Daily Brief Consumer: Hanssem Co Ltd, ShopBack, Old Chang Kee, Cult.fit Limited, Toyota Motor, DFI Retail Group, GAMSUNG Corporation, Viva Leisure Ltd, Chipotle Mexican Grill, Wheat and more

• KOSPI 200 is a Korean blue-chip index that tracks the 200 largest and most-liquid names listed in the KOSPI section of the Korea Exchange (KRX). 
• We expect up to 6 ADDs/6 DELs in the KOSPI 200 index during the next semiannual review in December 2026. One name has changed from DELs side. 
• There is potential sector threshold borderline volatility which could change both the number of ADDs/DELs and the names themselves.

• Company Overview & Strategic Pivot to Core Affiliate Model: ShopBack is a late-stage digital loyalty and affiliate marketing platform operating across the Asia-Pacific region, having recently streamlined its operational footprint by exiting the capital-intensive buy-now-pay-later segment to refocus on its core cashback, voucher, and advertising ecosystem.
• Strong Liquidity & Path to Profitability: The core investment case is anchored by a strong cash position of S$208.6m (as reported) as of FY25 and an estimated US$341m in equity funding from institutional investors, providing the financial runway to execute cost-rationalisation initiatives that successfully saw the company achieve 6 consecutive quarters of EBITDA profitability up to end-March 2026.
• Revenue Contraction & Balance Sheet Structural Issues: A key matter to monitor would be between a stagnant top line and deteriorating statutory results in recent years, as revenue was broadly flat at US$99.0m in FY25 amid intense competition from embedded e-commerce ecosystems, while widening headline losses largely reflected non-cash impairments from the BNPL exit, with underlying cash burn narrowing materially. Looking ahead, this top-line stagnation is projected to reverse sharply, with management guiding a positive FY26 outlook and beyond.

• Corporate Monitor Limited (CML) is initiating its research on Old Chang Kee (“OCK”), which sells an assortment of snack foods including curry puffs, seafood favourites, and chicken delights.

• The curry puff specialist has steadily grown its annual revenue past the S$100 million mark, while net profit also grew in tandem to close to S$10 million level for fiscal 2026 (FY2026).

• OCK achieved this despite seeing its total number of Singapore outlets stabilise at 82, suggesting that the Company was increasing its sales per outlet.

• Cult.fit Limited (1416928D IN) is looking to raise about US$423m in its upcoming India IPO. The deal will be run by Axis, MS, GS, Jefferies and JM Fin.
• Cult.fit is a fitness and active lifestyle platform, offering fitness services and active lifestyle products through a platform that comprises an integrated app, website and other online and offline channels.
• According to the Redseer report, Cult.fit was India’s largest fitness and active lifestyle platform in terms of the number of fitness centers in its network as of March 31, 2026.

• Toyota on track for steady sales revenues but may face challenges worth hedging over the next year such as weak demand in Asia and the competitive global EV race. 
• Tariffs have hit the FY 2026 bottom line to the tune of JPY 1.38T, while geopolitical risks weigh on supply chain and shipping costs.
• Option strategies could be tailored to hedge against potential risks over the next year, offset with an option-cost-reducing leg.

• Duty Free International (DFI) is now a larger and more complex Group.
• The company reported 1QFY2027 revenue of RM61.13m, up 89.9% from RM32.20m. The increase reflects the first full quarter of United Industries Group (UIG) inside the Group.
• This changes our analysis from a duty-free recovery test to a mixed-business test. The quarter does not prove recurring owner profit, cash conversion or acquisition return. 

• Gamsung Corporation has posted excellent growth in sales and profits in Korea in the past several years driven by the premium outdoor lifestyle brand Snow Peak. 
• Gamsung Corporation has attractive valuations. It is currently trading at P/E of 7.6x (2026E) and 6.0x (2027E) based on consensus earnings estimates.
• Exports as a percentage of sales increased from 0.7% in 2024 to 3.1% in 2025 and 10% in 1Q 2026. Total exports increased by 262% YoY in 1Q 2026. 

• Viva Leisure is a rapidly growing player in the Australian fitness industry, distinguished by its multi-brand strategy and aggressive acquisition-led expansion. The company operates a diverse portfolio including Club Lime, Plus Fitness, and Hiit Republic, targeting various market segments.
• The company demonstrates strong revenue growth and impressive operating cash flow generation, significantly exceeding its net income. This is largely driven by network expansion and a growing, high-margin Technology, Payments, Licensing & Retail (TPLR) division.
• Key concerns for investors revolve around the company’s high financial leverage and thin liquidity. The growth-by-acquisition strategy, while effective for top-line expansion, has resulted in a stretched balance sheet, making the company vulnerable to operational slowdowns or changes in credit conditions.

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• Chipotle is a leader in the fast-casual dining sector, differentiated by its “Food with Integrity”ethos, strong brand loyalty, and efficient, company-owned operational model.
• Digital innovation, including a robust mobile app and “Chipotlane”drive-thrus for online orders, has become a critical growth driver, now accounting for a significant portion of total sales.
• While facing risks from input cost inflation, intense competition, and shifting consumer spending, the company’s focus on menu innovation and operational excellence underpins a positive long-term outlook, though its premium valuation warrants caution.

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• Commodity & region: US winter wheat (hard red winter belt focus)                       
• Season: 2026 crop year / 2026/27 marketing year
• Vintage: yield model 2026-07-13, harvested-area model 2026-07-10