In today’s briefing:
- PointsBet (PBH AU): Either Betr Pulls A Rabbit Out Of The Hat, Or Walks
- StubWorld: Stay Short On GMO Internet (4784 JP); Haw Par Now Even More Stretched
- Don Quijote: Fitness, Tourists and Social Media
- PointsBet (PBH AU): Betr Bumps Its Offer, but Is It Superior to Mixi?
- Oisix Update: New Lines of Convenience Deli Selling Well
- Milky Mist Dairy Food Ltd Pre-IPO Tearsheet
- Las Vegas Sands Corporation: Unlocking New Luxury Demand with Strategic Market Repositioning!
- Hilton Worldwide Holdings: Strategic Brand Diversification to Enhance Network Effects…
- Netflix Is Crushing It Globally—Why Wall Street Still Isn’t Impressed?
- Wyndham Hotels & Resorts Bets Big on FeePAR & International Growth—Is It a Winning Formula?
PointsBet (PBH AU): Either Betr Pulls A Rabbit Out Of The Hat, Or Walks
- Mixi (2121 JP)‘s A$1.20/share cash Offer is now open, with a 50.1% acceptance condition. PointsBet Holdings (PBH AU) is supportive. Mixi currently holds 25.15%. ~16% of shares out have tendered.
- Betr Entertainment (BBT AU) (self-alleged superior) scrip Offer, with no minimum acceptance condition, is still out there. betr holds 19.6%. No shareholder has accepted terms.
- PBH has now tapped the Takeover Panel seeking orders betr clarify its convoluted Offer.
StubWorld: Stay Short On GMO Internet (4784 JP); Haw Par Now Even More Stretched
- GMO Internet Group (9449 JP) needs to sell shares in GMO Internet (4784 JP) to achieve a “float” of 35% by 31 December 2026. Recent filings show they are selling.
- Preceding my comments on the GMO group – and Haw Par Corp (HPAR SP)/ UOB (UOB SP) – are the current setup/unwind tables for Asia-Pacific Holdcos.
- These relationships trade with a minimum liquidity of US$1mn, and a % market capitalisation >20%.
Don Quijote: Fitness, Tourists and Social Media
- Don Quijote announced a slew of initiatives over the past two months targeting tourists, a move to capitalise on the burgeoning fitness boom, and new social media use.
- The initiatives reflect the continued dynamism in the business both in the discount format and as city centre tourist meccas.
- While the company has closed some overseas stores, the outlook in Asia remains very strong.
PointsBet (PBH AU): Betr Bumps Its Offer, but Is It Superior to Mixi?
- BETR Entertainment (BBT AU) has bumped its PointsBet Holdings (PBH AU) offer to 4.219 BBT shares per PBH share. However, the offer’s opening is delayed by the Panel’s interim orders.
- Betr expects that the Board will now recommend its offer. However, the Board has several reasons not to deem Betr’s revised proposal as superior to Mixi Inc (2121 JP).
- Since 3 June, the average gross spread of the revised Betr offer to the Mixi offer is 3.4%. The logical next step is for Mixi to declare its offer unconditional.
Oisix Update: New Lines of Convenience Deli Selling Well
- Oisix was originally known for its food subscription boxes but then expanded into meal kits which brought in a new type of customer looking to save time.
- But with more busy and stressed customers no longer wanting to even spend 20 minutes cooking its meal kits, Oisix has launched 5-minute deli meals.
- Oisix remains the leading independent online food retailer and the most innovative. While subscriber numbers fell recently, sales per user are up.
Milky Mist Dairy Food Ltd Pre-IPO Tearsheet
- Milky Mist Dairy Food Ltd (1023949D IN) (MMDFL) is looking to raise about US$237m in its upcoming India IPO. The bookrunners for the deal are Axis, JM Fin and IIFL.
- MMDFL is a value-added dairy and packaged food manufacturer focused on premium products such as paneer, cheese, curd, yogurt, UHT milk, and frozen RTE/RTC foods.
- MMDFL is the fastest-growing packaged food firm in India among those with revenue above INR15,000m, having achieved a revenue CAGR of 29.82% from FY23-25, as per 1Lattice Report.
Las Vegas Sands Corporation: Unlocking New Luxury Demand with Strategic Market Repositioning!
- Las Vegas Sands Corporation’s latest earnings report offers a mixed yet intriguing view into the company’s operational performance, focusing on their flagship properties in Macau and Marina Bay Sands in Singapore.
- The highlights of the earnings call indicate an exceptional quarter for Marina Bay Sands, posting a record quarterly EBITDA of $768 million.
- This reflects significant growth propelled by mass gaming, which reached $843 million – a stark increase of 97% from Q2 2019 and 40% higher year-on-year.
Hilton Worldwide Holdings: Strategic Brand Diversification to Enhance Network Effects…
- Hilton’s latest financial performance in the second quarter of 2025 showcases both strengths and challenges within the company.
- The firm reported an Adjusted EBITDA exceeding $1 billion, surpassing expectations despite facing challenges such as modestly negative system-wide RevPAR and shifting holiday schedules that impacted business transient RevPAR negatively by 2%.
- The leisure transient sector, however, showed resilience with a 1% increase, bolstered by extended spring break periods.
Netflix Is Crushing It Globally—Why Wall Street Still Isn’t Impressed?
- Netflix shares dropped 5.1% despite beating earnings expectations and raising full-year guidance—a reminder that strong results don’t always satisfy a market pricing in perfection.
- The stock is up 36% in 2025 and trades at 44 times forward earnings, just below a three-year high.
- While the selloff may have stemmed from revenue gains partially driven by foreign exchange effects rather than robust U.S. growth, the underlying business performance remains solid.
Wyndham Hotels & Resorts Bets Big on FeePAR & International Growth—Is It a Winning Formula?
- Wyndham Hotels & Resorts reported a robust second quarter in 2025, demonstrating resilience and strategic expansion across multiple fronts.
- The company’s global system growth reached 4%, with sequential net room growth in all operating regions.
- The introduction of innovative technology and strategic partnerships appears to have contributed significantly to this growth trajectory.
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