In today’s briefing:
- PointsBet (PBH AU): Betr Bumps a Second Time but Fails to Check Its Work
- Fast Retailing (9983 JP) Tactical Outlook: Turning OVERSOLD, Potential BUY Ahead of Sep-25 Rebalance
- Alibaba (9988 HK): Top Trades Ahead of Earnings
- Austindo (ANJT IJ): First Resources (FR SP)’s MTO
- Nongfu (9633 HK): 1H25, Recovering from Defamation, Record High Margin
- Black Rock Coffee Bar, Inc. (BRCB): Peeking at the IPO Prospectus of Operator of Drive-Thru Chain
- MIXUE IPO Lockup – US$480m Cornerstone Lockup Release
- Schibsted ASA (SCHA NO): EU Index Inclusion Based on Share Class Liquidity
- Expedia Group: How Diversification Into B2B Could Become Its Secret Growth Engine!
- Sony Group Corporation’s Semiconductor Push—Can Image Sensor Penetration Up Its Tech Game?
PointsBet (PBH AU): Betr Bumps a Second Time but Fails to Check Its Work
- BETR Entertainment (BBT AU) has disclosed revised terms but has failed to check its work. The announcement has two revised scrip ratios – 4.735 (in bold) and 4.375.
- To match the stated PointsBet Holdings (PBH AU) offer value, the scrip ratio should be 4.375. The revised terms suggest that Betr is struggling to secure acceptances.
- The key issue remains that Betr will be unable to exercise compulsory acquisition rights to realise its stated synergies, a key pitch for shareholders to favour its all-scrip offer.
Fast Retailing (9983 JP) Tactical Outlook: Turning OVERSOLD, Potential BUY Ahead of Sep-25 Rebalance
- In his recent insight, Brian Freitas stated that Fast Retailing (9983 JP)‘s CPAF will stay the same at the September 25 Nikkei 225 Index rebalance.
- The stock is turning oversold—not yet extreme, but notable. Historically, this short-term downtrend pattern often reversed after two weeks of declines; we are now in the second consecutive week lower.
- Monitor the 47150 support level: the stock is trading at 47810 at the moment of writing, if it goes at or below 47150 it will start to be clearly oversold.
Alibaba (9988 HK): Top Trades Ahead of Earnings
- Alibaba (9988 HK) will announce quarterly results on Friday, August 29, 7:30 p.m. Hong Kong Time. In the lead-up, options strategies on the Hong Kong Exchange showcase a variety of approaches.
- Highlights: Recent option trades show a bias towards bullish sentiment. Two strategies using weekly options expiring soon after the earnings announcement are explored.
- Why Read: This review offers real-market insight into how sophisticated participants are positioning ahead of Tencent’s earnings.
Austindo (ANJT IJ): First Resources (FR SP)’s MTO
- Back on the 10th March 2025, First Resources (FR SP) entered into a SPA to acquire a 91.17% stake in oil plantation producer Austindo Nusantara Jaya (ANJT IJ).
- The completion of the transaction would trigger an mandatory tender offer (MTO). The sale was completed on the 6th May.
- The MTO kicks off today. The Offer Price is IDR 1,813/share. Payment is the 3rd October.
Nongfu (9633 HK): 1H25, Recovering from Defamation, Record High Margin
- Nongfu Spring’s revenue increased by 16% YoY in 1H25, compared to a decrease of 7% YoY in 2H24.
- The operating margin reached its historical high, 37%, since the company’s IPO.
- Wahaha, the competitor that defamed Nongfu, is in a scandal itself.
Black Rock Coffee Bar, Inc. (BRCB): Peeking at the IPO Prospectus of Operator of Drive-Thru Chain
- The operator of guest-centric, drive-thru coffee bars offering premium caffeinated beverages and an elevated in-store experience crafted by our engaging baristas filed for an IPO on August 18th.
- They have 158 locations spanning seven states as of June 30, 2025, from the Pacific Northwest to Texas.
- Store revenue increased $18.6 million, or 24.3%, to $95.1 million for the six months ended June 30, 2025, compared to $76.5 million for the six months ended June 30, 2024.
MIXUE IPO Lockup – US$480m Cornerstone Lockup Release
- Mixue Group (2097 HK) raised around US$450m in its Hong Kong IPO in March 2025. The lockup on its cornerstone investors is set to expire soon.
- MIXUE Group (MIXUE) is a freshly-made drinks company providing affordable products to consumers, including freshly-made fruit drinks, tea, ice cream and coffee, typically priced at around one USD per item.
- In this note, we will talk about the lockup dynamics and possible placement.
Schibsted ASA (SCHA NO): EU Index Inclusion Based on Share Class Liquidity
- Over the past six months, Class B of Schibsted ASA has significantly surpassed Class A in liquidity.
- If Class B is recognized in the September 2025 review as the company’s most liquid share class, it has a high probability of being added to Europe Top 600.
- Class A has a lower probability of inclusion due to its smaller security float cap which results in lower ranking.
Expedia Group: How Diversification Into B2B Could Become Its Secret Growth Engine!
- Expedia Group’s Q2 2025 results show both strengths and challenges in their performance.
- On the positive side, the company has managed to surpass expectations for gross bookings, revenue, and adjusted EBITDA margins, indicating effective execution amid a soft U.S. travel market.
- Gross bookings grew by 5%, while revenue increased by 6%, suggesting solid underlying business momentum.
Sony Group Corporation’s Semiconductor Push—Can Image Sensor Penetration Up Its Tech Game?
- Sony Group Corporation’s earnings for the first quarter of fiscal year 2026 showcased a mixture of record highs and challenges.
- Sales from continuing operations increased by 2% year-on-year to JPY 2,621.6 billion, and operating income rose significantly by 36% to JPY 340 billion.
- Net income saw an increase of 23%, reaching JPY 259 billion, indicating robust financial health.
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