In today’s briefing:
- Oriental Watch (398 HK): Resilient Despite Tough HK Environment, Dividend A Slight Disappointment
- Quiddity Leaderboard ChiNext & ChiNext 50 Dec25: ~US$600mn Collective One-Way Flows
- D’Alba Global: Financial Investors Could Unload 19% of Shares Once Lockup Ends on 22 June
- PointsBet (PBH AU): A Headache for Mixi as Betr Switches to a Takeover Offer
- Asian Dividend Gems: Septeni Holdings
- Orkla India Ltd. Pre-IPO Tearsheet
- Capri Holdings: An Insight Into Its Strategic Wholesale and Digital Expansion & Other Major Drivers
- Lalithaa Jewellery Mart Ltd Pre-IPO Tearsheet
- Life Time Group Holdings: A Close Look At Its Pricing & Retention Strategy & Other Growth Catalysts!
- Thule AB: Can the Quad Lock Acquisition Turbocharge Profit Margins Long-Term?
Oriental Watch (398 HK): Resilient Despite Tough HK Environment, Dividend A Slight Disappointment
- Oriental Watch (398 HK) delivered a resilient result with revenue/profits -5%/-20% YoY (ex-one offs -11.5% YoY), despite weakness in HK (22% of sales), where the company is now making losses.
- Cash & Investments dipped to 901 mn HKD, representing about 54% of the market capitalization. The company declared a 16.7 HKD cent/dividend (FY25: 41.3 HKD/cent yield 12%).
- We believe that FY26 will be a year of consolidation, and with a weak HK, profits will remain subdued. Stock trades at 8.4x FY25 with a 12% dividend yield.
Quiddity Leaderboard ChiNext & ChiNext 50 Dec25: ~US$600mn Collective One-Way Flows
- The ChiNext index represents the performance of the 100 largest and most liquid A-share stocks listed on the ChiNext Market of the Shenzhen Stock Exchange.
- The ChiNext 50 index is a subset of the ChiNext Index and it consists of the top 50 names in the ChiNext index with the highest daily average turnover.
- We see 3 changes for the ChiNext index and 5 changes for the ChiNext 50 index in the next index rebal event.
D’Alba Global: Financial Investors Could Unload 19% of Shares Once Lockup Ends on 22 June
- D’Alba Global has been one of the best performing IPOs in Korea this year. Its share price has risen to 172,5000 won, an increase of 160% from it IPO price.
- A total of 19% of outstanding shares of D’Alba Global could start to be sold starting 22 June. That is a lot of shares!
- These are likely to put negative pressure on the shares of D’Alba Global. Therefore, we change our view on this company to Negative over the next 6-12 months.
PointsBet (PBH AU): A Headache for Mixi as Betr Switches to a Takeover Offer
- BETR Entertainment (BBT AU) has switched its PointsBet Holdings (PBH AU) offer to an all-scrip takeover offer at 3.81 BBT shares per PBH share, with a post-offer buyback option at A$1.22.
- Betr’s claim that its offer is superior is debatable. Mixi Inc (2121 JP)’s offer is 8.6% above Betr’s at last close prices, and minorities accepting the buyback will be prorated.
- Betr’s offer is designed to torpedo Mixi’s scheme and takeover offer. Mixi will need to rethink its terms and likely drop its 50.1% minimum acceptance condition.
Asian Dividend Gems: Septeni Holdings
- Septeni Holdings is one of the leaders in Japan in the digital marketing business which mainly includes digital advertising, marketing support, data & AI-driven solutions.
- The company has also aggressively raised dividend payouts which is a clear sign of improving corporate governance.
- The company is also well positioned to deliver sales growth rate of about 5-7% per year in the next 2-3 years with 20%+ per year growth in operating profit.
Orkla India Ltd. Pre-IPO Tearsheet
- Orkla India Ltd. (OI) is looking to raise about US$300mn in its upcoming India IPO. The deal will be run by ICICI, Citi, JPM, and Kotak.
- It’s a multi-category Indian food company offering a diverse range of products that cater to every meal occasion, from breakfast and lunch to dinner, snacks and beverages and desserts.
- OI was one of the top four companies in terms of revenue from operations among select leading species and convenience foods peers in FY24, as per Technopak Report.
Capri Holdings: An Insight Into Its Strategic Wholesale and Digital Expansion & Other Major Drivers
- Capri Holdings Limited’s recent earnings reflect a mix of strategic changes and financial outcomes that should be carefully considered by investors.
- The company is in a transitional phase, highlighted by the announcement of the pending sale of Versace to Prada Group.
- The decision to divest Versace aims to refocus resources on the Michael Kors and Jimmy Choo brands, with potential benefits of debt reduction and reinstatement of a share repurchase program.
Lalithaa Jewellery Mart Ltd Pre-IPO Tearsheet
- Lalithaa Jewellery Mart Ltd (1607844D IN) (LJML) is looking to raise about US$200m in its upcoming India IPO. The bookrunners for the deal are AnandRathi and Equirius.
- LJML is a jewellery retailer operating under the brand name “Lalithaa”, offering a range of gold, silver, and diamond jewellery tailored to regional preferences in southern India.
- As per the CRISIL Report, the company recorded the highest operating revenue per store among key organised jewellery players in India during FY22-9M25.
Life Time Group Holdings: A Close Look At Its Pricing & Retention Strategy & Other Growth Catalysts!
- Life Time Group Holdings, Inc. reported robust financial performance for the first quarter of 2025.
- The company achieved total revenue of $706 million, marking an 18.3% increase year-over-year.
- This growth was attributed primarily to a 17.9% increase in membership dues and enrollment fees, alongside an 18.7% rise in in-center revenue.
Thule AB: Can the Quad Lock Acquisition Turbocharge Profit Margins Long-Term?
- Thule Group AB presented a mixed performance in their recent quarterly earnings report.
- The company registered a 10% increase in total sales from the previous year, but faced notable hurdles in North America, where sales declined by 13%.
- In contrast, sales in Europe showed stability with marginal growth.
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