Consumer

• A weekly summary of key developments in ECM and Event-Driven names that I track in Hong Kong, Australia, New Zealand, Singapore, Japan, Indonesia, Malaysia, Thailand, Korea, India, and Chinese ADRs.
• ECM developments: SHEIN Global Holdings (SHEIN HK) and GCash (Mynt) (GCASH PM) IPOs.
• Event-Driven developments: Kakaku.com Inc (2371 JP), Austal Ltd (ASB AU), Betmakers Technology Group (BET AU), Cleanaway Waste Management (CWY AU), Cygnus Metals (CY5 AU), FleetPartners Group (FPR AU). 

• l Old Country Store spent much of the past year learning how difficult it can be to modernize a brand whose appeal is deeply tied to nostalgia.
• What began as an effort under former CEO Julie Masino to refresh an aging restaurant chain turned into a national controversy after changes to its longtime logo and restaurant appearance triggered intense customer criticism and political attention.
• Cracker Barrel reversed course, restored familiar elements, refocused on loyal customers and brought back some of the food and imagery associated with its traditional identity.

• Lionsgate Studios (LION) has suddenly found itself at the center of a much bigger Hollywood question: could one of the industry’s best-known collections of franchises ultimately be worth more inside a larger technology or streaming platform?
• Activist investor Anson Funds has reportedly renewed its push for Lionsgate to explore a sale or reposition itself for the AI era, arguing that recent transactions show major platforms are increasingly willing to own premium intellectual property rather than simply license it.
• Yet the takeover case is far from straightforward.

• LKQ Corporation reported second-quarter 2026 results reflecting a mixture of operational progress and ongoing challenges across its key regions and segments.
• Consolidated revenue was approximately $3.4 billion, slightly below the prior year period’s $3.5 billion, driven primarily by softness in Europe.
• Adjusted diluted earnings per share (EPS) declined to $0.67 from $0.84 year-over-year, largely reflecting operating disruptions related to an ERP implementation in Germany and persistent market softness in parts of Europe.

• Mohawk Industries delivered a second quarter of 2026 that surpassed expectations with net sales increasing 6.8% year-over-year to $3 billion, reflecting a 5% gain on a constant currency basis.
• Growth was fueled by volume expansion, pricing actions, and favorable product mix across the company’s three segments: Global Ceramic, Flooring North America, and Flooring Rest of the World.
• The company highlighted success in new product placements and expanded market share in both residential and commercial sectors despite continued softness in home resale and new construction markets.

• SHEIN, a global online fashion and lifestyle retailer, has passed the HKEX listing hearing. GS, MS and JPM are joint sponsors.
• In our previous notes, we looked at the company’s business and financials and compared it with listed peers.
• In this note, we forecast earnings and provide our thoughts on valuation.

Executive Summary

• Platform Scale and the Shift to Omnichannel Commerce: The Parentinc, the parent company of TheAsianParent, operates a Southeast Asian digital parenting platform reaching 35.0m monthly active users, currently executing a structural transition from an asset-light digital media publisher into an integrated omnichannel commerce operator via D2C brands and physical retail acquisitions that now include China.
• Audience-Led Monetisation Backed by Strategic Capital: The core investment case rests on the platform’s ability to leverage its established community network to drive efficient top-of-funnel customer acquisition, monetising this audience through digital advertising and e-commerce integrations backed by nearly US$50m (estimated) in total funding (debt and equity) from strategic investors including Vertex Ventures and JD.com.
• Margin Compression and Working Capital Risk from Physical Expansion: The principal risk involves the potential for consolidated EBIT margin compression and increased working capital requirements as the company absorbs the physical supply chain and inventory overheads associated with its D2C expansion, compounded by the necessity to navigate fragmented data privacy regulations across its operational footprint.

• TRIAL Holdings’ FY06/26 revenue was JPY1.35tn (+67.6% YoY), with operating profit at JPY30.4bn (+43.9% YoY).
• Retail AI business revenue was JPY918mn (-6.8% YoY), and operating profit was JPY657mn (+1094.5% YoY).
• Consolidated FY06/27 forecast projects revenue of JPY1.46tn (+8.2% YoY) and net income of JPY10.7bn (+203.8% YoY).

• Kenneth Dart’s mandatory public cash offer of SEK 695 per share, triggered by Candle Lake crossing the 30.02% threshold, is structurally designed to fail given it represents a 5.7% discount to the recent market close; it serves strictly to discharge legal obligations under Nasdaq Stockholm’s Takeover Rules while allowing Dart to consolidate influence.
• Evolution’s margin profile is undergoing a structural, rather than cyclical, transition as high-margin centralized European hubs (historically yielding up to 68% EBITDA margins) are bypassed for localized, higher-cost infrastructure in jurisdictions like Brazil and the US, which drag consolidated EBITDA margins down to the low-to-mid 60% range (65.9% in Q2 2026).
• The sudden termination of the $85 million Galaxy Gaming acquisition on July 21, 2026—accompanied by a $5.2 million break fee—reveals acute regulatory friction; the 18-month UK Gambling Commission review and its subsequent GBP 4.75 million settlement effectively choked US state-level regulatory approvals in Nevada and Louisiana, forcing Evolution’s capital allocation heavily toward its massive €2 billion share buyback program.

• MoneyMax (MM) announced a strong set of 1H26 results, with revenue growing by 34.1% yoy to $326mil (accounting for 44.7% FY26F1) while its net profit was $52.5mil (+77.3% yoy) accounted for 53% of FY26F estimates.

• Robust margin performance across all segments, which translated into improved net margin of 17% (1H26) vs our forecasts of 15.7% for FY26F.

• We are positively surprised by MM’s network expansion, having opened 26 stores YTD with another 10 in the pipeline by year end, implying branch expansion of nearly 1/3.

• Bifurcated Balance Sheets: The demerger completed in October 2025 has created two drastically different financial realities: the legacy Tata Motors Limited (holding pure-play CVs) is net-debt free with ₹13,713 crore in cash, while Tata Motors Passenger Vehicles Limited (TMPVL) is severely leveraged, with net debt spiking to ₹42,200 crore in Q1 FY27 due to operational cash burn at JLR.
• Regulatory Lobbying Victory: Tata Motors scored a major regulatory victory in February 2026 when the government scrapped the proposed 3 g CO2/km weight-based concessions for small cars under draft CAFE III rules. This eliminates a massive compliance loophole for Maruti Suzuki, while Tata’s current EV penetration of ~11% safely positions it above the upcoming 10% target.
• Sons-Level Governance Shock: The announcement on August 12, 2026, that N. Chandrasekaran will step down as Tata Sons Chairman in February 2027 creates a massive leadership overhang. This transition risks disrupting the aggressive ₹37.5-40K crore mid-term domestic PV capex target and JLR’s transition to luxury electrification under PB Balaji.

• Zhulian Corp is a multi-level marketing (MLM) company facing significant headwinds, evidenced by a consistent and prolonged decline across all key financial metrics, including revenue, net income, and cash flow.
• The company’s business model appears outdated and is struggling to compete against the rise of e-commerce and changing consumer preferences, leading to a deteriorating financial performance and a bleak outlook.
• While the stock may appear inexpensive on a price-to-book basis, the severe operational challenges, negative growth trajectory, and unreliable dividend make it an unattractive investment proposition.

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• Growth Resilient to Property Headwinds: Despite the Taiwan property market cooling—with residential transactions hitting a nine-year low of 261,308 units in 2025 due to credit tightening—Taiwan Sakura’s growth remains insulated. This is because about 70% of its revenue is driven by a highly predictable replacement cycle from its massive base of 7 million customers, rather than volatile new-build housing starts.
• Debunking the Sakura Care Spin-off: The investment community’s view that “Sakura Care” is a margin-dragging cost burden is incorrect. The “free permanent services” cost approximately 2% to 3% of revenue annually, but they serve as the company’s ultimate customer lock-in mechanism. This service network generates a 73% household penetration rate and enables hardware pricing premiums that more than offset the service costs.
• High-Margin Value Mix Shift: To protect gross margins against raw material volatility (copper and steel), Sakura is aggressively shifting its product mix toward premium smart/AI products. AI kitchen penetration reached 25% in Q1 2026, boosting average selling prices (ASPs) and delivering gross margins of 40% to 50%, compared to traditional hardware gross margins of 25% to 35%.

• Sales decreased by JPY341mn YoY, with a decline in funerals at directly operated halls by 4.9% YoY.
• Operating profit fell JPY887mn YoY, with SG&A expenses rising 9.3% YoY due to higher advertising and personnel costs.
• FY09/26 forecasts revised downwards, with sales expected to fall JPY1.8bn and operating profit JPY960mn below initial projections.

• In 1H FY12/26, sales reached JPY23.9bn, exceeding forecasts due to increased average spend per wedding.
• Segment sales totaled JPY23.2bn, with directly operated facilities generating JPY19.9bn, and segment profit margin at 7.1%.
• T&G raised full-year forecast for FY12/26, expecting sales of JPY49.0bn and net income of JPY800mn.

• Q1 FY27 proforma revenue grew 33.6% to INR 2,714 Cr, EBITDA (pre-IndAS 116) rose 95.0% to INR 361 Cr and PAT reached INR 228 Cr.
• India SSSG of 18.3%, a consolidated product margin above 70%, and International post-rent margin of 10.6% show scale converting into stronger unit economics.
• The earnings quality is improving, but a ~₹1.02 lakh Cr market capitalisation still demands sustained 30%+ growth, margin expansion and disciplined capital deployment.

• Under the current e-commerce “price comparison” mechanism, coupled with the peak of traffic dividends, there is still uncertainty as to whether domestic coffee machine brands can maintain long-term growth.
• Compared with fast-moving consumer goods, coffee machines, as durable goods, have a low frequency of repeat purchases by consumers. This may lead to declining performance growth of Gemilai.
• Given the expected about 40% profit CAGR over the next three years, the market may offer a valuation higher than traditional home appliance stocks such as Midea (e.g. 20-25x P/E).

• Dominant Philippine gin franchise with intact pricing power: ASP per case rose 5.0% YoY in Q2 FY26, holding half-year revenue flat against a 5% volume decline.
• Gross margin of 28.3% is a series high, and EBITDA margin 17.5%; debt-free balance sheet holds PHP 18.6bn net cash and investments, funding a 6% higher H1 dividend.
• Trades at 7.5x FY26E earnings, 4.8x EV/EBITDA and a 7.4% yield on estimates; FY26E EPS PHP 32.80, DPS PHP 18, ROCE 35%.

• Candle Lake’s SEK695 mandatory offer sits below market and has no minimum acceptance threshold, making tender levels less important than the ownership structure that follows.
• Evolution’s buybacks have already lifted Candle Lake’s voting interest to 31.56% and could push it materially higher without requiring further purchases by Richard Dart.
• At 8.7x NTM EBITDA and 11.4x earnings, we see Evolution as a fundamental long with ownership optionality rather than a conventional merger-arbitrage trade.

• Q1 FY27 consolidated revenue rose 18.2% YoY to INR 521.61 Cr, but operating margin slipped to 13.03% from 14.37%, even as net profit edged up 4.5% to INR 46.11 Cr
• The print lands just as JACPL ramps a new Vadodara polymer line and pushes a shareholder vote to split its Agri and Performance Polymers businesses into two listed companies.
• A segment-level view of where growth and margin pressure originated, the capacity math behind the expansion, and what the demerger timeline means for shareholders.

• Korea Industrial is a key player in the South Korean animal feed market, with secondary operations in corrugated packaging and other materials. The company’s financial performance has been marked by significant net income growth in recent years, though revenue has remained relatively flat.
• The company faces a highly competitive and fragmented market, with larger, more integrated players like Harim Co., Ltd. posing a significant challenge. Its future growth is closely tied to the stable, albeit slow-growing, South Korean livestock and meat consumption trends.
• Valuation appears attractive compared to peers on a Price-to-Book basis, but key risks include volatility in raw material costs, potential for livestock disease outbreaks, and ongoing competitive pressure limiting margin expansion.

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• NIRAKU GC HOLDINGS, INC. (hereinafter, the Company) reported its FY2026/3 IFRS results, with operating revenue of JPY 33,600 mn* (+18.7% YoY), operating profit of JPY 4,231 mn (+67.0% YoY), profit before income tax of JPY 3,361 mn (+103.5% YoY), and profit attributable to owners of the parent (hereinafter, net profit) of JPY 1,759 mn (+189.8% YoY), achieving double-digit revenue and profit growth.
• Steady performance in the core Pachinko and pachislot business, together with the new real estate investment business operated by its subsidiary NBI Holdings Co., Ltd., which has gained traction, contributed to overall earnings growth.
• SIR believes that, if earnings contributions from the new business become more visible alongside growth in the core business, this could be further reflected in the share price, supported by the Company’s high dividend yield.

• Investment Holding Company with Diversified Food Interests: Khong Guan is an investment holding company with a primary focus on the trading and distribution of wheat flour, biscuits, and other FMCG products, mainly in Singapore and Malaysia. It operates through subsidiaries and associates, including a significant distribution network in East Malaysia.
• Challenging Financial Performance Despite Stable Revenue: The company has demonstrated stable, albeit slow-growing, revenue. However, profitability has been a significant concern, with negative net income and declining margins over the past three years. A recent rebound in operating and free cash flow offers a potential sign of operational improvements.
• Deep Value Proposition with Significant Risks: The stock trades at a very low price-to-book ratio, suggesting a potential value opportunity. This is balanced by considerable risks, including a long-term decline in market capitalization, sustained losses, high competitive intensity in the FMCG sector, and volatility in commodity input costs.

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• Q1 FY03/27 progress rates: sales 24.0%, operating profit 26.2%, recurring profit 26.3%, net income 26.0%, evaluated operating profit 29.0%.
• Membership segment Q1 FY03/27: sales JPY18.9bn (+46.8% YoY), operating profit JPY6.9bn (+72.7% YoY), evaluated sales JPY26.6bn.
• HIMEDIC business Q1 FY03/27: sales JPY14.7bn (+8.2% YoY), operating profit JPY2.2bn (+21.7% YoY), member growth contributed.

• We are reiterating our Buy rating, $20 price target and projections for Lands’ End after reviewing the August catalog.
• August represents the “In Between” period between Summer and Fall for Lands’ End, allowing the company to offer a last hurrah to swimwear, and begin to flow in Fall goods, with an emphasis on shirting (“Beyond Buttondown”), new denim bottoms, the first hints of outerwear and dresses and a focus on lifestyle fabrics (such as chinos and knit bottoms).
• Further, the product looks have continued to expand to bolder, two page spreads and a deeper focus on lifestyle driven combinations.

• Yum China Holdings, Inc. reported solid financial results for the second quarter of 2026, continuing a consistent trajectory of growth across key operational metrics.
• The company achieved a 13% year-over-year increase in revenue, with operating profit rising 14%, and diluted earnings per share expanding 21%, partially aided by favorable foreign exchange effects.
• Excluding these currency benefits, system sales grew by 6%, an acceleration from the 4% growth seen in the previous quarter.

• The July 2024 merger with Cedar Fair has created a dominant North American regional theme park operator, with significant opportunities for revenue and cost synergies. The successful integration of the two companies is the single most critical factor for future value creation.
• Following a period of strategic realignment under former CEO Selim Bassoul, which focused on a ‘premiumization’ strategy of raising prices to improve guest experience, the merged company is now focused on leveraging its expanded scale, which includes 27 amusement parks and 15 water parks.
• The company faces considerable risks, including a significant debt load, vulnerability to economic downturns impacting discretionary spending, and the challenge of integrating two distinct corporate cultures and operational systems. Recent financial results show widening net losses despite stronger attendance, highlighting pressure from interest costs.

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• Unlimitail’s retail media growth is structurally insulated from third-party cookie deprecation because its core value proposition relies on Carrefour’s closed-loop, deterministic first-party transaction data. However, scaling the joint venture across a fragmented European landscape remains operationally difficult due to tech-stack integration friction with partner retailers.
• The margin recovery in Brazil post-Grupo BIG integration is finally materializing in 2026, driven by the stabilization of converted Atacadão stores and the realization of the targeted BRL 2.0 billion in synergies. However, the structural shift toward the lower-margin Cash & Carry format caps the consolidated margin upside.
• Carrefour’s transition of underperforming hypermarkets to the “location-gérance” (lease management) model is the primary driver of French margin preservation. By transferring high personnel costs and operational risks to independent third parties, Carrefour protects its cash flow at the expense of direct top-line control.

• Marriott Vacations Worldwide (VAC) is a major player in the vacation ownership industry, leveraging powerful brands licensed from Marriott International and Hyatt to attract a high-income customer base.
• The company’s business model is a hybrid, combining high-ticket sales of vacation ownership interests with more stable, recurring revenue from financing, resort management, and exchange programs, which account for approximately 40% of adjusted EBITDA.
• VAC is currently facing headwinds from macroeconomic uncertainty impacting discretionary spending, increased competition, and internal challenges related to sales execution and forecasting credibility, prompting a strategic focus on improving profitability, managing cash flow, and monetizing non-core assets.

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Key points (machine generated)

• NPR-RIKEN CORPORATION formed in October 2023 from RIKEN CORPORATION and Nippon Piston Ring Co., Ltd. reported higher-than-expected profits for FY3/26.
• The company restructured into six segments to improve management agility, focusing on automotive, industrial components, piping products, and thermal engineering.
• Despite projecting lower profits for FY3/27 due to external uncertainties, NPR-RIKEN expects continued growth and value enhancement through consolidation synergies.

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• Organto reported solid Q2 financials, with revenue coming in at $27.7M (+61% YoY) vs. our estimate of $28.9M and EBITDA of $0.4M vs. our estimate of $0.3M.
• Gross margin came in at 7.5% (in line with our estimates), improving QoQ but impacted by the ongoing conflict in the Middle East.
• Management will be hosting an investor webinar on August 13th at 12:00 PM EST.

Key points (machine generated)

• AHC Group reported Q2 sales of 3,466 million yen, a 6.4% increase year-on-year.
• Operating profit reached 39 million yen, up 75.9% year-on-year, exceeding the forecast of 11 million yen.
• Center Network Co., Ltd. achieved external ingredient sales of 284 million yen, up 26.6% year-on-year, with an operating profit of 27 million yen, up 29.5% year-on-year.

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

• Rivian Automotive reported second-quarter 2026 results marked by the start of external deliveries for its R2 vehicle, along with continued growth in production and revenue across its segments.
• The company produced 12,613 vehicles and delivered 12,194 units during the quarter, exceeding prior expectations driven by growth from the R1, electric delivery vans (EDVs), and the initial ramp of R2.
• Consolidated revenue increased 27% year-over-year to $1.66 billion, supported by a 23% increase in automotive revenue and a 37% rise in software and services revenue, which reached $515 million.

• Stellantis reported its second-quarter 2026 financial results reflecting continued year-over-year improvements across key metrics, aligned with its broader FaSTLAne 2030 strategic plan.
• Consolidated shipments increased 10% to 1.6 million units, driven primarily by growth in North America and Europe, with net revenues rising 13% to EUR 43.5 billion.
• Adjusted operating income (AOI) improved by EUR 560 million to EUR 773 million, with the AOI margin expanding by 120 basis points to 1.8%.

• The fact that many companies have yet to review their business portfolios is the reason why the effective utilization of capital and assets is progressing so slowly.
• Even when complying with “interpretation guidelines,” it’s easy to imagine that companies will fall into two categories: those that set high standards and those that merely meet the minimum requirements.
• In Japan, where secured loans have traditionally been dominant, the historical emphasis on assets that could be used as collateral may have influenced management’s preference for maintaining high cash reserves.

• Two+ years ago, the TSE announced a second phase methodology change for its main equity index TOPIX. TOPIX would change from being inclusive to being exclusive, resembling global indices. 
• The data cutoff for TOPIX methodology change rankings is 14bd away. That cutoff determines who gets in, who stays in, and who gets the boot. The annual FFW review coincides.
• The BEST trades are the unrelated FFW trades, the INs, the LFRs, and of course, the NOT OUTs. Borderlines are interesting. Two stocks +2%? -4%?, +42/24x ADV. Or not. 

• We screen the Japan equity universe ahead of the MS-Japan August 2026 quarterly review.
• We expect one ADD and two DELETE candidates with mid to high conviction.
• The main risk is that our estimated cutoffs or FF values.

• Alibaba’s strategic consolidation in late 2025 officially dismantled the complex “1+6+N” structure, integrating domestic e-commerce (Taobao/Tmall), Ele.me, and Fliggy into a unified China E-commerce Group to eliminate internal friction and counter PDD and Douyin more effectively.
• The domestic e-commerce monetization engine has established a structural floor, driven by the rollout of the 0.6% software service fee on Taobao and the rapid penetration of the AI-powered Quanzhantui marketing tool, offsetting the drag of lower-monetization Taobao merchant traffic.
• Cloud Intelligence margins are undergoing a structural inflection as triple-digit growth in high-end AI compute and proprietary model (Qwen) hosting offsets aggressive price cuts on commodity public cloud offerings. AI-related products now account for 30% of external cloud revenue, with AI ARR exceeding RMB 35.8 billion.
• International Commerce (AIDC) is nearing structural breakeven, with Q4 FY2026 adjusted EBITA losses narrowing to RMB 138 million. This was driven by sequential unit economics improvements in AliExpress “Choice” and deep integration with Cainiao following its IPO withdrawal.

• Delfi Limited is a Singapore-listed, family-controlled chocolate confectionery manufacturer and consumer-goods distributor whose roots in Indonesia date to ~1950.
• It manufactures proprietary brands at its centralised Bandung hub and distributes them, alongside a third-party Agency Brands portfolio (established 1987), across Indonesia, Malaysia, the Philippines and Singapore.
• Delfi has held >30% market share of the Indonesia chocolate-confectionery market for over a decade. 

• Mrs. Bectors Food Specialities, owner of Cremica and English Oven, reported Q1 FY27 revenue of INR 548.7 crore, EBITDA of INR 72.1 crore and PAT of INR 38.8 crore.
• Growth was broad-based: biscuits rose 16%, bakery 18%, gross margin expanded to 47.2%, and management maintained mid-teens growth with a 14% Q4 EBITDA margin target.
• New capacity, premiumisation and export recovery support the growth outlook, but Q2 inflation and ~INR 200 crore FY27 capex make margin resilience and cash conversion the key tests.

• Autel’s core business focuses on two main areas: vehicle diagnosis solution solutions and smart charging solutions. Gross margin improved simultaneously with revenue growth, demonstrating the scale effect of platform-based business.
• If the AI business proportion continues to increase, the valuation multiple is expected to rise. Embodied intelligence commercialization progress also has big potential. However, geopolitical risk may bring valuation discount.
• Autel has a weaker ability to withstand risks compared to competitors with diversified strategies. A comfortable valuation range could be P/E of 15-24x, based on 2026 net profit forecast.

• Corporate Monitor Limited (“CML”) is initiating research on Jumbo Group (“Jumbo” or “the Company”).

• Jumbo is Singapore’s well-known chilli crab specialist, and it has been bringing Singaporean cuisine to other countries.

• Since its listing in November 2015, the Group has steadily grown its revenue, but net profit has been volatile.

• In this edition: • TKH Group | strong performance by to be divested businesses – reiterates FY26 outlook • PostNL | Monday concentration remains a structural drag • Austrian Post | expands e-commerce footprint to Slovakia via FHB Group acquisition • E-commerce & Logistics | Shein IPO: sub-USD 30bn pitch reflects structural headwinds

• Sephora recently announced that 19 OLIVE YOUNG curated Korean cosmetic brands will become available at 500+ Sephora stores in the U.S. and at Sephora.com.
• Unlike the semiconductor sector where the industry cyclicality is highly volatile, the global consumers’ preference for Korean cosmetics could well last much longer for the next 3-5 years. 
• Korean cosmetics exports reached a record high of $7.0 billion in 1H 2026, up 27.3% YoY. The primary export destinations were the US at $1.45 billion (up 41.5% YoY).

• The recent record-breaking earnings growth of ValueMax is heavily reliant on a structural gold price tailwind rather than pure operational efficiency. While management has improved back-end systems, approximately 50% to 60% of the recent margin expansion and loan-book growth was driven directly by the rally in spot gold, which peaked at $5,501.70 in January 2026 before consolidating to the current $4,350 to $4,380 range.
• ValueMax maintains a highly conservative, non-speculative hedging strategy, relying primarily on rapid inventory turnover (target of 3 to 4 months) and the natural cushion of its 70% to 80% loan-to-value (LTV) pawn underwriting buffer. They selectively use forward contracts for their gold trading business but do not apply formal hedge accounting, leaving their retail inventory exposed to sharp, short-term gold corrections.
• Regulatory and operational scaling in Malaysia via their associate, Well Chip Group, faces significantly higher hurdles than in Singapore. Under Malaysia’s KPKT regulations, every individual pawnshop requires a separate license and a steep minimum paid-up capital of RM4.0 million, alongside high security set-up costs of approximately RM1.0 million per outlet, which explains why Well Chip is pursuing a dilutive 1-for-5 rights issue to raise up to RM120.0 million in 4Q2026.

• We screen China stocks ahead of a global index’s August 2026 quarterly review, with 16 ADD and 22 DELETE candidates.
• Nine of 16 ADD candidates are Information Technology names, and six cleared the May cutoffs without being added.
• The DELETE list splits into 12 names below the retention lines across the full cutoff range and 10 borderline names.

• The SET50 index tracks the performance of the top 50 largest and most liquid names listed on the Stock Exchange of Thailand (SET).
• In this insight, we present our latest capping flow expectations for the September 2026 index rebal event and our expected ADDs/DELs list for the December 2026 index review.
• The number of expected changes for the December 2026 review has fallen from three to one.

• Swire Pacific (19 HK)‘s 1H26 reported profit was HK$6.8bn versus HK$815mn in 1H25.
• 83%-Held Swire Properties (1972 HK) reported profit of HK$3.6bn vs. a loss of HK$1.2bn in 1H25. 45.12%-held Cathay Pacific (293 HK) reported a 71% increase in underlying profit of HK$6.2bn.
• Note: short interest in Cathay, one the best performing global airlines over the past year (in terms of share price), has picked up since the end of May. 

• Betmakers Technology Group (BET AU) entered a scheme implementation deed with Tabcorp Ltd (TAH AU) at A$0.24, a 45.5% premium to the undisturbed price.
• The transaction requires ACCC approval, along with gaming and racing approvals in several jurisdictions. ACCC approval may require undertakings.
• The offer represents a 3-year high and is attractive compared to peer multiples. The scheme vote is likely to pass, particularly as the largest shareholder is supportive. 

• Milky Mist Dairy Food (1231D IN) is looking to raise up to US$163m in its upcoming India IPO.
• Milky Mist Dairy Food Ltd (MMDFL) is a value-added dairy and packaged food manufacturer focused on premium products such as paneer, cheese, curd, yogurt, UHT milk, and frozen RTE/RTC foods.
• We have looked at the past performance in our previous note. In this note, we talk about the RHP updates and valuations.

• The NIFTY Index (NIFTY INDEX) on August 10th announced the removal of Wipro Ltd (WPRO IN) and added Bombay Stock Exchange (BSE IN). 
• The flow and impact is estimated to be big according to Brian Freitas. We applied our model research to the NIFTY to analyze the current trend and potential upcoming reversals.
• The NIFTY Index is mildly overbought at the moment, this week may give way to a reversal.

• Back on the 13th July 2026, oOh!Media Ltd (OML AU), Australia’s No.1 player in outdoor advertising, announced three suitors had reconfirmed their NBIOs, and confirmatory due diligence was afforded.
• This morning (10th August), OML announced it had entered into an Offer, by way of a Scheme, with I-Squared, at A$1.70/share, in cash, less any dividends.
• That’s a 100% premium to undisturbed. Optically/valuation-wise, it looks fair. Reportedly, neither Pacific Equity Partners nor Oaktree lodged final bids last Friday. That may be telling. 

• Wardwizard is an early entrant in the high-growth Indian electric two-wheeler market, but faces intense competition from both legacy automakers and well-funded startups, leading to market share consolidation among top players.
• The company’s financial performance has deteriorated significantly, with a sharp decline in revenue, profitability, and a shift to negative operating and free cash flows in the most recent fiscal year, raising concerns about its operational efficiency and cash burn rate.
• Despite a challenging domestic environment, the company is pursuing an aggressive international expansion strategy, highlighted by a major USD 1.29 billion order from a Philippine corporation, which presents a significant growth opportunity but also carries substantial execution risk.

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• The full-year 2026 results for Coursera, Inc. reflect the first quarter of combined operations following its acquisition of Udemy, completed in May 2026.
• Total revenue for Q2 reached $299 million, marking a 60% year-over-year increase primarily due to the consolidation of Udemy’s results.
• On a normalized basis, which adjusts for the timing of the acquisition, revenue declined 1% year-over-year.

• Hong Kong equities paused after a strong run, with market breadth weakening despite a continued upside skew in individual stock returns.
• Single stock option activity fell sharply, with weaker Call trading accounting for much of the decline.
• HSI implied volatility remains subdued relative to its recent history, while single stock implied vols remain comparatively elevated.

• Dominant Market Position: UFO Moviez is a leading digital cinema distribution network and in-cinema advertising platform in India, with a significant screen network that provides a critical link between content creators and exhibitors.
• Dual Revenue Streams: The company’s business model is centered around two primary revenue sources: fees from producers/distributors for content delivery (VPF/CDC) and revenue from in-cinema advertising, which offers a captive audience to brands.
• Industry Headwinds and Structural Shifts: While the company is recovering post-pandemic, it faces significant long-term threats from the rise of Over-The-Top (OTT) streaming platforms, changing consumer viewing habits, and overall pressure on cinema footfalls.

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• The AFR reports that I Squared emerged with a winning binding proposal for oOh!Media Ltd (OML AU) at A$1.70, a 100.0% premium to the undisturbed price of A$0.85 (28 April).
• The offer is light compared to peer and precedent transactions and is below the 52-week high of A$1.73.
• However, shareholders should be supportive, as the offer was the highest in a competitive auction, and it is uncertain whether the Board’s strategic execution could outperform a 100% takeover premium.

• Alibaba (9988 HK, BABA US) will report its June Quarter 2026 results on 20 August and hold its conference call at 7:30 p.m. Hong Kong time.
• Implied volatility comparisons show U.S.-listed options are already repricing for the event, while HK-listed prices have yet to reflect the expected event-related volatility.
• The new HK weekly contract expiring on 21 August, together with later weekly and monthly expiries, should drive active Hong Kong trading, with potential spillover into the next U.S. session.

• We believe the revenue growth will rise significantly to 9% in 1Q27.
• In 1Q27, the disposal cases, Sun Art and Intime, would no longer impact “all others” revenue.
• We expect Alibaba has an upside of 59% for Dec. 2027 according to other e-commerce companies’ Price/Sales and EV/Sales.

• Dominant Market Position and Strong OEM Relationships: Lumax Industries is a leading player in the Indian automotive lighting sector with an estimated 50% market share. The company has long-standing relationships with major Original Equipment Manufacturers (OEMs) including Maruti Suzuki, Hero MotoCorp, Honda Motorcycle & Scooter India, and Tata Motors, providing a stable revenue base.
• Favorable Industry Tailwinds Driven by LED Adoption and Premiumization: The Indian automotive lighting market is experiencing a significant shift towards LED technology, driven by superior energy efficiency, aesthetics, and safety features. This trend, coupled with the overall premiumization of vehicles, is expected to increase the content per vehicle for Lumax, supporting strong top-line growth. The Indian automotive lighting market is projected to grow at a CAGR of 5-6% over the next several years.
• Strategic Vision and Expansion Plans: Management has laid out an ambitious growth plan, ‘Northstar: 20.20.20.20’, targeting a 20% CAGR in revenue to reach ₹110 billion by FY31. This growth is expected to be driven by a focus on future and clean mobility, with this segment’s revenue contribution targeted to increase from 6% in FY25 to 20% by FY31. The company is also expanding into high-value vehicle electronics and Body Control Modules (BCM).

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• This morning (10th August), gambling tech play BetMakers (BET AU)announced it had entered into an offer, by way of a Scheme, with Tabcorp (TAH AU), at A$0.24/share, in cash.
• That’s a 45.5% premium to undisturbed. BetMakers’ shareholders can also elect scrip (25%/50%/75%/100%) with the balance in cash. Scrip is capped. The default option is cash.
• BetMakers’ board, holding ~10% of shares out, unanimously support terms. Completion targeted 3Q27 (Jan-Mar’ 27). ACCC approval required. That’s the wild card.

• Milky Mist Dairy launched India IPO to raise nearly INR 15.53B. The company is a packaged food company exclusively focused on value-added products within the dairy market.
• Company intends to use the proceeds for repayment/ prepayment of certain outstanding borrowings, for expansion and modernisation of Perundurai manufacturing facility and for working capital purpose.
• Milky Mist’s assertive aggressive growth initiatives alongside the market prospects make the valuation multiple it is seeking, seem reasonable.

• AABL is strategically shifting its business mix towards higher-margin, proprietary branded spirits, capitalizing on the premiumization trend in the Indian market. This transition is evidenced by a 58% YoY surge in proprietary IMFL revenue.
• The company’s profitability is currently hampered by significant margin compression in its commodity segments, particularly ethanol and merchant ENA, due to an industry-wide oversupply expected to persist into FY27.
• Future growth is contingent on successful geographic expansion beyond its core markets, the launch of new premium products like single malt whisky and tequila, and the normalization of the ethanol market.

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• Aequitas Research’s weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
• On the IPO front, SBI Funds Management didn’t deliver a blockbuster listing but managed to get the India ECM pipeline moving along.
• Goverment of India too jumped on the ECM revivial in India to offload a large chunk of Life Insurance of India (LICI IN). 

• The 3.61x debt-to-equity leverage remains a structural drag on Milky Mist, and even after utilizing ₹496.86 crore from the upcoming ₹1,553.00 crore IPO proceeds for debt repayment, the residual debt of over ₹1,100.00 crore will keep the balance sheet constrained. The optical 32.12% ROE is a leveraged illusion; the underlying capital efficiency is low, as reflected in a modest 11.73% ROCE.
• Geographic expansion beyond South India—which accounts for 69.23% of FY2026 revenues—is bottlenecked by prohibitive cold-chain economics. Unlike Amul’s distributor-funded cold chain, Milky Mist’s model requires owning the cold chain via direct-to-retail distribution and capital-intensive assets, as shown by the ₹155.31 crore IPO allocation purely for retail refrigeration units.
• The dramatic PAT surge to ₹127.01 crore in FY2026 (a 4.05% net margin up from 1.07% in FY2024) represents a cyclical peak and pre-IPO accounting adjustments rather than a structural margin shift. Intense procurement competition in Tamil Nadu from Aavin and Hatsun, combined with rising cattle feed inflation, will likely compress EBITDA margins back toward the 11% to 12% baseline.

• Market Leader with Strong OEM Relationships: Jamna Auto Industries is the largest manufacturer of tapered and parabolic leaf springs in India, holding a dominant market share of 62-65% in the OEM segment for commercial vehicles. The company serves as a critical supplier to nearly all major commercial vehicle manufacturers in India, including Tata Motors and Ashok Leyland.
• Strategic Focus on Diversification: Management is actively de-risking its business model through the ‘Lakshya 50XT’ strategy, which aims to increase the revenue share from new products and new markets (aftermarket and exports). This initiative is intended to mitigate the inherent cyclicality of the commercial vehicle industry and improve margin stability.
• Improving Financial Profile and Shareholder Returns: The company has demonstrated a robust financial track record, with a healthy balance sheet and consistent profitability. It maintains a strong dividend payout history and is focused on improving its Return on Capital Employed (ROCE), signaling a commitment to enhancing shareholder value.

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• Dominant market leader in the Indian commercial vehicle (CV) braking and control systems industry, well-positioned to benefit from regulatory tailwinds mandating advanced safety and emission technologies.
• Strong technological and financial backing from its parent, ZF Friedrichshafen AG, enabling it to introduce a global portfolio of advanced products like ADAS, telematics, and EV solutions to the Indian market.
• Consistent financial performance with a strong growth track record in earnings and dividends, though susceptible to the inherent cyclicality of the commercial vehicle industry.

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• My base case valuation of Shein is market cap of US$26 billion, lower than the target IPO valuation range of US$30 billion to US$40 billion that the company is seeking.
• Given the lack of upside, I have a Negative View of the Shein IPO.
• I estimate Shein to generate net revenue of US$42.8 billion (up 2.3% YoY) in 2026, US$44.4 billion (up 3.7% YoY), and US$47.5 billion (up 6.9% YoY) in 2028.

• Garware Technical Fibres is a dominant player in the specialized technical textiles sector, with a leading market position in high-growth niches like aquaculture and a strong, expanding presence in geosynthetics, driven by a focus on innovation and value-added products.
• The company exhibits a robust financial profile, characterized by consistent profitability, a debt-free balance sheet, and strong cash flow generation, which supports strategic international acquisitions and shareholder returns.
• Future growth is expected to be propelled by international expansion, particularly in the aquaculture segment, and increasing demand for geosynthetic products fueled by government infrastructure spending in India, though risks from raw material volatility and currency fluctuations persist.

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• Dominant Market Position with Diversification Strategy: Sundram Fasteners holds a leading position in the Indian fastener market and is strategically de-risking its business by diversifying into non-automotive sectors like wind energy and aerospace, and increasing its focus on high-growth electric vehicle (EV) components.
• Strong Financial Profile and Growth Outlook: The company demonstrates a robust financial track record with consistent revenue growth, healthy profitability, and low leverage. A significant order book in the EV segment (~₹4,000 crore) and planned capital expenditure of ₹400 crore are set to drive future growth.
• Key Risks in Cyclicality and Input Costs: The company’s performance is closely tied to the cyclical nature of the automotive industry. Volatility in raw material prices, particularly steel, remains a primary challenge that can impact profitability despite mitigation strategies.

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• Strategically, range trade Seven & I Holdings (3382 JP). Sell large pops, buy large declines. Big picture this big buyback  doesn’t change very much at all on a net basis.
• Legend Holdings (3396 HK)(finally) sees a decent move. The positive profit alert issued no doubt nudge things along nicely. 
• Post sale to Heidelberg, how much, if any, will the market re-rate MAAS Group Holdings (MGH AU) as an infrastructure/ “AI-enabler” rather than a contractor currently?

• Las Vegas Sands (LVS) is a premier developer and operator of integrated resorts, with a strategic focus on the high-growth Asian markets of Macau and Singapore.
• The company is experiencing a robust recovery and growth phase, driven by the rebound in travel and gaming in its core markets, and supported by significant capital investment projects to enhance its market-leading properties.
• Key risks to the outlook are centered on the regulatory environment in Macau and mainland China, geopolitical tensions, and the inherent cyclicality of the gaming and leisure industries.

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• Fiem Industries is a leading Tier-1 supplier of automotive lighting and mirrors, primarily for the Indian two-wheeler (2W) market, with entrenched relationships with major OEMs like Honda, TVS, and Yamaha.
• The company is well-positioned to benefit from the industry’s transition to higher-value LED lighting, driven by safety regulations and consumer preferences, and is aggressively expanding its footprint in the electric vehicle (EV) segment, supplying to nearly all major EV OEMs in India.
• While demonstrating a strong financial track record of revenue growth and margin expansion, the company faces risks from its high concentration on the cyclical 2W segment and dependence on a few key customers.

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• DTL leads the 2W/3W wiring harness segment (~41% overall share) and commands ~70% in EVs, structurally benefiting from 1.5–2.5x higher wiring content in electric platforms.
• Bain Capital’s backing and strategic global acquisitions enable expansion into higher-margin battery packs, sensors, and USB chargers, driving higher total content per vehicle.
• Outperforming peers across growth, margins, and ROCE with a net cash balance sheet, DTL warrants a premium valuation, can it deliver more than just a listing pop?

• Automotive Axles is a market leader in the Indian commercial vehicle (CV) axle segment, poised to benefit from the cyclical recovery and long-term growth in the domestic CV market, driven by infrastructure spending and economic activity.
• The company’s strong parentage, a joint venture between the Kalyani Group and Cummins (through its acquisition of Meritor), provides a significant competitive advantage through technological support and established relationships with major Original Equipment Manufacturers (OEMs).
• While the company faces risks from the cyclical nature of the CV industry and high customer concentration, its operational efficiency, healthy balance sheet, and consistent dividend payouts present a compelling case for investors with a long-term outlook.

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• Golfzon Holdings announced that SJ Investment Holdings acquired 9,742,319 shares following a tender offer. SJ Investment Holdings secured 62.9% of the target volume (15,485,020 shares) in the tender offer.
• This Golfzon Holdings tender offer shows that once again, the corporate governance of many Korean companies are so horrendous.
• In this insight, I provide four main scenarios that could happen next.

• Bunge Global reported an improved financial performance in the second quarter of 2026 amid a complex and evolving global operating environment marked by geopolitical tensions, shifting trade flows, and weather-related disruptions impacting crop availability.
• The company highlighted its diversified global platform across crops and geographies as providing resilience and balance, particularly in soybean and softseed processing.
• For the quarter, reported earnings per share (EPS) increased to $3.47 from $2.61 a year prior, with an adjusted EPS of $2.00 compared to $1.31.

• JD.com‘s primary competitive advantage is its vast, self-operated logistics network, which ensures high-quality service and fast delivery, differentiating it from asset-light competitors.
• The company faces intense and escalating competition from rivals like Alibaba and PDD Holdings, leading to pressure on pricing, margins, and market share.
• Future growth is contingent on successfully navigating the complex regulatory environments in both China and internationally, while expanding into lower-tier Chinese cities and new business segments like healthcare and cloud services.

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• Vertically Integrated Leader with Global Reach: Sumitomo Forestry leverages its unique “WOOD CYCLE”value chain, spanning from forest management to housing construction, to drive growth. While maintaining a strong base in Japan, the company has become a major housing supplier in the U.S. and Australia, making its overseas business a primary earnings driver.
• Strategic Focus on Decarbonization and Sustainable Growth: The company’s long-term vision, “Mission TREEING 2030,”positions it to capitalize on the global shift towards sustainability. By promoting wooden construction and expanding its forest assets, Sumitomo Forestry aims to contribute to a decarbonized society while creating new revenue streams.
• Navigating Cyclical Markets and Rising Costs: The company’s performance is closely tied to the cyclical nature of global housing markets and is susceptible to fluctuations in interest rates and building material costs. While overseas expansion provides geographic diversification, the domestic Japanese market faces headwinds from a declining population.

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• Q1 FY03/27 revenue was JPY25.1bn (+8.1% YoY), with operating profit at JPY2.2bn (-4.9% YoY), impacted by higher costs.
• Domestic Chemical and Other segment revenue rose to JPY2.3bn (+11.1% YoY), with operating profit slightly increasing to JPY271mn.
• Overseas segment revenue increased to JPY6.0bn (+18.3% YoY), with operating profit turning positive at JPY151mn.

• Arclands operates a diversified business model, centered on home improvement retail but supplemented by a significant food service segment (Katsuya), which provides a degree of operational resilience.
• Recent financial performance shows a pattern of revenue growth, driven by store network expansion and acquisitions, but declining profitability due to rising costs and intensifying competition.
• Forward strategy is heavily focused on M&A, including the recent acquisition of Viva Home and a planned business integration with Joyful Honda, aiming to become Japan’s leading home center operator. Successful integration and synergy realization are key to future growth.

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• Revenue increased by 10.7% YoY to JPY126.2bn, driven by firm demand and a weaker yen.
• Segment profit rose by 41.2% YoY to JPY8.6bn, while operating profit decreased by 19.1% YoY.
• Automotive shock absorber revenue grew 10.7% YoY to JPY66.8bn, boosted by higher OEM demand and weaker yen.

• Chipotle Mexican Grill reported second quarter fiscal 2026 revenue growth of 9.3% to $3.3 billion, supported by positive comparable sales growth of 2.2% and a 1% increase in transactions.
• Digital sales comprised 38.3% of total sales, up from 35.5% in the prior year.
• The company attributes these results to the continued advancement of its Recipe for Growth strategy, which focuses on strengthening core restaurant operations, modernizing the business through technology, evolving brand messaging, cultivating talent, and expanding globally.

• Turnaround in Progress, but Macro Headwinds Persist: Dangote Sugar has shown a significant operational improvement, returning to quarterly profitability in 2026 after severe losses in 2024 and 2025. This was driven by better pricing, cost control, and a reduction in finance costs. However, the company’s profitability remains fragile, heavily impacted by Nigeria’s challenging macroeconomic environment, including currency volatility and high inflation.
• Backward Integration is the Long-Term Value Driver: The cornerstone of the company’s strategy is the ‘Sugar for Nigeria’ project, a large-scale backward integration plan to produce 1.5 million metric tonnes of sugar from local sugarcane. This ambitious, multi-billion dollar investment aims to drastically reduce reliance on imported raw sugar, mitigate foreign exchange risk, and improve long-term margins. The recent approval of a N500 billion Rights Issue is set to accelerate this transformation.
• Dominant Market Position Faces Intensifying Competition: DANGSUGA is the largest sugar refiner in Sub-Saharan Africa and holds a dominant market share in Nigeria. However, the competitive landscape is heating up, with key rivals like BUA Foods also investing heavily in capacity and backward integration. The successful execution of its strategic projects is critical for DANGSUGA to maintain its leadership position.

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• Airbnb built one of the world’s most recognizable travel brands by offering something hotels could not easily replicate: distinctive homes, local neighborhoods, flexible space, and a sense of personal discovery.
• The company is now preparing for a much broader future.
• Management wants Airbnb to evolve from a home-booking platform into an ecosystem covering hotels, experiences, transportation, grocery delivery, personal services, equipment rentals, and potentially flights.

• Hangzhou Yodosmart Automotive Technology Co., Ltd. is a leading domestic provider of in-vehicle intelligent connectivity solutions in China, offering customized solutions to OEM customers.
• Hangzhou Yodosmart is the fourth largest domestic provider of in-vehicle communication solutions in China with 4.9% market share in 2025.
• For the five months ended May 31, 2026, gross profit was 42,237 RMB’000 and adjusted net profit was 13,141 RMB’000.

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• The advantage of Big Catering lies in its differentiated Buffet model, but its disadvantage is “heavy asset” model, which results in significant lagging behind in cost control and expansion speed.
• The core of low net profit margin stems from the rigid pressure of cost structure.If Big Catering wants to expand southward, it will face intense competition and high education costs.
• Big Catering has very limited room for downward adjustment in its pricing strategy. Valuation would be lower than Domino’s Pizza, but higher than that of traditional restaurants with slow growth.

• Genting Plantations is diversifying from its core palm oil business with an ambitious large-scale technology park, the Johor Tech Smart City (JTSC), which presents significant long-term growth potential but also considerable execution risk.
• The core plantation business is expected to see stronger performance in the near term, driven by anticipated higher Crude Palm Oil (CPO) prices and output growth, following a weaker performance in early 2026.
• The company offers an attractive dividend yield, which provides a degree of support to the valuation as investors await clarity and milestones from the new JTSC venture.

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• Gross revenue fell 9% quarter-on-quarter to PHP 15.6bn, yet NGR (Net Gaming Revenue) rose 1% to PHP 5.52bn, and EBITDA rose 7% to PHP 2.84bn.
• MABD (Monthly Average Bettors and Depositors) rose 26% to 4.68mn, while MAU (Monthly Active Users) held at 5.75mn, indicating a deliberate shift from per-user spend to user count.
• At PHP 9.50, the shares trade on 4.2x FY26e earnings, 2.5x EV/EBITDA, 0.96x book and a 7.6% dividend yield on the revised estimates.

• In this insight we discuss reasons why Aisin (7259 JP)‘s Q1FY2027 disappointed.
• We discuss why China remained the single biggest drag on Aisin’s first-quarter performance.
• Finally, we discuss why is it at a compelling value zone and present investment case  which  rests on three pillars for the coming 9M FY2027.

• Ajinomoto’s Q1 FY03/27 revenue was JPY412.1bn (+13.2% YoY), with business profit at JPY60.1bn (+27.3% YoY).
• The company revised its FY03/27 forecast to JPY1,732.0bn revenue (+9.4% YoY) and JPY202.0bn business profit (+11.5% YoY).
• Ajinomoto projects JPY406.8bn revenue (+19.1% YoY) and JPY85.0bn business profit (+28.4% YoY) for bio-pharma services.

• AAPICO Hitech is a key automotive parts manufacturer in Thailand with a diversified business model that includes OEM parts manufacturing, car dealerships, and an emerging IoT segment. This diversification provides a buffer against the cyclical nature of the automotive industry.
• The company is strategically positioning itself for the electric vehicle (EV) transition, with management stating that 95% of its current parts portfolio is compatible with EVs. While EV-related revenue is currently small at around 5% of the auto parts business, it represents a significant future growth driver.
• Despite facing industry headwinds such as declining vehicle production in Thailand and increased competition, the company maintains a strong balance sheet with a low debt-to-equity ratio and is focused on global expansion and operational efficiency to drive future profitability.

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• Amagasa is undergoing a dramatic business transformation, marked by a significant revenue surge in the most recent fiscal year, following a prolonged period of declining sales and substantial losses.
• The company has recently diversified from its core women’s footwear business into new segments, including Lifestyle, Entertainment, and Sustainable businesses, indicating a strategic pivot to capture new growth avenues.
• Despite impressive top-line growth, the company’s financial health remains precarious, characterized by a history of net losses, consistently negative operating and free cash flows, and a note from the company regarding the existence of material uncertainty related to its ability to continue as a going concern.

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• AGTech is a diversified financial technology group with a strategic foothold in China’s lottery market, rapidly expanding its digital payment and banking services, primarily in Macau.
• As a member of the Alibaba Group, the company benefits from significant strategic backing, which facilitates its growth in the competitive fintech landscape and provides a robust ecosystem for its services.
• Despite strong revenue growth, the company faces challenges in achieving consistent profitability, with recent years showing net losses, highlighting the operational risks and high investment costs associated with its expansion strategy.

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• Alpen’s revenue increased by 6.4% YoY to JPY286.0bn, with operating profit rising 0.3% YoY to JPY8.5bn.
• The company plans to open 12 stores and close eight, projecting FY06/27 revenue of JPY306.0bn, up 7.0% YoY.
• Alpen’s Medium-Term Management Plan 2029 targets a revenue CAGR of 5.4% and operating profit CAGR of 23.3%.