Daily Brief Consumer: Live Nation Entertainment, Inc, Health And Happiness (H&H), Right On Co Ltd, Yum! Brands Inc, Kontoor Brands , Green Cross Health, Games Workshop Group PLC, Rivian Automotive , SJM Holdings, Toyokoh and more

• Live Nation Entertainment recently discussed its performance and strategy during its investor meeting, highlighting both opportunities and challenges facing the company.
• Live Nation, a dominant player in the live entertainment industry, has projected continuous growth in its key markets, leveraging global expansion and consumer trends.
• One of the significant highlights is the company’s outlook on the industry.

• We initiate our coverage on Health and Happiness International Holding Limited (H&H)’s BTSDF 9.125% 24Jul2028.
• H&H has refinanced USD320m of 2026 notes with the new USD300m of 2028 notes at a 9.125% coupon. The new bonds help extend its debt maturity and lower financing cost.
• The bonds offer diversification and a chance to invest back in China after the fallout in the property sector. We assign an OVERWEIGHT recommendation.

• Right On Co. Ltd. is a jeans and casual wear retailer facing a prolonged period of declining revenues and significant financial losses, driven by intense competition and shifting consumer preferences in the Japanese apparel market.
• Despite a challenging top-line trend, the company has shown some recent, albeit inconsistent, improvement in net income, suggesting that cost control measures may be taking effect. However, operating and free cash flows remain deeply negative, raising concerns about long-term sustainability.
• The company’s strategy is centered on its core competency in denim, leveraging both national and private brands, and optimizing its nationwide network of stores, which are primarily located in shopping centers. A pivot towards enhancing e-commerce and adapting product assortments to local tastes is critical for a potential turnaround.

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• Yum!
• Brands, Inc. delivered a robust performance in the third quarter of 2025, accentuated by strong system sales and core operating profit growth.
• The company’s comprehensive strategy focused on leveraging its scale and brand strengths, primarily through its key brands, KFC and Taco Bell, which collectively account for a significant portion of its operating profit.

• Kontoor Brands has demonstrated a strong performance in the third quarter of 2025, highlighted by growth in its core brands and a strategic expansion in its portfolio.
• The quarter’s results reflect successful integration and growth initiatives that offer both immediate benefits and promising long-term prospects.
• Helly Hansen, a recent acquisition by Kontoor Brands, showed significant growth, with revenues increasing by 11%.

• Green Cross Health is a leading integrated primary healthcare provider in New Zealand, operating a large network of pharmacies under the Unichem and Life Pharmacy brands, and medical centers primarily under ‘The Doctors’ brand.
• The company faces a challenging operating environment characterized by insufficient government funding, inflationary pressures, and constrained consumer spending, which has impacted profitability despite revenue growth.
• Future strategy is centered on organic growth through the expansion of pharmacy services, strengthening its retail beauty and wellness offerings, investing in technology, and advocating for regulatory changes to broaden the scope of pharmacist services and simplify medical center funding.

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Games Workshop Group’s (GAW’s) H126 trading update shows a strong performance by the core business with an accompanying improvement in operating margin. This is impressive given the comparatives from the two prior years when the most recent editions of its major intellectual properties were released. This also suggests good ongoing sales of new products from each of these properties, as well as other new products this year. We increase our FY26e profit by c 12% and raise our forecast dividend to £5.20 per share to be consistent with FY25 levels, despite our lower forecast profit.

• Rivian Automotive’s third-quarter 2025 financial results reflect mixed performance and strategic advancements, which provide multiple dimensions for assessment for potential investors.
• The U.S.-based electric vehicle (EV) manufacturer continues to focus on expanding its product offerings, enhancing its technological capabilities, and scaling its manufacturing capacity.
• While there are positives in Rivian’s broader strategy, the financial results reveal challenges that the company faces in terms of profitability and cost management.

• UST yields fell meaningfully yesterday, with the curve bull steepening as market expectations for Fed rate cuts climbed.
• This followed an uptick in the September unemployment rate, despite payrolls data coming in above estimates.
• The yield on the 2Y UST decreased 6 bps to 3.53%, while that on the 10Y UST declined 5 bps to 4.09%. 

Key points (machine generated)

• Toyoko has recently been listed on the Tokyo Stock Exchange Growth, focusing on its CoolLaser business.
• The company’s Medium-Term Management Plan anticipates selling 120 units with a CAGR of over 50% in operating profit.
• The report highlights strong demand for CoolLaser products and record profit expectations for the fiscal year ending March 2026.

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