In today’s briefing:
- Primo Global Pre-IPO: Driven by Domestic Demand as International Ops Falter
- CSI Liquor/ Alcoholic Drink Index Rebalance: Adds, Deletes & Capping Changes
- Selected European HoldCos and DLC: May 2025 Report
- Welspun Living: Navigating with Strategic Diversification and Domestic Focus
- Pre IPO Eastroc Beverage Group (H Share) – The Strength, the Concerns and the Outlook
- Triveni Engineering & Industries: Mega Restructuring & Stellar Performance
- Birkenstock’s Profit Engine Revealed: How New Factories & Smart Tech Are Boosting Margins Fast!
- Nike Reinvents Its Iconic Lineup—Can Its Bold Product Overhaul Halt The Revenue DECLINEt?
- Deckers Brands: Will Its Strategic Investments in SG&A And Brand Awareness Help in Sustainable Growth?
- BJ’s Wholesale Club: Initiative for Fresh 2.0 to Enhance Its Market Share In The Competitive Landscape!
Primo Global Pre-IPO: Driven by Domestic Demand as International Ops Falter
- Primo Global (367A JP) is looking to raise at least US$104m in its upcoming Japan IPO.
- Primo Global specializes in merchandising bridal jewellery, namely engagement rings and wedding rings.
- In this note, we look at the firm’s past performance.
CSI Liquor/ Alcoholic Drink Index Rebalance: Adds, Deletes & Capping Changes
- There is 1 add for the CSI Liquor Index and 1 add/ 2 deletes for the CSI Alcoholic Drink Index in June.
- Gansu Huangtai Wine Mktg Ind Co., (000995 CH) will be added to the CSI Liquor Index and the CSI Alcoholic Drink Index.
- There will be big selling in Kweichow Moutai (600519 CH) due to the stock being capped in both indices. Smaller capping flows in the other stocks.
Selected European HoldCos and DLC: May 2025 Report
- Discounts to NAV of covered holdcos mainly widened during May. Coverage of CF Alba is discontinued following delisting.
- Discounts (30 May): GBL, 37.9% (vs 35.3%, 2 May); Heineken Holding, 12.5% (vs. 12.3%); Industrivärden C, 9.6% (vs. 9.1%); Investor B, 9.6% (vs. 5.8%); Porsche Automobile Holding, 29.5% (vs. 29.2%);
- Rio DLC 22.2% (vs. 25.8%); Vivendi 45% (vs. 46%). What seems interesting: Heineken Holding, vs. Heineken, Porsche SE vs. listed assets and Rio DLC (long RIO LN/short RIO AU).
Welspun Living: Navigating with Strategic Diversification and Domestic Focus
- FY25 consolidated revenue surpassed INR 10,000 crore mark, increasing 8.9% year-on-year. Emerging businesses contributed over 30% to revenue.
- Despite achieving the revenue milestone, Q4 performance and FY25 margins were impacted by cautious customer order patterns due to US tariff uncertainty.
- The company is de-risking its geographical exposure by reducing reliance on the US while focusing on the potential from the UK FTA and strengthening its domestic presence, through strategic acquisition.
Pre IPO Eastroc Beverage Group (H Share) – The Strength, the Concerns and the Outlook
- 2024 is a milestone year. The weighted average ROE set a new high. Due to cost dilution brought by economies of scale, net profit growth was higher than revenue growth.
- The risk of relying on a single category hasn’t been eliminated. Traditional advantages of offline channels are becoming saturated. There is a gap between channel structure and new consumer forces
- Eastroc’s valuation is expected to be higher than the industry average and peers due to its higher growth rate, but investors needs to consider the H/A premium
Triveni Engineering & Industries: Mega Restructuring & Stellar Performance
- Triveni reported record revenue and PAT for Q4 FY25, largely driven by the exceptional performance of the Power Transmission business and improved sugar realisations despite operational challenges
- The strong performance of the Power Transmission segment and strategic focus on exports highlights its potential as a key growth driver, while the proposed restructuring aims to unlock values.
- Company is guiding for improvement in each segment including Sugar, IMIL and transmission in the upcoming year.
Birkenstock’s Profit Engine Revealed: How New Factories & Smart Tech Are Boosting Margins Fast!
- Birkenstock Holding plc’s second-quarter results for fiscal year 2025 highlight a period of robust revenue growth, resilient operational strategies, and geographical expansion.
- Total revenues reached EUR 574 million, marking a 19% increase year-over-year in reported currency, and an 18% increase in constant currency.
- This growth was fueled by a balanced performance across both Business-to-Business (B2B) and Direct-to-Consumer (DTC) channels, both of which exhibited strong demand dynamics and strategic channel enhancements.
Nike Reinvents Its Iconic Lineup—Can Its Bold Product Overhaul Halt The Revenue DECLINEt?
- In the latest earnings, NIKE, Inc. reported its fiscal 2025 third-quarter results.
- Various strategic initiatives, including a focus on expanding product offerings and enhancing brand presence, were discussed by CEO Elliott Hill and CFO Matt Friend.
- The results show a complex scenario for NIKE, characterized by both challenging headwinds and promising initiatives aimed at revitalizing growth.
Deckers Brands: Will Its Strategic Investments in SG&A And Brand Awareness Help in Sustainable Growth?
- Deckers Brands recently reported its financial performance for the fourth quarter and the fiscal year 2025.
- The company showcased robust growth across its portfolio, emphasizing the success of its leading brands, HOKA and UGG.
- With a revenue increase of 16% year-over-year, the company approached $5 billion in sales, signaling strong brand appeal and strategic market positioning.
BJ’s Wholesale Club: Initiative for Fresh 2.0 to Enhance Its Market Share In The Competitive Landscape!
- BJ’s Wholesale Club Holdings, Inc. showed a strong start to the fiscal year 2025, surpassing initial expectations with impressive top and bottom-line growth.
- The company registered a 4.7% increase in net sales, with operating income and net income leaping by 27% and 35% respectively.
- Membership growth continues to be a core driver, reflecting BJ’s strategic focus on value, enhanced merchandising, and digital convenience.
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