Daily Brief Consumer: Mandom Corp, Zhejiang Leapmotor Technologie, Seres Group, D’Alba Global, NIFTY Index, Mr. DIY Holding (Thailand), Seres Group , Tile Shop Holdings , Orion Corp, Vietnam Dairy Products JSC and more

• Mandom Corp (4917 JP) has proposed countermeasures in response to Murakami’s 18.87% voting stake and to ostensibly secure time for an alternative, viable (higher) offer.
• The read-across from the proposal is that CVC’s offer at current terms will fail, CVC is unwilling to match Murakami/Hibiki’s expectations, and there could be genuine interest from third-party bidders. 
• Nevertheless, countermeasures are unnecessary as the share price and presence of activists provide the time needed for the Board’s purported aim to secure a higher offer.       

• There could be 1 change for the Hang Seng TECH Index (HSTECH INDEX) in December. Announcement is on 21 November with implementation at the close on 5 December.
• Depending on the stocks included in the universe, ASM Pacific Technology (522 HK) could be deleted and that could lead to Zhejiang Leapmotor Technologie (9863 HK)‘s inclusion. 
• If the add and deletes are as forecast, one-way turnover will be 4.25% and will result in a round-trip trade of HK$25.3bn (US$3.22bn).

• Seres Group (9927 HK) priced its H Share at HK$131.50 to raise HK$14,283 million (US$1.8 billion) in gross proceeds. The H Share will be listed tomorrow.
• I discussed the H Share listing in Seres Group H Share Listing: The Investment Case and Seres Group H Share Listing (9927 HK): Valuation Insights.
• The price momentum is weak, and the international oversubscription rates were below the median of recent large AH listings. Nevertheless, Seres’ AH discount remains attractive.

• There is an end of a lock-up period for 1.3 million shares (10% of outstanding shares) for d’Alba Global starting 22 November 2025.
• This could potentially result in additional selling by insiders which could negatively impact its share price in the coming weeks. We remain Bearish on d’Alba Global.
• The overall proportion of freely tradable shares, which was only 32.7% right after listing, will increase to 83.9% one year later. 

• Brian Freitas posted an insight Monday discussing how Indian stocks may experience significant passive inflows and outflows from global trackers over coming weeks. Read his insight for more detail.
• The changes may start to produce effects soon, so here we are offering an analysis of the NIFTY Index to evalate potential upside and downside.
• Our previous NIFTY 50 insight warned that trend indecision could trigger a pullback—exactly what is unfolding now in the market. The index remains not oversold yet.

• Mr. DIY Holding (Thailand) (2472516D TB) is looking to raise up to US$173m in its upcoming Thai IPO.
• It is recognized as the largest and fastest growing home improvement and general lifestyle retailer in Thailand.
• In this note we will talk about the trading dynamics.

• Seres Group (601127 CH),  a Chinese NEV manufacturer, raised around US$2.1bn in its H-share listing.
• Seres Group (SG) is principally engaged in the research and development, manufacturing, sales and services of new energy vehicles (NEV) as well as core NEV components.
• We have looked at the past performance and likely A/H premium in our previous note. In this note, we talk about IPO trading dynamics.

• TTSH plans to delist from Nasdaq using a reverse/forward stock split, cashing out fractional shareholders at $6.60/share.
• Management owns 37% of TTSH, while Fund 1 Investments holds 29%; approval of the proposal is likely.
• Historical precedents show similar reverse/forward split transactions mostly succeed, with only 2 out of 11 failing.

• Dominant Market Position in High-Growth Emerging Markets: Orion holds a commanding presence in the confectionery markets of Vietnam and Russia, driven by the exceptional brand equity of its flagship product, Choco Pie. Continued capacity expansion in these regions is poised to capture further growth.
• Strong Financial Performance and Shareholder Returns: The company has demonstrated a robust track record of revenue and net income growth, coupled with a significant increase in dividend payouts. This highlights efficient operations and a commitment to returning value to shareholders.
• Diversification and Future Growth Engines: Strategic initiatives to expand into new business areas, including beverages, convenient meal replacements, and biotech, present long-term growth opportunities beyond the core confectionery segment, mitigating reliance on a single product category.

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• As Vietnam’s largest dairy company, Vinamilk is showing signs of a turnaround after a period of stagnation. Recent quarterly results indicate a recovery driven by the stabilization of its domestic general trade channel and robust performance in export markets.
• The company’s strategic focus on digital transformation and international expansion, particularly in key Asian and African markets, is expected to drive a rebound in earnings growth in the coming fiscal year.
• Despite facing challenges from rising raw material costs and intense domestic competition, the stock appears undervalued, trading at a significant discount to historical multiples. A potential upgrade of the Vietnamese market could serve as a major re-rating catalyst.

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