Daily Brief Consumer: Kangwon Land, OneRobotics (Shenzhen) Co, JNBY Design Ltd, Aisin , Mandarin Oriental International, Perfect Medical Health, DoorDash , Hanssem Co Ltd, Lion Corp, BRP and more

• LARGE stands at 99 post-HD Hyundai Mipo merger; March sees 5 into LARGE (including Samsung Epis), 4 to MID, with top movers comfortably above cutoff and MID gaps watchable.
• Two points: any names riding carryover rally momentum and mid-cap flows rising on sector rotation; LARGE candidates are hitting a pause phase, while top MID movers show clear rebound.
• Distortion risks should ease by T-1M; if sector rotation ramps, price action could occur earlier than usual—worth monitoring.

• OneRobotics (Shenzhen) Co (ONE HK) is looking to raise US$231m in its upcoming Hong Kong IPO.
• OneRobotics operates as a provider of home-embedded AI robotic systems, focusing on building an integrated smart-home ecosystem centered on robotic products.
• In this note, we look at the company’s past performance and valuations.

• We continue to have JNBY Design Ltd (3306 HK) as a top pick among our names for its robust growth in FY26, an undemanding 10x PE, and 7% dividend yield. 
• For high dividends, we have written extensively on Nameson Holdings (1982 HK), currently trading at a 12% yield, and are exploring Texwinca Holdings (321 HK) (at ~10% yield).
• Finally, for those interested in net-net situations, we have Fountain Set Hldgs (420 HK) trading at a 61% discount to NCAV(net current asset value) with an 8% dividend yield. 

• Aisin (7259 JP) has been taking series of measures to enhance shareholder returns through product portfolio revamp, moving towards reduced cross holdings and balance sheet optimization.
• In this insight, we discuss the status of this journey towards better corporate governance as we term it = “Marching towards Nirvana”
• We finally discuss our outlook, valuation and key risks towards attaining the stated goals of the company.

• Mandarin Oriental is no longer a “normal” listed equity.
• With the privatization scheme announced and shareholder-approved, it should be analyzed as a capped-upside, time-bound deal instrument until delisting, not as a multi-year compounding story.
• The report therefore uses the offer value as the primary reference point and focuses on the few items that can still move outcomes before completion: conditions, timing, cash leakage, and any operational downside that could change sentiment or process risk. 

• Perfect Medical is navigating a challenging retail environment, particularly in its core Hong Kong market, which has led to significant revenue declines. A recent profit warning for the year ending March 2025 underscores the impact of weak consumer sentiment.
• In response to top-line pressure, management has implemented aggressive cost-cutting measures. These initiatives have successfully improved profitability and expanded margins, demonstrating strong operational control.
• The company offers a high dividend yield, supported by a stated high payout policy and a strong balance sheet. However, the sustainability of this payout is contingent on a future recovery in sales and profitability, which remains uncertain.

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• DoorDash is accelerating its push into AI-enabled commerce by embedding its grocery shopping functionality directly into OpenAI’s ChatGPT.
• The new integration, announced in December 2025, allows users to ask ChatGPT for meal or recipe suggestions and seamlessly transfer those ideas into grocery shopping lists and orders via the DoorDash app.
• Once users decide on a recipe, the chatbot can help build a cart and guide them through checkout, all within the same ChatGPT interface.

• After the market close on 22 December, Hanssem Co Ltd (009240 KS) announced that it will cancel all of its 6.933 million treasury shares (29.5% of outstanding shares).
• The fact that this share cancellation is a whopping 29.5% of outstanding shares is likely to result in a sharply higher share price for Hanssem in the next several days. 
• We believe that this massive treasury shares cancellation is likely to have a significantly positive impact on Hanssem’s share price in the next several days/weeks.

• Lion Corp is a dominant player in the Japanese consumer staples market, particularly in oral care, with a long history of stable growth and consistent dividend payouts.
• The company’s ‘Vision2030’ strategy focuses on becoming an ‘advanced daily healthcare company,’ emphasizing growth in overseas markets, particularly in Asia, and strengthening profitability through structural reforms in its domestic business.
• While facing intense competition and the challenges of a mature domestic market, Lion’s strong brand recognition, commitment to R&D, and focus on high-value-added products position it for resilient performance.

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• BRP Inc.’s third-quarter results for fiscal year 2026 demonstrated notable financial performance and strategic market maneuvers against a complex economic backdrop.
• The company reported revenues of $2.3 billion, reflecting a 14% year-over-year increase.
• This was primarily driven by robust off-road vehicle (ORV) shipments, despite a planned reduction in snowmobile deliveries to better align with market demand.