In today’s briefing:
- Wakefit Innovations IPO: Not Cheap but Has Been Growing Fast
- A Pair Trade Between Coupang (Short) And CJ Logistics (Long)
- DKSH Malaysia ( Selective Capital Reduction)
- AVATR Tech Pre-IPO Tearsheet
- The Beat Ideas: Sona BLW- Capturing Europe’s Void While Building India’s Rail Future
- Nexstar Uncovers Hidden Value in Spectrum Holdings—And Wall Street Is Watching!
- PepsiCo Faces A $4 Billion Shake-Up: Is Elliott About To Break The Bottles?
- Planet Fitness How Its Black Card Strategy Is Becoming a Powerful Revenue Engine — And What Happens After the 2026 Price Hike?
- Red Rock Resorts: Powering Ahead With a Feature-Rich $750 Million North Fork Project!
- Texas Roadhouse: Growth & Expansion of Bubba’s 33 & Jaggers To Build On Its Growth Strategy!
Wakefit Innovations IPO: Not Cheap but Has Been Growing Fast
- Wakefit Innovations (1684049D IN) is looking to raise up to US$144m in its upcoming India IPO.
- Wakefit Innovations is a direct‑to‑consumer sleep and home‑solutions company, founded in 2016.
- We have looked at the company’s past performance in our previous note. In this note, we talk about valuations.
A Pair Trade Between Coupang (Short) And CJ Logistics (Long)
- In this insight, we discuss a pair trade between Coupang (CPNG US) (short) and CJ Logistics (000120 KS) (long).
- There are six major factors that have negatively impacted Coupang in the past several weeks including a massive data breach, loss of customers, and potential ban on early dawn deliveries.
- Coupang’s daily active users (DAU) were 16.2 million as of 5 December, down by 1.8 million (10%) from 18 million as of 1 December.
DKSH Malaysia ( Selective Capital Reduction)
- The parent has requested DKSH Malaysia to propose DKSH Malaysia to do capital reduction
- The capital reduction price is set at at MYR 6.15
- We think this is a very low price and below our fair value. We are not experts, but we believe most of the minority shareholders may not accept this offer.
Raising Money for Persons with Disabilities in Singapore
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AVATR Tech Pre-IPO Tearsheet
- AVATR Technology (1913753D CH) is looking to raise about US$1bn in its upcoming Hong Kong IPO. The deal will be run by CICC and CITIC.
- AVATR Technology is a New Energy Passenger Vehicle (NEPV) brand focused on delivering a “new-luxury emotionally intelligent mobility experience” that combines aesthetic design, advanced intelligent features and strong product performance.
- AVATR has launched four mass-produced models which offer both pure electric (BEV) and range-extended powertrain (REEV) options. These models span a wide price range between RMB200,000 and RMB700,000.
The Beat Ideas: Sona BLW- Capturing Europe’s Void While Building India’s Rail Future
- Strong Q2 FY26 performance was driven by the accretive Railways division and domestic EV traction motors, effectively offsetting the deceleration from a major global BEV customer.
- The bankruptcy of three core European competitors has unlocked a substantial INR 2,500-3,000 crore opportunity, accelerating the potential for significant international market share gain and geographic de-risking.
- The pivot into Railways, Rare Earth-Free Motors, and advanced robotics reinforces a high-visibility, multi-year growth runway that transcends near-term EV cyclicality and justifies its premium valuation.
Nexstar Uncovers Hidden Value in Spectrum Holdings—And Wall Street Is Watching!
- Nexstar Media Group reported its third-quarter 2025 financial performance, highlighting its strategic moves and operational developments.
- The company announced a major milestone with its definitive agreement to acquire TEGNA for $6.2 billion, a transaction expected to boost Nexstar’s position as a leading local media entity.
- This acquisition aims to enhance Nexstar’s scale, geographic reach, and financial metrics, with a projected 40% increase in adjusted free cash flow due to anticipated synergies and modest leverage growth.
PepsiCo Faces A $4 Billion Shake-Up: Is Elliott About To Break The Bottles?
- PepsiCo’s third-quarter 2025 earnings call highlighted several key aspects of the company’s performance and strategic direction.
- The company reported growth in beverages after adjusting for changes in its case pack water business, but noted some challenges within the food segment due to a new promotional strategy.
- This shift from brand-specific discounts to an everyday low-value approach impacted volumes but improved revenue realization.
Planet Fitness How Its Black Card Strategy Is Becoming a Powerful Revenue Engine — And What Happens After the 2026 Price Hike?
- Planet Fitness delivered a quarter marked by solid operational execution, meaningful membership stability, and continued progress against its strategic priorities, while also navigating persistent churn dynamics and the normalization of rate-driven revenue growth.
- The company ended the period with approximately 20.7 million members, in line with internal expectations, and system-wide same-club sales growth of 6.9%, driven primarily by rate increases and balanced by modest net membership gains.
- Member engagement trends were favorable, supported by higher utilization rates and strong participation in the High School Summer Pass program.
Red Rock Resorts: Powering Ahead With a Feature-Rich $750 Million North Fork Project!
- Red Rock Resorts reported strong third quarter 2025 results, supported by robust performance from its Las Vegas operations, including the Durango Casino Resort.
- This marked the ninth consecutive quarter of record net revenue and the fifth of record adjusted EBITDA, exemplifying the resilience and growth potential of its operating model.
- The company achieved its highest third quarter net revenue and adjusted EBITDA in history, with a near-record adjusted EBITDA margin, indicating efficient operational management.
Texas Roadhouse: Growth & Expansion of Bubba’s 33 & Jaggers To Build On Its Growth Strategy!
- Texas Roadhouse delivered a promising performance in its third quarter, underscored by robust top-line growth and strategic development initiatives.
- The company reported a significant revenue increase, topping $1.4 billion, the highest quarterly growth in the year, driven by robust same-store sales and traffic improvements.
- The strong demand for Texas Roadhouse’s brands, encompassing its core offerings and newer outlets like Bubba’s 33 and Jaggers, underscores their successful operational strategy and value proposition.
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