In today’s briefing:
- HK-Listed Apparel & Footwear Screener July 2025: August 1st Deadline Approaches
- StubWorld: Absent Borrow, GMO Internet (4784) Is An Avoid
- ZEEKR (ZK US): Geely Auto’s Binding Offer a Done Deal
- Can Ola Electric Stage a Strong Comeback? Analyzing Its Current Performance & Future Potential
- Performance Food Group on the Verge of a Mega Deal: 4 Reasons US Foods Can’t Walk Away!
- oOh!Media Ltd – The Overnight Report: Long-End Yields Rising
- Muyuan Foods A/H Listing – Long Term Growth with Short-Term Volatility
- Heineken: Initiation of Coverage- An Insight Into Its Global Market Position & Portfolio Strategy!
- IDOM Inc (7599 JP): Q1 FY02/26 flash update
- Bitcoin Breaking Out; Bullish Outlook Intact; Many Areas Breaking Out or Bottoming: XLY, XME, KRE ++
HK-Listed Apparel & Footwear Screener July 2025: August 1st Deadline Approaches
- The August 1st deadline is approaching, and it seems a bit unclear whether a deal with Vietnam has been reached on a 20% tariff or something lower.
- With no formal agreement and just Trump’s Truth Social account as a reference, uncertainty looms. For HK-listed companies, the understanding is that they will pass on tariffs to their customers.
- We summarize this in our call with Nameson Holdings (1982 HK) following the results. We also provide updates for Pacific Textiles (1382 HK) and other names.
StubWorld: Absent Borrow, GMO Internet (4784) Is An Avoid
- GMO Internet (4784 JP) stays listed if/when GMO Internet Group (9449 JP) sells (a lot of) shares. Yet 4784 remains stubbornly – manipulated (?) – at nosebleed valuations.
- Preceding my comments on the GMO group – and Dah Sing Financial (440 HK) and Axiata Group (AXIATA MK) – are the current setup/unwind tables for Asia-Pacific Holdcos
- Hese relationships trade with a minimum liquidity of US$1mn, and a % market capitalisation >20%.
ZEEKR (ZK US): Geely Auto’s Binding Offer a Done Deal
- ZEEKR (ZK US) has entered into a definitive merger agreement with Geely Auto (175 HK) at US$26.87 per ADS or 12.3 newly issued Geely shares. The cash offer increased by 4.7%.
- The proposal is conditional on regulatory approvals (low risk, as Zeekr is a subsidiary of Geely), as well as approval from Zeekr’s shareholders and Geely’s independent shareholders.
- The Zeekr shareholder vote is a formality as Geely and undertakings exceed the two-thirds voting threshold. The Geely vote is low risk due to the low takeover premium.
Can Ola Electric Stage a Strong Comeback? Analyzing Its Current Performance & Future Potential
- Ola Electric reported a strong 35.5% QoQ increase in revenue, with a significant 32.7% increase in vehicle deliveries
- Overall company showed a rebound and improvement in operational and financial performance, along with strong guidance for FY26.
- Though the company continue to face key headwinds in terms of cost pressures, rare-earth related macro headwinds along with increased competition and regulatory challenges.
Performance Food Group on the Verge of a Mega Deal: 4 Reasons US Foods Can’t Walk Away!
- Performance Food Group (PFG) has surged to the top of Wall Street chatter following reports that US Foods Holding Corp. is evaluating a potential acquisition of the company.
- According to people familiar with the matter, US Foods has expressed interest in merging with PFG in what would be a transformative deal for the food distribution industry.
- If completed, the combined entity would eclipse Sysco to become the largest foodservice distributor in the United States, commanding an estimated 18% market share of a $371 billion industry.
oOh!Media Ltd – The Overnight Report: Long-End Yields Rising
- A global perspective on what happened overnight
Muyuan Foods A/H Listing – Long Term Growth with Short-Term Volatility
- Muyuan Foodstuff Co Ltd A (002714 CH), a leader in the hog farming industry, aims to raise around US$2bn in its H-share listing.
- MF is a leading pork company with over 30 years of expertise in the hog farming industry.
- In this note, we look at its past performance and other deal dynamics that might impact the listing.
Heineken: Initiation of Coverage- An Insight Into Its Global Market Position & Portfolio Strategy!
- Heineken N.V. has reported its financial and operational performance for the full year 2024, showcasing a mix of growth, challenges, and strategic initiatives.
- The company has made significant strides in executing its multiyear strategy known as EverGreen.
- This strategy aims to achieve balanced growth, improve profitability, and create long-term value.
IDOM Inc (7599 JP): Q1 FY02/26 flash update
- IDOM’s Q1 FY02/26 sales reached JPY138.5bn (+11.2% YoY), with record-high retail units sold despite declining auction prices.
- Operating profit decreased to JPY3.9bn (-12.3% YoY), with SG&A expenses rising due to new store openings and increased personnel costs.
- Domestic directly managed stores sold 83,714 units (+2.1% YoY), with retail sales up 12.9% YoY and wholesale sales down 7.6% YoY.
Bitcoin Breaking Out; Bullish Outlook Intact; Many Areas Breaking Out or Bottoming: XLY, XME, KRE ++
- We remain near-term bullish since our 4/22/25 Compass, and our intermediate-term outlook remains bullish as well (as of our 5/14/25 Compass).
- Short-Term support on the SPX is at 6100-6150, 6028-6059, and the 20-day MA, with additional supports at 5804-5854 and 5700-5785.
- We view any pullbacks to the these supports as buying opportunities, though we do not expect there to be another test of 5700-5785 any time soon.
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