Daily Brief Consumer: Genting Malaysia, Golden Entertainment, Soybean Active Contract, Shadowfax Technologies, Coupang , Crocs Inc, Universal Entertainment, G Tekt Corp, Happinet Corp, Floor & Decor Holdings and more

• Back on the 13th October 2025, Genting Malaysia (GENM MK), the owner of Resort World Genting,  announced a conditional Offer from controlling parent Genting Bhd (GENT MK)
• GENT offered RM2.35/share, a 9.81% premium to last close, for the 50.64% of shares out not held. The Offer had a 50% acceptance threshold. The Offer is now unconditional.
• The Independent Advice Circular is now out. The IFA says NOT fair, and NOT reasonable. And to reject the Offer. The revised closing date is the 1st December. 

• Golden Entertainment’s sale-leaseback with VICI involves 7 casinos, distributing 24.3m VICI shares to shareholders at 0.902/share.
• Chairman Blake Sartini’s privatization offer values RemainCo at $2.75/share, approximately 1x EBITDA, sparking activist opposition.
• Activists demand separate votes for transactions, citing inadequate RemainCo valuation and potential 33% upside to $39.5/share.

• Chinese purchases of US agricultural products are expected to increase gradually but may take time due to seasonality and price competitiveness
• US farmers may see more optimism in the 2026-2027 season as trade discussions with China improve and market participation increases
• The complex nature of US-China trade relations and the continued volatility in the agricultural markets make for a clouded outlook, but there is potential for growth and market shifts in the near future.

This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

• Shadowfax Technologies (1310315D IN) is looking to raise about US$225m in its upcoming India IPO. The deal will be run by Morgan Stanley, ICICI and JM Financial.
• Shadowfax Technologies is a new-age, technology-led third-party logistics (3PL) company that leverages a unified platform to facilitate digital commerce across India.
• The company provides a comprehensive suite of logistics services organised across express, hyperlocal, and other logistics segments.

• Coupang faces a fast-emerging risk: a potential ban on early dawn deliveries (midnight–5 AM), driven by the powerful 1.1 million-member Korean Confederation of Trade Unions (KCTU). 
• The Coupang Union and most drivers strongly oppose the ban, warning of layoffs and slower deliveries. Consumers also prefer the current system. 
• If enacted, the ban could severely hurt Coupang and Korea’s economy. Probability of passage has risen sharply. I would be cautious on Coupang until this risk factor is fully resolved. 

• Crocs, Inc.’s third quarter of 2025 revealed a complex performance landscape driven by strategic decisions and market conditions.
• The company, known for both the Crocs and HEYDUDE brands, demonstrated efforts to realign its operations toward long-term growth despite short-term challenges.
• On the positive side, Crocs, Inc. showcased strong profitability and cash flow in the quarter, which facilitated share repurchases and debt reduction.

• In cumulative Q3 FY12/25, revenue was JPY92.6bn, with an operating loss of JPY280mn and a recurring loss of JPY17.1bn.
• Amusement Equipment business revenue was JPY41.4bn, with a 29.6% YoY increase in units sold to 83,877 units.
• Integrated Resort business revenue was JPY50.6bn, with an operating loss of JPY3.0bn and adjusted EBITDA of JPY9.9bn.

• For 1H FY03/26, revenue decreased 7.7% YoY to JPY154.5bn, with operating profit down 16.6% YoY to JPY4.5bn.
• The company revised FY03/26 forecast, lowering revenue by JPY19.0bn and operating profit by JPY2.1bn due to external disruptions.
• Full-year dividend forecast remains JPY90.0 per share, with a projected payout ratio of 38.5%.

• Sales increased by 16.5% YoY to JPY196.4bn, with growth across all business segments, and operating profit rose by 33.5% YoY.
• Toys segment sales reached JPY86.0bn (+10.2% YoY), with operating profit at JPY5.0bn (+12.0% YoY), driven by lottery products.
• Dividend policy revised to JPY60.0 per share for FY03/26, with a target payout ratio of 40%.

• Floor & Decor Holdings, Inc.’s third-quarter earnings call for fiscal 2025 offered a detailed view of the company’s current performance and strategic initiatives.
• Both positive trends and challenges were evident in the results and future outlook.
• On the positive side, the company reported an increase in diluted earnings per share, rising by 10.4% from the previous year to $0.53, surpassing the guidance range.