In today’s briefing:
- [Japan Offering] Toyota Selling Down Toyoda Gosei (7282) In BIG Offering; 85d ADV, 125% of Max RWF
- Human Made IPO: Making A Fashion Statement With Premium Valuation
- Ingdan (400 HK) Reloads Comtech’s Spin-Off and Listing
- Haier Smart Home (6690 HK) – Steady Execution to Win the Race
- Busy Ming IPO Update: Cash-Generating Machine With Improving Gross Margins, IPO Is on the Horizon
- US Foods Ends Mega Merger Talks With Performance Food—What’s Next?
- GES: With Terms Fully Set, Time to Bow Out; Dropping Coverage of GES
- Kimly: Results Slightly Better than Expected
- Kingfisher plc – Strategy driving profit upgrades despite soft markets
- Hybridan Small Cap Feast: 19 November 2025
[Japan Offering] Toyota Selling Down Toyoda Gosei (7282) In BIG Offering; 85d ADV, 125% of Max RWF
- Last week, before the long weekend, Toyota Motor (7203 JP) and Sumitomo Mitsui Financial Group (8316 JP) announced a very big secondary selldown of shares in Toyoda Gosei (7282 JP).
- The selldown is 85x 3mo ADV, 27% of shares out. 125% of Max Real World Float. It’s a lot of stock at $750mm. One wonders where demand is.
- They also announced a big buyback, which is some of it, and there are index impacts, BUT this offering needs to find LOTS of new fundamental owners quickly.
Human Made IPO: Making A Fashion Statement With Premium Valuation
- Human Made (456A JP) raised 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 and valuations. In this note, we will talk about the trading dynamics.
Ingdan (400 HK) Reloads Comtech’s Spin-Off and Listing
- Technology platform play Ingdan (400 HK) is moving ahead, again, with the spin-off and listing of 72.42%-held Shenzhen Comtech in the PRC.
- The listing – should it go ahead, as the previous attempt was abandoned – is expected to involve the issuance of new shares. Ingdan will maintain a stake in Comtech.
- Comtech accounted for 95% of Ingdan’s revs in the 1H25. Expect the market to heavily discount Ingdan’s stub ops, and Ingdan’s NAV post spin-off.
Haier Smart Home (6690 HK) – Steady Execution to Win the Race
- Solid Q3 and 9M FY25 Financial Delivery: Despite challenging market conditions in China, Haier Smart Home (6690 HK) delivered solid third-quarter results reinforcing company’s strategic positioning and operational execution.
- Operational Efficiency and Mix Upgrade: The company continued to benefit from digitalised manufacturing, supply-chain optimisation, and higher contribution from high-end segments, supporting EBITDA and net profit resilience despite macro softness
- Strategic Focus Driving Sustainable Growth:Emphasis on Smart Home ecosystem expansion, global penetration, and disciplined capital allocation reinforce its competitive positioning and sets the foundation for sustained earnings momentum into FY26.
Busy Ming IPO Update: Cash-Generating Machine With Improving Gross Margins, IPO Is on the Horizon
- Busy Ming Group, a founder-led food and beverage chain retailer in China with strong presence in third- and lower-tier cities, filed the updated Application Proof in October.
- In the six months ended Jun-25, the company’s revenue was ~RMB28,124m, representing a year-over-year growth of ~87%. LTM net profit was ~RMB2,025m.
- Busy Ming Group enjoys superior growth profile coupled with improving gross profit margins. The company ended Aug-25 with RMB3,393m net cash on the balance sheet.
US Foods Ends Mega Merger Talks With Performance Food—What’s Next?
- US Foods and Performance Food Group have officially ended their merger discussions, closing the door on what could have been the most consequential consolidation event in modern food‑distribution history.
- After months of due diligence and information‑sharing, both companies independently concluded that pursuing their standalone strategies would create greater long‑term shareholder value than combining into a $30 billion foodservice powerhouse capable of rivaling Sysco.
- The decision follows heightened regulatory considerations, diverging strategic priorities, and each company’s confidence in its independent business trajectory.
GES: With Terms Fully Set, Time to Bow Out; Dropping Coverage of GES
- We are dropping research coverage of GES after the company reported strong 3Q results (handily beating the Street in almost every level) but, more importantly, provided the final pieces to the merger puzzle timing and return.
- With Guess?
- disclosing the November 21st approval of the Merger Agreement at a special shareholder meeting and the issuance of a final $0.225 per GES share dividend to shareholders of record on December 10th, the management buyout with leading brand licensee Authentic Brands Group will provide GES shareholders with a confirmed final payment of $16.975 in cash per GES share ($16.75 for the merger and dividend of $0.225) a slight discount to Tuesday’s closing price.
Kimly: Results Slightly Better than Expected
- No surprises in the results, margins better than our anticipation
- Business continues to be steady & the company has negative working capital
- Kimly maintained dividend of 2 cents with a yield of 5.1%
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Kingfisher plc – Strategy driving profit upgrades despite soft markets
- Kingfisher’s 3Q26 sales growth of 1.0%, including LFL +0.9%, was better than expected and driven by market share gains in UK.
- In addition, the group’s investments in e-commerce and trade continued to deliver double digit growth across the group as self-help actions helped offset soft markets, particularly in France and Poland.
- Building on the strong profit performance in H126, management has upgraded FY26E Adj. PBT guidance again, to £540m-£570m.
Hybridan Small Cap Feast: 19 November 2025
- The beauty and well-being brand owner and manufacturer, reports interims to September 2025.
- Revenue marginally increased by £0.1m to £27.2m with 15.4% growth to £2.2m in private labels resulting from new retailers and category expansion.
- This was offset by a decline in contract manufacturing.
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