In today’s briefing:
- [456A JP] Human Made IPO a Testament to Japan’s Creative Muscle
- Chipotle Mexican Grill: Unit Growth & Operational Enhancements Boosting Store-Level Economics!
- Chow Tai Fook(1929 HK): Strong Q2 Operations, Tax Challenges, Future Remains Puzzling
- Will Strengthened Disclosure Rules and Tax Incentives Drive Growth Investment?
- Carvana Co: Expansion Into EVs, Franchise Dealership Acquisitions & Key Growth Levers!
- V.F. Corporation: Can Vans’ New Super Lowpro Shoes Spark a Global Comeback?
- Garmin: Expansion in Specialized Wearables & The Venu 4 Launch – Is This the Smartwatch Apple Should Fear?
- Decollte Holdings (7372 JP): Full-year FY09/25 flash update
- CVS Health: Can Its New PBM Strategy Finally Cut America’s Drug Costs?
- Geo Holdings (2681 JP): 1H FY03/26 flash update
[456A JP] Human Made IPO a Testament to Japan’s Creative Muscle
- A Bathing Ape was a major success in the eyes of customers, but behind the scenes, founder Nigo became a victim of this very success.
- Human Made is a different story, structured to give the designer full rein creatively but with experts in operations and marketing making the whole project more sustainable.
- Sales have risen 10-fold since 2020 and the brand will IPO this month, representative of the huge potential for Japan’s creative talent.
Chipotle Mexican Grill: Unit Growth & Operational Enhancements Boosting Store-Level Economics!
- Chipotle Mexican Grill’s third-quarter performance for fiscal 2025 reveals a mixed picture.
- The company reported a 7.5% increase in sales, reaching $3 billion, though same-store sales increased by only 0.3%.
- Digital sales contributed significantly, making up 36.7% of total sales.
Chow Tai Fook(1929 HK): Strong Q2 Operations, Tax Challenges, Future Remains Puzzling
- Chow Tai Fook Jewellery (1929 HK) reported strong operational performance for the quarter ended September 2025. This insight shares details about the performance.
- The recent changes in tax incentive will impact jewelry manufacturers. This insight details about this.
- Finally, we cover various points which will drive the near term performance of the company.
Will Strengthened Disclosure Rules and Tax Incentives Drive Growth Investment?
- Corporate Governance Code seems to be revised in ‘verifying and disclosing cash allocation’ in addition to ‘requests for disclosure in annual securities reports to enhance items related to human capital.’
- This time, the disclosure request concerns cash allocation. Previously, disclosure regarding policy shareholdings was requested, but the elimination of cross-shareholdings did not progress smoothly.
- The government plans to encourage growth investment in accumulated cash reserves without business plans for growth by strengthening disclosure rules and offering tax incentives.
Carvana Co: Expansion Into EVs, Franchise Dealership Acquisitions & Key Growth Levers!
- Carvana’s recent earnings call provides a comprehensive view of its performance for the third quarter of 2025.
- The company reported strong growth in multiple key areas, setting new records for retail units sold, revenue, adjusted EBITDA, and GAAP operating income.
- Retail units sold increased by 44% year-over-year, reaching 155,941, while revenue rose by 55% to a new high of $5.647 billion, indicative of higher selling prices and strategic partnerships.
V.F. Corporation: Can Vans’ New Super Lowpro Shoes Spark a Global Comeback?
- V.F. Corporation’s latest financial results reflect both challenges and strategic moves within the company.
- For Q2 Fiscal Year 2026, the company’s total revenue increased by 2% in reported dollars, though it experienced a 1% decline when adjusted for constant currency.
- This slight decline represents an improvement from the previous quarter, indicating some positive momentum in their turnaround efforts.
Garmin: Expansion in Specialized Wearables & The Venu 4 Launch – Is This the Smartwatch Apple Should Fear?
- Garmin Ltd.’s third quarter of 2025 reflected mixed performance across its diverse business segments, yet the results were notable on a number of fronts.
- Over this quarter, Garmin reported a 12% increase in consolidated revenue, reaching nearly $1.8 billion, marking a record third quarter for the company.
- This growth was achieved despite a challenging comparison period from last year, which saw a 24% rise in revenue.
Decollte Holdings (7372 JP): Full-year FY09/25 flash update
- Revenue reached JPY6.0bn, an 8.2% YoY increase, with operating profit up 34.3% and net profit up 37.1%.
- Photo wedding services saw a 5.0% increase in photo shoots and a 2.8% rise in unit price YoY.
- FY09/26 forecasts a 7.2% revenue increase, driven by new studio openings and improved operating profit margins.
CVS Health: Can Its New PBM Strategy Finally Cut America’s Drug Costs?
- CVS Health Corporation’s financial performance for the third quarter of 2025 reflects a blend of success and challenges across its diversified business segments.
- The company reported solid results, with an adjusted operating income of $3.5 billion and adjusted earnings per share (EPS) of $1.60, surpassing expectations for the third consecutive quarter.
- The full-year adjusted EPS guidance was increased to a range of $6.55 to $6.65, indicating confidence in their ongoing strategies.
Geo Holdings (2681 JP): 1H FY03/26 flash update
- GEO Holdings’ revenue increased by 8.6% YoY to JPY216.9bn, with net income rising 14.2% YoY.
- The company expanded 2nd STREET stores domestically and internationally, with overseas store count increasing in the US, Taiwan, Malaysia, Singapore, and Hong Kong.
- Sales of secondhand media products rose 3.2% YoY, driven by used mobile devices and new gaming consoles.
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