Daily Brief Consumer: Geely Auto, Meituan, Netflix Inc, Ralph Lauren, Expedia Group, Inc., Cyberjaya Education Group, Diamond Estates Wines & Spirit, Frencken, Perfect Medical Health, Intralot S.A.-Integrated Lot and more

• The deliveries still grew strongly by 24% YoY in November 2025.
• We believe Geely will take BYD’s place as the largest Chinese producer.
• We also believe the stock has an upside of 49% for the next twelve months.

• After a tragic 61.4pp underperformance against the HSI in 2025, the market is almost unanimously bearish on Meituan (3690 HK), which presents opportunities in 2026.
• Negative news did not push it further down; P/B is at over 1SD below average, and net cash-to-share price is 5.6pp above the historical average.
• 3Q25 margins are so depressed that sustaining the price war is difficult. As the 7th-heaviest HSI constituent, it is the one to move the Index next year. 

• The streaming wars just got their biggest twist yet.
• Netflix, already the world’s largest video platform by subscribers, is poised to acquire Warner Bros Discovery in a mammoth $82.7 billion cash-andstock deal.
• If completed, the transaction would bring HBO, HBO Max, and an iconic catalog—think Game of Thrones, The Big Bang Theory, and the entire DC Universe—under Netflix’s roof.

• Ralph Lauren’s recent fiscal performance demonstrates strong progress as the company continues to execute its strategic growth plan, coined “Next Great Chapter: Drive.” The second quarter of fiscal year 2026 delivered better-than-expected results across various financial metrics, indicating robust brand strength and alignment of operational execution with its strategic objectives.
• From a financial perspective, Ralph Lauren reported a 14% increase in total company revenue, exceeding expectations.
• This growth was marked by significant contributions from each geographical segment, including a 16% increase from Asia, a 15% increase from Europe, and a 13% increase in North America.

• The recent earnings release from Expedia Group for the third quarter of 2025 reveals a mixed yet optimistic outlook for the company.
• While the company reports exceeding top and bottom line expectations with a 12% growth in bookings and 9% revenue increase, alongside expanded EBITDA margins, there are nuances to consider in assessing its performance.
• Positive aspects include the substantial growth in the B2B segment, which saw a 26% increase in bookings, marking the 17th consecutive quarter of double-digit growth.

• Strong Growth Trajectory: The company has demonstrated impressive top-line and bottom-line growth over the past three years, with revenue and net income CAGRs of 17.3% and 62.4%, respectively. This growth is underpinned by a significant increase in student enrolments, which have grown from approximately 3,000 in 2019 to over 10,000 at present.
• Favorable Industry Dynamics: Cyberjaya Education Group is well-positioned to benefit from the Malaysian government’s push to establish the country as a regional education hub, with a target of attracting 250,000 international students by 2025. The growing demand for private higher education, particularly in STEM and digital-focused programs, provides a strong tailwind for future growth.
• Intense Competition and Financial Pressures: The Malaysian private higher education market is highly fragmented and competitive, with over 400 institutions. This intense competition puts pressure on tuition fees and profitability. Several private institutions are reported to be under financial stress, a risk that requires prudent financial management to mitigate.

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• What you need to know: • DWS issued shares at a premium to market as part of the earnouts from its acquisition of Perigon Beverage Group.
• • This provides a new floor for the stock ($0.196/share and $0.21/share), and tells us that Perigon is performing well on gross margins.
• • There has also been some insider buying on the stock from CFO Basman Alias and Director Ronald MacEachern.

• Institutions were net sellers of Singapore stocks from Nov 28 to Dec 4, with a net outflow of S$78 million.
• Singtel led share buybacks with 9,072,500 shares repurchased for S$61.2 million, under the Singtel Performance Share Plan 2012.
• MetaOptics plans to raise S$4.85 million through a placement of 6.69 million shares at S$0.7255 each.

• Perfect Medical Health (1830 HK) announced its H1FY26 results, with the pace of revenue decline sharply decelerating to 4.5% HoH, while net profits increased 43% due to cost-cutting initiatives. 
• Signs of demand recovery haven’t emerged yet and would need to be monitored as the weak base of effect of H2FY25 kicks in for H2FY26. 
• With aggressive cost-cutting initiatives, the stock trades at 9.4x FY26e and a 10.7% dividend yield. We need to monitor the sales recovery, though, as it is critical to the company. 

Intralot’s Q325 results indicate revenue growth weakened in the period but profit margin increased as a result of good cost control. The key focus of the presentation and conference call was management’s response to the increase in remote gaming duty in the UK to 40% from 21% from April 2026, announced in the UK budget the day before. This was significant given the UK represents c 63% of the pro forma FY25 adjusted EBITDA of the newly combined group of Intralot and Bally’s International Interactive (BII). Management is confident its higher UK profitability, an EBITDA margin of c 42%, provides a competitive advantage versus the high number of competitors (over 1,000) that are currently less profitable and are likely to be unprofitable as a result of the proposed duty increase. Management believes many competitors will likely exit the market, and therefore Intralot will likely take share in the longer term, and by definition, the costs of competing will reduce. It also believes its UK-based players are unlikely to move to the black market in response to the proposed duty increase, as they have relatively low ARPU.