Daily Brief Consumer: Evolution, Shenzhen Woke Technology, SHEIN Global Holdings, ASICS Corp, REA Group Ltd, TSE Tokyo Price Index TOPIX, Piala, Victoryshares Us Large Cap H and more

• Welcome to Curator’s Cut – a fortnightly roundup of standout themes from the 1,500+ insights shared on Smartkarma.
• In this cut, we spotlight the shifting sentiment towards Indian equities, highlight the investable universe in Singapore around data centres, and draw attention to the gaming industry across continents.
• Want to dig deeper? Comment or message with the themes you’d like to see highlighted next.

• SHENZHEN WOKE TECHNOLOGY Co., LTD is a Southeast Asia-focused cross-border brand owner of 3C accessories, small appliances, and home furnishings, seeking listing to strengthen its supply chain.
• The company is No. 1 in Indonesia’s 3C accessories sector with 2.2% market share (2025), achieving RMB1,216.9 million revenue in 2025.
• Revenue was RMB1,216,944 (2025), with net assets of RMB10,396 (June 30, 2026), and net foreign exchange losses of RMB17.9 million (six months ended June 30, 2026).

This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

• For the last three years, SHEIN has consistently mis-handled political challenges in US, UK
• Failure to anticipate and plan for these challenges hurt sales growth and SHEIN’s valuation
• SHEIN’s stuggles speak directly to management’s ability to identify risks and quickly adapt

• ASICS delivered a large top- and bottom-line beat in the June quarter and raised FY26 guidance
• Net sales of ¥264.2bn (+35.9% YoY) were +7.8% above consensus (¥245bn), while operating profit of ¥59.7bn (+63% YoY) beat consensus (¥47bn) by +27%
• The headline print is clearly strong, with SportStyle and Onitsuka Tiger continuing to drive growth.

• SHEIN is facing various unfavorable challenges. The core factors that previously supported its high growth and valuation are collapsing, so its future prospects and valuation is no longer optimistic
• If the IPO valuation falls below US$25bn, it can be regarded as an opportunity with a certain margin of safety to participate; US$25-30bn falls within a neutral but cautious range
• A valuation above US$30bn implies greater risks than opportunities, considering the significant potential selling pressure from existing shareholders after lock-up period ends, and a P/E higher than Inditex is unreasonable.

• Aequitas Research’s weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
• On the IPO front, there were a number of deals launched in India
• On the placement front, there were a few placement in India along with Dmg Mori Co Ltd (6141 JP) in Japan.

• REA Group is the dominant market leader in Australian online property listings, benefiting from a powerful network effect that creates a wide economic moat and significant pricing power.
• The company’s financial performance is intrinsically linked to the cyclical Australian housing market, with listing volumes and property prices being key drivers of revenue and earnings.
• Future growth is expected to be driven by continued price and product innovation in the core Australian business, expansion into adjacent services like financial services and data, and growth in international investments, particularly in India.

This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

• Under the revised Corporate Governance Code, improvements are expected only from 6.9% companies that disclosed information on or after their AGM. For all other companies, compliance has become voluntary targets.
• Investors want to change the record date so that AGM is held in July or later, when AGMs aren’t concentrated. It’s the companies that are stubbornly refusing to do so.
• While continuing to avoid facing shareholders, it is hard to imagine that the company can engage with investors. Investors, in turn, should press the company more strongly on this issue.

• Revenue reached JPY9.0bn, a 7.6% YoY increase, achieving 46.7% of the full-year company forecast.
• Operating profit was JPY112mn, a 190.1% YoY increase, surpassing the initial 1H forecast of JPY4mn.
• Marketing DX Business recorded JPY6.8bn revenue and JPY523mn segment profit, while Business Creation Business had a JPY12mn loss.

• VictoryShares US Large Cap High Div Volatility Wtd ETF (CDL) offers a unique ‘smart beta’ strategy, targeting 100 high-dividend-yielding U.S. large-cap stocks and weighting them by the inverse of their historical volatility.
• The fund’s methodology aims to provide a balance of steady income and reduced risk, potentially offering downside protection during market downturns by overweighting less volatile stocks.
• With significant exposure to defensive and interest-rate sensitive sectors like Utilities and Financials, the ETF’s performance is closely tied to the macroeconomic environment, particularly interest rate movements and overall market volatility.

This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.