Daily Brief Consumer: MINISO Group Holding , Fast Retailing, The Pinkfong Company, Alliance Laundry Holdings, Garmin Ltd, Tianli Education, Flutter Entertainment, TSE Tokyo Price Index TOPIX, Bermaz Auto, Taste Gourmet and more

• In MINISO (9896 HK)’s (Possible) TOP TOY Spin-Off Is Priced In, based on (then) available figures and applying a holding company discount, post spin-off, MINISO’s upside appeared limited.
• A listing application form has now been submitted to the HKEx, providing greater detail of TOP TOY’s finances, figures vastly different to those in MINISO’s recent segment accounts. 
• The Labubu craze has resulted in a ~200% increase in Pop Mart (9992 HK)’s shares YTD. TOP TOY will be wanting to cash in on this exuberance. 

• In our previous Fast Retailing (9983 JP) insight we identified a potential BUY opportunity ahead of the September 25 rebalance, but the rally failed to materialize. 
• The stock at the moment is oversold, according to our quantitative model, so we would like to review its tactical outlook in this insight.
• Right now, the stock is the most oversold of all the Asian stocks we track, probability of WEEKLY reversal stands at 72%, after last week’s Close.

• Our base case valuation of the Pinkfong Co is implied market cap of 671.4 billion won or target price of 46,369 won per share (over the next 6-12 months). 
• This represents a 22% upside to the high end of the IPO price range. Given the reasonable upside, we have a Positive view of the Pinkfong Co IPO.
• Pinkfong Co is one of the most sought-after acquisition candidates in the global animation industry and this is one of the major reasons why it should trade at premium valuation. 

• Alliance Laundry Holdings (ALH US) is offering 34.146 million shares at $19-$22 and will debut on the NYSE on Thursday, October 9th. 
• The company is backed by BDT Capital who will own 76.0% of this company post-IPO. 
• The durability of this market will have to be balanced with the valuation and the large amount of indebtedness this company has on the balance sheet. 

• Garmin is a market leader in GPS technology, demonstrating strong growth and profitability through a diversified business model spanning Fitness, Outdoor, Aviation, Marine, and Auto segments.
• The company exhibits robust financial health, characterized by consistent revenue growth, high margins, and a strong balance sheet with minimal debt, supporting sustained investment in innovation.
• While facing intense competition from large technology firms in the consumer wearables market, Garmin maintains a wide economic moat in its specialized, high-barrier-to-entry segments like aviation and marine.

This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

• Strategic Shift to Diversified Services Amid Regulatory Headwinds: Tianli Education is actively transitioning its business model in response to significant regulatory changes in China’s K-12 education sector. The company is expanding into diversified services such as study tours, art training, and online education to mitigate the impact of restrictions on for-profit tutoring in compulsory education.
• Strong Growth in High School Segment and Student Base: Despite the challenging environment, the company has demonstrated resilient growth, particularly in its high school segment. As of fall 2025, Tianli’s total student base reached approximately 141,000, an 8% year-over-year increase, with high school student numbers growing by 11% to around 60,000.
• Focus on AI-Powered Education and Quality: Tianli is strategically investing in AI-powered learning solutions, with its self-developed ‘Qiming AI Learning Companion’ already registered with national authorities. This focus on technology and quality teaching is aimed at enhancing its competitive edge and has contributed to strong academic results, including high university admission rates.

This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

Key points (machine generated)

• Flutter is a leading global gaming company specializing in online sports betting and casino products.
• The company’s competitive advantages stem from its scale, market share, and effective management and capital allocation.
• Flutter’s strategic expansion into the US market and beyond, known as the ‘Flutter Edge,’ positions it for future growth.

This article is sourced from an online content aggregator through publicly available sources and is displayed below for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

• The shift toward management that creates value through dialogue with overseas investors is evident in the relationship between foreign shareholding ratios, capital profitability, and stock price valuations.
• There is significant correlation between cash reserves and ROA. ROA, which reflects the cash flow returns generated by a business, is considered to be closely related to stock price valuation.
• Companies with high cash generation capabilities and large amounts of cash on hand are expected to invest in generating more cash flow and return cash to shareholders.

• Bermaz Auto (BAUTO MK — US$186 million) is the former auto distribution arm of Malaysia’s Berjaya Corporation.

• It has been listed on Bursa Malaysia since 2013 and has since expanded from a Mazda-focused dealer to also sell Kia, XPeng, and Deepal.

• The competition within Malaysia’s auto industry has historically been favorable, thanks to a set of regulations. For example, imported vehicles are subject to a 30% duty, thereby protecting locally assembled cars, such as those made by Mazda and Kia.

• We compile our selection of small and mid-cap names with our desired characteristics of high dividend yields, value, and margin of safety.
• We compile updates on Philippine Stock Exchange (PSE PM) ‘s IPO pipeline, preview Taste Gourmet (8371 HK) H1 FY26 earnings, and more. 
• Our top picks are Asian Terminals (ATI PM), The Keepers Holdings (KEEPR PM), Taste Gourmet (8371 HK), Philippine Stock Exchange (PSE PM), and Ginebra San Miguel (GSMI PM).