Daily Brief Consumer: GMO Internet, JTC Inc/Fukuoka, Delfi Ltd, Just Eat Takeaway.com NV, Greggs PLC, SJM Holdings, GR Sarantis SA and more

• I have harped on the fact that GMO Internet Group (9449 JP) has to sell GMO Internet (4784 JP) shares with the goal to get 35% tradable shares by end-2025.
• I have written about it here, here, here, and here. The price needs to be lower so the parent can launch a HUGE block. The stock must be less squeeze-able.
• It turns out the parent started selling in the market the day after the Offering was cancelled. The setup is delicious now.

• On 28 July, it was announced that Affirma Capital will conduct a tender offer of JTC Inc/Fukuoka (950170 KS) which is a Japanese duty free operator listed on KOSDAQ. 
• This follows the exercise of a call option on all shares held by former JTC Chairman Gu Cheol-mo. 
• Despite some recent concerns about travelling to Japan due to Manga driven fears about earthquakes, there are some clear longer term signs that the global travelers visiting Japan are increasing.

• Singapore’s small- and mid-cap equities have surged over the past month, defying a generally cautious macroeconomic backdrop.
• The rally is widely linked to expectations of significant capital inflows from the Monetary Authority of Singapore’s (MAS) Equity Market Development Programme (EQDP).
• A firm Singapore dollar and comparatively attractive dividend yields have further supported investor interest in these stocks.

• Prosus’s €20.30/share offer for JET trades at a 1.1% gross spread with EU clearance due 11 August; implied success probability stands at ~97% based on current market pricing.
• Offer extended to 1 October to align with EC timeline. Prosus proposes structural remedies—stake cut and board exit from Delivery Hero—to resolve competition overlap in five EU countries.
• Estimated settlement by mid-October. New entrants see 5.5% annualized return; early investors could realize 9.6%. Downside risk to €12.43 implies a 38% loss if deal breaks unexpectedly.

Greggs’ H125 results reflect disruption to revenue growth from unusual weather as well as the phasing of cost pressures. The presentation focused on why weak trading is not specific to Greggs. Directionally, revenue growth is consistent with market trends (ie improving momentum) through May 2025 until the June heatwave reversed the trend. There was no specific negative effect on volumes following the most recent price increase, and management quantified cannibalisation of existing stores within a catchment area from the addition of new stores is minimal. As a result, it believes the relatively weak trading reflects the wider weak consumer confidence as well as pressures on disposable income for some consumers, beyond the one-off weather effects. The announcements of numerous new initiatives, including trials of smaller ‘bitesize Greggs’ stores in appropriate locations, extending the frozen ‘Bake at Home’ range into Tesco and trialling of kiosks in stores, show management continues to seek new growth initiatives and efficiencies.

• In today’s Morning Views publication we comment on developments of the following high yield issuers: SJM Holdings, Yinson Production, Adani Green Energy
• Long-end UST yields rose slightly yesterday, with no macro catalysts and following mixed results for auctions of 2Y and 2Y notes. The yield on the 2Y UST was unchanged at 3.93%, while the yield on the 10Y UST rose 2 bps to 4.41%.
• Equities held steady at record high levels following the US-EU trade agreement, and on expectations of an extension of the US-China trade truce. The S&P 500 was flat at 6,390, while the Nasdaq was up 0.3% at 21,179.

• The M&A development of Sarantis Group has primarily focused on expanding its consumer household product portfolio, alongside growth in the beauty and personal care categories.
• Acquisitions prior to 2010 were mainly aimed at entering new country markets to gain market share and access new consumer bases.
• In contrast, acquisitions post-2010—particularly those in Greece and Poland—have emphasized portfolio diversification and reinforced the Group’s market position within existing territories by entering additional sectors.

• Almost no one could argue that adaptability, the search for market opportunities and the striving for organic growth are a key matter for any company across any sector.
• But regarding the consumer products sector, especially in Eastern Europe and Greece there is undoubtedly not greater example than Sarantis Group at this case.
• Starting in Greece and boasting a history of over 50 years, it was transformed into a multinational company leading the way in household and cosmetics products, representing and distributing also famous brands across a wide geographical area ranging from Greece to Poland and reaching even Portugal, while its exports lead to multiple countries.