Daily Brief Consumer: Pan Pacific International Holdings, Dongfeng Motor, Pop Mart, Mahindra & Mahindra, Laopu Gold, ASICS Corp, MercadoLibre , Amber Enterprises India, S & B Foods Inc, Chery Automobile and more

• Today, the results of the Nikkei 225 Sep2025 Periodic Review were announced, discussed in [Quiddity Index] Nikkei 225 Sep25 Review: Shift (3697) In, Citizen Watch (7762) Out. Kokusai Misses. 
• That means we can look at the March 2026 Periodic Review with a fair bit of accuracy. 
• It is likely to be the runner-ups in the Sep25 review, though the second-runner-up ADD needs a stock split to have any chance. As always, more below the fold!

• Back on the 22nd August, SOE-backed Dongfeng Motor (489 HK) announced a privatisation; together with a concurrent listing of its EV arm, VOYAH.
• The share price closed up 54% on the first day, ~15% adrift of the independently valued cash + scrip (into VOYAH) under the privatisation.  
• Shares have pared back 5% since. VOYAH’s peer basket has fallen ~15% on average. The market is implying a price-to-trailing-sales of 1x for VOYAH versus the basket average of 1.9x. 

• In this insight, we discuss Pop Mart (9992 HK)’s valuation using Peter Lynch’s PEGY ratio.
• If Pop Mart misses current consensus estimates in 2026 and 2027 by 5%, this would result in PEGY ratio of 1.4x in 2026 which would make current valuations unattractive.
• WE EXPECT A HIGHER PROBABILITY OF POP MART’S VALUATION DECLINING BY 50% TO ABOUT US$25 BILLION, RATHER THAN INCREASING BY $75 BILLION FROM CURRENT LEVELS OVER THE NEXT 1-2 YEARS.

• Mahindra & Mahindra (MM IN) pre-announces GST benefits, signaling consumer-first patriotism but raising questions on intent.
• Dealer checks reveal heavy discounting despite festive demand hopes coupled with weak dispatches.
• Possible margin risks emerge as MM tries to flush out inventory ahead of GST 2.0 and festive season.

• Laopu Gold (6181 HK)  is down nearly 20% since June’s lock-up expiry, despite strong 1H2025 results and subsequent analyst earnings upgrades.
• The stock trades at 22x FY26E, the low end of its YTD P/E range, with a PEG below 0.8x.
• China’s retail gold demand in 2Q2025 has shifted toward investment products – a trend that could support Laopu’s mostly investment-driven sales.

• Performance Running momentum intact: ~10% global market share, outgrowing Nike, with scope for further share gains.
• Adjacent categories underpenetrated globally; restructuring complete, positioning for accelerated US/Asia expansion.
• Lifestyle brands (SportStyle, Onitsuka Tiger) compounding fast (+40%+ YoY), higher margins, could be the real long-term profit driver.

• Daniel Wu of BristolMoon Capital discusses Mercado Libre, a company that has evolved from being the “eBay of Latam” to a major e-commerce and fintech player in Latin America.
• Mercado Libre is described as an amalgamation of Amazon Retail and Alipay, with a dominant market share in e-commerce in countries like Brazil, Mexico, and Argentina.
• Founded in 1999 in Buenos Aires by Marcos Galperin and co-founders, Mercado Libre differentiated itself by focusing on sustainable growth strategies instead of chasing rapid user acquisition, allowing it to thrive through economic downturns and emerge as a major player in the region.

This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

• Amber Group’s electronics arm, ILJIN Electronics, has raised Rs 1,200 crore in its first-ever institutional fundraise, led by private equity firm ChrysCapital and supported by InCred Growth Partners.
• This capital infusion accelerates ILJIN’s organic expansion & supports its strategic inorganic growth ambitions, positioning the company as key beneficiary of India’s push for self-reliance under PLI and ECMS schemes.
• The fundraise is a powerful validation of Amber’s strategic pivot towards high-growth EMS sector, paving the way for sustained, multi-year growth and a potential re-rating of the consolidated entity.

Key points (machine generated)

• S&B Foods, established in 1923, is a leading Japanese manufacturer of spices and condiments with around 3,000 in-house SKUs.
• The company pioneered the creation of curry powder in Japan, launching the ‘Japanese curry’ category.
• S&B’s iconic ‘Golden Curry’ line is well-known in Japan and is expanding its presence in international markets as it nears its 100th anniversary.

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.

• Chery Automobile is looking to raise about US$1.5bn in its upcoming Hong Kong IPO.
• Chery Auto is a Chinese passenger vehicle company which designs, develops, manufactures and sells passenger vehicles, including internal combustion engine vehicles and new energy vehicles, both domestically and overseas.
• In this note, we talk about the updates from its most recent filings.