In today’s briefing:
- Quiddity Leaderboard TDIV Dec26: 4 ADDs/DELs Likely; More Changes Possible; US$3.4bn One-Way
- Primer: Tesla (TSLA US) – Oct 2026
- Primer: Bluestone Jewellery and Lifestyle (BLUESTON IN) – Oct 2026
- IPO Databook: GEN Restaurant Group (GENK US) – Sep 2026
- (01 Oct 2026) Beauty Kadan(3041 JP) — Fisco Company Research
- VNCE: Snapping the Store – OVO London Edition: European Gateway; Reiterate Buy, PT
- BWMX: WTR Insights Conference – Tupperware Deal Opens Up New Organic Growth Opportunities
- Costco Model Hidden Inside Wise, Domino’s and Floor & Decor
- Milbon Co., Ltd (4919 Jp): Research Update
Quiddity Leaderboard TDIV Dec26: 4 ADDs/DELs Likely; More Changes Possible; US$3.4bn One-Way
- The TDIV index tracks the top 50 names in the Taiwan Stock Exchange with the highest dividend yields. It is a yield-weighted index with unique capping rules.
- In this insight, we take look at Quiddity’s expectations for index changes and capping flows for the TDIV Index for the December 2026 index rebal event.
- As of the latest data, we expect 4 ADDs and 4 DELs and one-way flows of ~US$3.4bn including capping effects.
Primer: Tesla (TSLA US) – Oct 2026
- Strategic Pivot Toward AI and Autonomy Amid Core Margin Contraction: Tesla is navigating a multi-year structural transition from pure-play EV volume manufacturing to an AI-driven autonomous ecosystem, highlighted by the Cybercab launch and vision-based Full Self-Driving (FSD) architecture. This transition occurs against a backdrop of core automotive gross margin pressure resulting from aggressive global pricing competition, particularly from Chinese original equipment manufacturers (OEMs).
- Energy Storage Segment Emerging as a High-Growth Pillar: The Energy Generation and Storage segment (Megapack, Powerwall) is demonstrating exceptional operational momentum, with Q2 2026 deployments expanding ~40% YoY to 13.5 GWh. This high-margin utility-scale storage business provides substantial revenue diversification and margin support, counterbalancing cyclical headwinds in automotive hardware and the strategic sunsetting of non-core legacy solar roof assets.
- Substantial Liquidity Buffers Aggressive AI CapEx Acceleration: Intensified capital expenditure in compute infrastructure (Dojo, GPU clusters), robotaxi production lines, and next-generation vehicle architectures drove Q2 2026 Free Cash Flow into negative territory (-$1,092M). However, Tesla’s fortress balance sheet—comprising $43.5B in liquid cash and investments with minimal net debt—provides superior financial resilience to fund this multi-year innovation cycle without dilutive external financing.
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Primer: Bluestone Jewellery and Lifestyle (BLUESTON IN) – Oct 2026
- Bluestone Jewellery and Lifestyle Limited (BLUESTON IN) has established itself as one of India’s preeminent digital-first omnichannel fine jewelry retailers, delivering a 38.7% revenue CAGR between FY24 and FY26 to reach INR 24,364.24M, driven by rapid network expansion and robust millennial consumer adoption.
- The company reached a pivotal operational milestone in FY26 by turning profitable with a net income of INR 148.37M (compared to a net loss of INR 2,216.69M in FY25), alongside a notable expansion in EBITDA margin to 16.13% and gross margin recovery to 18.78%, supported by an increasing mix of high-margin studded and daily-wear jewelry.
- Despite positive net earnings inflection, Bluestone continues to experience working capital strain and negative free cash flows (-INR 3,038.61M in FY26) due to capital-intensive store rollout and inventory requirements, making unit economics optimization and inventory turn enhancement critical for medium-term sustainability.
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IPO Databook: GEN Restaurant Group (GENK US) – Sep 2026
- GEN Restaurant Group is an Asian casual dining concept founded in 2011, offering Korean food through 54 restaurants and a growing CPG division.
- The company’s CPG division represents its single largest opportunity for near-term growth, with products now in nearly 2,000 retail doors nationwide.
- While the CPG division is a key growth opportunity, the company may require additional financing to sustain its operations.
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(01 Oct 2026) Beauty Kadan(3041 JP) — Fisco Company Research
Key points (machine generated)
- Beauty Kadan Holdings specializes in floral altars for funerals, wholesale flowers, and bridal arrangements.
- The company aims to enhance profitability and expand through mergers and acquisitions despite facing external challenges.
- Key strengths include a pioneering position in floral altars and competitive pricing, while challenges include trends towards smaller funerals and a declining birthrate.
This article is sourced from an online content aggregator through publicly available sources and is displayed below for general informational purposes only.
VNCE: Snapping the Store – OVO London Edition: European Gateway; Reiterate Buy, PT
- We are reiterating our Buy rating, projections and $9 price target for Vince Holding after visiting the company’s recently acquired October’s Very Own (“OVO”) London flagship.
- Opening in November 2017, the London location remains the only non-North American outpost for the brand, and we believe offers a compelling shopping experience for the Drake fan or London fashion shopper.
- Situated in a key shopping area between Regent Street and Soho on the West End of London we believe the OVO stores offer a springboard to wholesale and potentially more international stores under Vince leadership.
BWMX: WTR Insights Conference – Tupperware Deal Opens Up New Organic Growth Opportunities
- At the WTR Insights Conference, we hosted a fireside chat with CEO Andrés Campos and CFO Raúl del Villar.
- We discussed the durability of the direct selling model, the recent Tupperware acquisition, BeFra’s “portfolio of powerhouse brands” strategy, the Jafra turnaround, opportunities for geographic expansion, and capital allocation priorities.
- BeFra is more like Procter (PG) or Unilever (UL) than Walmart (WMT) or Amazon (AMZN). BeFra views itself as a house of brands more than as a retailer.
Costco Model Hidden Inside Wise, Domino’s and Floor & Decor
- Nick Sleep is an investor who belongs in the Hall of Fame. 21% annualized returns over 13 years. He started buying cheap businesses.
- Over time, he reached a harder and more useful conclusion: buy a great business, then let it work for years.
- That is why I am on the hunt to find businesses I never have to sell.
Milbon Co., Ltd (4919 Jp): Research Update
- Milbon Co., Ltd (4919 JP) produced FY26 1H (Dec year-end) gross profit [GP] of ¥17,135mil (+10.5% YoY) and operating profit [OP] of ¥3,347mil (+72.7% YoY) on sales of ¥26,878mil (+8.3% YoY).
- While Domestic sales rose moderately [+2.8% YoY to ¥18,993mil], Overseas sales expanded at much faster pace [+24.7% YoY to ¥7,884mil] – a solid increase of +16.7% YoY on an LCY basis.
- Given the stronger-than-expected 1H results, Milbon revised up its full-year FY26 guidance from OP of ¥6,300mil (+11.4% YoY) on sales of ¥54,800mil (+3.7% YoY) to OP of ¥6,550mil (+15.9% YoY) on sales of ¥55,600mil (+5.2% YoY).

