Daily Brief Consumer: Dixon Technologies India Ltd, NIFTY Index, Walmart, Alibaba, Comcast Corp Class A, Card Factory, JAKKS Pacific , Lifevantage , Macy’s Inc, Rizap Group and more

• Dixon Technologies India Ltd (DIXON IN) , India’s largest EMS player, benefits from PLI schemes and the China+1 strategy, driving a robust 55% revenue CAGR and scale expansion.
• The stock’s 32% correction was driven by the regulatory probe into Chinese clients and broader EMS sectoral governance concerns.
• Strong financial health with 51% ROCEsupports medium-term growth momentum, making its valuation attractive despite high short-term volatility.

• The NIFTY Index (NIFTY INDEX) is in the middle of a very mild correction, the index is now in its 3rd week down but the pullback has been very minimal.
• We think this is the ideal set up to add LONG NIFTY 50 positions: mild pullback coupled with a high probability of reversal on our quantitative TIME MODEL.  
• The proposed tactical LONG trade will be valid for this entire week, if the index stays below last week’s Close.

• Walmart Inc.’s latest earnings call revealed a performance that mirrors both the robust growth and the challenges the company faces as it continues to evolve.
• Walmart’s consolidated revenue in constant currency increased by 6%, marking a significant growth driven largely by e-commerce, which saw a 27% surge in sales.
• This climb reinforces Walmart’s omnichannel model, highlighting the synergy between its physical stores and digital platforms.

• Alibaba Group’s recent results demonstrate a mixture of performance across its different business segments, with significant growth in some areas, tempered by challenges in others.
• Positively, the company reported a 15% year-over-year increase in total revenue when excluding contributions from Sun Art and Intime, driven by strong performance in key areas such as Cloud Intelligence, which saw a remarkable 34% revenue growth.
• This growth was largely fueled by sustained demand for AI and the increasing usage of public cloud services, evidencing Alibaba’s strong positioning in the AI and cloud sectors.

• Comcast plans to spin off its cable networks business in early 2026, with regular-way trading expected to begin on January 6, 2026.

• Versant generates meaningful adjusted EBITDA and free cash flow.

• However, despite the cash generation, it is difficult to build conviction in the equity story.

Card Factory’s (CARD’s) trading update highlights that continuing weak consumer confidence has contributed to soft footfall on the high street as it heads into its key trading period. As a result, sales performance in its UK stores was lower than previously expected. Therefore, with the assumption that the same trend continues, management anticipates FY26 adjusted PBT will be £55–60m, some 15–22% below our prior forecast. While the trading update is undoubtedly disappointing, there are a number of positives outside the UK stores. First, the UK sales performance is volume related (ie due to lower footfall), implying average basket values have not been affected. Second, the performances of the other businesses, including Funky Pigeon, are in line with management’s expectations. Finally, the ‘Simplify and Scale’ productivity and efficiency programme is progressing well.

• We are reiterating our projections, Buy rating and $30 price target for JAKKS Pacific after recently meeting with company management.
• With China tariff rates remaining steady, JAKKS management has been able to focus on the key drivers of their business and plan more effectively.
• The company has remained active in renewing/expanding key licenses, partnering with new licensors (Hershey) and focusing on key expansion opportunities, especially internationally.

• Macy’s, Inc.’s third-quarter 2025 results demonstrate positive momentum and promising indicators for future performance, underpinned by the ongoing execution of its “Bold New Chapter” strategy.
• There are significant positive trends, yet several challenges remain.
• From an optimistic standpoint, Macy’s, Inc. exceeded its guidance in multiple key metrics.

Key points (machine generated)

• RIZAP Group reported its first operating profit in three years for the interim period of fiscal year ending March 2026.
• The company plans to resume dividends for the first time in eight periods and aims for significant profit growth.
• RIZAP has expanded to 68 group companies and focuses on health promotion, with a vision to be ‘Global No. 1 in the self-investment industry.’

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