Shared Research

  • Round One Corp (4680 JP) specializes in running amusement complex facilities in Japan, the US, and China.
  • FY03/23 results: The company reported sales of JPY142.1bn, operating profit of JPY16.9bn, recurring profit of JPY16.7bn, and net income attributable to owners of the parent of JPY9.7bn.
  • In November 2023, the company revised its full-year FY03/24 earnings forecast.

💡 Before it’s here, it’s on Smartkarma

Sign Up for Free

The Smartkarma Preview Pass is your entry to the Independent Investment Research Network

  • ✓ Unlimited Research Summaries
  • ✓ Personalised Alerts
  • ✓ Custom Watchlists
  • ✓ Company Data and News
  • ✓ Events & Webinars



Daily Brief Consumer: Yaizu Suisankagaku Industry, Japfa Ltd, Hanon Systems, Gopal Snacks , Ola Electric, Lawson Inc, Seria Co Ltd, TSE Tokyo Price Index TOPIX, Mitsubishi Shokuhin, Informa PLC and more

By | Consumer, Daily Briefs

In today’s briefing:

  • Yaizu Suisankagaku Industry (2812 JP): 3D Succeeds in Securing a Bump to JPY1,438
  • Japfa (JAP SP): Impressive Gain. But No Firm Offer
  • On A Charge: Hanon Systems & Renewed Interest In Hahn/Hankook’s Stake
  • Gopal Snacks Ltd IPO- Forensic Analysis
  • Ola Electric Pre-IPO – Initial Thoughts on Valuation
  • KDDI and Lawson: Building an Ecosystem from a Base of Loyalty Points
  • Seria (2782): Q3 FY03/24 Update
  • Will Disclosure for This P/B Rise Based on the Failure of Transitional Companies “Plan” Work?
  • Mitsubishi Shokuhin (7451): Q3 FY03/24 Update
  • Informa – FY24 off to a good start


Yaizu Suisankagaku Industry (2812 JP): 3D Succeeds in Securing a Bump to JPY1,438

By Arun George

  • Inaba has bumped its Yaizu Suisankagaku Industry (2812 JP) offer by 6.5% to JPY1,438 and lowered the minimum number of shares to be purchased from 66.67% to 60.00% ownership ratio.
  • The bump was forced by 3D Investment Partners increasing its shareholding from 9.78% to 13.81% ownership ratio after the previous JPY1,350 offer was announced on 5 February.
  • While the offer continues to value YSK below book value, Murakami and 3D’s support paves the way for completion. At the last close, the gross spread was 7.1%.  

Japfa (JAP SP): Impressive Gain. But No Firm Offer

By David Blennerhassett


On A Charge: Hanon Systems & Renewed Interest In Hahn/Hankook’s Stake

By David Blennerhassett

  • Back in 2004, Hahn & Co and Hankook Tire (161390 KS) acquired a 70% stake in Hanon Systems (018880 KS) from Visteon (VC US), an automotive electronics supplier, for ₩3.8tn.
  • Three years ago, Hahn/Hankook explored the sale of this 70% stake, which was expected to fetch ~₩8tn (US$7bn). Reportedly, Carlyle, TPG, Bain and auto supplier Mahle submitted preliminary bids.
  • That 70% stake is now worth ₩2.3tn. And reportedly, Carlyle has returned to the trough. 

Gopal Snacks Ltd IPO- Forensic Analysis

By Nitin Mangal

  • Gopal Snacks (1592789D IN) IPO worth INR 6.5 bn is live on the bourses. 
  • The company is a prominent snacks manufacturer in India, especially in the state of Gujarat. It boasts one of the highest fixed asset turnover ratio and high ROCEs. 
  • On the flipside, caution must remain on its dull revenue growth post F22 and on its related party transactions, especially with promoter companies.

Ola Electric Pre-IPO – Initial Thoughts on Valuation

By Sumeet Singh

  • Ola Electric is looking to raise about US$1bn in its upcoming India IPO.
  • Ola Electric Mobility is a vertically integrated pure EV player in India with manufacturing capabilities for EVs and EV components, including cells.
  • In our previous note we looked at the company’s past performance and undertook a peer comparison. In this note, we will talk about valuations.

KDDI and Lawson: Building an Ecosystem from a Base of Loyalty Points

By Michael Causton

  • Many are asking why KDDI would want to buy 50% of Lawson, Japan’s third biggest convenience store chain.
  • Some more imaginative analysts suggest this could be just the first step towards KDDI merging with Rakuten in order to beat Amazon.
  • The more likely future is an ecosystem to challenge Rakuten and LY Corp (Yahoo etc), starting with points and payments and evolving to other Fintech, e-commerce and health.

Seria (2782): Q3 FY03/24 Update

By Shared Research

  • Seria Co Ltd (2782 JP) operates 100-yen stores throughout Japan, buying products from manufacturers and selling them at a flat price of JPY100 (plus tax).
  • In FY03/23, sales were JPY212.4bn (+2.1% YoY), operating profit was JPY15.4bn (-26.2% YoY), recurring profit JPY15.6bn (-26.8% YoY), and net income JPY10.3bn (-28.3% YoY).
  • On January 31, 2024, Seria Co., Ltd. announced a revision of its full-year FY03/24 earnings forecast.

Will Disclosure for This P/B Rise Based on the Failure of Transitional Companies “Plan” Work?

By Aki Matsumoto

  • The fact that many companies have low actual returns is the crux of the problem; investors will likely increase pressure on the companies as ROEs haven’t increased noticeably in 2023.
  • TSE may have indicated the points for disclosure, based in part on the experience of few companies that achieved the listing criteria by successfully disclosing their “plans” for transitional measures.
  • March 2023, TSE published “Request for Disclosure on the Status of Dialogue with Shareholders.” However, mismatches between companies and investors makes it difficult to require all prime market companies this.

Mitsubishi Shokuhin (7451): Q3 FY03/24 Update

By Shared Research

  • Mitsubishi Shokuhin (7451 JP) is Japan’s largest general food wholesaler by revenue.
  • In FY03/23, the company reported revenue of JPY1,996.8bn, operating profit of JPY23.4bn, recurring profit of JPY25.2bn, and net income attributable to owners of the parent of JPY17.1bn.
  • In May 2021, the company announced its “Medium-term Management Plan 2023,” covering the period between FY03/22 and FY03/24.

Informa – FY24 off to a good start

By Edison Investment Research

Informa’s FY23 results were strong, slightly ahead of guidance at January’s update. Underlying revenues grew 30.4% and adjusted operating margin expanded from 21.9% to 26.8%, with all four operating segments posting underlying revenue progress. The momentum has continued into FY24, and formal guidance has been edged ahead. The group generates significant amounts of cash, and leverage at end FY23 of 1.4x was below the guided range of 1.5–2.5x. With modest investment requirements and M&A opportunities of a large enough scale hard to come by, it seems likely that the share buyback programme will be extended further, underpinning the valuation.


💡 Before it’s here, it’s on Smartkarma

Sign Up for Free

The Smartkarma Preview Pass is your entry to the Independent Investment Research Network

  • ✓ Unlimited Research Summaries
  • ✓ Personalised Alerts
  • ✓ Custom Watchlists
  • ✓ Company Data and News
  • ✓ Events & Webinars



Daily Brief Consumer: IDP Education, Trial Holdings, Japfa Ltd, Uni President China, PDD Holdings, JD.com Inc (ADR), Water Oasis, Pan Pacific International Holdings and more

By | Consumer, Daily Briefs

In today’s briefing:

  • MV Australia Equal Weight Index Rebalance: Float & Capping Changes to Drive Flow
  • Weekly Deals Digest (10 Mar) – Trial, ARM, JSR, Nippon Express, Alumina, Azure, Genex, Vinda
  • Japfa (JAP SP): Evaluating a Potential Privatisation
  • Uni-President China (220 HK):  8% Dividend Yield Looks Sustainable
  • Pinduoduo (PDD US): Pricing in an Imminent Slowdown
  • China Consumption Weekly (11 Mar 2024): JD.com, JD Logisitics, BYD, Alibaba, NIO
  • Shortlist Of High Conviction Ideas: Income, Value, and Margin of Safety – March 2024
  • Pan Pacific International Holdings (7532): Revision to Full-Year FY06/24 Company Forecast


MV Australia Equal Weight Index Rebalance: Float & Capping Changes to Drive Flow

By Brian Freitas

  • There are no constituent changes for the MVIS Australia Equal Weight Index at the March rebalance. 
  • Float and capping changes will result in a one-way turnover of 4.4% and in a round-trip trade of A$195m.
  • We had Lendlease Group (LLC AU), IDP Education (IEL AU) and nib holdings (NHF AU) as close deletes and they will now have inflows due to capping.

Weekly Deals Digest (10 Mar) – Trial, ARM, JSR, Nippon Express, Alumina, Azure, Genex, Vinda

By Arun George


Japfa (JAP SP): Evaluating a Potential Privatisation

By Arun George

  • On March 8, Bloomberg reported that Japfa Ltd (JAP SP) owners were considering taking it private and started talks about a loan of around US$150 million. 
  • Japfa has faced ongoing profitability issues since 2022 due to cost-of-living pressures. Privatisation interest is unsurprising, as the shares have been down 72% over the last three years. 
  • An attractive premium would be required, irrespective of the offer structure. At a S$0.26 offer (20% premium to last close), Japfa would trade in line with peer multiples.  

Uni-President China (220 HK):  8% Dividend Yield Looks Sustainable

By Steve Zhou, CFA

  • Uni President China (220 HK), a F&B company in China, has an impressive track record of paying near 100% or over 100% of net profit in dividends since 2018. 
  • The company has two segments, food (mainly instant noodle), and beverage.  Overall sales grew 1% yoy in 2023 while net profit jumped 36% yoy. 
  • Given the reasonable valuation (13x forward PE), a near 40% net cash position, and most importantly a stable 8% dividend yield, the stock looks attractive.

Pinduoduo (PDD US): Pricing in an Imminent Slowdown

By Eric Chen

  • We see further upside to our previous above-consensus 4Q23 results estimates on low base, enhanced monetization, and faster TEMU expansion.
  • That said, we believe market focus already shifted to outlook for 2024, in particular an imminent slowdown in 1Q24 and renewed concern around US curb on TEMU.
  • 30% share price correction is pricing in the above scenario and valuation should gradually improve as PDD delivers back-loaded bottom line growth in 2024.

China Consumption Weekly (11 Mar 2024): JD.com, JD Logisitics, BYD, Alibaba, NIO

By Ming Lu

  • JD.com stock price surged after its 4Q23 results and repurchase decision.
  • It is not big issue that BYD sales decreased in the weak season.
  • Alibaba began to close unprofitable Freshippo stores in February, but the company said it has expansion plan.


Pan Pacific International Holdings (7532): Revision to Full-Year FY06/24 Company Forecast

By Shared Research

  • Pan Pacific International Holdings (7532 JP)  is one of Japan’s top retailers whose core business is the Don Quijote discount store chain.
  • The company recorded FY06/23 sales of JPY1,936.8bn, operating profit of JPY105.3bn, recurring profit of JPY111.0bn, and net income attributable to owners of the parent of JPY66.2bn.
  • Pan Pacific International Holdings Corporation has announced a revision to its full-year earnings forecast for FY06/24, which was announced on August 16, 2023.

💡 Before it’s here, it’s on Smartkarma

Sign Up for Free

The Smartkarma Preview Pass is your entry to the Independent Investment Research Network

  • ✓ Unlimited Research Summaries
  • ✓ Personalised Alerts
  • ✓ Custom Watchlists
  • ✓ Company Data and News
  • ✓ Events & Webinars



Daily Brief Consumer: ZOZO Inc, SHEIN, Nihon Chouzai, TSE Tokyo Price Index TOPIX and more

By | Consumer, Daily Briefs

In today’s briefing:

  • Index Rebalance & ETF Flow Recap: NKY, ASX, CSI300, A50, STTF, LowVol30, Value Up
  • Shifting Its Planned IPO from New York to London Won’t Address Key Risks Facing SHEIN
  • Nihon Chouzai (3341): Q3 FY03/24 Update
  • TSE Should Aim for a Quality Market Rather than a Market Where Listed Companies Can Easily Inhabit


Index Rebalance & ETF Flow Recap: NKY, ASX, CSI300, A50, STTF, LowVol30, Value Up

By Brian Freitas

  • There were a few rebalance announcements in the last week and the SSE STAR50 (STAR50 INDEX) and STAR100 Index rebalances were implemented at the close on Friday.
  • There are a lot of rebalances that will be implemented at the close on the coming Thursday and Friday.
  • Another big week of inflows for onshore China ETFs with Central Huijin likely behind the big flows to ETFs tracking the Shanghai Shenzhen CSI 300 Inde (SHSZ300 INDEX)

Shifting Its Planned IPO from New York to London Won’t Address Key Risks Facing SHEIN

By Daniel Hellberg

  • A listing in London would not remove de minimis reform risk in US market
  • A new report quantifies the potential cost of changes to US de minimis rules
  • Europe’s rigorous new ‘digital services’ laws are an emerging threat to SHEIN

Nihon Chouzai (3341): Q3 FY03/24 Update

By Shared Research

  • Nihon Chouzai (3341 JP) is an integrated healthcare company whose core business is the operation of dispensing pharmacies.
  • In FY03/23, Nihon Chouzai reported sales of JPY313.3bn, operating profit of JPY7.6bn, recurring profit of JPY7.7bn, and net income attributable to owners of the parent of JPY4.5bn.
  • Nihon Chouzai Co., Ltd. announced the retirement of treasury shares.

TSE Should Aim for a Quality Market Rather than a Market Where Listed Companies Can Easily Inhabit

By Aki Matsumoto

  • Even if TSE requires new listed companies to disclose the reasons for listing and the possibility of raising funds, it’s questionable whether this will motivate them to grow their businesses.
  • Companies that are not eligible for investment in terms of market capitalization and trading liquidity criteria will not be effective if they seek contact with institutional investors.
  • If unlisted stock markets are created, IPOs will increase in size. If listing criteria are raised to tens billion yen in market capitalization, institutional interest in growth market will increase.

💡 Before it’s here, it’s on Smartkarma

Sign Up for Free

The Smartkarma Preview Pass is your entry to the Independent Investment Research Network

  • ✓ Unlimited Research Summaries
  • ✓ Personalised Alerts
  • ✓ Custom Watchlists
  • ✓ Company Data and News
  • ✓ Events & Webinars



Daily Brief Consumer: Hanon Systems, Skechers Usa Inc Cl A, Tsuruha Holdings, Jm Smucker Co, Greggs PLC, Hormel Foods, Hyatt Hotels Corp Cl A, Monster Beverage, Viacom Inc Class B, Best Buy Co Inc and more

By | Consumer, Daily Briefs

In today’s briefing:

  • Local Observations on Carlyle’s Possible Buyout of Hanon Systems
  • Skechers U.S.A.: Does The Recovery In Wholesale Orderbook Warrant A Bullish Thesis? – Major Drivers
  • Tsuruha Holdings (3391): Tsuruha Joins Aeon and Welcia Holdings in Capital and Business Alliance
  • The J. M. Smucker Company: Initiation Of Coverage – Core Business Strategy & 5 Key Performance Drivers – Financial Forecasts
  • GRG: Half Way There
  • Hormel Foods Corporation: Will Their Reinvestment Of Cash Flows Into Branding & Innovation Catalyze Growth? – Key Drivers
  • Hyatt Hotels Corporation: What Is Their 2024 Outlook & Their Future Growth Prospects? – Key Drivers
  • Monster Beverage Corporation: Increasing Global Market Share & 5 Other Factors Catalyzing Growth In 2024 Or Beyond! – Major Drivers
  • Paramount Global: Are The Effective Distribution Deals Changing Its Game? – Major Drivers
  • Best Buy Co.: Online Sales Growth & 5 Factors Driving Its Performance! – Financial Forecasts


Local Observations on Carlyle’s Possible Buyout of Hanon Systems

By Sanghyun Park

  • Carlyle’s renewed interest in acquiring Hanon Systems is evident from recent local market news, indicating outreach to bankers for a potential buyout, as confirmed by a local brokerage.
  • Carlyle eyes majority control of Hanon Systems, targeting 50.5% from Hahn & Co and 19.5% from Hankook Tire. Carlyle may extend a tender offer for the remaining 30%.
  • Still early stages; no solid info on deal certainty or specifics. Limited immediate trading opportunities, but worth monitoring as it progresses.

Skechers U.S.A.: Does The Recovery In Wholesale Orderbook Warrant A Bullish Thesis? – Major Drivers

By Baptista Research

  • Skechers ended the 2023 fiscal year on a high note, reaching an annual sales record of $8 billion, a $556 million increase compared to the prior year.
  • This milestone was the result of four quarterly sales records, including $1.96 billion for the fourth quarter.
  • The company also achieved an annual gross margin record of 51.9%.

Tsuruha Holdings (3391): Tsuruha Joins Aeon and Welcia Holdings in Capital and Business Alliance

By Shared Research

  • Tsuruha Holdings (3391 JP) , established in 1929, operates a chain of drugstores.
  • In FY05/23, Tsuruha reported sales of JPY970.1bn, operating profit of JPY45.6bn, recurring profit of JPY45.7bn, and net income attributable to owners of the parent of JPY25.3bn.
  • In response to a challenging business environment within the drugstore industry, the three companies have recognized the necessity of fundamentally transforming their business models.

The J. M. Smucker Company: Initiation Of Coverage – Core Business Strategy & 5 Key Performance Drivers – Financial Forecasts

By Baptista Research

  • This is our first report on food and beverage major, J. M. Smucker.
  • In its 3rd quarter earnings for fiscal year 2024, J. M. Smucker Company (Smucker) effectively outlined promising growth indicators across its portfolio, validated the strategic maneuvering of its product mix, and reaffirmed confidence in its forecasting.
  • On the surface, company executives displayed a marginal optimism, with the company reporting 6% comparable sales growth.

GRG: Half Way There

By Notes To Self

  • On March 5th, Greggs followed up the January trading update to release the remainder of its FY23 results.
  • The Jan trading update showed that revenues of £1.81 billion grew +20% in the year, with a healthy +13.7% like-for-like sales1 comp.
  • We also learned that the business opened 145 net new shops, bringing the total to 2,473 (+6%), surpassed its 500th franchise store, and expanded delivery across partners UberEats and JustEat. 

Hormel Foods Corporation: Will Their Reinvestment Of Cash Flows Into Branding & Innovation Catalyze Growth? – Key Drivers

By Baptista Research

  • Hormel Foods Corporation has shown a strong start for the first quarter of 2024 with better-than expected performance across all its segments, showcasing the comprehensive execution of its strategic priorities and improvements in its supply chain.
  • The top-line saw a 1% growth, bolstered by a 4% increase in volumes with foodservice pacing ahead significantly.
  • 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.

Hyatt Hotels Corporation: What Is Their 2024 Outlook & Their Future Growth Prospects? – Key Drivers

By Baptista Research

  • Hyatt Hotels Corporation has announced its Q4 2023 earnings with modest growth and strategic accomplishments.
  • With revenues derived mainly from leisure travel and group room bookings, Hyatt ended the year with its highest-ever free cash flow, a record pipeline, and the industry’s fastest-growing loyalty program.
  • With group room revenue up 11% compared to 2022, Hyatt managed to book nearly $2 billion of future business in 2023, signaling robust demand for its hotel facilities.

Monster Beverage Corporation: Increasing Global Market Share & 5 Other Factors Catalyzing Growth In 2024 Or Beyond! – Major Drivers

By Baptista Research

  • Monster Beverage Company’s fourth quarter of 2023 was highlighted by record net sales of $1.73 billion, a 14.4% increase compared to $1.51 billion in the same period in 2022.
  • Gross profit for the quarter was 54.2% of net sales, up from 51.8% in the fourth quarter of 2022.
  • The increase in gross profit was primarily driven by pricing actions, lower freight-in costs, and decreased input costs.

Paramount Global: Are The Effective Distribution Deals Changing Its Game? – Major Drivers

By Baptista Research

  • Paramount Global’s Q4 2023 Earnings demonstrated the company’s strategy in a dynamic and challenging industry.
  • Despite facing two labor strikes, a challenging macroeconomic environment and constant evolution within the media industry, Paramount Global successfully capitalized on these obstacles to position itself for significant growth in company earnings and free cash flow for 2024.
  • 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.

Best Buy Co.: Online Sales Growth & 5 Factors Driving Its Performance! – Financial Forecasts

By Baptista Research

  • Best Buy’s fourth quarter fiscal 2024 results displayed mixed sentiments, featuring both challenges and triumphs.
  • CEO Corie Barry commended the company’s performance in dealing with a pressured Consumer Electronics (CE) sales environment, leading to a delivery of annual profitability at the high end of their original guidance.
  • However, revenues fell short of their guidance range.

💡 Before it’s here, it’s on Smartkarma

Sign Up for Free

The Smartkarma Preview Pass is your entry to the Independent Investment Research Network

  • ✓ Unlimited Research Summaries
  • ✓ Personalised Alerts
  • ✓ Custom Watchlists
  • ✓ Company Data and News
  • ✓ Events & Webinars



Daily Brief Consumer: Oriental Land, JD.com Inc (ADR), Ryohin Keikaku, Li Auto , Fu Shou Yuan, Paradise Co Ltd, Vinda International, Coupang , Domino’s Pizza, Celsius Holdings and more

By | Consumer, Daily Briefs

In today’s briefing:

  • Oriental Land Co Placement – Relatively Small One to Digest, Overhang Might Not Be as Large
  • JD.com (JD US):  Improved Shareholder Return Is Key
  • Ryohin Keikaku (7453): Q1 FY08/24 Update
  • Quiddity HSTECH Jun 24 Leaderboard: Capping Flows Li Auto, Meituan, and XPeng
  • Fu Shou Yuan (1448 HK): Proposing a Special Dividend
  • Paradise Announces A Switch in Listing from KOSDAQ to KOSPI
  • Vinda (3331 HK): Offer Now Open
  • Coupang Inc: Amplifying Luxury Retail Reach With The Farfetch Acquisition! – Major Drivers
  • Domino’s Pizza: Is Its Improving Supply Chain Profitability Enough To Warrant A Bullish Rating? – Major Drivers
  • Celsius CEO Explains How They Win in Energy Drinks


Oriental Land Co Placement – Relatively Small One to Digest, Overhang Might Not Be as Large

By Clarence Chu

  • Keisei Electric Railway Co (9009 JP) is looking to raise up to US$553m from selling a 1% stake in Oriental Land (4661 JP).
  • Palliser Capital, has been pushing Keisei Electric Railway to reduce its stake in OLC to unlock shareholder value owing to the wide discrepancy between carrying/market value of the former’s investment.
  • Selling just 1% of shares outstanding, the deal wouldn’t be a very large one to digest, representing 4.7 days of OLC’s three month ADV. 

JD.com (JD US):  Improved Shareholder Return Is Key

By Steve Zhou, CFA

  • JD.com Inc (ADR) (JD US) reported a set of better-than-expected 4Q23 results yesterday, as the ADR rose 16% last night in US trading session. 
  • The improvement in net profit margin showed that being more price competitive did not lead to lower margins. 
  • I believe the key takeaway, aside from the resilient 4Q23 results and solid 2024 outlook, is the much improved shareholder return measures.

Ryohin Keikaku (7453): Q1 FY08/24 Update

By Shared Research

  • Ryohin Keikaku (7453 JP) offers products covering all aspects of daily life.
  • For FY08/23, Ryohin Keikaku reported consolidated operating revenue of JPY581.4bn , operating profit of JPY33.1bn, recurring profit of JPY36.2bn, and net income attributable to owners of the parent of JPY22.1bn.
  • The company’s full-year FY08/24 forecast calls for operating revenue of JPY640.0bn, operating profit of JPY48.0bn, recurring profit of JPY46.0bn and net income attributable to shareholders of the parent of JPY33.3bn.

Quiddity HSTECH Jun 24 Leaderboard: Capping Flows Li Auto, Meituan, and XPeng

By Janaghan Jeyakumar, CFA

  • The HSTECH Index tracks the performance of the top 30 technology companies listed in Hong Kong that have high business exposure to certain technology themes.
  • In this insight, we take a look at the rankings of potential ADDs and potential DELs for the June 2024 index rebal event.
  • While there are no expected ADDs/DELs for HSTECH in June 2024, some index members like Li Auto (2015 HK), Meituan (3690 HK), and XPeng (9868 HK) could experience capping flows.

Fu Shou Yuan (1448 HK): Proposing a Special Dividend

By Osbert Tang, CFA

  • Fu Shou Yuan (1448 HK) is likely to declare a special dividend in its FY23 result announcement as indicated in its board meeting notification.
  • Net cash at end-1H23 amounted to 14.5% of its current share price, providing room for imagination of the amount of special dividends. 
  • Besides raising its yield, returning excess cash should raise its ROE. This will also demonstrate the management’s confidence on the outlook and its financial position.

Paradise Announces A Switch in Listing from KOSDAQ to KOSPI

By Douglas Kim

  • On 7 March, Paradise Co Ltd (034230 KS) announced that it plans to switch its listing from KOSDAQ to KOSPI. 
  • Paradise will be excluded from KOSDAQ150 when it makes the switch to KOSPI. However, it is not certain if and when the company will be included in KOSPI200.
  • All in all, we would argue that the valuations are not especially appealing for Paradise, despite the sharp pick-up in business in 2023.

Vinda (3331 HK): Offer Now Open

By David Blennerhassett

  • PRC regulatory approvals were satisfied on the 4th March for the Tanoto family’s HK$23.50 pre-conditional Offer for Vinda International (3331 HK)
  • The Circular has been dispatched, and the Offer is now open for acceptances.
  • With a 50% minimum acceptance condition and irrevocables of 72.624% (plus Tanoto’s 7.69% direct stake), this should turn unconditional on or before the 19th March

Coupang Inc: Amplifying Luxury Retail Reach With The Farfetch Acquisition! – Major Drivers

By Baptista Research

  • Coupang Inc., an e-commerce giant based in South Korea, has reportedly shown significant advancements and growth in their latest fourth quarter earnings.
  • They boasted a year of accelerating growth, record profits and notably expanded free cash flows in business, with the creation of the ‘wow’ moments for customers deemed as the foundation to their long-term growth, profitability and in turn, shareholder value.
  • Customer growth and revenues notably accelerated every quarter in 2023, with active customers growing 16% year-over-year.

Domino’s Pizza: Is Its Improving Supply Chain Profitability Enough To Warrant A Bullish Rating? – Major Drivers

By Baptista Research

  • Domino’s Pizza had a strong Q4 which the company attributes to its new “Hungriest for MORE” strategy, focusing on increased sales, store growth, and profits.
  • Throughout the earnings call, the company pointed at positive U.S. same-store sales and transaction growth in both delivery and carryout, signaling strong momentum in the business.
  • In 2023, Domino’s added over 60 new franchisees to its system, the most in 15 years, highlighting the company’s expansion strategy.

Celsius CEO Explains How They Win in Energy Drinks

By Odd Lots

  • Bloomberg Audio Studios podcasts Radio News with hosts Weisenthal and Tracy Alloway
  • Discussion on energy drinks like Celsius and their rise in popularity
  • Interview with John Fieldley, President and CEO of Celsius holdings, discussing the competitive energy drink market and distribution strategies

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


💡 Before it’s here, it’s on Smartkarma

Sign Up for Free

The Smartkarma Preview Pass is your entry to the Independent Investment Research Network

  • ✓ Unlimited Research Summaries
  • ✓ Personalised Alerts
  • ✓ Custom Watchlists
  • ✓ Company Data and News
  • ✓ Events & Webinars