In today’s briefing:
- StubWorld: Genting (GENT MK)’s U.S. Expansion Is A Gamble
- Mandom (4917 JP): Murakami Continues to Add
- Seres Group A/H Listing – PHIP Updates and Thoughts on A/H Premium
- Marks & Spencer’s Bold Digital Comeback: The E-Commerce Gamble That Could Redefine Its Future!
- NIFTY 50 Tactical Outlook: Indecision May Lead to Pullback
- LVMH’s Dior Transformation: Is a New Creative Vision Powering the Brand’s Next Era?
- TOP TOY Intl: Pre-IPO – More than Just Emotional Value
- Takashimaya (8233 JP): 1H FY02/26 flash update
- NEXT plc’s Bold New Vision: From Local Retailer to Global Powerhouse Through Innovation & Efficiency!
- Pearson Plc: Strong Contract Renewal & Business Unit Performances As A Critical Growth Lever!
StubWorld: Genting (GENT MK)’s U.S. Expansion Is A Gamble
- Genting (GENT MK)‘s Offer for Genting Malaysia (GENM MK) is further evidence of the gaming group’s move for even greater U.S. exposure.
- Preceding my comments on GENT are the current setup/unwind tables for Asia-Pacific Holdcos.
- These relationships trade with a minimum liquidity of US$1mn, and a % market capitalisation >20%.
Mandom (4917 JP): Murakami Continues to Add
- Murakami has amassed an 18.85% ownership ratio in Mandom Corp (4917 JP). The average buy-in price of JPY2,157.78 per share is 10.1% above the JPY1,960 CVC-sponsored MBO.
- Murakami’s ongoing stake building likely suggests that any potential discussions with CVC and the founding family to reinvest into BidCo have hit an impasse.
- CVC/Founding family can buy time by extending the 10 November close and disclosing additional irrevocables. Nevertheless, an offer bump remains more likely than not.
Seres Group A/H Listing – PHIP Updates and Thoughts on A/H Premium
- Seres Group (601127 CH), a Chinese NEV manufacturer, aims to raise around US$2bn in its H-share listing.
- Seres Group (SG) is principally engaged in the research and development, manufacturing, sales and services of new energy vehicles (NEV) as well as core NEV components.
- In our previous note we had looked at its past performance. In this note, we talk about the recent updates and likely A/H premium.
Marks & Spencer’s Bold Digital Comeback: The E-Commerce Gamble That Could Redefine Its Future!
- Marks and Spencer has reported strong financial performance for the past year, with sales growing by 6.1% to £13.9 billion and a significant 22% increase in profit before tax and adjusting items, reaching £875.5 million.
- The company also improved its free cash flow, ending the year with net funds of over £400 million, which is a demonstration of robust financial health.
- These improvements position Marks and Spencer in its strongest financial state in nearly three decades.
NIFTY 50 Tactical Outlook: Indecision May Lead to Pullback
- The NIFTY Index has been stuck in the 25k price zone since May 2025. The index is going nowhere.
- Our quantitative model indicates a 62.5% probability of reversal next week, if the index closes around 25300 (if the close is positive).
- If the index closes this week down, a pullback may be under way, entry zones details are discussed in detail in the insight.
LVMH’s Dior Transformation: Is a New Creative Vision Powering the Brand’s Next Era?
- LVMH Moët Hennessy Louis Vuitton has demonstrated considerable resilience during the first half of 2025, despite navigating complex macroeconomic conditions and currency volatility.
- The company reported EUR 40 billion in revenue, representing a 3% organic decline, and profit from recurring operations at EUR 9 billion, down 15% from the previous year.
- The operating margin of 22.6% suggests solid management efficiency amidst declining revenues.
TOP TOY Intl: Pre-IPO – More than Just Emotional Value
- TOP TOY International Group (TOYTOY HK) is seeking an IPO in Hong Kong. In the latest Series A financing, it is valued at US$1.3bn post-money.
- It has solid market growth potential, IP and product development strengths, an extensive distribution network, and good leverage on its parent MINISO Group Holding (9896 HK).
- We initially assess a fair FY26F PER of 20-22x, equating to a slight premium to Bloks Group (325 HK) but a discount to Pop Mart (9992 HK).
Takashimaya (8233 JP): 1H FY02/26 flash update
- Total operating revenue decreased by 3.9% YoY to JPY487.2bn, with operating profit declining 17.8% YoY to JPY26.7bn.
- Domestic department store sales fell due to a sharp drop in inbound demand, despite solid domestic customer sales.
- Takashimaya Financial Partners Co., Ltd. saw a 12.0% YoY increase in operating revenue, driven by growth in transaction volume.
NEXT plc’s Bold New Vision: From Local Retailer to Global Powerhouse Through Innovation & Efficiency!
- The recent financial results of NEXT plc present a mixed picture, reflecting both the resilience and the challenges the company faces in the retail and online fashion sectors.
- Overall, the company has shown commendable performance across its geographical markets, with particularly strong results in its international business.
- However, there are notable concerns and cautious outlooks that investors should consider.
Pearson Plc: Strong Contract Renewal & Business Unit Performances As A Critical Growth Lever!
- Pearson plc presented its interim results for 2025, underscoring both strategic advancements and areas impacted by external factors.
- The company’s strategy remains consistent, focusing on leveraging two significant trends: demographics and artificial intelligence.
- These trends are shaping Pearson’s trajectory, emphasizing the company’s role in future-proofing learning via skill development in the AI era.
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