Daily Brief Consumer: Rothwell International Co, Borussia Dortmund GmbH & Co KG, Honda Motor Co Ltd (Adr), Meesho, Naoo, Riberesute Corp, Sanyei Corp, Topps Tiles, Vera Bradley, Autonation Inc and more

• After the market close on 11 December, Trillion Luck Group announced a tender offer of a 52.5% stake in Rothwell International Co (900260 KS).
• The tender offer price is 1,580 won per share, which is 58% higher than current price.
• There has not been a meaningful positive impact of keeping Rothwell publicly listed in Korea. It makes more sense to take the company private. 

Borussia Dortmund is one of Europe’s leading football clubs, with a strong track record in its domestic league and an enviable consistency in competing in the financially lucrative European competitions. The consistent on-pitch success and structural growth drivers of expanding global audiences, increasing demand for media rights and developing sponsorship partners have led to a strong 20-year revenue CAGR of c 10%. When combined with management’s conservative approach to operating costs and player investment, the result is a long-term record of positive net income and free cash generation, which may be at odds with the general perception about the financial health of football clubs. The company’s valuation looks attractive versus peers and its own trading history.

• Honda Motor Company Limited’s recent financial performance presents a complex picture involving both opportunities and challenges.
• On the positive side, Honda’s Motorcycle operations achieved record-high unit sales, operating profit, and operating margin, driven by strong sales in Brazil and the Philippines despite declines in Vietnam.
• This segment’s operating profit reached JPY 368.2 billion, marking a year-over-year increase of JPY 42.4 billion.

• Meesho has established itself as a significant player in Indian e-commerce, particularly targeting price-sensitive consumers in Tier 2 and Tier 3 cities with its zero-commission, mobile-first marketplace.
• The company exhibits a strong growth trajectory, evidenced by rapidly increasing revenues and a large, expanding user base. However, this growth has been accompanied by significant net losses, raising concerns about its path to sustainable profitability.
• A key strategic initiative is the development of its proprietary logistics platform, Valmo, aimed at reducing costs, improving efficiency, and insourcing a critical part of the value chain, which presents both a major opportunity and an execution risk.

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• naoo AG recently announced its half-year figures for 2025.
• Thanks to the acquisition of Kingfluencers at the beginning of the year (consolidation of the transaction with retroactive effect from January 2025), the company was able to achieve a sharp increase in sales to CHF 4.30 million (H1 2024: CHF 0.42 million).
• At the same time, gross profit increased dynamically to CHF 1.62 million (H1 2024: CHF 0.07 million), which equates to an almost doubling of the gross profit margin to 38.0% (H1 2024: 17.0%).

Key points (machine generated)

• SYLA Holdings Co., Ltd. was formed from the merger of CUMICA Corporation and SYLA Technologies Co., Ltd., focusing on real estate development and crowdfunding.
• In FY5/25, CUMICA experienced a 13.7% revenue increase but reported a net loss of ¥657 million; SYLA Holdings forecasts revenue growth to ¥34,500 million and net income of ¥868 million for FY5/26.
• The company aims to establish itself as a comprehensive real estate tech firm with mid-term targets of ¥100 billion in total assets and a 10% return on equity by FY5/30.

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Key points (machine generated)

• San-ei Corporation reported a decline in revenue and profit due to decreased demand for travel and outings.
• The company operates 17 overseas bases and 11 stores in Japan, focusing on high value-added products through OEM and brand businesses.
• The furniture and household goods segment accounts for 50.8% of sales, with apparel and accessories also contributing significantly.

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Topps Tiles’ (TPT’s) FY25 results clearly demonstrated the profit leverage available as incremental revenue and services from the Mission 365 growth initiatives combined with more favourable end markets. Revenue growth was broad based across all divisions, which fed through to higher gross margins for all divisions and the group. Management remains confident in the growth strategy and the Mission 365 financial goals, which offer substantial upside from the current share price if achieved over the next few years.

• We are reiterating our Hold rating on Vera Bradley after the company reported slightly better than expected 3QFY26 (October) top line results (driven by continued Direct Sales improvement), while operating upside potential was offset by material inventory write-downs and the write-off of media credits; if these one-time impacts are excluded, 3QFY25 EBITDA of $0.3 million and EPS of $0.05 would have handily beat our projections.
• We believe the new “Operation Sunshine” program, which has brought back the core OG Vera Bradley shopper, with an emphasis on cotton fabric items, more relevant looks and brand focus, increased versatility and value and a more streamlined and cohesive shopping experience across channels, is registering key successes and providing a hint to investors of the potential to come.
• While we are remaining conservative due to the nascent stage of the turn, we are encouraged.

• AutoNation just made a strategic pit stop in the Baltimore area with its acquisition of Jerry’s Toyota, a more than 40-year-old dealership that’s been a fixture in the Mid-Atlantic automotive scene.
• The move, announced December 9, marks AutoNation’s first Toyota acquisition in over a decade and expands its footprint deeper into a region where it’s been steadily building scale.
• What makes this deal unique isn’t just the brand—Toyota is among the most durable and profitable franchises in retail auto—but the dealership’s heritage and the deliberate succession planning involved.