Daily Brief Consumer: Tsuruha Holdings, Sony Corp, Toyota Industries, Coca Cola Co, The Walt Disney Co and more

• Aeon Co Ltd (8267 JP)‘s Partial Offer for Tsuruha Holdings (3391 JP) discussed in [Japan Partial Tender] AEON (8267) Partial Offer for TSURUHA (3391) Announced at ¥2,900/Share is trading rich.
• The Conclusions/Trade section was clear on the near-term risks. There was good short-term upside. There may be less with the stock trading 0.5% away from the tender price.
• With the stock trading so close, it changes the calculus, in both directions.

• Sony Group Corporation reported a strong financial performance for the latest quarter with record sales and operating income figures.
• Sales from continuing operations increased by 5% year-on-year to JPY 3,107.9 billion, with a 10% rise in operating income to JPY 429 billion.
• Net income rose by 7% to JPY 311.4 billion.

• I tally 38 – mostly firm, mostly Asia-Pac – arb transactions currently being discussed and analysed on Smartkarma. Those arbs metrics and upcoming events are detailed below.
• Just one new deal was discussed on Smartkarma this week: Raksul Inc (4384 JP).
• Key updates/news also took place on Toyota Industries (6201 JP),Predictive Discovery (PDI AU), Jinke Smart Services (9666 HK), Hainan Meilan International Airport (357 HK), and Digital Holdings (2389 JP).

• In a major leadership transition that could define the future of Coca-Cola, longtime executive Henrique Braun is set to take over as CEO in Q1 2026, succeeding James Quincey.
• Quincey will step into the role of Executive Chairman after nearly a decade at the helm.
• His tenure saw sweeping changes, from slashing underperforming brands to investing heavily in digital transformation.

• Unrivaled IP Portfolio Drives Synergistic Flywheel: Disney’s core competitive advantage lies in its unparalleled portfolio of intellectual property (IP), including Disney, Pixar, Marvel, and Star Wars. This IP fuels a synergistic business model, allowing for monetization across its Experiences, Entertainment, and Sports segments, from theme parks and merchandise to blockbuster films and streaming content.
• Strategic Pivot to Streaming Profitability: The company is navigating a significant transition, focusing on achieving sustained profitability in its Direct-to-Consumer (DTC) streaming business. While this segment has recently turned profitable, it faces intense competition and the challenge of offsetting the secular decline in traditional linear networks.
• Experiences Segment Remains the Profit Engine: The Disney Experiences segment, encompassing theme parks, resorts, and cruise lines, continues to be the primary driver of profitability, posting record operating income. Significant capital investment is planned for this division, signaling its central role in future growth while navigating challenges of rising costs and economic sensitivity.

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• In a stunning reversal of its prior stance, The Walt Disney Company has announced a $1 billion investment in OpenAI, marking a pivotal shift from its earlier AI skepticism.
• Long wary of how artificial intelligence could disrupt creative industries, Disney is now betting big on generative video, specifically OpenAI’s Sora, to reimagine how fans experience its vast universe of characters.
• This landmark deal — the Disney OpenAI AI video deal — comes at a time of rising legal tensions between Hollywood studios and tech giants over copyright, voice cloning, and synthetic content.