Daily Brief Consumer: Webjet Group, Samyang Foods, Unilever , CyberAgent Inc, ASICS Corp, Blue Zones Holdings, Zhejiang Semir Garment Co A, Guangdong Chj Industry Co A, Organto Foods, Suzuki Motor and more

• Webjet Group (WJL AU) disclosed a non-binding scheme offer from Helloworld Ltd (HLO AU) at A$0.90 per share, a 12.5% premium to the rejected BGH/Weiss offer of A$0.80.
• The Board has granted due diligence. The offer is unattractive compared to peer multiples, analyst price targets and historical trading ranges.    
• The scheme offer is a non-starter and likely to morph into a PointsBet-type situation. Therefore, the potential result is conditional takeover bids from BGH/Weiss and Helloworld.

• Samyang Foods is pursuing a block deal sale of 103 billion won of its treasury shares to secure additional funds for facility investment and improve its financial structure.
• Samyang Foods plans to sell 74,887 common shares (0.99% of issued shares) at 1,372,000 won per share.  The expected block deal price is 1% lower than the current price.
• The counterparties of this block deal sale have already been announced which include Viridian Asset Management, Jump Trading, and Weiss Asset Management.

• Unilever is set to complete the spin-off of its ice cream business by December 6, 2025. The new company will start trading from December 8, 2025.
• The Magnum Ice Cream Company lists with ~€8 billion in revenue and improving margins, though elevated leverage post-spin is a concern.
• Unilever’s ice cream spin-off streamlines its portfolio, but valuation uplift appears limited.

• CyberAgent Inc (4751 JP) reported 4QFY09/2025 results last week. Full-year and 4QFY09/2025 revenue and OP beat consensus as well as guidance by a huge margin.
• Despite reporting a set of strong results, CA’s share price has been down 15% which we think was driven by the company’s cautious guidance for FY09/2026.
• With a strong pipeline of gaming titles coupled with global expansion of English versions of newly released titles, we think CA’s FY09/2026 guidance is overly conservative.

• Japan–China relations have sharply deteriorated after Takaichi’s Taiwan remarks, triggering diplomatic retaliation, security tensions, and the worst bilateral rift since 1972.
• Asics’ ¥90bn market-cap drop reflects concerns over its heavy reliance on Chinese consumers, both domestically and through inbound tourism, which drive roughly a quarter of profits.
• Markets may be underestimating the risk of prolonged geopolitical strain, threatening Asics’ 2026 outlook despite record current performance and secure near-term guidance.

• Yaoko is now called Blue Zone Holdings, and is shaking up Japan’s supermarket landscape by acquiring two well-matched regional chains just weeks after its launch. 
• The company plans to accelerate plans to acquire other smaller supermarket chains to build out into a national chain.
• The plan also signals a new wave of M&A in the sector as barriers to supermarket consolidation finally start to fall.

• Dominant player in China’s children’s wear market through its highly successful ‘Balabala’ brand, which holds the leading market share.
• The children’s wear segment serves as the primary growth engine, consistently contributing a larger share of revenue and offsetting the slower growth in the more mature adult casual wear segment.
• Financial performance shows a recovery trajectory with revenue and net income growth in recent years, supported by improving margins and a strong dividend yield.

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• CHJ’s business model integrates franchise stores and self-operated stores. Franchising as the main approach is beneficial for achieving rapid expansion, while self-operation as a supplement helps to enhance brand image.
• Due to increasing competition, future growth of CHJ may not be benefit from the high gold prices, but may be under pressure due to rising raw material costs/reduced customer demand.
• We think valuation of CHJ should be lower than Laopu, but could be higher than Zhou Liu Fu (6168 HK) due to CHJ’s higher performance growth in the short term.  

• OGO delivered Q3 revenue of $15.1M (+189% YoY), above our $13.5M estimate, marking the Company’s fourth consecutive quarter with >100% YoY revenue growth.
• Gross margin was 8.2% and EBITDA was ($0.7M), lower than our estimates, although operating costs continued to scale efficiently.
• We recently re-initiated coverage on OGO and conducted an interview with CEO Steve Bromley; see the full report here and interview here.

• This insight details about Suzuki Motor (7269 JP) ‘s 1H performance and outlook for 2H
• We detail why 2H outlook is fluid and similar to “a cat on the wall” situation. Reasons mentioned in this insight.
• While company’s valuation is not cheap compared to peers but there is a possibility to perform better than estimates in 2H FY2025