Consumer

• KeePer Technical Laboratory (6036 JP) has switched its allegiance from the Soft99 Corp (4464 JP) MBO by agreeing to accept the higher Effissimo offer. 
• KeePer’s change of heart sets a huge precedent and signals that irrevocables are unenforceable and fiduciary duty outweighs a promise to tender.
• Nevertheless, the outcome is still not set in stone. Effissimo’s chances of success have increased, but the MBO still retains a long-shot chance of success.

• Nameson Holdings currently has a very high dividend yield of 12.8% which is one of the highest dividend yields among listed stocks in Asia. 
• It has attractive valuations. It has valuation multiples of 5.6x (P/E), 0.8x (P/B), and 4.2x (EV/EBITDA) based on FY25 earnings. 
• Uniqlo is the largest customer of Nameson Holdings. Uniqlo accounted for 60% of Nameson’s total sales in FY25 and from FY22 to FY25. 

• Context: This Insight follows up on previously highlighted relative value opportunities, using a statistical methodology based on mean-reversion to identify opportunities in paired securities.
• Highlights: Currently nine pair trade opportunities across four markets and four sectors persist.
• Why read: Statistical analysis offers a unique perspective on relative value. Gain insights into actionable statistical pair trade opportunities and monitor performance of previously highlighted pairs.

• Growth rates of outbound and domestic air travel slowed again in September
• Initial read on Golden Week demand: weak activity growth, weaker spending
• In our view, it’s increasingly difficult to retain an upbeat view of the sector

• Aerie’s Continued Strength: The Aerie brand, focusing on intimates, activewear, and loungewear with a body positivity message, remains the primary growth engine for the company, consistently posting positive comparable sales and revenue growth.
• Competitive and Macro Headwinds: The company operates in the highly competitive and fragmented apparel retail sector, facing significant pricing pressure and the need for constant innovation. Furthermore, its performance is sensitive to macroeconomic conditions that affect discretionary consumer spending.
• ‘Powering Profitable Growth’ Strategy: Management has outlined a long-term strategy focused on driving profitable growth through supply chain optimization, disciplined cost management, and targeted expansion of its core brands, aiming for a mid-to-high teens annual operating income expansion.

This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

• Manyo is a fast-growing K-beauty brand specializing in natural and organic skincare, with a strong position in the domestic South Korean market and expanding global reach, particularly in Japan and the US.
• The company has demonstrated a robust growth trajectory, driven by the global demand for clean beauty and the popularity of K-beauty trends. Its successful IPO in 2023 and recent acquisition by a private equity firm are expected to fuel further product innovation and international expansion.
• Key risks include intense competition within the global cosmetics industry, reliance on the continued popularity of K-beauty trends, and the need to maintain brand differentiation and pricing power in a crowded market.

This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

• Netflix’s recent earnings revealed several key insights about its performance, strategic directions, and challenges.
• The company demonstrated robust engagement and viewership metrics, setting records in its core markets like the U.S. and the U.K. Netflix reported a notable increase in ad sales, with expectations to more than double ad revenue for the year, marking it as the best quarter for ad sales so far.
• This growth reflects a positive response to the expansion efforts in advertising, including increased upfront commitments and the development of the Netflix Ads Suite.

• General Motors Company (GM) reported robust performance in the third quarter of 2025, marked by several noteworthy developments and shifts in strategy, even as it navigates a complex operating environment.
• Both positive and challenging aspects are highlighted in the results outlined during their latest earnings call.
• GM’s financial performance was strong, with a U.S. market share of 17%, the highest third-quarter market share since 2017.

• BoJ will want to retain discretion regarding ETF sales, so it’ll sell flexibly depending on stock market conditions. The sale of ETFs is just the beginning of a long journey.
• The shift to inflationary economy has made it easier than before to implement measures to improve capital profitability. Nevertheless, companies whose capital profitability hasn’t improved significantly should make further efforts.
• To raise average ROE of companies 2ppt, OP margin must increase 25% from current levels. Achieving 25% increase in a company’s overall OP margin requires significant restructuring of business portfolios.

• UST yields rose 5-6 bps across the curve yesterday, amid a rise in oil prices following US sanctions on Russian oil.
• The yield on the 2Y and 10Y UST advanced 5 bps each to 3.49% and 4.00%, respectively.
• Equities were also up, led by tech stocks.

Key points (machine generated)

• SFP Holdings reported increased revenue but decreased profit for the interim period ending February 2026.
• The company is focusing on improving its cost ratio through menu revisions, aiming for increased revenue and profit for the full year.
• SFP Holdings has rebounded to pre-pandemic levels by leveraging domestic consumption recovery and is expanding its presence in regional cities.

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

• Omnicom Group Inc. has recently presented its third-quarter 2025 financial results, alongside strategic updates, including the anticipated closing of the Interpublic acquisition.
• Their organic growth stood at 2.6% for the quarter and 3% for the first nine months, aligning with the company’s annual guidance.
• Omnicom’s non-GAAP adjusted EBITDA grew to $551.6 million, with a slight increase in the adjusted EBITDA margin of 10 basis points compared to the previous year.

• Genuine Parts Company (GPC) reported its third-quarter 2025 earnings with a balanced view on its performance and current market conditions.
• The company’s total sales grew by approximately 5% year-over-year, reaching $6.3 billion, indicating a steady growth trajectory.
• This growth was driven by improvements across both the U.S. Automotive and Motion (Industrial) segments, alongside strategic pricing and sourcing initiatives and acquisitions.

• We are reiterating our Buy rating and $22.50 price target and reducing our 4Q25 and 2026 projections for Betterware de Mexico after the company announced 3Q results which registered strong margin growth and weaker than expected revenue, as management focused on driving higher returns in a period of weaker Mexican consumer demand (and a strengthening Mexican peso).
• Further, management remains highly focused on improving overall economic health for the company, reducing net debt and maintaining the current dividend rate.
• That said, with the Mexican consumer remaining sluggish in spending on basics and household goods, management lowered 4Q25 top and EBITDA YoY growth to 1% to 5%.

• Royal Orchid Hotels is pursuing an aggressive, asset-light expansion strategy, focusing on management contracts to significantly increase its hotel and room count, particularly in underserved Tier 2 and Tier 3 cities.
• The Indian hospitality industry is experiencing a strong upcycle, driven by robust domestic tourism, rising disposable incomes, and a supply-demand gap that is expected to support high occupancy rates and pricing power.
• While the company demonstrates strong growth in revenue and market capitalization, its profitability has seen some pressure, and negative free cash flow raises concerns about long-term sustainable value creation.

This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

• When the Pacific Industrial (7250 JP) deal was announced in late July, I said it needed to be done 20-40% higher. I hadn’t expected someone to push so hard. 
• But Effissimo pushed. They bought 12.5% of shares out, and 13+% of votes at an average price of ¥2,365/share – 15% through terms.
• Three months later after multiple extensions, Bidco bid up. +42.4%, to 1.002x March 2025 BVPS. A raging win for activists and minority investors. I’m genuinely surprised by the quantum.

• Consumer electronics play IDT International (167 HK) is currently suspended pursuant to the Takeovers Code. But don’t expect your usual Offer to unfold. 
• On the 2nd October, IDT announced that Tiger Energy Technology, which holds 72.1% of share out, has been placed into receivership. Tiger Energy is 50% owned by Tiger Chen (ED).
• IDT was recently suspended for 581 days after failing to publish its annual results. Upon resumption of trading, predicated on a re-organisation, the major shareholder promptly exited. Without telling anyone. 

• The MBO price for Pacific Industrial (7250 JP) has increased by 42.4% from JPY2,050 to JPY2,919 per share. The revised offer represents a P/B of 1.01x.
• While Effissimo has publicly built a 13.25% ownership stake, behind the scenes, Murakami agitated for a bump by suggesting that he would help fund the increase in the consideration.
• The Ogawas rebuffed Murakami’s funding but secured his verbal agreement to tender. While Effissimo’s intentions remain unknown, it is likely to support the revised offer. 

• Nintendo is poised for a significant growth phase, driven by its new console and an expansive intellectual property ecosystem, promising sustained financial performance.
• Strategic capacity expansion and a robust balance sheet position Nintendo to capitalize on strong demand, mitigating risks and reinforcing its market leadership.
• Despite potential market volatility and competitive pressures, aggressive production targets and a strong financial foundation suggest a compelling investment opportunity.

• Lenskart Solutions is looking to raise about US$1bn in its upcoming India IPO.
• Lenskart Solutions Limited (LSL) is a technology-driven eyewear company with integrated operations spanning designing, manufacturing, branding and retailing of eyewear products.
• In this note, we talk about the not-so-positive aspects of the deal.

• Context:BYD (1211 HK) reports Q3 2025 results on 30 October after market close. 
• Options markets imply a ±4.7% move, notably larger than the historical ±3.0% average. The stock has shown asymmetric reactions, with fewer but stronger upside moves.
• Why Read: Understand how implied swings compare with history and how the earnings-linked volatility peak offers tactical opportunities around BYD’s 31 Oct weekly expiry.

• Prosus’s €4.1bn all-cash acquisition of Just Eat Takeaway.com is now unconditional, with 98.19% ownership secured. Shares will delist from Euronext Amsterdam on 17 November ahead of statutory squeeze-out.
• Early arbitrage entrants earned roughly 9.3% annualized return, late entrants about 3.6%. With settlement complete, the residual spread has closed, leaving no remaining event-driven opportunity.
• The transaction cements Prosus as Europe’s largest food delivery platform and the world’s fourth largest globally, following Meituan, DoorDash, and Uber, under CEO Fabricio Bloisi’s expansion strategy.

• Seiren is a global leader in high-performance textiles, with a dominant position in the automotive interior market, which constitutes the majority of its revenue. The company is poised to benefit from the growing demand for advanced, functional, and aesthetically pleasing materials in vehicles.
• The company’s proprietary ‘Viscotecs’ digital production system provides a significant competitive advantage, enabling mass customization, short delivery times, and inventory-free production. This technology is a key driver of efficiency and innovation, allowing expansion into non-textile applications.
• Financial performance has been robust, with a strong track record of revenue, net income, and dividend growth. High resilience and momentum scores, coupled with a solid balance sheet, position the company well for future investments and shareholder returns.

This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

• In today’s Morning Views publication we comment on developments of the following high yield issuers: Genting Berhad, Softbank Group
• UST yields fell c. 1 bp across the curve yesterday, on the back of a strong auction of 20Y notes and amid little macro developments.
• The yields on the 2Y and 10Y UST dropped 1 bp to 3.45% and 3.95%, respectively. Equities retreated, with the S&P 500 and Nasdaq declining 0.5% and 0.9%, respectively.

• Clear Channel Outdoor Holdings surged 27% on October 17, 2025, following a Bloomberg report that Mubadala Capital, the asset management arm of Abu Dhabi’s Mubadala Investment Company, is exploring a potential acquisition of the billboard advertising company.
• This development comes amid mounting pressure from activist investor Anson Funds Management, which has been pushing for a sale to unlock shareholder value.
• Clear Channel, with a market capitalization of just over $700 million and approximately $6.4 billion in outstanding debt, has been aggressively restructuring its operations to focus solely on the U.S. market.

• WeRide (WRD US) plans to raise around US$350m in its secondary listing in Hong Kong.
• The company won HK listing approval and filed its PHIP on 19th October 2025. It will look to launch its secondary offering soon.
• In this note, we’ll take a look at the deal and talk about the impact of the raising.

• Yakult Honsha (2267 JP)‘s stock price has continued to slide, and the stock is now trading 53% lower than its highs from 18 months ago. 
• The lower market cap should result in the stock being deleted from a global index in November. The stock has underperformed peers but still trades at higher valuations.
• There has been increased positioning over the last few weeks. Short interest is higher since end-August but there has been covering in the last couple of weeks.

• Context: Several of Hong Kong’s largest companies will report in the coming days, representing 27% of the Hang Seng Index (HSI).
• Highlight: This Insight identifies which stocks have option-implied swings deviating from historical averages.
• Why Read: Prepare for earnings season by understanding where single-stock and broader market volatility may be elevated.

• Recently, I had the chance to discuss Hamee Corporation (TSE: 3134) with Evan Bleker of Event Driven Insights.

• Hamee Corporation will soon spin-off its high margin software business.
• The company is 2 weeks away from breaking up into two separate companies which both look attractive.

• Lenskart Solutions is looking to raise about US$1bn in its upcoming India IPO.
• Lenskart Solutions Limited (LSL) is a technology-driven eyewear company with integrated operations spanning designing, manufacturing, branding and retailing of eyewear products.
• In this note, we talk about the positive aspects of the deal.

• Context: Toyota Motor (7203 JP) rallied 3.2% in Wednesday’s morning session. Quantitative models highlight potential for a short-term pull-back.
• Trade Idea: Three actionable option strategies with a bearish tilt are presented, taking advantage of current implied volatility levels and skew.
• Why Read: This Insight combines directional analysis with volatility signals, highlighting a tactical options strategy where high implied volatility and bearish probabilities align, offering investors defined risk/reward.

• Pop Mart is a dominant force in the rapidly growing global art toy market, driven by a powerful IP-led business model that fosters a loyal collector base and high-margin revenue streams.
• Aggressive global expansion is the primary growth vector, with overseas revenue surging and plans to significantly increase its international store footprint, aiming for overseas markets to represent 50% of total sales.
• Exceptional financial performance, characterized by triple-digit revenue and net income growth, robust margins, and strong operating cash flow, underpins a premium valuation relative to peers.

This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

• The share market has signaled approval of Jumbo Interactive’s UK acquisition as management diversifies away from lottery retailing.
• -Jumbo Interactive acquires Dream Car Giveaways?
• in the UK -FY26 guidance unchanged, forecasts raised -Lower future volatility anticipated around jackpots -Synergies via Oz Lotteries platform & UK B2C

• Honeys Holdings is leveraging its SPA model to drive growth using a data-driven rapid decision-making process to capture demand in the tough womenswear market.
• It has managed to grow sales for five straight years while also rebuilding supply chains, with some of the highest gross margins in the industry.
• While margins have been hit by higher import costs due to the weak Yen, and higher labour costs, Honeys is squeezing costs further to make up for this.

• BoJ’s policy of small-scale ETF sales appears to have made inflation curb more difficult due to the yen’s depreciation, although it did not trigger a sharp stock market decline.
• The ETFs held by BoJ reduce trading liquidity, thereby increasing stock price volatility and limiting the number of Japanese stocks available for investment by major institutional investors.
• Given that the Bank of Japan’s holdings of ETFs exceed 20% of the issued shares in some companies, the existence of “silent shareholders” is not healthy for corporate governance.

• The growth rate of total revenue accelerated to 245% YoY in 3Q25.
• Within China revenue, the growth rates of both online and offline accelerated in 3Q25.
• The company highlighted that revenues surged significantly in America and Europe.

• Toyota Motor (7203 JP) has been going nowhere since July 2025 and before that it dropped from its highest peak. Long-term bullish, but short term we expect a pullback.
• Our model shows that the current trend pattern for Toyota Motor (7203 JP) is not bullish, usually the stock pulls back after 2 weeks up, i.e. end of this week.
• We propose this analysis of the pullback as an opportunity to buy at higher prices, or otherwise to hedge your holdings, if you want to tactically optimize returns.

• Back on the 20th August, Lynch Group (LGL AU), an integrated wholesale floral play, entered into a Scheme with Hasfarm Holdings and Darwin Aus Bidco – both are TPG entities.
• TPG offered A$2.245/share, a 28.3% premium to last close, including a A$0.09/share fully franked dividend. 38.5% of shareholders were supportive. TPG held a call option for 19.9% of shares out.
• The Scheme Booklet is now out, with a Scheme Meeting on the 21st November, and expected implementation on the 9th December. The IE (KPMG) says “fair & reasonable”. Clean deal.

• The Lynch Group Holdings (LGL AU) IE considers TPG Inc (TPG US)’s A$2.155 offer fair and reasonable as it is within its A$1.93 to A$2.27 valuation range.
• The offer is conditional on shareholder approval. The vote remains low-risk as the majority of substantial shareholders are supportive.   
• The offer is attractive compared to historical trading ranges. At the last close and for a 9 December payment, the gross/annualised spread is 0.7%/5.1%.

• Aniplus is increasingly becoming a leading player in the anime contents production and distribution in Korea. The company’s anime contents have potential to expand globally. 
• Valuations are attractive. It is trading at P/E of 9x in 2025 and 7.9x in 2026 based on consensus earnings estimates. 
• If we use P/E of 15x on 2026E net profit of 26.9 billion won, this would suggest a market cap of 404 billion won (95% higher than current market cap). 

• JBS (JBS US) is now listed in both Brazil and the US following its dual listing on 13 June 2025.
• The majority of the company’s assets and revenues are in North and Central America, resulting in eligibility for US nationality.
• With a company market cap of $14.5bn, the security is expected to be added to a US index in June 2026 following eligible nationality and public voting rights.

• We met with the management of Dream International (1126 HK) in Hong Kong. The company is riding a hectic phase with its Vietnam operations running at full capacity.
• Management is evaluating capacity expansion in Indonesia and Vietnam for plastic and plush toy production serving China, targeting an aggregate capacity increase of approximately 20–30% to meet demand.
• The stock has pulled back and trades at 8.9x PE, 5.1 EV-EBITDA, with a 6.2% dividend yield and 21% of the market capitalization in cash, and 10 Yr-Avg ROCE ~20%. 

• Context: The Honda (7267 JP) vs. Subaru (7270 JP) price-ratio has deviated two standard deviations from its one-year average, presenting a potential relative value opportunity.
• Highlights: Going long Honda (7267 JP) and short Subaru (7270 JP) targets a 5% return.
• Why Read: Essential for quantitative traders seeking mean-reversion opportunities, with detailed execution framework, risk management protocols, and historical simulation showing the statistical basis for this relative value play.

• China Resources Beverage (2460 HK) (CRB) raised around US$750m in its Hong Kong IPO in October 2024. The lockup on its PE investor is set to expire soon.
• China Resources Beverage manufactures and sells packaged drinking water and RTD soft beverages in China and is one of the largest players in its categories.
• In this note, we will talk about the lockup dynamics and possible placement.

• Shakey’s Pizza Asia Ventures (PIZZA) is aggressively pursuing a multi-brand global expansion strategy, targeting 420-430 new stores in FY25, with a strong focus on its high-growth Potato Corner brand in international markets like the US and China.
• Despite a recent 34% YoY profit decline in Q2 FY25 due to margin pressures, the company anticipates a significant earnings recovery in the second half of the year, driven by new store openings and seasonal strength in Q4.
• The company has demonstrated a robust long-term growth track record with a 3-year revenue CAGR of 38.16% and a net income CAGR of 113.30%, though it faces intense competition and execution risks related to its rapid expansion.

This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

• Today, in something of a surprise but not a complete surprise, Silvercape came out with its own bid for Digital Holdings Inc (2389 JP) at +20% from the Hakuhodo bid.
• They make it clear that the original bid does not protect minority shareholders or give them sufficient value. This one would. Which means that is Hakuhodo’s bogey.
• It would not be impossible for Silvercape to get to its minimum hurdle, but despite being lower than Hakuhodo’s it’s not a gimme. 

• SilverCape has launched a hostile preconditional tender offer for Digital Holdings Inc (2389 JP) at JPY2,380, a 20.8% premium to the Hakuhodo Dy Holdings (2433 JP) JPY1,970 offer. 
• The Board stonewalled SilverCape’s attempts to negotiate a friendly offer. SilverCape’s offer is based on EV/EBITDA multiples and will commence in late November.
• The situation shares similarities with Soft99’s contested offer. The Board is likely to oppose the SilverCape offer. Hakuhodo’s likely move will be to extend the close and disclose current acceptances. 

• Levi Strauss & Co. presented a solid performance for its fiscal third quarter of 2025, characterized by notable revenue growth and strategic business transformations.
• The company reported a fourth consecutive quarter of high single-digit organic revenue growth, underscoring its continued momentum.
• A key driver of this success is Levi Strauss & Co.’s shift towards a direct-to-consumer (DTC) approach, as the DTC channel posted a strong 9% increase in sales, powered by higher units per transaction, average unit retail, and full-price sales.

• Domino’s Pizza, Inc. reported its financial results for the third quarter of 2025, marked by strategic growth and various initiatives under its “Hungry for MORE” strategy.
• The company experienced significant growth in its U.S. market across several key performance areas, including carryout, delivery, and order count, ultimately resulting in increased market share.
• The results were bolstered by several key promotions, particularly the “Best Deal Ever,” which was a cornerstone of Domino’s success during the quarter.

• BYD is still the largest sedan maker in China, but its deliveries began to decline.
• Geely is the second largest car maker, but its deliveries surged dramatically.
• We believe Geely is the most promising company when the sedan market gets concentrated.

• In the past, dividends paid out of net income were often mistakenly regarded as “equity costs.” Consequently, many companies have adopted the concept of payout ratio as their dividend policy.
• The increasing number of companies adopting dividend policy based on DOE may help curb the expansion of shareholders’ equity, but it hasn’t yet led to active use to raise ROE.
• Few managers still understand that entire FCF belongs to shareholders. Due to the unfortunate history of dividends mistakenly viewed as “equity costs,” few companies clearly articulate their cash allocation strategies.

• CSX Corporation’s third quarter results present a nuanced picture of the company’s current operations, underlying challenges, and future prospects.
• During the call, CSX’s leadership highlighted several operational successes, yet acknowledged ongoing market challenges.
• The company’s operational performance has notably improved, with train velocity reaching its highest level since early 2021, and dwell time and daily cars online showing significant reductions.

• Bama Tea (BAMA HK) launched its Hongkong IPO aiming to raise up to HK$368M. The company plans to sell 9M shares at HK$45-$50 per share.
• Bama Tea is a provider of tea leaf products in China, covering all six major types of tea leaves in China and non-tea-leaf products such as tea-ware and tea snacks.
• Amidst the highly fragmented tea consumption market Bama Tea relies on a volume play model with its branded offerings. We would recommend the investors to subscribe to the issue.

• €4 bn divestiture cuts Kering’s net debt to ~2× EBITDA, marking a decisive deleveraging under new CEO Luca de Meo.
• Balance-Sheet reset buys time for Gucci’s creative relaunch; early fashion-week feedback encouraging.
• We see moderate upside to €333–€350/share if execution sustains cost control and brand momentum.

• We met with JNBY Design Ltd (3306 HK), Lever Style (1346 HK), and Nameson Holdings (1982 HK) in HK. Positive developments in the businesses make them all names to explore.
• With a 50% tariff imposed on India by the US, Vietnam’s factories have now become the busiest in the region, which is a positive read-through for Nameson Holdings (1982 HK) 
• The retail environment, though, is mixed with JNBY Design Ltd (3306 HK), seeing good sales momentum, while Lever Style (1346 HK) remains flattish. 

• A sale – partial or otherwise – of Mandarin Oriental International (MAND SP)‘s One Causeway Bay (OCB) was always on the cards. But I didn’t see an Offer coming. 
• Concurrent with the sale of 13 floors of OCB to Alibaba (9988 HK), Jardine Matheson (JM SP) is seeking to take out MAND’s minorities at US$3.35/share by way of a Scheme.
• That’s a 52.3% premium to undisturbed, and a 53.7% premium to NAV. Unlike the 2021 Jardine Strategic (JS SP) Offer, Matheson is required to abstain from voting on this takeover. 

• Mr. DIY Holding (Thailand) (2472516D TB)  is recognized as the largest and fastest growing home improvement and general lifestyle retailer in Thailand.
• It is considered the largest home improvement and lifestyle retailer by market segment in the country.
• In this note, we examine the IPO dynamics, and look at the firm’s valuation.

• Seres Group (601127 CH), a Chinese NEV manufacturer, has filed its PHIP for an H Share listing to raise US$1.5 billion.
• The A Shares were listed on 15 June 2016. In May 2021 and June 2022, Seres conducted private placements to raise RMB2,567.9 million and RMB7,058.6 million, respectively.
• The investment case rests on solid NEV performance, improving margin profile and strong cash generation.

• Istyle Inc (3660 JP) is a cosmetics retailer under the name @Cosme, but it is also an exemplar of how to build a true omnichannel business.
• Its effective use of the deep data available from the 10 million users on its core @Cosme platform is its key asset.
• It now targets ¥83 billion in sales this year, using data to expand into supplements and Femtech.

• The gradual increase in the proportion of independent directors is partly due to the growing shift from companies with audit committees to companies with audit and supervisory committees.
• Companies with audit committees tend to have more outside directors by design, yet they can delegate operational matters to inside directors. Consequently, companies don’t strongly resist having more outside directors.
• As more companies expand businesses globally, the number of foreign directors hasn’t increased significantly. The reason for this lack of growth is the absence of specific targets set by regulators.

• Mandarin Oriental International (MAND SP) disclosed a privatisation offer from Jardine Matheson Holdings (JM SP) at US$3.35 (US$2.75 cash + US$0.60 special dividend), a 39.6% premium to the last close. 
• The special dividend represents the majority of the proceeds from the sale of the top thirteen floors of One Causeway Bay (OCB) to Alibaba and Ant Group for US$925 million. 
• The offer is final. The scheme is conditional on the completion of the OCB sale and Mandarin shareholder approval. This is a done deal due to an attractive offer. 

• Shiseido’s share price dropped 70% over the past six years, compared to a 110% gain by Topix, but the stock just crossed its 200-day MAV. Time for another look?  
• In our view, the stock lacks most of the required criteria for a successful turnaround, and reeks of all the important criteria for failure. 
• Shiseido’s stock already prices in a 50% earnings recovery. To be compelling, the forecast needs to be 4 standard deviations above the mean, or the price needs to decline 30%.  

• Jardine Matheson Holdings (JM SP) has proposed to take Mandarin Oriental International (MAND SP) private
• While the deal has a high chance of success, given the 88% ownership of MAND by JM, it undervalues Mandarin Oriental significantly.
• Jardine is effectively paying for the fair value of One Causeway building and is getting global hotel operations for a bargain price.

• The H&M Hennes & Mauritz AB Group’s earnings report for the third quarter of 2025 presents both promising advancements and ongoing challenges typical of the fashion retail industry in a dynamic global market.
• The company recorded a 2% sales growth in local currencies despite reducing its store count by 4% from the previous year.
• This growth was supported by improvements in their digital platform, indicating successful digital transformation efforts that are resonating well with customers worldwide.

• Estée Lauder Companies is reportedly exploring a divestiture of its cosmetics brand Too Faced, according to a recent Axios Pro report.
• Acquired in 2016 for $1.45 billion, Too Faced was once seen as a critical pillar of Estée’s efforts to appeal to younger, trend-conscious consumers through multibrand retailers like Sephora and Ulta.
• However, performance in the color cosmetics category has lagged, especially following pandemic-related disruptions and intensifying competition from newer indie entrants.

• The “turning point” occurs as share price of innovative drug sector is pulling back. Many companies would see valuations halved – potentially more than once.The decline is far from over.
• The current main goal of biotech is to turn losses into profits ASAP. If it fails to make a profit, it may not be recognized by the market.
• Due to the concerns on Ping An Healthcare and Technology (1833 HK)’s business model, peak revenue scale could be just RMB8 billion. In other words, Ping An Healthcare is overvalued.

• The Soft99 Corp (4464 JP) MBO offer price has been increased by 8.7% to JPY2,680, an 18.8% discount to the last close and a 34.6% discount to the Effissimo offer. 
• Ostensibly, the offer was revised based on requests from some shareholders to increase the offer price and for it to exceed the book value of JPY2,653 (implying P/B of 1.01x). 
• The latest update points to modest withdrawals of non-KeePer acceptances. Effissimo continues to face an uphill task, and the revised MBO offer increases the odds of success.

• Nestle is a massive global food and beverage company facing a meltdown and turmoil, with recent scandals and leadership changes
• The consumer goods sector, including companies like Nestle, is struggling due to consumer behavior changes post-Covid and cost of living crisis
• Multinational conglomerates in the industry are facing investor pressure to reevaluate their diversified business models and focus on their core profitable brands

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

• Stellantis has announced the most significant investment in its corporate history—a $13 billion commitment to its U.S. operations aimed at expanding domestic vehicle production by 50% and launching five new models over a four-year span.
• This bold initiative, unveiled by newly appointed CEO Antonio Filosa, marks a pivotal moment for the automaker as it seeks to counter steep U.S. and European sales declines and reverse its sliding market share.
• Stellantis sold 1.3 million vehicles in the U.S. in 2024, with nearly 600,000 of them imported.

• Whirlpool India renewed its Brand and Technology License Agreements with its US parent, granting exclusive brand and tech rights in India and neighboring countries until 2054.
• The revised agreements clarify long-term royalty, technical fee, and service markups, which together represent recurring outflows that materially impact earnings quality.
• While Whirlpool India secures continuity and exclusive IP access, its profit pool remains structurally capped by parent-level economics, making earnings trajectory highly sensitive to royalty and transfer pricing governance.

• We are initiating coverage of Acushnet Holdings Corp., a global leader in the design, development, manufacturing, and distribution of performance-driven golf products.
• Titleist golf equipment, which includes golf balls and golf clubs, and FootJoy golf wear have leading market shares, and combined, account for ~85% of annual sales.
• We forecast 2025 full-year sales to increase 2.2% to $2,511.7MM, consistent with management’s commentary on the 2Q25 earnings call for low-single-digit sales increases in 2H25, which is on top of the 2.3% sales growth reported in 1H25. 

• The acquisition focuses on LoveBiome’s P84 product, an activation formula that stimulates the body’s natural gut peptide production to regulate, repair, and restore digestive health, which is a more robust, comprehensive approach that uplevels the probiotic supplementation discussion.
• The gut microbiome market, estimated at $14 billion and projected to reach $32 billion over the next several years, represents a significant new growth category for LifeVantage, complementing its current focus on activation-based wellness.
• P84 aligns with LifeVantage’s MindBody GLP-1 System, expanding the company’s reach into the fast-growing gut-brain connection market.

• The merger between Tsuruha Holdings (3391 JP) and Welcia Holdings (3141 JP) will go through in about 6 weeks. In the interim, there are interesting events. 
• After, there is a Partial Tender Offer. I expect Aeon Co Ltd (8267 JP) will have to pay up. 
• Furthermore, the stock is not overly expensive vs Peers AND there are synergies to come from the merger, making it relatively cheaper. It’s not squeezy, but it’s skewed.

• Toyoda Gosei (7282 JP) has lowered its minimum tendering condition but kept its Ashimori Industry (3526 JP) tender offer unchanged at JPY4,140.
• The lowered minimum tendering condition, which would be met based on acceptances as of 24 September, would also enable the share consolidation vote to pass based on AGM voting trends. 
• Takateru Murakami has been left high and dry and will likely pursue appraisal rights. At the last close, the gross/annualised spread is 0.6%/10.8%.

• Lennar (LEN) announced an exchange offer on October 10, 2025 whereby investors can exchange their LEN shares for shares of Millrose Properties (MRP), Lennar’s land bank spin-off.
• To incentivize the exchange, LEN investors will receive $106.43 of value in MRP shares for every $100 of value in LEN shares.
• I expect the exchange offer to be oversubscribed, However, there is an odd lot provision such that any L:EN shareholders with 99 shares or less (odd lot provision) will not be prorated.

• TOP TOY International Group (TOYTOY HK)  is looking to raise at least US$300m in its upcoming Hong Kong IPO. The deal will be run by JPM, UBS and CITIC.
• TOP TOY International Group is China’s largest and fastest-growing pop toy collection brand.
• The company achieved a GMV of RMB2.4 billion in mainland China in 2024, securing its rank as the largest pop toy collection brand in the country by this metric.

• Polaris Inc. has announced the sale of its iconic Indian Motorcycle business to private-equity firm Carolwood LP, a move expected to reshape the powersports manufacturer’s strategic focus.
• The divestiture, expected to close in Q1 2026, will result in a $1.00 uplift to Polaris’s annualized adjusted earnings per share (EPS), according to company statements.
• Indian contributed roughly $478 million, or 7% of revenues over the trailing 12 months ending June 30, 2025.

• Keurig Dr Pepper (KDP) has jolted the global beverage industry with a bold two-step maneuver that may reshape its corporate DNA.
• In a surprise announcement, KDP revealed plans to acquire global coffee giant JDE Peet’s for an enterprise value of $23 billion, followed by a spin-off to create two stand-alone public companies—Global Coffee Co. and Beverage Co. The all-cash acquisition is priced at a 20% premium to JDE Peet’s market price and values the target at approximately 13x 2026 EV/EBITDA pre-synergies or 10.5x post-synergies.
• KDP aims to finalize the acquisition by the first half of 2026 and pursue a tax-free spin-off of the coffee business soon thereafter.

• Context: Volatility cones provide a straightforward framework to evaluate whether options are trading cheap or rich. This Insight provides volatility analysis for eight prominent Hong Kong stocks and the HSI Index.
• Highlights: Recent market turbulence moderately lifted implied volatility for many stocks, but not to extreme levels. The approaching earnings season impacts October and November implied volatility.
• Why Read: Spot opportunities, assess regime shifts, and manage risk effectively — volatility cones turn complex data into actionable insights for traders and investors.

• SPDR Gold Shares (GLD) is the largest and most liquid physically-backed gold exchange-traded fund (ETF) in the world, offering investors a convenient and cost-effective way to gain exposure to the price of gold bullion.
• The investment thesis for GLD is directly tied to the outlook for the price of gold, which is influenced by macroeconomic factors such as inflation, interest rates, geopolitical uncertainty, and central bank demand.
• While GLD provides direct exposure to gold, investors should be aware of its expense ratio, the tax treatment of collectibles for U.S. investors, and the inherent volatility of the underlying asset.

This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

• Ito-Yokado’s withdrawal from the Hokkaido market has proven a windfall for affiliated chain, Daiichi. 
• The Hokkaido supermarket has already opened new stores in sites vacated by Ito-Yokado – the only difficulty has been finding ways to fill the larger spaces.
• Now Arcs is waiting in the wings in case Daiichi becomes available for takeover – Arcs’ chairman owns 1% of Daiichi personally.

• Unicharm is a dominant player in the Asian personal care market, particularly in diapers and feminine hygiene, with a growing pet care segment. Its strong brand recognition and extensive distribution network provide a solid foundation for growth.
• The company’s growth strategy is centered on capitalizing on favorable demographic trends, such as aging populations in developed markets (driving adult incontinence product demand) and rising disposable incomes in emerging economies.
• Key challenges include intense competition from global and local players, volatility in raw material costs (pulp and polymers), and foreign exchange fluctuations, given that approximately two-thirds of its sales are generated overseas.

This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.