Daily Brief Consumer: Suzuki Motor, Varun Beverages , General Motors, Nameson Holdings, Darden Restaurants, PDD Holdings, TIGER Synth Korea-China EV ETF, TIGER Synth Korea-China Semiconductor ETF, TSE Tokyo Price Index TOPIX, Vince Holding and more

• We compile our selection of companies across Japan, China and India based on bottom-up triggers in each company. 
• Top-Picks in China are Haier Smart Home (6690 HK),Midea Group (300 HK) & Yadea Group Holdings (1585 HK). In Japan its Suzuki Motor (7269 JP),ROHM Co Ltd (6963 JP)&Aisin (7259 JP).
• In Indian auto it is Mahindra & Mahindra (MM IN) & Ashok Leyland (AL IN).We also like the recently listed ICICI Prudential AMC (570643Z IN).

• Largest PepsiCo bottler outside North America with an India-led but fast-diversifying footprint.
• Balance sheet reset completed via Rs. 75 bn QIP; company declared net-debt-free at Dec-24.
• CSD-Heavy mix remains, but portfolio is skewing “ better-for-you. ”

• Sterling Anderson’s journey from clashing with Elon Musk to reshaping General Motors may be one of the most unexpected executive arcs in recent auto industry history.
• Once a Tesla Autopilot leader and co-founder of the autonomous trucking company Aurora, Anderson joined GM in June 2025 as Chief Product Officer.
• What seemed like a puzzling career move at the time has since evolved into one of the most intriguing leadership shifts in the industry.

• Nameson Holdings is a leading Hong Kong-based knitwear manufacturer with a primary focus on producing sweaters and other knitted apparel for major international brands, most notably Uniqlo.
• The company presents a compelling investment case for income-oriented investors due to its consistently high dividend yield and a commitment to a high payout ratio, supported by resilient profitability and an improving balance sheet.
• Key risks and limitations to growth include a high dependency on its largest customers, exposure to the cyclicality of the apparel industry, flat top-line revenue growth, and volatility in raw material prices.

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• Darden Restaurants reported solid financial results in the second quarter of fiscal year 2026, demonstrating resilience and strategic operational execution.
• The company’s total sales grew 7% year-over-year to $3.1 billion, driven by a 4.3% increase in same-restaurant sales, the addition of 30 net new restaurants, and the acquisition of Chuy’s.
• Olive Garden and LongHorn Steakhouse were standout performers, contributing significantly to the outperformance against the industry benchmark.

• PDD Holdings has demonstrated a remarkable growth trajectory, driven by its innovative social commerce model in China (Pinduoduo) and its aggressive, low-price international expansion strategy (Temu).
• The company’s asset-light, direct-to-manufacturer model allows for significant cost advantages and strong cash flow generation, positioning it as a price leader in the competitive e-commerce landscape.
• While growth remains robust, the company faces significant risks from intense domestic and international competition, increasing regulatory scrutiny in multiple jurisdictions, and the challenge of sustaining profitability amid heavy investment in global expansion.

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• The TIGER Synth Korea-China EV ETF offers targeted exposure to the electric vehicle (EV) industries of South Korea and China, two global leaders in the EV supply chain. The fund aims to capture the growth potential of companies involved in EV manufacturing, battery technology, and related components.
• The ETF’s performance is directly linked to the growth trajectory of the Korean and Chinese EV markets, which are supported by strong government initiatives, including subsidies and investments in charging infrastructure. However, the industry is also characterized by intense competition and evolving regulatory landscapes.
• As a synthetic ETF, it uses derivatives to replicate the performance of the KRX CSI Korea-China New Energy Vehicles Index. This structure may introduce counterparty risk. The fund is relatively new, having been established in late 2022, and has a competitive expense ratio.

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• The TIGER Synth Korea-China Semiconductor ETF (449690 KS) offers synthetic exposure to the KRX CSI Semiconductor Index, which is composed of 15 leading semiconductor companies from both South Korea and China.
• The ETF’s performance is intrinsically linked to the growth trajectory and competitive dynamics of the Korean and Chinese semiconductor industries, which are pivotal to the global technology supply chain.
• Key considerations for investors include the synthetic nature of the ETF, which introduces counterparty risk, and the geopolitical and regulatory tensions that could impact the semiconductor sectors in both countries.

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• Financial Services Agency is considering revising the disclosure format for annual securities reports concerning human capital, with the aim of making it easier for investors to understand companies’ HR strategies.
• While the policy aims to provide disclosure guidelines aligned with international standards, it is unlikely that English-language disclosures regarding human capital will advance significantly.
• Regarding disclosures that link human capital to management strategy, more companies may adopt methods that decompose ROE and ROIC and link them to KPIs.

• We are reiterating our Buy rating, $5 price target and projections for Vince Holding after visiting stores in Connecticut, Long Island and New Jersey.
• After conducting a successful Black Friday event, Vince stores have returned to full price selling, with looks for Holiday events, upcoming vacations and for gifting in a wide range of colors, new styles and categories and with the hallmarks of luxury and versatility making Vince a key piece of their affluent customers shopping list.
• With the cold weather driving seasonal sales and great fashion also bringing in a customer who is feeling economically upbeat, we believe Vince has “cracked the code” for a strong Holiday season in 2025, and we reiterate our Buy rating and $5 price target for VNCE.