Daily Brief Consumer: Soft99 Corp, Chery Automobile, Kenvue , Kraft Heinz Co, Phoenix Education Partners, Orkla India Ltd., Busy Ming Group, Vinfast, Six Flags Entertainment, Unilever Nigeria and more

• Effissimo has formally launched its hostile tender offer for Soft99 Corp (4464 JP) at JPY4,100, which is 66.3% higher than the MBO price of JPY2,465. 
• The Board stonewalled Effissimo’s attempts to negotiate a friendly offer. The huge premium of Effissimo’s offer relies on lower WACC assumptions compared to the target/special committee IFA.
• Management’s initial approach will be to rely on the Board to oppose the Effissimo offer. There is a good chance that Soft99 will remain listed with two large shareholders. 

• Chery Automobile Co. Ltd. (9973 HK)‘s IPO range is HK$27.75-HK$30.75/share and will raise up to HK$10bn (US$1.3m) if the oversubscription option is exercised, valuing the company at HK$169bn (US$21.7bn).
• The stock should be added to the HSCI Index in December and that will make the stock eligible for inclusion in Southbound Stock Connect.
• There will be no inclusion in global indexes for the next year, but there is a possibility of inclusion in the Hang Seng TECH Index (HSTECH INDEX) in December.

• Shares of Kenvue Inc., maker of Tylenol, dropped roughly 10% in early September 2025 after media reports—primarily from The Wall Street Journal—indicated that U.S. Health Secretary Robert F.
• Kennedy Jr. will release a forthcoming HHS report that likely links prenatal use of acetaminophen (Tylenol’s active ingredient) to autism.
• This decline followed investor concern over what such a regulatory conclusion could mean for Kenvue’s reputation, sales, litigation exposure, and overall risk profile.

• Kraft Heinz will separate into two independent publicly-traded companies via a tax-free spin-off  expected to close in H2 2026
• The two entities : Global Taste Elevation Co. focusing on sauces, spreads, seasonings, shelf-stable meals and North American Grocery Co.  centered on staples sold in North America
• The move is designed to disentangle distinct brand portfolios, so each can pursue clearer growth, margin and capital-allocation strategies.

• In 2017, Apollo Global Management took the University of Phoenix’s parent company, Apollo Education Group, private in a deal valued at roughly $1.1 billion.
• Their net revenue was $709.8 million and $749.8 million and their net income was $105.1 million and $116.4 million in the first three quarters of fiscal 2024 and 2025, respectively.
• An IPO for Phoenix Education is set for the last week of September or potentially the first half of October.

• Orkla India Ltd. (0752506D IN) is looking to raise about US$300m in its upcoming India IPO.
• Orkla India is a multi-category food company offering a diverse range of spices and convenience food products, catering to every meal occasion across breakfast, lunch, dinner, snacks, beverages and desserts.
• In this note, we talk about the company’s historical performance.

• We visited a “Busy for You” store near a university in Shanghai.
• We believe Busy Ming can attract young customers because of low prices and small packages.
• However, we also believe the company does employ enough shop assistants.

• Vinfast (VFS US) is in severe financial distress, with negative gross margins (-57.4%), a $4.3B liquidity crisis, and total dependence on its parent for funding.
• The company has significant operational risks, including reliance on related-party sales for 27.6% of deliveries and material weaknesses in its internal financial controls.
• Despite its instability, VinFast is pursuing a high-risk, debt-funded $2 billion expansion into India, launching two SUVs and inaugurating a new manufacturing facility.

Key points (machine generated)

• Six Flags Entertainment’s current trading downturn is due to unfounded consumer demand fears and poor weather conditions.
• Improved weather and successful strategy execution in 2025 could significantly increase stock value to $55-60 per share.
• With new management from Cedar Fair, Six Flags is well-positioned for long-term growth, making it an attractive investment.

This article is sourced from an online content aggregator through publicly available sources and is displayed below for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

• In this edition: • Unilever | to appoint Srinivas Phatak as its new CFO • Fugro | awarded contract for sewerage infrastructure renewal program