In today’s briefing:
- DigiPlus Interactive (PLUS PM): Six Billion Peso Buy Back To Counter Negative News
- Marui Group Placement: Clean up by Toho; Improving Fundamentals
- Travel Food Services: $250M OFS, Niche Travel QSR but Valuations Seem Full Amidst near Term Weakness
- Travel Food Services IPO – RHP Updates & Thoughts on Valuation
- Australian Broker Call *Extra* Edition – Jul 07, 2025
- FAST RETAILING (9983 JP) | Q3 Preview: Upside Risk into Print, But Tariff Narrative Still Overhangs
- Lucror Analytics – Morning Views Asia
- NIQ Global Intelligence Plc (NIQ): Peeking at the Prospectus of a Consumer Intelligence Company
- United Arrows Finds New Growth Path Through Korean Brand
- BWMX: Snapping the Catalog: Shifting the Model?; Reiterate Buy, $22.50 PT
DigiPlus Interactive (PLUS PM): Six Billion Peso Buy Back To Counter Negative News
- The DigiPlus Interactive (PLUS PM) share price has slipped from a peak of 65 Pesos on June 17th to under 30 Pesos/share as gaming restriction proposals dampen sentiment.
- The bill proposed by Senator Gatchalian prohibits e-wallets, imposes high minimum cash-ins, and stricter advertising regulations. In addition, the Finance department is proposing a tax on online gaming.
- The stock now trades at 8.3x PE FY25e. The company has announced a buyback of 6 billion pesos (5% of outstanding shares on current market capitalization).
Marui Group Placement: Clean up by Toho; Improving Fundamentals
- A group of shareholders are looking to raise US$184m from selling their respective stakes in Marui Group (8252 JP) .
- While the deal shouldn’t come as a surprise, given the ongoing cross-shareholding unwind narrative in Japan, the timing of such a selldown isn’t always certain.
- In this note, we will talk about the placement and run the deal through our ECM framework.
Travel Food Services: $250M OFS, Niche Travel QSR but Valuations Seem Full Amidst near Term Weakness
- TFS operates QSRs and lounge in airports. They are present in the top 14 airports in India accounting for 26% of Indian-airport QSR and ~45% of the Indian-airport Lounge revenues
- FY26 performance is expected to be flattish as 1H results will lap impact of Adani operated airports being moved from TFS books to Joint venture with 25% stake.
- FY27 onwards growth is estimated at 15+% with EBITDA margins of 34-37%. We estimate FY27 revenues of ~2,000cr with PAT of 450-500cr implying the deal is being priced at 30-33x
Travel Food Services IPO – RHP Updates & Thoughts on Valuation
- Travel Food Services Ltd (1450229D IN) is looking to raise about US$233m in its India IPO.
- Travel Food Services Limited (TFS) operates a network of travel quick service restaurants (Travel QSRs) and private lounges in airports.
- We have looked at the company’s past performance in our previous notes. In this note, we will talk about the RHP updates and IPO valuations.
Australian Broker Call *Extra* Edition – Jul 07, 2025
- Extra Edition of the Broker Call Report
FAST RETAILING (9983 JP) | Q3 Preview: Upside Risk into Print, But Tariff Narrative Still Overhangs
- Q3 earnings risk skewed to upside: we forecast sales/OP of ¥857b/¥171b vs. Street’s ¥826b/¥152b.
- Domestic Uniqlo trends strong; international segment likely resilient despite Inditex’s headline miss.
- Tariff impact likely reiterated but remains a FY26 issue, not a near-term earnings swing factor.
Lucror Analytics – Morning Views Asia
- In today’s Morning Views publication we comment on developments of the following high yield issuers: Health and Happiness (H&H), Tata Steel
- The US market was closed for Independence Day on Friday. US President Donald Trump passed his signature tax cut and spending Bill into law on Friday, after it was approved by Congress in a 218-214 vote on Thursday.
- The fiscal package includes tax cuts, lower spending on social programmes (e.g. federal food stamps and college student loans) and the elimination of tax benefits encouraging the use of clean energies. The non-partisan Congressional Budget Office estimated that the new legislation will add more than USD 3 tn to the country’s deficit over the next decade.
NIQ Global Intelligence Plc (NIQ): Peeking at the Prospectus of a Consumer Intelligence Company
- The company, better known as NielsenIQ, describes itself as a leading global consumer intelligence company positioned at the nexus of brands, retailers and consumers.
- The company is private equity backed with a majority stake owned by Advent International.
- With revenues over the last three months relatively flat versus the year prior, it will be “interesting” to see how (or if) the market “embraces” this company.
United Arrows Finds New Growth Path Through Korean Brand
- United Arrows is best known for building its own chains but has had a choppy few years spent fixing merchandising, supply chains and a poor e-commerce unit.
- It now believes it can take a leaf from the playbook of Mash Holdings by signing promising overseas brands as a way to accelerate growth.
- The first of these is the Korean brand, Nice Weather, a sort of lifestyle convenience store beloved by Gen Z.
BWMX: Snapping the Catalog: Shifting the Model?; Reiterate Buy, $22.50 PT
- We are reiterating our Buy rating.
- projections and $22.50 price target for Betterware de Mexico after reviewing the July 2025 catalog.
- The catalog story for 2025 has been greater newness, slowly reducing the number of discounted SKUs to levels at or below last year and raising overall pricing (to the highest levels in the last three years).
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