Daily Brief Consumer: Red Planet Japan, Fast Retailing, Chery Automobile, Allied Blenders & Distillers, Yadea Group Holdings, ADF Foods , DigiPlus Interactive , Greggs PLC, Trip.com, Zalando and more

• Metaplanet’s secret weapon? Moving-strike warrants that raise equity into strength—fueling BTC buys while sidestepping the deep discounts typical of Japan’s small-cap raises.
• Forget buybacks. Metaplanet is redefining shareholder value by issuing stock, not retiring it—turning dilution into accretion via Bitcoin per-share growth.
• A 4.6x mNAV premium gives Metaplanet unmatched BTC buying power—creating a capital flywheel that most traditional treasuries can only envy.

• Fast Retailing (9983 JP) presents a mixed outlook characterized by strong earnings momentum tempered by some geopolitical and macroeconomic challenges. Analyst opinions are mixed but consensus is mostly = “Hold”.
• The stock started a pullback this week and is reaching a support zone that offers the possibility of entering LONG positions at a discounted price.
• This is a short-term tactical setup but the stock can be hold for the long run if the rally continues in the coming weeks.

• Chery Auto, one of China’s oldest state-owned carmakers and #2 domestic passenger vehicle brand, plans to raise more than $1B in its upcoming IPO in Hong Kong.
• The company has been China’s top vehicle exporter for 22 consecutive years since 2003. The automaker was founded in 1997 Mr. Yin Tongyue, Chairman & President of Chery Auto.
• Chery Auto is an extremely ambitious company with strong overseas presence. The biggest revenue growth driver will be higher NEV sales in the coming years, in my view.

• Allied Blenders & Distillers (9844250Z IN)‘s FY25 marked a pivotal shift with record profitability, fueled by premiumization, cost efficiency, and expansion into international markets, notably through its luxury portfolio.
• Record profitability and a strengthened balance sheet position ABDL for aggressive expansion in the high-margin super-premium and luxury segments, supported by strategic CapEx.
• ABD’s transformation into a premium-focused brand with significant global expansion potential, particularly in luxury segments, positions it for sustained growth and higher margins.

• Volume Dip in 2024:Yadea Group Holdings (1585 HK) ‘s total unit sales fell 21% YoY amid regulatory shifts, inventory destocking, and weak market sentiment.
• Innovation Resilience: Despite headwinds, Yadea launched sodium-ion e-bikes, reinforcing its R&D leadership and product differentiation.
• Positive 2025 Outlook: Management guides for rebound driven by “trade-in” policy, regulatory clarity, and international expansion.

• ADF Foods (ADFL IN) reported robust Q4 & FY25 results, driven by strong growth in key brands and strategic adjustments in North American distribution.
• The company’s focus on improving distribution and expanding manufacturing capacity signals a stronger platform for future growth, particularly for its flagship Ashoka brand.
• The strategic initiatives and consistent performance reinforce a positive outlook, suggesting continued market share gains and profitability for ADF Foods.

• We are gradually building a high-conviction coverage of ideas for mid and small-cap companies in the Philippines.
• We established metrics focusing on high ROCE, sustainable growth of 10-15% year-over-year, robust balance sheets, and prudent capital allocation, essential elements for identifying potential multi-bagger opportunities.
• With the Q1 earnings season on, we update our readers on DigiPlus Interactive (PLUS PM), Shakey’s Pizza (PIZZA PM), The Keepers Holdings (KEEPR PM), and more. 

Greggs’ AGM trading update indicates an improvement in revenue growth in recent months versus a relatively weak start to the year, as management notes better trading conditions, while the market context remains challenging. With no changes to profit expectations for FY25, management points to profitability being skewed to H2 given the phasing of store openings and the anticipated volume recovery against easy comparatives. The prospective multiple of 15.7x looks attractive in a historical context.

• As in Q424, a sharp increase in OpEx led to margin compression at Trip.com in Q125
• Trip.com’s revenue growth in Q125 slowed vs Q424, but platform probably gained share
• Within China’s tourism segment, we still think the airlines can outperform Trip.com

• In this edition: • Heineken | Femsa exits Heineken after 15 years • InPost | High Court injunction: Yodel acquisition placed on pause • InPost/PostNL/DHL | 22% Dutch online shoppers abandon shopping carts due to delivery concerns • E-commerce/E-commerce logistics | EU to impose EUR 2 tax on low-cost items from China • Consumer confidence | stabilized at 19 months’ low in May