Daily Brief Consumer: Seven West Media, China Shengmu Organic Milk, Human Made, I-TAIL , REA Group Ltd, ASICS Corp, Paris Miki Holdings, Dole , Dezign Format Group, Fox Factory Holding and more

• Back on the 30th September, television broadcaster and publisher Seven West Media (SWM AU) entered into a Scheme with radio network play Southern Cross Media (SXL AU).
• SXL will issue 0.1552 new shares for every SWM share. Should the Scheme get up, SXL will hold 50.1% of the combined entity and SWM the remainder.
• The Scheme Booklet is now out, with a Scheme Meeting on the 22nd December, and expected implementation on the 7th January. The IE (Lonergan) says “fair & reasonable“. Clean deal.

• Based on the Offer Price of HK$0.35, P/B is 0.69x. This valuation level is lower than the historical average and also has a certain discount compared to the industry average.
• CSM’s net profit may return to positive by 2026. After profitability returns to normal, its P/B ratio is expected to approach 0.8-1x at least. Then reasonable valuation level is HK$0.41-0.51/share.
• Since minorities representing 18.74% of CSM outstanding shares needs to tender to hit the “50% hurdle”, this brings uncertainties as the Offer Price may not be attractive to some minorities.

• Human Made (456A JP) aims to raise around US$116m in its Japan IPO.
• Human Made Inc. is a Japan-based apparel and lifestyle company. Its business model centers on producing high-value, limited-supply apparel and goods.
• In our previous note, we looked at its past performance. In this note, we will talk about valuations.

• The SET50 index tracks the performance of the top 50 largest and most liquid names listed on the Stock Exchange of Thailand (SET).
• In this insight, we take a look at our capping flow expectations for the December 2025 index rebal event.
• We have also presented our index change expectations for the next semiannual index review in December 2025 (regular ADDs/DELs only take place in June and December).

• Context: The REA Group (REA AU) vs. News Corp (NWS AU) price-ratio has deviated more than two standard deviations from its one-year average, presenting a potential relative value opportunity.
• Highlights: Going long REA Group (REA AU) and short News Corp (NWS AU) targets a 5% return.
• Why Read: Essential for quantitative traders seeking mean-reversion opportunities, with detailed execution framework, risk management protocols, and historical simulation showing the statistical basis for this relative value play.

• ASICS is demonstrating exceptional growth, driven by market share gains in its core Performance Running segment and the rapid expansion of its high-margin Lifestyle brands, Onitsuka Tiger and SportStyle.
• The company’s financial performance is robust, characterized by seven consecutive quarters of double-digit revenue growth, significant margin expansion, and upward revisions to profit guidance.
• Future growth is contingent on successful penetration of the large but historically underdeveloped North American and Asian markets, alongside continued product innovation and expansion of its digital, direct-to-consumer channels.

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• Sales reached JPY26.2bn (+0.2% YoY), with operating profit at JPY1.4bn (+16.0% YoY), and net income JPY844mn (+18.2% YoY).
• Domestic sales were stable, with increased average eyeglass prices, but unit sales declined due to cost-conscious consumer behavior.
• Overseas sales were affected by the China subsidiary’s decline, despite improved profitability from closing unprofitable stores.

• Dole is a global leader in the fresh produce industry, benefiting from a vertically integrated business model and strong brand recognition. The company is well-positioned to capitalize on growing consumer demand for healthy and sustainable food options.
• Financial performance has been robust, with consistent revenue growth and significant increases in net income and free cash flow over the past three years. However, the company faces challenges from input cost inflation, supply chain disruptions, and intense competition.
• The stock appears moderately valued relative to peers. While the company has made progress in reducing debt, its valuation multiples do not suggest a significant discount. Future stock performance will likely depend on margin improvement, successful strategic initiatives, and navigating macroeconomic headwinds.

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• Volume and mix: Larger, multi -site retail rollouts and attractions work packages carry better labor utilization and subcontractor terms than one -off event builds.
• Scope control: Gross margin sits in change -order discipline, procurement timing, and fabrication reuse. Slippage shows up first in subcontractor costs and overtime.
• Cash conversion: Upfront deposits and milestone invoicing offset receivable build. Account receivable (AR) discipline and collection cadence are the first line of defense for free cash flow.

• Fox Factory Holding Corp.’s third-quarter financial results for 2025 present a complex mix of positive and negative developments.
• Overall, the company reported net sales of $376.4 million, marking a 4.8% increase compared to the same period last year.
• This growth was propelled by its Powered Vehicles Group (PVG) and Aftermarket Applications Group (AAG), although it was somewhat offset by challenges in the Specialty Sports Group (SSG).