Daily Brief Consumer: Ichibanya, Light & Wonder , Cult.fit Limited, SHEIN Global Holdings, Oliver Corporation, Shake Shack Inc Class A, CSOP STAR 50 INDEX ETF, Naked Wines and more

• The Nikkei reported that House Foods Group (2810 JP) is considering selling its 51% stake in Ichibanya (7630 JP) by selecting a suitable bidder to privatise the Company.
• The rumoured strong interest from several investment funds despite Ichibanya’s high multiples and downgraded forecasts signals deep underlying value.
• My analysis suggests that an offer price range of JPY1,170 to JPY1,317 per share, a 7.2% to 20.8% premium to the last close.

• Caledonia is looking to raise US$273m via the sale of shares in Light & Wonder (LNW AU) .
• The raising is a portfolio rebalancing by Caledonia with Caledonia indicating no more selling in the medium-term.
• In this note, we will talk about the placement and run the deal through our ECM framework.

• This insight discusses about the broad structure of upcoming IPO of Cult.fit Limited (1416928D IN).
• It discusses about the company profile, business segments and financial snapshots.
• Finally, we highlight the various points to look forward to in this IPO.

• SHEIN raised HKD 13,214m (USD 1,686m) from its global offering and will list on the Hong Kong Stock Exchange on Tuesday, September 1, 2026.
• In our previous notes, we looked at the company’s fundamentals and the deal terms.
• In this note, we provide an update for the IPO before its trading debut.

• SHEIN Global Holdings (625 HK) (SHEIN), a global online fashion and lifestyle company, raised around US$1.7bn in its Hong Kong listing.
• Shein is a global online fashion and lifestyle company serving approximately 273m active customers in approximately 160 markets in 2025.
• We have looked at the company’s past performance and provided our thoughts on valuations in our previous notes. In this note, we talk about the trading dynamics.

• Oliver Corporation (619A JP) aims to raise around US$132m in its Japan IPO.
• Established in 1967, Oliver Corporation was initially a furniture manufacturing company known as Fuji Steel and sold steel furniture.
• In our previous note, we looked at its past performance. In this note, we will talk about valuations.

• SHEIN Global Holdings (625 HK) priced its IPO at HK$48.56 per share, raising gross proceeds of approximately US$1.7 billion. The shares will begin trading on 1 September.
• The IPO was discussed in SHEIN Global IPO: The Bull Case, SHEIN Global IPO: The Bear Case and SHEIN Global (625 HK) IPO: Valuation Insights. 
• The retail and international subscription rates are materially below the median for large listings since 2024. Shein is fairly valued at the IPO price, leaving no upside for investors.

• Shake Shack Inc. reported its second quarter of 2026 financial results amid a challenging operating environment characterized by elevated input costs, particularly record-high beef prices, and broader inflationary pressures.
• The company posted total revenue of $417.6 million, representing a 17.2% year-over-year increase.
• This growth primarily stemmed from the opening of new company-operated and licensed locations combined with 3.5% Same-Shack sales growth, which included 2.0% traffic growth and 1.5% price/mix gains.

• Offshore Pure-Play Gateway to China’s ‘Hard Tech’ Core: CSOP STAR 50 Index ETF (3109 HK) provides institutional investors with high-liquidity offshore access to the 50 largest and most innovative companies on the Shanghai Stock Exchange Science and Technology Innovation Board (STAR Market), with more than 65% of the portfolio concentrated in domestic semiconductors, advanced computing, and critical hardware infrastructure.
• Strategic Alignment with National Tech Self-Reliance Policy: The fund’s key constituents—including SMIC, Montage Technology, Cambricon, and AMEC—serve as direct beneficiaries of state-backed industrial policies, accelerated domestic substitution mandates, and capital support from the RMB 344 billion National Integrated Circuit Industry Investment Fund Phase III (Big Fund III).
• High-Beta Growth Vehicle with Operating Leverage: While subject to high cyclical volatility (amplified by the underlying STAR Market’s 20% daily price fluctuation limits) and premium valuation multiples, 3109 HK presents powerful operating leverage as domestic foundry utilization surpasses 90% and enterprise AI infrastructure deployment accelerates.

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• Strategic Turnaround and Cash Inflection: Naked Wines plc (WINE LN) has transitioned from aggressive post-pandemic customer acquisition to rigorous operational rightsizing, prioritizing cohort profitability, working capital discipline, and cash generation over unconstrained revenue growth.
• Solid Free Cash Flow Amid Top-Line Compression: Despite revenues contracting from £290.4m in FY24 to £199.1m in FY26 (a 3-year revenue CAGR of -17.46%), operational restructuring and working capital optimization delivered positive free cash flow of £11.8m in FY26 and £13.6m in FY25, significantly de-risking the balance sheet.
• Asymmetric Valuation Multiple Skew: Trading at an EV/Sales of 0.1x, EV/Gross Profit of 0.3x, EV/EBITDA of 6.2x, and Price-to-Book of 0.8x, the market is pricing in structural terminal decline, presenting institutional investors with an attractive risk/reward profile as active subscriber retention and adjusted EBITDA margins stabilize.

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