Consumer

• A couple of years ago, TOPIX announced a methodology change to start in October 2026. Until that point, companies which IPO on TSE Prime or move segments are TOPIX members.
• In October 2026, using data from end-August 2026, there will be a ranking of the eligible TSE-listed (including Growth and Standard names) universe, adjusted by liquidity/ criteria.
• Incumbent members in the top 97% of cumulative free-float market cap (FFMC) stay in. Non-members in the top 96% get in. Members outside 97% get deleted. We see 700+ changes.

• Onitsuka Tiger posted record revenues last year at a 37.7% operating margin. 
• It is, and has been, far outperforming its parent, setting the stage for the full spin-off into a new subsidiary.
• The brand is likely to move further upmarket as a full lifestyle brand as it targets ¥200 billion, anchored by six new flagships and a return to the US market.

• SHEIN’s new IPO filing in Hong Kong shows the company recording a Net Loss in Q126
• A sharp increase in Q126 fulfilment costs helps to explain the period’s weaker profitability
• SHEIN’s ability to rein in unit fulfilment costs should be a key driver of long-term performance

• Hong Kong equities extended their advance, although recent momentum showed signs of levelling off after a strong start to the week.
• Strong gains across several Materials stocks helped distinguish the sector from the broader market advance.
• Tencent’s sharp decline generated exceptionally heavy option activity and drove the increase in Communication Services sector volumes.

• Context: Over the past five trading days, Alibaba (9988 HK) multi-leg option strategies showcased a variety of approaches. Selected trades are highlighted.
• Highlights: Option traders positioned for a recovery into August earnings while retaining downside protection beyond the event through diagonal put spreads.
• Why read: This breakdown of complex option strategies sheds light on market sentiment and positioning. Detailed examples provide actionable insights that could inspire similar strategies.

• Little West Holdings Inc. specializes in premium, low-sugar, cold-pressed juices, crafted with farm-sourced ingredients and utilizing High-Pressure Processing (HPP).
• The global cold-pressed juice market is projected to grow at an 8.13% CAGR from 2025 to 2030, expanding to USD 2.38 billion.
• An auditor has expressed substantial doubt about the company’s ability to continue as a going concern.

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• High-Pressure Processing (HPP) represents an operational and logistical bottleneck: While Little West’s new Los Angeles facility (physically connected to an HPP partner) eliminates the “double-freight” costs and thermal-abuse risks of traditional third-party tolling, it acts as a geographic anchor. This setup is highly capital-intensive and fundamentally non-scalable for national expansion without replicating local HPP infrastructure.
• Wholesale concentration and lack of pricing power threaten survival: The company relies on wholesale for 87.1% of its revenue, exposing it to massive customer concentration risk. The loss of a major national retail account in late 2024 drove a 31.4% year-over-year revenue decline in the first nine months of 2025 to $1.13 million, demonstrating that the brand lacks the pricing power to pass through co-packing or premium ingredient costs to large retail buyers.
• The Nasdaq IPO is a binary survival event: With an auditor going concern warning from Suri & Co., accelerating net losses of $542,603 for the nine months ended September 30, 2025, and a $1.85 million minimum capital requirement to survive the next 12 months, the pending listing for Little West Holdings (LILW) is the company’s only viable runway extension. Neither its cash-strapped parent company, Veg House Holdings, nor high-interest merchant cash advances offer a sustainable alternative.

• In early June, a Nikkei article suggested that Yamada Holdings (9831 JP) and Edion Corp (2730 JP) would enter talks to merge. The knee-jerk reaction? Send smaller EDION higher. 
• That was the wrong trade. Yamada was cheaper on earnings/PSR/PBR with plans to sell assets/restructure. The Yamada/EDION ratio bounced, but is flat over the past month.
• Now we have a new fly in the ointment, and that should be good for Yamada shareholders. It’s a Potentially Big Twist

• On 28 June, it was reported that SJ Investment Holdings is launching a tender offer to delist the company.
• On 22 July, Terton Capital started to go activist on Golfzon Holdings. Terton Capital is a US-based investment fund and a shareholder of Golfzon Holdings.
• According to my NAV valuation analysis, the implied value of Golfzon Holdings is 9,530 won per share, representing 43% upside from current levels. 

• In May and June, domestic and outbound Chinese travel demand both softened
• Given higher fuel prices and weak consumer sentiment, this shouldn’t be a surprise
• For Trip.com, we believe tepid Chinese demand could delay recovery in momentum

• Brand Power Endures Amidst Headwinds: Despite recent financial pressure and slowing growth, Nike‘s core strength remains its iconic global brand, which provides a significant competitive advantage and pricing power.
• Strategic Pivot to Direct-to-Consumer (DTC) Faces Challenges: The company is in a transitional period, re-emphasizing its DTC and digital channels while also reinvesting in wholesale partnerships. Execution of this rebalanced strategy is critical for reigniting growth.
• Heightened Competitive Landscape and China Weakness: Nike faces intense competition from established players like Adidas and Lululemon, alongside rapidly growing regional brands in China (Anta, Li Ning), where it has experienced notable revenue declines.

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• La Française des Jeux (FDJ) holds a resilient monopoly on French lottery operations, providing a stable and significant revenue base. This is complemented by an expanding presence in the more competitive online sports betting and gaming markets.
• Strategic acquisitions of Premier Lotteries Ireland and Kindred Group have transformed FDJ into a major European player, diversifying its revenue streams and increasing its international footprint. This expansion, however, introduces greater exposure to varied regulatory environments and competitive pressures.
• While the company demonstrates strong dividend credentials, its growth is tempered by a mature domestic market and increasing regulatory and tax pressures in France and other European jurisdictions. Future performance will heavily depend on the successful integration of its recent acquisitions and its ability to navigate the evolving digital gaming landscape.

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• Global Market Leader with Unmatched Scale: Anheuser-Busch InBev is the world’s largest brewer, commanding approximately 25% of global beer volume. This scale provides significant competitive advantages, including procurement leverage, production cost efficiencies, and extensive distribution networks, which are difficult for competitors to replicate.
• Strong Portfolio of Iconic Brands: The company possesses a diversified portfolio of over 500 brands, including global powerhouses like Budweiser, Stella Artois, and Corona. This strong brand equity fosters consumer loyalty and supports premium pricing strategies, contributing to robust revenue growth and high-profit margins.
• Strategic Focus on Premiumization and Innovation: AB InBev is actively shifting its portfolio towards higher-margin premium and ‘beyond beer’ products to capitalize on evolving consumer preferences. This strategy, coupled with investments in digital platforms like BEES, is expected to drive future growth and enhance profitability.

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• Innovative Eyewear, Inc. develops and sells smart eyewear, including prescription, sunglasses, safety, and sport glasses, connecting customers to digital lives. This prospectus registers shares for resale by selling stockholders; the.
• The smartglass market is estimated at $2.5 billion worldwide in 2025, with 24% CAGR. The company holds over 120 patents.
• The company has a capital light business model leveraging e-commerce, wholesale, and retail partners, but also a lack of operating history.

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• EQT/DG lifted their Offer Price for Kakaku.com (2371 JP) to ¥3,450/share. This “obstructs” the Bain/LY deal, slightly, temporarily, but there are nuances within. Expect Bain/LY to come over the top.
• Prosus NV (PRX NA) is cheap”  vs. Tencent (700 HK). And Naspers (NPN SJ) “rich” to Prosus. Look to long Prosus here, short Tencent here. Or long Prosus, short Naspers
• Be comfortable medium-long-term with Mitsui Matsushima (1518 JP)‘s super-cheap asset. And they have niche businesses in semiconductor/tech to spruce things up if people decide they want to run with it.

• Negative Operating Leverage and High Burn Rate: Despite strong top-line momentum, with FY2025 revenue increasing 63% year-over-year to $2.66 million and 1H 2026 sales rising 71% to $1.77 million, the company suffers from extreme operational inefficiencies. Operating expenses of $9.06 million in FY2025 led to a net loss of $7.59 million, making the business heavily dependent on dilutive capital raises like the $3.0 million warrant exercise in July 2026.
• Wholesale Pivot as a CAC Mitigant: Direct-to-consumer (DTC) channels, which represented over 90% of e-commerce sales in 2025, are plagued by high customer acquisition costs (CAC) of $50 to $70 and e-commerce return rates of 20% to 25% due to sizing and tech-onboarding friction. The strategic pivot toward wholesale is accelerating via the 345-store rollout with Canadian FYihealth group in Q3 2026 and a scheduled 50-store US retailer test in September 2026.
• Vulnerable IP Moat: The company’s portfolio of over 115 patents and applications is primarily comprised of design patents protecting aesthetic layouts, which offer minimal protection against major competitors. Utility patents, such as their modular “quick connect” frames or pending multi-AI software integrations, are vulnerable to workarounds by legacy eyewear giants and big tech hardware players.

• An increase in the approval rate for shareholder proposals and a decrease in the approval rate for management proposals will influence the company’s subsequent policies.
• Thanks to TSE’s educational initiatives, there’s been an increase in shareholder proposals that address management issues raised by activist investors. This is expected to encourage companies to implement fundamental reforms.
• However, with most shareholder proposals being rejected, there may be companies that are buying time by increasing shareholder returns until they can implement radical measures that carry significant risk.

• YUKIGUNI FACTORY CO., LTD. (hereinafter, “the Company”) produces, processes, and sells Maitake, which was the first in the world to be successfully mass-produced (with approximately 51% of the domestic production share), as well as a range of mushrooms (Eryngii, Buna-shimeji, Button Mushrooms, etc.).
• In recent years, the Company has also pursued the development of mushroom-based alternative meats as part of its efforts to create new value from mushrooms.
• Through a vertically integrated value chain spanning production, processing, and sales, the Company enforces strict quality control and ensures stable year-round supply.

• We initiate coverage of Kimly, one of the largest traditional coffee shop or kopitiam chains in Singapore (SG), known for its good food and affordable prices and an SG staple with a BUY recommendation.
• Kimly posted F&B revenues of $260 mil in FY25 (5.9% mkt share of SG $4.4 bn food court segment).
• Kimly has been strengthening its market presence in high density locations in HDB towns. 

• Busy Ming (1768 HK) raised US$430m in its January 2026 Hong Kong IPO, with the IPO being offered at a fixed price of HKD 236.6/share.
• It is a rapidly growing food and beverage retailer in China. Stores are typically located in high-traffic, high visibility, and easily accessible street-side locations.
• In this note, we will talk about the lockup dynamics and possible placement.

• Hasbro Inc. reported solid results for the second quarter of 2026, supported by broad growth across its key franchises and business segments.
• Consolidated net revenue rose 16% year-over-year to $1.14 billion, driven primarily by the Wizards of the Coast segment and ongoing momentum in Consumer Products.
• Adjusted operating profit increased 14% to $282 million, with an adjusted margin slightly down by 40 basis points, partly due to a $56 million noncash impairment related to a strategic narrowing of its digital gaming portfolio.

• Unit Economics and Payback Disparity: Geek+ Shelf-to-Person (formerly Goods-to-Person) systems achieve a 1.5 to 2.5-year payback period in high-wage markets like the US and Western Europe, driven by fully loaded warehouse labor costs of $22.00 to $28.00 per hour. In contrast, payback periods in APAC and Eastern Europe stretch to 4 to 5 years, forcing Geek+ to focus heavily on Western geographic expansion to maintain margin viability.
• The RaaS Balance Sheet Illusion: While Robotics-as-a-Service (RaaS) lowers the adoption barrier for mid-market customers, it creates a massive working capital strain on the OEM. Geek+ has largely transitioned away from carrying these assets on its own balance sheet, utilizing third-party leasing and joint-venture financing partners (such as DLL) to convert RaaS contracts into immediate upfront cash flows, shifting the credit risk away from the robotics provider.
• The Integration and Software Moat vs. Hardware Commoditization: Pure hardware margins have compressed from above 35% in 2021 to under 25% by 2026 due to intense price competition from low-cost Chinese players like Hikrobot and Quicktron. Geek+’s true defense lies in its fleet management software—which handles dynamic path planning for over 500 robots simultaneously—and its deeply embedded global systems integrator network (e.g., Körber, Dematic), which local hardware competitors cannot easily replicate.

• Guangxi Baifei Dairy Co., Ltd. is a leading buffalo dairy company in China, focusing on buffalo dairy products. Its core brand Baifeilao ranked No. 1 in China’s buffalo liquid milk.
• The company ranked No. 1 in China’s buffalo dairy products industry for retail sales value of buffalo liquid milk in 2025 with a 30.1% market share.
• Revenue was RMB1,613,606 in 2025, with gross profit of RMB607,560. Net cash from operating activities was RMB241,079 in 2025.

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Key points (machine generated)

• QOL Holdings, listed on the Tokyo Stock Exchange, is focused on expanding its pharmacy business and enhancing pharmaceutical operations through significant investments.
• The company ranks second in the industry for the number of pharmacy stores and operates a BPO business that includes contract sales and medical personnel dispatch services.
• In October 2023, QOL Holdings acquired 30% of Daiichi Sankyo Esfa Co., Ltd., planning to increase its stake to 80% by April 2024 to strengthen its position in authorized generic product development.

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Key points (machine generated)

• RISO KYOIKU GROUP aims for 10% annual profit growth by leveraging synergies and exploring new opportunities.
• The company reported a 2.5% increase in net sales for FY2/26 but faced declines in operating profits due to rising costs.
• RISO targets net sales of ¥39,100 million and operating profit of ¥3,640 million by FY2/29, with plans for digital transformation and a dividend payout ratio over 50%.

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Key points (machine generated)

• Saint Marc Holdings Co., Ltd. anticipates modest profit growth in FY3/27, with net sales projected at ¥93 billion and operating profit before amortization at ¥7.485 billion.
• The company plans to open 40-50 new stores while closing 30-35, resulting in a net increase in store count despite rising ingredient costs and economic uncertainties.
• Saint Marc has revised its medium-term targets upward, aiming for ¥100 billion in net sales and ¥9 billion in operating profit before amortization by FY3/29, focusing on growth in the Saint Marc Cafe segment.

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• Tesla, Inc. reported record vehicle deliveries in the second quarter of 2026, with sequential growth across the Americas (60%), Asia-Pacific (27%), and Europe, Middle East, and Africa (12%).
• The Model Y continues to be a top-selling vehicle globally, with strong adoption of the Full Self-Driving (FSD) feature, which accounted for 55% of North American deliveries and nearly 1.5 million paid customers worldwide.
• The company highlighted a growing order backlog and is focused on increasing production capacity, although supply chain constraints—particularly in batteries and electronic components—remain a limiting factor.

• Triveni Engineering, a diversified sugar, ethanol, water and industrial engineering company, has demerged its power transmission business into TPTL, offering one share for every three TEIL shares.
• TPTL contributed only 5.4% of FY26 revenue but nearly 25% of segment PBIT, with INR 340 crore revenue, 35.4% margin and a INR 485 crore order book.
• The demerger creates focused TPTL and more cyclical TEIL, which retains 29.88%of TPTL, however, INR 5,708 crore implied value and 47.6x FY26 PBIT cap near-term upside.

• I was excited for the Midera spin-off and expected to take advantage of selling pressure, given Midera’s much smaller market cap than Middleby RemainCo and the usual dynamic of index funds and mandate-constrained holders dumping an orphaned stub.

• That selling pressure never materialized. The stock traded in the mid $30s in the when-issued market and has moved steadily higher since regular-way trading began on July 7, 2026.

• At $44.72, Midera trades at 13.5x the midpoint of management’s 2026 standalone adjusted EBITDA guidance and 11.7x my 2027 organic estimate.

• Tactical concerns around tariffs, margins and China support downside protection in Toyota, but converting the thesis into a trade requires analysis of risk profiles, pricing and execution.
• March 2027 put spreads provide protection over several months, while the September alternative offers better liquidity, lower upfront cost and a higher initial delta.
• Strike selection, breakeven levels and market liquidity determine whether the hedge delivers the intended risk profile and can be executed efficiently.

• Mascots are everywhere in Japan, but are often dismissed as just a cuddly Japanese eccentricity when they are in fact a carefully managed core of brand marketing.
• It took PPI the best part of three decades, and a near-catastrophic public misstep, to apply this model to Don Quijote’s own friendly penguin.
• It has become an exemplar of why mascots matter in Japanese marketing.

• YUKIGUNI FACTORY CO., LTD. (hereinafter, the Company) produces, processes, and sells Maitake, which was the first in the world to be successfully mass-produced (with approximately 51% of the domestic production share), as well as a range of mushrooms (Eryngii, Buna-shimeji, Button Mushrooms, etc.).
• Through a vertically integrated value chain spanning production, processing, and sales, the Company enforces strict quality control and ensures stable year-round supply.
• The Company forecasts revenue to rise 4.7% YoY to JPY 39,640 mn by increasing sales volume while maintaining prices at the same levels to the previous fiscal year.

• Post-demerger margin sustainability for Triveni Power Transmission Limited (TPTL) faces a 150 to 200 basis point drag from standalone corporate overheads, compliance costs, and localized R&D expenses that were previously absorbed under the consolidated Triveni Engineering & Industries Limited (TEIL) umbrella. While the core precision engineering Mysuru facility retains high structural profitability, the historic 35.4% PBIT margin is likely to settle closer to 33.0% to 33.5% on a true standalone basis.
• The 29.88% stake retained by TEIL is a strategic capital reserve modeled directly after the 2011 Triveni Turbine spin-off, providing TEIL’s cyclical sugar and distillery business with a highly liquid, premium-valued asset that can be systematically monetized over the next decade to fund capital-intensive ethanol and sugar expansions. However, public shareholders of TEIL will experience a significant holding company discount on this stake, typically averaging 40% to 60% in Indian markets.
• The implied 47.6x FY26 PBIT valuation of TPTL is aggressively pricing in a rapid defense and export recovery, which may conflict with execution realities. While customer enquiries doubled in FY26, the current ₹467 crore order book represents a flat-to-declining trend, and the highly lumpy, working-capital-intensive defense naval contracts (with 180+ day cash conversion cycles) cannot support the high-velocity asset turns required to sustain such a premium multiple compared to peers like Elecon Engineering.

• An increasing number of domestic asset management companies are treating shares reclassified as “shares held for trading” as policy holdings and exercising their voting rights accordingly.
• The practice of reclassifying shares as “shares held for trading” to make policy-held shares appear smaller is a phenomenon typical of the transitional period during which cross-shareholdings are being unwound.
• As evidenced by the renewed focus on strategic holdings following the revision of the Corporate Governance Code, the issue of cross-shareholdings remains a challenge for listed companies going forward.

• Reformation (NYSE: REF) has filed for an initial public offering of 14.06 million shares at an expected price range of $15.00 to $17.00 per share, seeking to raise approximately $225 million at the midpoint of the range.
• The offering consists of 9.48 million newly issued shares from the company and 4.58 million secondary shares sold by existing shareholders.
• At the midpoint price of $16.00, Reformation would enter the public markets with an estimated market capitalization of approximately $945 million based on 59.08 million shares outstanding following the offering.

• The General Motors Company reported financial results for the second quarter of 2026 that reflect steady execution and strategic initiatives yielding mixed but generally positive operational and financial outcomes.
• The company has raised its full-year guidance for 2026 metrics for the second time, underscoring confidence in ongoing performance improvement amid a dynamic market environment.
• In North America, General Motors maintained consistent customer demand, especially for pickups and SUVs, with U.S. full-size pickup market share exceeding 42% year-to-date—significantly ahead of its nearest competitor—and growing year-over-year despite lower than targeted inventory levels.

• Genuine Parts Company reported second quarter 2026 results marked by modest growth in sales and profitability amid a challenging global macroeconomic environment.
• Total company sales grew approximately 6% year-over-year to $6.5 billion, supported by price inflation benefits averaging around 2.5% across segments and contributions from acquisitions and foreign currency effects.
• Adjusted gross margin expanded by 20 basis points to 37.9%, reflecting pricing and sourcing initiatives that largely offset inflationary pressures driven by the ongoing geopolitical tensions in the Middle East, notably the Iran conflict.

• Prosus NV (PRX NA) is coming up “cheap” on my monitor versus Tencent (700 HK). And Naspers (NPN SJ) “rich” to Prosus.
• Preceding my comments on Prosus/Tencent/Naspers are the current setup/unwind tables for Asia-Pacific Holdcos.
• These relationships trade with a minimum liquidity of US$1mn, and a % market capitalisation >20%.

• Alibaba Group has pushed itself deeper into the global artificial intelligence race with the preview of Qwen3.8-Max-Preview.
• The company says the new model is among the most capable systems available and ranks behind only Anthropic’s Fable 5.
• That comparison comes from Alibaba, so independent testing will still matter.

• It has now been a few weeks since TikTok Shop stopped operating in Indonesia.
• As the immediate dust raised by the action has settled, all the key stakeholders – sellers, brands, investors, enablers, influencers, and of course the teams at TikTok – are back at their drawing boards planning their next moves in Indonesia.
• Outside of Indonesia meanwhile, many have asked the question –will other countries follow suit?

• It has been a challenging couple of years for Lazada, Alibaba’s e-commerce platform in Southeast Asia.
• After entering – and arguably helping create – the region’s modern online shopping market in 2012 as a first-mover (then backed by Rocket Internet), Lazada’s competitive environment got tougher and tougher over the years.
• First, Shopee emerged as a formidable regional competitor from 2015/2016.

• In this insight, we look at the potential index changes for the F100 and F250 in the run-up to the September 2026 rebal.
• We expect an F250 member to be deleted in the first week of August 2026. The race for the replacement name is on.
• We see an imminent market transfer for Volex that has consequences for F250 in September 2026.

• Jersey Mike’s Subs Inc. is a high-growth franchisor of fast-casual submarine sandwich restaurants, operating over 3,300 stores across the U.S. and Canada. This IPO aims to fund continued expansion.
• As of Q1 2026, systemwide sales were $4.3 billion, with 3,378 total stores and 50% cumulative same-store sales growth from 2020-2025.
• Total revenues were $185 million for the thirteen weeks ended March 29, 2026, with a net loss of $(24) million for the same period.

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• Successful Elimination of Cross-Holding Complexity: The September 2023 unwind removed the restrictive cross-holding structure, resolving South African Companies Act limitations and enabling the open-ended share buyback to run continuously at both the Naspers and Prosus levels.
• Robust Buyback Accretion and Funding Runway: As of September 30, 2025, the open-ended repurchase program returned $42 billion, repurchasing 30% of Prosus’s free float and generating 18% NAV per share accretion. Supported by the July 16, 2026 irrevocable undertaking to tender Prosus’s 16.8% Delivery Hero stake to Uber for approximately $2.5 billion in cash, the group’s funding runway has meaningfully diversified beyond its primary reliance on selling Tencent shares.
• Friction Points Restricting a Full Structural Unwind: A complete corporate merger or elimination of the dual-listing structure remains blocked by prohibitive capital gains tax liabilities in South Africa, stringent exchange controls, and Dutch dividend withholding tax implications on cross-border capital distributions.
• Incentive Alignment Tension: While the buyback remains highly accretive, executive incentives under CEO Fabricio Bloisi are heavily weighted toward operational profitability and active ecosystem expansion (as evidenced by the $1.3 billion in Ecosystem adjusted EBITDA in FY26), creating an internal tension between executing passive arbitrage buybacks and building a large-scale operating technology group.

• Onshore-to-offshore capital repatriation is structurally and politically constrained. Beyond the standard 10% withholding tax and State Administration of Foreign Exchange (SAFE) approvals, PDD Holdings’ massive RMB 436.1 billion cash pile is politically protected; returning billions to offshore US ADR holders while domestic merchants face margin pressure violates the implicit regulatory expectations of Beijing’s “Common Prosperity” agenda.
• The $14.5 billion (RMB 100 billion) Xinpinmu initiative marks a high-risk transition to a capital-intensive, first-party model. Unlike Temu’s asset-light consignment roots, this private-label brand strategy requires complete inventory buy-outs, dedicated warehousing, and substantial working capital drag, generating a significantly lower and slower initial return profile as PDD takes on direct inventory write-down risks to bypass tariff and compliance exposure.
• Corporate governance is entirely decoupled from near-term stock valuation or shareholder pressure. Co-CEOs Chen Lei and Zhao Jiazhen view cash preservation as existential ammunition for domestic market share defense and global geopolitical hedging. Large-scale share repurchases will not be triggered by a cheap multiple, but only by a domestic growth collapse that strips away reinvestment channels or by direct regulatory mandates to support domestic capital markets.

• Temu, the cross-border e-commerce platform of Chinese PDD Holdings (owner of Pinduoduo), has caused a great stir in Southeast Asia’s e-commerce landscape after its launch in Thailand in mid  July.
• The platform has achieved remarkable success in Western markets, especially in the US, where it became themost downloaded app, surpassing Amazon, and has reached 70 markets worldwide within just 24 months.
• By directly connecting manufacturers and wholesalers – mainly in China – to customers around the world, Temu offers a unique value proposition of low prices through its cross-border model, as highlighted by its tagline “shop like a billionaire”.

• On 22 July, Lotte Group Chairman Shin Dong-bin announced that he plans to sell 324,100 shares (1.15%) of Lotte Shopping Co (023530 KS) to secure cash liquidity. 
• The sale is scheduled to take place via open-market trading over a period starting on the 21 August. Post the stake sale, his stake in the company will decrease to 9.08%.
• I think Lotte Shopping’s share price could decline by additional 20-30%+ in the next several weeks due to further liquidity concerns on the entire Lotte Group.

• There are nine trading days (including today) until the end of the observation period for the Sep 2026 Nikkei 225 review. Things should be really obvious by now. 
• Given recent volatility, they really aren’t. I see two definite ADDs. Probably a third. That means three deletes. Policy-wise, two are easy. Intellectually, they are not. 
• Then there are capping trades. As of today there are two on tap. Intraday Friday there were three. I got a question about it so will math the math here.

Key points (machine generated)

• FJ Next Holdings reported record-high performance for the fiscal year ending March 2026 and expects increased dividends.
• The company specializes in asset management condominiums, including the ‘Gala Mansion Series’ and ‘Gala Residence Series’ in central Tokyo.
• Strong demand for properties, driven by concerns over pension benefits and inheritance tax, has led to steady growth post-COVID-19.

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• What you need to know: • iFabric’s IFTNA division signed an agreement to formulate, manufacture, and commercialize new durable, active antimicrobial hard-surface coating technology with GermstopSQ Inc. • This announcement expands iFabric’s product offering beyond textiles and into broader markets including industrial, institutional, and consumer.
• • The agreement comes on the back of IFTNA launching Aura, a new performance medical scrubs line sold in 400 Target locations in the US, building on its success at Walmart US and Costco Canada.
• This morning, iFabric Corp. (IFA:TSX, IFABF:OTCQX) reported that its subsidiary, IFTNA has signed an agreement with GermstopSQ Inc. to formulate, manufacture, and commercialize an active antimicrobial hard-surface coating.

• Jersey Mike’s Subs Inc. (JMKE) is preparing to list on the New York Stock Exchange through an initial public offering of 43.48 million shares at an expected price range of $21.00 to $25.00 per share, with the company expected to begin trading on July 30, 2026, under the ticker JMKE.
• At the $23.00 midpoint, the transaction would raise approximately $1.0 billion and value the company at approximately $7.31 billion, based on roughly 317.6 million fully exchanged shares outstanding.
• Of the shares offered, 13.78 million are being sold by the company and 29.70 million by existing shareholders, meaning nearly 68% of the offering consists of secondary shares. Morgan Stanley, Jefferies, and J.P. Morgan are serving as lead underwriters.

Key points (machine generated)

• Kenko Mayonnaise aims to expand globally through mergers and acquisitions.
• For the fiscal year ending March 2026, revenue increased by 0.7% to 92,354 million yen, but operating profit fell by 14.3% to 4,155 million yen.
• Challenges include lost orders, rising raw material costs, especially for eggs, and increased fixed costs.

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• Strategic Pivot to Health and Pharmaceuticals: Kirin is strategically diversifying its portfolio beyond the mature domestic beverage market, focusing on the higher-margin Health Science and Pharmaceuticals segments as key growth drivers. This transition, leveraging its core fermentation and biotechnology expertise, aims to mitigate risks associated with Japan’s declining population and shifting consumer preferences away from alcohol.
• Resilient Core Beverage Business with Global Reach: Despite challenges in the Japanese beer market, Kirin maintains a dominant market share with a strong portfolio of iconic brands. The company is pursuing growth in overseas markets, particularly in Oceania and the US, and focusing on premiumization and the ready-to-drink (RTD) category to improve profitability.
• Commitment to Shareholder Returns and CSV Management: Kirin is focused on enhancing corporate value through its Creating Shared Value (CSV) management philosophy, which integrates social and economic value creation. The company maintains a consistent dividend policy and has engaged in share buybacks, signaling a commitment to shareholder returns while investing in long-term growth areas.

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• Noodles & Company (NDLS) strategic review ongoing; potential sale likely; Q2 results expected July 24; stock reactivated.
• enGene Therapeutics (ENGN) chairman resigned; drug commercialization continues; trial results expected H2 2026; major shareholders may push for review.
• DCC plc (DCC:L) bid raised to £67.97/share with contingent tech-sale payment; shareholder opposition persists; PUSU deadline July 27.

• Select Harvests Ltd (ASX:SHV) is one of Australia’s largest almond growers, processors and sellers, with extensive orchards through the Riverina (S.A.), Riverland (Vic.) and Griffith (NSW).
• SHV is predominantly an exporter of almonds (80%) to global markets including China, India and Middle East.
• Almonds are grown in limited locations in the world, due to the specific farming requirements and climatic conditions (including initial bloom), with the market dominated by the US which represents ~75% of total supply.

• “Using digital methods for notice of AGM” benefits both companies and shareholders. Meanwhile, the website—which should contain detailed information—should feature the full set of documents in both Japanese and English.
• I don’t believe that simply amending the law will lead to an increase in online AGMs that allow shareholders to ask questions and vote.
• Avoiding opportunities for dialogue with shareholders at the AGM not only means forfeiting those opportunities but also amounts to disregarding the AGM, which is the highest decision-making body.

• Tailored Brands is a leading menswear retailer operating over 1,000 stores across Men’s Wearhouse, Jos. A. Bank, Moores, and K&G Fashion Superstore.
• The Silver Point Capital-backed company has demonstrated improving momentum, with rising sales, expanding margins, and strong cash flow generation following its bankruptcy restructuring.
• The IPO will hinge on valuation, as investors weigh the turnaround story against leverage, financial engineering, and the company’s mature retail category.

• Global sourcing is being reset by China+1 strategies, geopolitical diversification and new market access. 
• The UK-India FTA entered into force on 15 July 2026, while India is simultaneously building integrated textile parks and expanding incentives for MMF and technical textiles. 
• India has textile ecosystems capable of retaining value from fibre to finished product. It has 43% of US home-textile imports, but remains near 3% of global apparel trade.

• Blackstone-Backed Jersey Mike’s targets an IPO valuation of up to $7.9 billion, below prior market rumors of a potential $12 billion valuation.
• The restaurant chain operates 3,300 locations through an asset-light franchise model, supported by strong brand momentum and expansion plans.
• IPO proceeds will primarily reduce debt, while Blackstone retains majority control with approximately 76.5% voting power post-offering.

• Short sellers were active the week of July 13.
• Borrow costs exploded on several names, led by a leveraged ETF tracking Micron hitting 441% of float.
• Earnings season drove positioning on both sides – bears loaded up on some names while covering hard on others.

• Reformation (REF US) launches its IPO roadshow, seeking a valuation of up to $1.0 billion for its premium sustainable womenswear brand.
• The company has delivered strong growth, generating $507 million in 2025 revenue, 64%+ gross margins, and $45 million of Adjusted EBITDA.
• REF’s debut will test investor appetite for consumer brands, balancing strong loyalty and growth against traditional apparel sector challenges.

• We are reiterating our Hold rating and projections for Vera Bradley after visiting stores in Long Island and New Jersey.
• July store visits represent the full expression of management’s vision for stores under “Project Sunshine:” 1) with back-to-school fully in session, management simplified the backpack offerings to one line (in three sizes), allowing for easy display (and selection) and a deeper focus on what patterns/hue you desired; 2) complete looks (in key new patterns), were easy to configure and purchase; 3) inventory for key silhouettes/colors was fully in stock and ready for the expected rush; 4) the store displays were clean and elevated, making it easy to find what was needed; 5) key intellectual property for the main line stores was Hello Kitty (first time since 2023), while outlets saw Star Wars (with new Disney coming soon); and 6) emphasis on key Heritage driven lines and cotton, core competencies of Vera Bradley.
• We were impressed with the stores ready, clean and elevated looks and product offerings for the season.

• In this edition: • Ahold Delhaize | U.S. grocery demand weakens as volume declines outweigh inflation • E-commerce & Logistics | Chinese platforms facing increasing legal & regulatory risks • Corporate Agenda | week 30 – 33

• Walmart is changing far more than the names inside its executive offices.
• Kieran Shanahan, chief operating officer of Walmart U.S., is leaving his position and will be succeeded by Kyle Kinnard, currently chief operating officer of Walmart International.
• Shanahan, who joined Walmart’s former U.K. subsidiary Asda nearly three decades ago, will remain with the company as an adviser through January 31, 2027.

• Sentiment read – Options activity in the week of July 13 was dominated by two opposing forces.
• Heavy put buying clustered around upcoming earnings events, most starkly in FMX and SNA .
• On the other side, ACEL saw near-total call dominance, a rare extreme at the opposite end of the spectrum.

• Helen of Troy Limited reported an encouraging start to fiscal year 2027, with consolidated net sales increasing 8.2% year-over-year, surpassing internal expectations.
• Growth was broad-based across both major segments: Home & Outdoor sales rose 9.5%, led by brands such as Osprey—driven by international distribution and e-commerce momentum—OXO, which benefited from tariff normalization and expanded retail presence, and Hydro Flask, which showed progress in retail channels and inventory optimization.
• The Beauty & Wellness segment’s sales grew 7%, bolstered notably by the Wellness portfolio (Braun, Vicks, Honeywell, PUR) and Olive & June’s innovation and consumer engagement, although some core beauty brands faced ongoing point-of-sale softness and sensitivity to pricing.

• China Modern Dairy (1117 HK) (CMD)’s 30th October 2025 SPA dovetailed into a conditional MGO for China Shengmu Organic Milk (1432 HK) (CSM). That Offer is now effectively unconditional.
• According to CCASS, CMD controls ~71.2% – at least. The first close is the 21st July. The MGO may be declared unconditional today.
• CMD intends to maintain CSM’s listing. This Offer will likely close on the 4th August.  

• Cult.fit is India’s largest fitness platform by number of centers, operating an integrated, omnichannel model that combines physical fitness centers with a strong digital presence through its mobile app.
• The company is preparing for an Initial Public Offering (IPO) to raise capital for expansion, particularly in Tier-2 and Tier-3 cities, and to enhance its technology infrastructure.
• Revenue is primarily driven by fitness services (approximately 70%), which include subscriptions to group classes and gyms, complemented by a growing fitness products and apparel segment (30%) under the Cultsport brand.

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• Both of Nongfu’s gross margin and growth rate rank No. 2 among beverage big eight.
• The company won the price war in both drinkable water and beverage.
• We believe revenue will grow by 15% YoY and the operating margin will be stable in 1H26.

• JPMorgan BetaBuilders Japan ETF (BBJP) offers cost-effective, broad exposure to the Japanese equity market by tracking the Morningstar Japan Target Market Exposure Index. With an expense ratio of 0.19%, it is one of the most competitively priced options for accessing Japanese large- and mid-cap stocks.
• The investment thesis for BBJP is heavily tied to the macroeconomic and structural shifts within Japan. Key drivers include ongoing corporate governance reforms aimed at improving capital efficiency and shareholder returns, and the Bank of Japan’s recent shift away from negative interest rates, which could signal economic normalization and benefit financial stocks.
• Primary risks for US-based investors include unhedged currency exposure to the Japanese Yen (JPY) and the overall market risk associated with the Japanese economy. While a weaker yen has historically provided a tailwind for exporter-heavy indices, further depreciation or volatility can negatively impact USD-denominated returns.

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• Keurig Dr Pepper maintains a strong market position, leveraging a diverse portfolio of iconic brands in both refreshment beverages and at-home coffee systems, which provides a resilient, dual-revenue stream.
• While the company demonstrates consistent revenue growth, recent performance has been impacted by significant cost pressures, particularly in the coffee segment, leading to a decline in earnings per share despite top-line gains.
• Forward-looking strategy is focused on product innovation, particularly in high-growth zero-sugar and energy drink categories, and managing inflationary pressures to restore margin expansion, with management reaffirming its long-term growth outlook.

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• 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: In Japan, currently two pair trade opportunities persist across one sectors.
• 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.

• Hindustan Composites is a long-established player in the Indian friction materials and industrial products market, with a dominant position in certain aftermarket segments like clutch facings.
• The company faces significant long-term risks associated with its asbestos-based product lines, given the global trend towards banning the material and increasing health and safety regulations in India, even though a full ban is not currently proposed.
• Valuation appears attractive on a price-to-book basis (0.6x) compared to peers, suggesting a potential value opportunity, but this is likely weighed down by regulatory uncertainty, modest growth, and negative free cash flow in the most recent fiscal year.

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• The issue of a lack of female management positions—and consequently, a shortage of female internal board members—is a deep-rooted problem that cannot be solved by individual companies alone.
• The question is whether companies that have met their targets for the proportion of female board members are creating value and demonstrating superior returns on capital and stock price performance.
• Regarding the proportion of female board members, the correlation with value creation indicators has weakened somewhat compared to when only a small number of companies had appointed female board members.

• Conagra Brands reported a fiscal 2026 fourth-quarter discussion emphasizing a strategic balance between margin stabilization and volume growth amid ongoing inflationary pressures and supply chain complexities.
• Leadership highlighted the need for prudent capital allocation, underscored by a recent dividend reduction aimed at progressing toward a targeted 3.0 leverage ratio.
• This financial adjustment intends to create flexibility for portfolio reshaping and increased business reinvestment.

• Levi Strauss & Co. reported a solid second quarter fiscal 2026 performance with organic net revenues up 6%, driven by growth across markets, channels, categories, and consumer segments.
• The company highlighted strength in its international markets, particularly Asia with 12% growth, and a 6% increase in the U.S. Revenues from direct-to-consumer (DTC) operations led growth, rising 8% and delivering 17 consecutive quarters of comparable sales growth.
• Wholesale revenues increased 3%, supported by strong U.S. wholesale performance.

• Netflix, Inc. reported steady progress toward its 2026 financial goals, with second-quarter results showing 12% reported revenue growth and guidance for the third quarter indicating a slight moderation to 11% year-over-year growth on a foreign exchange (FX)-neutral basis.
• Management emphasized that quarterly fluctuations are expected due to the uneven revenue weighting of the prior year and that their focus remains on full-year performance targeting 13% to 14% total revenue growth, equivalent to nearly $6 billion of incremental revenue.
• The company highlighted its extensive untapped potential, with under 45% penetration of approximately 800 million global addressable households and capturing just 7% of the $670 billion addressable revenue market, alongside a 5% global TV view share.

• PepsiCo reported second-quarter results reflecting a combination of strengths and challenges across its global segments.
• The company achieved nearly 7% revenue growth in the first half of 2026, supported by a 3% volume increase in foods and 2% in beverages worldwide, marking the fastest volume growth since 2022.
• This growth was driven notably by a turnaround in the U.S. foods business, where volume and market share in the salty snacks category shifted from negative to positive territory—a key strategic objective.

• PriceSmart, Inc. reported solid operational and financial results for the third quarter of fiscal year 2026, reflecting growth amid challenging macroeconomic and geopolitical conditions.
• Net merchandise sales grew 12.5% year-over-year (8.5% in constant currency), reaching nearly $1.5 billion, with comparable net merchandise sales up 10.7% (6.9% in constant currency).
• For the first nine months, net merchandise sales and total revenue were roughly $4.3 billion and $4.4 billion, respectively, marking double-digit increases.

• The Simply Good Foods Company reported third quarter fiscal 2026 results that fell short of prior-year levels and highlighted ongoing challenges while also showing selective areas of progress.
• Net sales declined 6.3% to $357 million, driven primarily by volume declines across key brands despite modest growth in Quest and OWYN.
• Gross margin contracted 390 basis points to 32.5%, influenced by inflationary cost pressures, restructuring expenses, and supply chain inefficiencies.

• The WD-40 Company reported third quarter fiscal year 2026 results with consolidated net sales rising 24% year-over-year to $195.1 million.
• Maintenance products, making up 97% of total net sales, increased 26%, or 22% on a constant currency basis, surpassing long-term growth expectations and achieving a company record.
• Sales growth was broad-based across geographies, with the Americas up 29%, EMEA rising 17% (10% constant currency), and Asia Pacific increasing 24% (18% constant currency).

• KOSPI 200 is a Korean blue-chip index that tracks the 200 largest and most-liquid names listed in the KOSPI section of the Korea Exchange (KRX). 
• We expect up to 6 ADDs/6 DELs in the KOSPI 200 index during the next semiannual review in December 2026. One name has changed from DELs side. 
• There is potential sector threshold borderline volatility which could change both the number of ADDs/DELs and the names themselves.

• Company Overview & Strategic Pivot to Core Affiliate Model: ShopBack is a late-stage digital loyalty and affiliate marketing platform operating across the Asia-Pacific region, having recently streamlined its operational footprint by exiting the capital-intensive buy-now-pay-later segment to refocus on its core cashback, voucher, and advertising ecosystem.
• Strong Liquidity & Path to Profitability: The core investment case is anchored by a strong cash position of S$208.6m (as reported) as of FY25 and an estimated US$341m in equity funding from institutional investors, providing the financial runway to execute cost-rationalisation initiatives that successfully saw the company achieve 6 consecutive quarters of EBITDA profitability up to end-March 2026.
• Revenue Contraction & Balance Sheet Structural Issues: A key matter to monitor would be between a stagnant top line and deteriorating statutory results in recent years, as revenue was broadly flat at US$99.0m in FY25 amid intense competition from embedded e-commerce ecosystems, while widening headline losses largely reflected non-cash impairments from the BNPL exit, with underlying cash burn narrowing materially. Looking ahead, this top-line stagnation is projected to reverse sharply, with management guiding a positive FY26 outlook and beyond.

• Corporate Monitor Limited (CML) is initiating its research on Old Chang Kee (“OCK”), which sells an assortment of snack foods including curry puffs, seafood favourites, and chicken delights.

• The curry puff specialist has steadily grown its annual revenue past the S$100 million mark, while net profit also grew in tandem to close to S$10 million level for fiscal 2026 (FY2026).

• OCK achieved this despite seeing its total number of Singapore outlets stabilise at 82, suggesting that the Company was increasing its sales per outlet.

• Cult.fit Limited (1416928D IN) is looking to raise about US$423m in its upcoming India IPO. The deal will be run by Axis, MS, GS, Jefferies and JM Fin.
• Cult.fit is a fitness and active lifestyle platform, offering fitness services and active lifestyle products through a platform that comprises an integrated app, website and other online and offline channels.
• According to the Redseer report, Cult.fit was India’s largest fitness and active lifestyle platform in terms of the number of fitness centers in its network as of March 31, 2026.

• Toyota on track for steady sales revenues but may face challenges worth hedging over the next year such as weak demand in Asia and the competitive global EV race. 
• Tariffs have hit the FY 2026 bottom line to the tune of JPY 1.38T, while geopolitical risks weigh on supply chain and shipping costs.
• Option strategies could be tailored to hedge against potential risks over the next year, offset with an option-cost-reducing leg.

• Duty Free International (DFI) is now a larger and more complex Group.
• The company reported 1QFY2027 revenue of RM61.13m, up 89.9% from RM32.20m. The increase reflects the first full quarter of United Industries Group (UIG) inside the Group.
• This changes our analysis from a duty-free recovery test to a mixed-business test. The quarter does not prove recurring owner profit, cash conversion or acquisition return. 

• Gamsung Corporation has posted excellent growth in sales and profits in Korea in the past several years driven by the premium outdoor lifestyle brand Snow Peak. 
• Gamsung Corporation has attractive valuations. It is currently trading at P/E of 7.6x (2026E) and 6.0x (2027E) based on consensus earnings estimates.
• Exports as a percentage of sales increased from 0.7% in 2024 to 3.1% in 2025 and 10% in 1Q 2026. Total exports increased by 262% YoY in 1Q 2026. 

• Viva Leisure is a rapidly growing player in the Australian fitness industry, distinguished by its multi-brand strategy and aggressive acquisition-led expansion. The company operates a diverse portfolio including Club Lime, Plus Fitness, and Hiit Republic, targeting various market segments.
• The company demonstrates strong revenue growth and impressive operating cash flow generation, significantly exceeding its net income. This is largely driven by network expansion and a growing, high-margin Technology, Payments, Licensing & Retail (TPLR) division.
• Key concerns for investors revolve around the company’s high financial leverage and thin liquidity. The growth-by-acquisition strategy, while effective for top-line expansion, has resulted in a stretched balance sheet, making the company vulnerable to operational slowdowns or changes in credit conditions.

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• Chipotle is a leader in the fast-casual dining sector, differentiated by its “Food with Integrity”ethos, strong brand loyalty, and efficient, company-owned operational model.
• Digital innovation, including a robust mobile app and “Chipotlane”drive-thrus for online orders, has become a critical growth driver, now accounting for a significant portion of total sales.
• While facing risks from input cost inflation, intense competition, and shifting consumer spending, the company’s focus on menu innovation and operational excellence underpins a positive long-term outlook, though its premium valuation warrants caution.

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• Commodity & region: US winter wheat (hard red winter belt focus)                       
• Season: 2026 crop year / 2026/27 marketing year
• Vintage: yield model 2026-07-13, harvested-area model 2026-07-10