Daily Brief Consumer: Guming Holdings, DPC Dash, Vital Farms Inc, Noodles & Co, Afya Ltd, Vf Corp, Sligro Food Group Nv, TSE Tokyo Price Index TOPIX, Kimberly-Clark De Mexico-A, Pvh Corp and more

• Guming Holdings (GUM HK) (Good me), a freshly-made tea store brand, is pre-marketing an HKEx IPO to raise US$300 million, according to press reports.
• In Guming Holdings (Good Me) IPO: The Bull Case, we highlighted the key elements of the bull case. In this note, we outline the bear case.
• The bear case rests on under-pressure store KPIs, unsustainable historical growth rates, declining contract liabilities, margin pressure due to competition and a sizeable pre-IPO dividend.

• DPC Dash is the master franchisee of Domino’s Pizza in China, currently operating 768 stores
• Despite current lack of profitability, DPC Dash has potential to become second largest player in Chinese pizza market in four years
• Strong leadership team and focus on value for consumers position DPC Dash to capitalize on low number of pizza stores per population in China compared to other key markets

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• VITL has experienced significant growth and impressive revenue growth in recent years
• Bears argue that the company’s growth is unsustainable and its valuation is anomalous
• Document suggests that shorts may need their theses to play out quickly or risk the company’s valuation doubling

This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

• Noodles & Co has a stock price of $6.235 and stands to benefit from multiple catalysts
• These catalysts include forced selling upon removal from the Russell 2000 index and interest from activist investors
• Despite challenges in the restaurant industry, Noodles & Co has potential to bounce back and exceed expectations.

This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

• 2024 was a forgettable year for White Brook Capital’s middle capitalization focused fund.
• Our fortunes have reversed so far in 2025 as several of our portfolio companies have preannounced 4th quarter results and given constructive 2025 guidance.
• We’ve had a good first 3 weeks of 2025 and are looking forward to a much better year.

• Darrell took over as interim CEO in August 2021 to stabilize the company and refocus on brand management and innovation.
• VFC announced a new growth strategy centered around digital transformation, sustainability, and innovation.
• The company plans to leverage its strong brand portfolio, expand globally, and enhance direct-to-consumer capabilities to improve financial performance and regain market share.

This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

• In this edition: • Shell | Executive Committee changes • Havas | buys Spanish sports marketing agency • Consumer confidence | declined for the 4th consecutive month

• Many companies have established policies on human capital but haven’t yet implemented specific measures. Solving issues related to human capital is an area in which Japanese companies lag far behind.
• With even the understanding of diversity within the company in jeopardy, it is unlikely to reach a solution to human rights in the supply chain.
• Japanese companies have traditionally been active in investing in goods, but have been reluctant to invest in people. Many companies need to start with an understanding of people.

• Revenues of P$13.8bn grew 3% YoY and were in line with our estimates.
• Both Consumer and Exports grew (3% and 7%, respectively), while Away from Home was flattish YoY.
• Margins were on average in line with our estimates, with EBITDA margin of 25.4% slightly below our expectations yet in line with target range of 25-27%.

• We are reiterating our Buy rating and $6 price target and slightly raising our projections after P180, a venture spearheaded by former Vince CEO Brendan Hoffman and Christine Hunsicker (founder of CaaStle, a “Clothing as a Service” provider), acquired Sun Capital’s 65% equity stake in VNCE and restructured and reduced Vince’s Third Lien Facility with an affiliate of Sun Capital.
• As such, Sun Capital has materially reduced their affiliation with the company.
• Further, Mr. Hoffman, who was previously Chief Executive Officer of Vince from 2015 to 2020 is expected to return as Vince CEO in February.