In today’s briefing:
- Samsonite (1910 HK): Trading Cheap, Yet Tariffs Loom. And Shorts At All-Time High
- Hong Kong Single Stock Options Weekly (July 14 – 18): HSI at Fresh Highs But Option Volumes Lag
- BWMX: 2Q Preview: Back to Normal?; Reiterate Buy, $22.50 PT
- What’s New(s) in Amsterdam – 18 July (Sligro Food Group)
- Companies Seem Reluctant to Hold Online AGMs with Online Attendance
- Yoshinoya Holdings (9861 JP): Q1 FY02/26 flash update
Samsonite (1910 HK): Trading Cheap, Yet Tariffs Loom. And Shorts At All-Time High
- Samsonite (1910 HK), the world’s leading travel luggage manufacturer/retailer, is trading well below its historical metrics.
- The share price is up ~30% from its recent low, but down ~22% YTD following a ~31% fall over a 10-day period in early-April, shortly after Trump’s “Liberation Day” speech.
- Management initiated a US$200mn buyback program last August. Overhangs include tariff and weak retail market in Asia and North America. Plus short selling has touched an all-time high.
Hong Kong Single Stock Options Weekly (July 14 – 18): HSI at Fresh Highs But Option Volumes Lag
- HSI continued its rally, breaking out to the highest level since early 2022.
- Breadth was solid and all sectors finished the week higher, led by standout moves in Health Care.
- Call volumes were underwhelming given the breakout to new highs.
BWMX: 2Q Preview: Back to Normal?; Reiterate Buy, $22.50 PT
- We are reiterating our Buy rating, $22.50 price target and projections, with Betterware de Mexico announcing 2Q25 (June) results after the close on Thursday.
- After a surprising miss (and dividend cut) in 1Q, driven by United States tariff worries, which led Mexican consumers to look for bargains (and resulted in lower-than-expected Betterware operating margins), 2Q will answer whether the shift was an over-reaction, which will position the company to return to strong overall cash flow generation, or a new normal.
- Given BWMX is now trading at over 40% below its 52-week high and providing a dividend yield (based on the lower 1Q25 dividend rate) of 12%, we believe investors are viewing 1Q results as a harbinger, and are implying management will have to lower their current 2025 guidance (we note Street consensus is already materially below Betterware management’s 2025 guidance).
What’s New(s) in Amsterdam – 18 July (Sligro Food Group)
- In this edition: • Sligro Food Group | post analyst meeting comment
Companies Seem Reluctant to Hold Online AGMs with Online Attendance
- Online AGMs using Internet account for 18%. More than 90% of these meetings are limited to broadcasting the meeting, without allowing shareholders to exercise their voting rights during the meeting.
- Technical issues are cited as the reason why online shareholder meetings are not increasing, and the Ministry of Justice’s advisory board is discussing legal reforms.
- For companies whose goal is to pass company proposals at AGMs and end quickly, even if the resolution of issues is included in legal revision, it will have little effect.
Yoshinoya Holdings (9861 JP): Q1 FY02/26 flash update
- The company achieved FY02/25 sales of JPY205.0bn, surpassing the JPY180.0bn target, driven by agile menu pricing.
- Operating profit for FY02/25 reached JPY7.3bn, exceeding the JPY7.0bn target, despite rising raw material and labor costs.
- The company maintained a strong operating margin of 6.3% in FY02/25, supported by cost control and efficiency improvements.
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