Daily Brief Consumer: Hyundai Motor, Theme International Holdings, ARB Corp Ltd, Dick’s Sporting Goods, Tjx Companies, Target Corp, Milky Mist Dairy Food Ltd, OneRobotics (Shenzhen) Co, Comcast Corp Class A, Tokyo Base and more

• Names outside the new tax regime may hike year-end payouts, with gov’t push boosting odds despite fuzzy timing, drawing local desk interest.
• With timing murky, local desks are targeting high-yield names, 25–40% FY25 payout, and ~10%+ DPS growth as prime candidates for year-end dividend hikes ahead of AGMs.
• Nine first-tier names (25–40% payout, <10% DPS growth, 3%+ yield) are prime dividend plays; five second-tier names (20–25% payout) need monitoring for potential Q4 expense tweaks.

• Theme International Holdings, recently renamed Deep Source Holdings Limited, is a diversified company operating in two core, yet volatile, segments: high-volume, low-margin bulk commodity trading and financial services.
• The company is experiencing a significant downturn in profitability, with net income and margins declining sharply in the most recent fiscal year, despite a strong long-term revenue growth history. This raises concerns about the sustainability of its current business model.
• The recent proposal to change the company name to Deep Source Holdings Limited signals a potential strategic shift or rebranding effort to better reflect its future business development, the success of which remains a key variable for future performance.

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• Context: The ARB Corp (ARB AU) vs. Amotiv (AOV AU) price ratio has deviated more than two standard deviations from its one-year average, presenting a potential relative value opportunity.
• Highlights: Going long ARB Corp (ARB AU) and short Amotiv (AOV AU) targets a 6% return.
• Why Read: Essential for quantitative traders seeking mean-reversion opportunities, with detailed execution framework, risk management protocols, and historical simulation showing the statistical basis for this relative value play.

• DICK’S Sporting Goods has released its third-quarter financial results for 2025 amidst a significant transition marked by the acquisition of Foot Locker.
• This update provides essential insights into the company’s current performance and strategic direction, highlighting both opportunities and challenges it faces.
• DICK’S Sporting Goods reported a strong performance with a 5.7% increase in comparable sales for its existing business.

• The TJX Companies, Inc. reported a robust performance for the third quarter of fiscal 2026, exceeding its expectations in several key metrics such as comparable store sales, profitability, and earnings per share (EPS).
• The company recorded a 5% increase in comparable store sales across its diverse geographical footprint, which includes the United States, Canada, Europe, and Australia.
• This growth reflects the strong appeal of TJX’s value proposition, which combines brand, fashion, quality, and price – elements that continue to attract and retain consumers.

• Target Corporation’s third-quarter earnings for 2025 reveal a business navigating through a challenging retail environment.
• The company experienced a slight decline in net sales at 1.5% lower compared to the previous year, influenced largely by softness in discretionary categories such as Home and Apparel.
• However, this downturn was offset to some degree by growth in Food & Beverage and Fun 101, underscoring a variable consumer spending pattern amid economic uncertainty.

• Milky Mist plans an IPO with a INR 17,850 million fresh issue to reduce debt, expand manufacturing capacity, strengthen cold-chain infrastructure, and support growth in value-added dairy and RTE/RTC segments.
• Leadership in branded paneer, strong revenue momentum, and rising demand for value-added dairy products position the company to improve margins, strengthen its balance sheet, and scale operations efficiently.
• Supported by favorable industry trends, a strong brand, and disciplined capital deployment, Milky Mist is well positioned for sustained growth in India’s premium dairy and convenience food market.

• OneRobotics (Shenzhen) Co (ONE HK) is looking to raise at least US$100m in its upcoming Hong Kong IPO. The deal will be run by Guotai Junan and Huatai.
• OneRobotics operates as a provider of home-embedded AI robotic systems, focusing on building an integrated smart-home ecosystem centered on robotic products.
• The company covers the full industry chain from R&D and production to sales, and aims to expand the application of embedded AI across a wide range of home living scenarios.

• Comcast-Versant separation creates two focused businesses, with Comcast retaining broadband and infrastructure assets while Versant operates standalone cable networks and digital platforms.
• The spin-off to be completed on January 2, 2026. When-issued trading began on Dec 15, 2025, while regular way trading to commence from January 5, 2026.
• Overall, separation enhances transparency, improves peer comparability, and offers investors differentiated exposure across media and connectivity assets.

• Tokyo Base struggled during and after Covid, but the promoter of Japanese design has begun to find a new following.
• As well as a new generation of Japanese customers thanks to new banners, it is becoming a favourite with inbound tourists, which account for as much as 25% of sales.
• It is now planning greater expansion both at home and overseas