Daily Brief Consumer: Chagee Holdings, TOP TOY International Group, Chando Global Limited, Water Oasis, Genting Bhd, Lennar Corp A, Prada S.P.A., Aeon Fantasy, Solid Power , Topbuild Corp and more

• Chagee Holdings (CHA US) raised US$411m from its US IPO in April 2025. The lockup on its pre-IPO investors is set to expire soon. 
• Chagee is a leading premium tea drinks brand, serving healthy and delicious freshly-made tea drinks.
• In this note, we will talk about the lockup dynamics and possible placement.

• TOP TOY International Group Limited, a world-class pop toy brand company from China, filed to go public in Hong Kong.
• Founded in 2020, the brand has quickly positioned itself as a domestic rival to China’s Pop Mart, capitalizing on the country’s booming “blind box” and designer toy craze.
• TOP TOY has shown strong growth and execution, going from RMB641m in sales of pop toy products in 2022 to RMB2,554m expected this year.

• Chando Global Limited (CHANDO HK) is looking to raise at least US$500m in its upcoming Hong Kong IPO. The deal will be run by Huatai International and UBS.
• Chando Global is a multi brand cosmetics company in China. It was China’s third-largest domestic cosmetics group, by retail sales in 2024, according to Frost & Sullivan (F&S).
• Its flagship brand, CHANDO, had consistently ranked among the top two domestic cosmetics brands for 12 consecutive years from 2013 to 2024 by retail sales.

• Water Oasis operates a resilient, dual-engine business model combining beauty services and product retail, primarily in Hong Kong. This diversification provides multiple revenue streams and cross-selling opportunities.
• The company exhibits a strong financial position with a debt-free balance sheet and significant cash reserves, supporting a high dividend yield. However, recent net income and dividend payouts have shown volatility.
• Future growth hinges on the recovery of consumer spending in Hong Kong and successful expansion into Greater China. The company’s strategy of targeting various consumer segments and expanding its brand portfolio positions it to capture market shifts, though it faces intense competition.

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• In today’s Morning Views publication we comment on developments of the following high yield issuers: Genting Berhad, China Vanke
• The US treasury market was closed yesterday for Columbus Day. Equities rebounded from Friday’s decline, after the US and China signalled willingness to continue trade talks. The S&P 500 rose 1.6% to 6,655, while the Nasdaq was up 2.2% at 22,695.
• China’s September exports accelerated 8.3% y-o-y (6.6% e / 4.4% p) to USD 329 bn, the highest monthly total YTD.

• Lennar Corporation plans to divest its remaining 20% stake in Millrose Properties to shareholders with a 6.38% premium.
• Falcon Oil & Gas agreed to sell assets to TBN, distributing TBN shares to shareholders at a 0.00687x ratio.
• Dickson Concepts trades at a 40% discount to net cash, with potential privatization efforts by founder Dickson Poon.

• Stellar Growth Driven by Miu Miu: The Prada Group is demonstrating exceptional performance in a challenging luxury market, largely propelled by the phenomenal growth of its Miu Miu brand, which has seen sales surges of over 60% and has been ranked as the ‘hottest’ brand in fashion.
• Strategic Focus on Direct-to-Consumer and Brand Desirability: The company’s strategy emphasizes long-term brand equity through a robust direct-to-consumer model, significant investments in retail network enhancement, and a disciplined focus on creativity and craftsmanship to maintain high desirability for both Prada and Miu Miu.
• Resilient Financials and Shareholder Returns: Prada has achieved a strong track record of double-digit revenue growth, expanding margins, and a solid net financial position, allowing for consistent dividend distributions and strategic investments in its supply chain and retail footprint.

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• Sales reached JPY46.6bn (+6.2% YoY), with operating profit at JPY3.6bn (+26.5% YoY) and EBITDA at JPY8.9bn (+10.1% YoY).
• Domestic business sales were JPY37.8bn (+8.6% YoY), driven by a 6.7% YoY increase in comparable store sales.
• China business sales declined to JPY1.7bn (-40.5% YoY), with operating loss narrowing due to structural reforms and facility closures.

• After 5.5-months, SPX broke below its 20-dayMA in decisive fashion on Friday.6569 has been our level that needs to break in order for us to believe a pullback has begun
• SPX made a low of 6551 on Friday (less than 20 points or 0.3% from our 6569 level), meaning it was NOT a decisive breakdown (in time or price).
• As a result, our near-term bullish outlook since our 4/22/25 Compass remains intact, and it will stay that way as long as the SPX holds above 6550-6569.

• TopBuild Corp., a leading installer and distributor of insulation and building products, has been aggressively reshaping its portfolio through M&A activity.
• On October 7, 2025, it closed the $1 billion all-cash acquisition of Specialty Products and Insulation (SPI), a prominent mechanical insulation distributor and fabricator serving the commercial, industrial, and residential sectors in North America.
• Funded through cash on hand and the proceeds from a $750 million senior notes issuance in September, the transaction excludes SPI’s metal building insulation (MBI) unit and reflects TopBuild’s push to deepen its presence in higher-margin, non-residential markets.