Daily Brief Consumer: Delfi, Fast Retailing, Golfzon Holdings, Midea Group, Philippine Seven, NFC, Applied Co Ltd, Aditya Infotech, Amphenol Corp Cl A, TSE Tokyo Price Index TOPIX and more

• Delfi reported 1HFY2026 results, and the stock has fallen 12.92% since our initiating report of 8 June 2026.
• Net sales rose 2.7% while gross profit fell 4.1% and EBITDA fell 3.7% and profit attributable to shareholders rose 5.4% only because the tax charge fell 14.0%.
• Two senior posts have changed hands since April 2026, and the interim dividend held at 50% of reported profit. 

• Fast Retailing (9983 JP) earnings are one month away. The stock has corrected nearly 22% from its peak in early July. Our model just signaled a high probability LONG entry.
• The broad sentiment on the stock is bullish/outperform, based on upgraded full-year FY2026 guidance, high-margin international expansion and robust domestic same-store sales. 
• There is currently no catalyst to suggest an imminent restart of the rally but our model has flagged the stock as excessively oversold: a rally could start this week.

• Post the conclusion of the second tender offer, One & Partners pivoted from their previous stance and announced that it no longer plans to delist Golfzon Holdings for now.
• The pressure is on for One & Partners to improve corporate governance and share price of Golfzon Holdings further in the coming months.
• Since the announcement of the initial tender offer, Golfzon Holdings’ share price has climbed 89.2% to 8,050 won.

• In this insight we discuss about Midea Group (300 HK)’s resilient business model in midst of challenging industry situation. 
• We discuss how AI, Robotics & Smart Buildings Are Saving the Day for the company.
• Finally, we conclude with our view on H2 FY2026 performance.

• The 7-Eleven convenience store chain was originally created in Dallas, Texas.

• When the chain faced bankruptcy in the early 1990s, Japan’s Ito-Yokado acquired it and later renamed the combined group Seven & i (3382 JP – US$28 billion).

• Today, there are over 85,000 “7-Eleven” stores worldwide. 

• NFC (265740 KS) is a Korean cosmetics company which has rapidly increased its ODM business sales in the past two years. 
• NFC’s customers include Equalberry, Cellimax, Dr. Althea and Beauty of Joseon, brands whose products are increasingly visible outside Korea.
• Based on consensus net profit estimate of 18.5 billion won (2027E) and a 12x P/E, this would result in a market cap of 222 billion won (91% higher than now). 

• Applied Co is a small cap regional Japanese PC retailer and IT provider with surprisingly good execution that’s moving into higher margin local AI deployments (HPC) and IT services.

• Company-wide return on equity was 17.6% in FY26 despite carrying more than half its market cap in net cash.

• FY23 and FY24 were historically bad years with 12.3% RoE while FY2016-FY2022 bounced around 17-20%. This is incredible for such an over capitalized business.

• Aditya Infotech Limited (CP PLUS) is the undisputed market leader in India’s electronic video security and surveillance industry, commanding over 20% domestic market share and benefiting from structural tailwinds in smart infrastructure, enterprise digitization, and government security mandates.
• Financial execution has accelerated substantially with revenues scaling from INR 27,824.26M in FY24 to INR 42,208.12M in FY26 (23.1% CAGR), accompanied by meaningful operating leverage as gross margins expanded to 19.09% and EBITDA margins reached 13.59% in FY26.
• While fundamental business momentum remains robust, the stock trades at an elevated valuation of 91.3x P/E and 23.3x P/B against a backdrop of working capital intensity and negative free cash flow generation (-INR 1,344.13M in FY26), leaving limited margin of safety for operational missteps.

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• Defensive options positioning dominated the week of August 31.
• Across five high-severity pulses, traders piled into protective puts on names nursing sharp price declines.
• The put/call ratio (PCR) – which measures put volume relative to call volume – spiked well above seasonal norms on multiple names, with several readings hitting 52-week extremes.

• A more direct way to resolve management challenges is to address the structural issue of trading liquidity being significantly lower than market capitalization and thereby attract attention of global investors.
• Companies should strive to resolve cross-shareholdings promptly. Prompt elimination of parent-subsidiary listings—in the broad sense—will lead to improved profitability for both the parent company and its affiliates.
• This structural issue is the reason why companies that wish to continue operating based on traditional values are still able to hold a majority of voting rights.