Daily Brief Consumer: TSE Tokyo Price Index TOPIX, Lung Fung Group, Shadowfax Technologies, Hang Seng Index, Hurxley Corp, Instacart, Card Factory, Tyson Foods Inc Cl A, Darling Ingredients, Global Business Travel Group I and more

• Transitioning to company with audit and supervisory committee is neutral for governance improvement, but the reason governance improvement hasn’t decisively improved is that few companies adopt the US-type 3-committee structure.
• Currently, discussions are underway on company with US type 3 Committees, specifically the proposal that “only when outside directors constitute majority, shall the authority to determine nominations reside with theBOD.”
• This resembles the situation when companies established audit committees prioritized demonstrating improvements in corporate governance over substantive enhancements to corporate governance itself.

• Lung Fung Group (LFG HK) is looking to raise at least US$100m in its upcoming Hong Kong IPO. The deal will be run by DBS.
• LFG is a Hong Kong-based department store chain retailing a wide variety of pharmaceutical products, health products, beauty products and other consumer goods.
• According to Frost & Sullivan in 2024, LFG was the largest pharmaceutical product retailer by retail sales value in Hong Kong, with a 5.2% market share.

• Shadowfax Technologies (1310315D IN) is looking to raise US$225m in its upcoming India IPO.
• Shadowfax Technologies third-party logistics (3PL) company that leverages a unified platform to facilitate digital commerce across India.
• In this note, we look at the company’s past performance.

• Early weakness gave way to a late rebound, leaving HSI modestly lower on the week after a choppy but contained trading pattern.
• Breadth continued to deteriorate, with fewer than one third of optionable names finishing higher for a second consecutive week. Option volumes continue lower trend.
• Pop Mart stood out with a large increase in option volume after heavy selling to start the week.

Key points (machine generated)

• Hurxley is projected to achieve an operating profit of 1.9 billion yen for the fiscal year ending March 2026, with a 55% interim progress rate.
• The company focuses on diversified mergers and acquisitions in the food sector, particularly in prepared meals, store assets and solutions, and logistics and food processing.
• Its prepared meals segment includes the ‘Hokka Hokka Tei’ brand, and the store assets segment was enhanced by the acquisition of TRN Corporation in 2006.

This article is sourced from an online content aggregator through publicly available sources and is displayed below for general informational purposes only.

• Instacart, a leading platform in the online grocery and technological enablement space, reported robust third-quarter 2025 financial performance marked by significant growth across its various business segments.
• The company has demonstrated substantial progress in both operational and financial parameters, indicating a strong positioning within the grocery industry.
• However, it also faces certain challenges and uncertainties that are significant to consider for any investment thesis.

Card Factory’s (CARD’s) trading update highlights that continuing weak consumer confidence has contributed to soft footfall on the high street as it heads into its key trading period. As a result, sales performance in its UK stores was lower than previously expected. Therefore, with the assumption that the same trend continues, management anticipates FY26 adjusted PBT will be £55–60m, some 15–22% below our prior forecast. While the trading update is undoubtedly disappointing, there are a number of positives outside the UK stores. First, the UK sales performance is volume related (ie due to lower footfall), implying average basket values have not been affected. Second, the performances of the other businesses, including Funky Pigeon, are in line with management’s expectations. Finally, the ‘Simplify and Scale’ productivity and efficiency programme is progressing well.

• Tyson Foods has reported its fourth-quarter and full-year fiscal 2025 results, showcasing a strong performance across several segments, although challenges persist in certain areas.
• The company achieved notable improvements in sales, adjusted operating income, and adjusted earnings per share.
• Key contributors to this growth were the chicken, pork, and prepared foods segments, alongside gains in the international business.

• Darling Ingredients has announced a definitive agreement to merge its Rousselot collagen and gelatin business with Tessenderlo Group’s PB Leiner unit, forming a new joint venture expected to close in 2026.
• This deal—structured with no upfront cash or investment—will see Darling holding an 85% stake and Tessenderlo the remaining 15%.
• The combined entity will command approximately $1.5 billion in annual revenue and boast a 200,000 metric ton capacity across 22 facilities worldwide.

• American Express Global Business Travel delivered strong financial results for the third quarter of 2025, highlighted by a 23% increase in Total Transaction Value (TTV) and a 13% rise in revenue.
• The company’s adjusted gross profit margin reached 60%, while adjusted EBITDA increased by 9%, supporting free cash flow generation of $38 million.
• Over the past year, American Express Global Business Travel reported $3.2 billion in total new contract wins and returned $54 million to shareholders through share buybacks.