In today’s briefing:
- [Japan M&A] Paris Miki Is Indeed an MBO Target; Luxottica May Complain But Tough To Block
- Paris Miki (7455 JP): Chairman-Led MBO Likely Done Despite Luxottica’s Unclear Intentions
- Human Made Pre-IPO: A Bathing Ape, Reborn
- CSI Liquor/ Alcoholic Drink Index Rebalance Preview: One Delete & Some Big Capping Changes
- Seven West Media (SWM AU): Scheme Vote on 22 December
- Tencent Music (TME): 3Q25, Offline Rev Up by 50%, Margin Improved for 13 Quarters
- Delfi: 3rd Quarter Update Shows Positive Momentum
- Trent Q2FY26: Growth Momentum Fades as Tier-II Mix Drags and Star Bazaar Slips
- Asics (7936) | Sustained Growth Momentum with Margin Upside
- Geely Automobile Holdings Ltd (0175 HK): Why Geely Is Actually a Bank
[Japan M&A] Paris Miki Is Indeed an MBO Target; Luxottica May Complain But Tough To Block
- Today after the close, Paris Miki Holdings (7455 JP) announced the Tane family Holdco would buy out the company in an “MBO” at ¥581, or 4.8x current year EBITDA.
- World famous eyeglass/sunglass manufacturer Luxottica bought 13.8% of the company in the low ¥300s almost stopping about a year ago. They might complain, but Paris Miki is a big outlet.
- This looks like it gets done. The family+crossholders+ESOP+warrants have 65% of the expanded share count. Those who would complain would need to do so soon, and loudly.
Paris Miki (7455 JP): Chairman-Led MBO Likely Done Despite Luxottica’s Unclear Intentions
- Paris Miki Holdings (7455 JP) has recommended a Chairman-led MBO at JPY581, a 48.6% premium to the last close price.
- While the offer is arguably light as it is marginally below book value (P/B of 0.99x), it is above the midpoint of the IFA DCF valuation range.
- The offer represents a 10-year high. Luxottica Group (LUX IM), the second-largest shareholder, has not signalled whether it will tender, but it would struggle to derail the offer.
Human Made Pre-IPO: A Bathing Ape, Reborn
- Human Made (456A JP) aims to raise around US$116m in its Japan IPO.
- Human Made Inc. is a Japan-based apparel and lifestyle company. Its business model centers on producing high-value, limited-supply apparel and goods.
- In this note, we look at the company’s past performance.
CSI Liquor/ Alcoholic Drink Index Rebalance Preview: One Delete & Some Big Capping Changes
- The review period ended on 31 October, the changes should be announced on 28 November and will be effective after the close of trading on 12 December.
- There could be one delete each for the CSI Liquor Index and the CSI Alcoholic Drink Index. Plus capping changes for a bunch of stocks.
- The entire sector has been under pressure over the last few years with every rally being sold into.
Seven West Media (SWM AU): Scheme Vote on 22 December
- The Seven West Media (SWM AU) IE considers the SXL merger offer to be in the best interests of its shareholders, absent a superior proposal.
- The merger requires approval from SWM shareholders, ACMA, and the ACCC. The ACCC’s findings will be announced on 18 December.
- The scheme vote is low risk as large SWM shareholders are supportive. Shares are trading through terms likely due to speculation of a competing bidder, which is unlikely to occur.
Tencent Music (TME): 3Q25, Offline Rev Up by 50%, Margin Improved for 13 Quarters
- Total revenue grew by 21% YoY and offline revenue grew by 50% YoY in 3Q25.
- Both ARPPU and the user base increased YoY in 3Q25.
- The margin had improved year over year for 13 quarters.
Delfi: 3rd Quarter Update Shows Positive Momentum
- Delfi announced 3rd qtr. update: Revenue increasing 4.9%. This is in contrast to1st Half when revenues were flat.
- Revenue growth in Indonesia was driven by both pricing and volume gain in key brands in Indonesia & by regional markets
- Indonesia sales would be higher at 6.9% on constant currency basis.
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Trent Q2FY26: Growth Momentum Fades as Tier-II Mix Drags and Star Bazaar Slips
- Trent reported a 17% YoY rise in Q2FY26 revenue to INR 4,724 crore, while PAT grew 6%. Star Bazaar saw a 2% decline due to ongoing upgrades and stronger competition.
- Efficient cost control and technology-driven productivity helped maintain margins despite slower same-store sales and expansion into lower-yield Tier-II cities.
- Trent’s steady execution and well-diversified retail portfolio support its medium-term growth outlook, though high valuations and increasing operating costs remain key risks to monitor.
Asics (7936) | Sustained Growth Momentum with Margin Upside
- 7th straight quarter of double-digit growth; 3Q revenue +21% y/y to ¥222bn, led by strong EU and Japan performance and steady global expansion.
- Gross margin +110bps to 56.1%, operating margin +320bps to 20.9%; FY OP guidance raised to ¥140bn, share buyback of ¥30bn announced.
- Near-Term share impact limited, but long-term growth underpinned by SportStyle and Onitsuka Tiger; OP could double to ~¥260bn though next MTP cycle.
Geely Automobile Holdings Ltd (0175 HK): Why Geely Is Actually a Bank
We believe that Geely Automobile, listed in Hong Kong as 0175, is a private equity fund first and an auto company second.
Expectations that Geely will become an international blockbuster akin to Toyota or Hyundai are misplaced.
Geely relied in 2024 for half its profit on mark-to-market value in subsidiaries.
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