Daily Brief Consumer: UFO Moviez India Ltd, oOh!Media Ltd, Alibaba, Lumax Industries, Betmakers Technology Group , Milky Mist Dairy Food Ltd, Associated Alcohol & Breweries, SHEIN Global Holdings and more

• Dominant Market Position: UFO Moviez is a leading digital cinema distribution network and in-cinema advertising platform in India, with a significant screen network that provides a critical link between content creators and exhibitors.
• Dual Revenue Streams: The company’s business model is centered around two primary revenue sources: fees from producers/distributors for content delivery (VPF/CDC) and revenue from in-cinema advertising, which offers a captive audience to brands.
• Industry Headwinds and Structural Shifts: While the company is recovering post-pandemic, it faces significant long-term threats from the rise of Over-The-Top (OTT) streaming platforms, changing consumer viewing habits, and overall pressure on cinema footfalls.

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• The AFR reports that I Squared emerged with a winning binding proposal for oOh!Media Ltd (OML AU) at A$1.70, a 100.0% premium to the undisturbed price of A$0.85 (28 April).
• The offer is light compared to peer and precedent transactions and is below the 52-week high of A$1.73.
• However, shareholders should be supportive, as the offer was the highest in a competitive auction, and it is uncertain whether the Board’s strategic execution could outperform a 100% takeover premium.

• Alibaba (9988 HK, BABA US) will report its June Quarter 2026 results on 20 August and hold its conference call at 7:30 p.m. Hong Kong time.
• Implied volatility comparisons show U.S.-listed options are already repricing for the event, while HK-listed prices have yet to reflect the expected event-related volatility.
• The new HK weekly contract expiring on 21 August, together with later weekly and monthly expiries, should drive active Hong Kong trading, with potential spillover into the next U.S. session.

• We believe the revenue growth will rise significantly to 9% in 1Q27.
• In 1Q27, the disposal cases, Sun Art and Intime, would no longer impact “all others” revenue.
• We expect Alibaba has an upside of 59% for Dec. 2027 according to other e-commerce companies’ Price/Sales and EV/Sales.

• Dominant Market Position and Strong OEM Relationships: Lumax Industries is a leading player in the Indian automotive lighting sector with an estimated 50% market share. The company has long-standing relationships with major Original Equipment Manufacturers (OEMs) including Maruti Suzuki, Hero MotoCorp, Honda Motorcycle & Scooter India, and Tata Motors, providing a stable revenue base.
• Favorable Industry Tailwinds Driven by LED Adoption and Premiumization: The Indian automotive lighting market is experiencing a significant shift towards LED technology, driven by superior energy efficiency, aesthetics, and safety features. This trend, coupled with the overall premiumization of vehicles, is expected to increase the content per vehicle for Lumax, supporting strong top-line growth. The Indian automotive lighting market is projected to grow at a CAGR of 5-6% over the next several years.
• Strategic Vision and Expansion Plans: Management has laid out an ambitious growth plan, ‘Northstar: 20.20.20.20’, targeting a 20% CAGR in revenue to reach ₹110 billion by FY31. This growth is expected to be driven by a focus on future and clean mobility, with this segment’s revenue contribution targeted to increase from 6% in FY25 to 20% by FY31. The company is also expanding into high-value vehicle electronics and Body Control Modules (BCM).

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• This morning (10th August), gambling tech play BetMakers (BET AU)announced it had entered into an offer, by way of a Scheme, with Tabcorp (TAH AU), at A$0.24/share, in cash.
• That’s a 45.5% premium to undisturbed. BetMakers’ shareholders can also elect scrip (25%/50%/75%/100%) with the balance in cash. Scrip is capped. The default option is cash.
• BetMakers’ board, holding ~10% of shares out, unanimously support terms. Completion targeted 3Q27 (Jan-Mar’ 27). ACCC approval required. That’s the wild card.

• Milky Mist Dairy launched India IPO to raise nearly INR 15.53B. The company is a packaged food company exclusively focused on value-added products within the dairy market.
• Company intends to use the proceeds for repayment/ prepayment of certain outstanding borrowings, for expansion and modernisation of Perundurai manufacturing facility and for working capital purpose.
• Milky Mist’s assertive aggressive growth initiatives alongside the market prospects make the valuation multiple it is seeking, seem reasonable.

• AABL is strategically shifting its business mix towards higher-margin, proprietary branded spirits, capitalizing on the premiumization trend in the Indian market. This transition is evidenced by a 58% YoY surge in proprietary IMFL revenue.
• The company’s profitability is currently hampered by significant margin compression in its commodity segments, particularly ethanol and merchant ENA, due to an industry-wide oversupply expected to persist into FY27.
• Future growth is contingent on successful geographic expansion beyond its core markets, the launch of new premium products like single malt whisky and tequila, and the normalization of the ethanol market.

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• Aequitas Research’s weekly update on the IPOs, placements, lockup expiry and other ECM linked events that were covered by the team over the past week.
• On the IPO front, SBI Funds Management didn’t deliver a blockbuster listing but managed to get the India ECM pipeline moving along.
• Goverment of India too jumped on the ECM revivial in India to offload a large chunk of Life Insurance of India (LICI IN). 

• The 3.61x debt-to-equity leverage remains a structural drag on Milky Mist, and even after utilizing ₹496.86 crore from the upcoming ₹1,553.00 crore IPO proceeds for debt repayment, the residual debt of over ₹1,100.00 crore will keep the balance sheet constrained. The optical 32.12% ROE is a leveraged illusion; the underlying capital efficiency is low, as reflected in a modest 11.73% ROCE.
• Geographic expansion beyond South India—which accounts for 69.23% of FY2026 revenues—is bottlenecked by prohibitive cold-chain economics. Unlike Amul’s distributor-funded cold chain, Milky Mist’s model requires owning the cold chain via direct-to-retail distribution and capital-intensive assets, as shown by the ₹155.31 crore IPO allocation purely for retail refrigeration units.
• The dramatic PAT surge to ₹127.01 crore in FY2026 (a 4.05% net margin up from 1.07% in FY2024) represents a cyclical peak and pre-IPO accounting adjustments rather than a structural margin shift. Intense procurement competition in Tamil Nadu from Aavin and Hatsun, combined with rising cattle feed inflation, will likely compress EBITDA margins back toward the 11% to 12% baseline.