Daily Brief Consumer: WeRide, Yakult Honsha, BYD, Hamee Corp, Lenskart Solutions, Toyota Motor, Pop Mart, Jumbo Interactive, Honeys Holdings Co., Ltd., TSE Tokyo Price Index TOPIX and more

• WeRide (WRD US) plans to raise around US$350m in its secondary listing in Hong Kong.
• The company won HK listing approval and filed its PHIP on 19th October 2025. It will look to launch its secondary offering soon.
• In this note, we’ll take a look at the deal and talk about the impact of the raising.

• Yakult Honsha (2267 JP)‘s stock price has continued to slide, and the stock is now trading 53% lower than its highs from 18 months ago. 
• The lower market cap should result in the stock being deleted from a global index in November. The stock has underperformed peers but still trades at higher valuations.
• There has been increased positioning over the last few weeks. Short interest is higher since end-August but there has been covering in the last couple of weeks.

• Context: Several of Hong Kong’s largest companies will report in the coming days, representing 27% of the Hang Seng Index (HSI).
• Highlight: This Insight identifies which stocks have option-implied swings deviating from historical averages.
• Why Read: Prepare for earnings season by understanding where single-stock and broader market volatility may be elevated.

• Recently, I had the chance to discuss Hamee Corporation (TSE: 3134) with Evan Bleker of Event Driven Insights.

• Hamee Corporation will soon spin-off its high margin software business.
• The company is 2 weeks away from breaking up into two separate companies which both look attractive.

• Lenskart Solutions is looking to raise about US$1bn in its upcoming India IPO.
• Lenskart Solutions Limited (LSL) is a technology-driven eyewear company with integrated operations spanning designing, manufacturing, branding and retailing of eyewear products.
• In this note, we talk about the positive aspects of the deal.

• Context: Toyota Motor (7203 JP) rallied 3.2% in Wednesday’s morning session. Quantitative models highlight potential for a short-term pull-back.
• Trade Idea: Three actionable option strategies with a bearish tilt are presented, taking advantage of current implied volatility levels and skew.
• Why Read: This Insight combines directional analysis with volatility signals, highlighting a tactical options strategy where high implied volatility and bearish probabilities align, offering investors defined risk/reward.

• Pop Mart is a dominant force in the rapidly growing global art toy market, driven by a powerful IP-led business model that fosters a loyal collector base and high-margin revenue streams.
• Aggressive global expansion is the primary growth vector, with overseas revenue surging and plans to significantly increase its international store footprint, aiming for overseas markets to represent 50% of total sales.
• Exceptional financial performance, characterized by triple-digit revenue and net income growth, robust margins, and strong operating cash flow, underpins a premium valuation relative to peers.

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• The share market has signaled approval of Jumbo Interactive’s UK acquisition as management diversifies away from lottery retailing.
• -Jumbo Interactive acquires Dream Car Giveaways?
• in the UK -FY26 guidance unchanged, forecasts raised -Lower future volatility anticipated around jackpots -Synergies via Oz Lotteries platform & UK B2C

• Honeys Holdings is leveraging its SPA model to drive growth using a data-driven rapid decision-making process to capture demand in the tough womenswear market.
• It has managed to grow sales for five straight years while also rebuilding supply chains, with some of the highest gross margins in the industry.
• While margins have been hit by higher import costs due to the weak Yen, and higher labour costs, Honeys is squeezing costs further to make up for this.

• BoJ’s policy of small-scale ETF sales appears to have made inflation curb more difficult due to the yen’s depreciation, although it did not trigger a sharp stock market decline.
• The ETFs held by BoJ reduce trading liquidity, thereby increasing stock price volatility and limiting the number of Japanese stocks available for investment by major institutional investors.
• Given that the Bank of Japan’s holdings of ETFs exceed 20% of the issued shares in some companies, the existence of “silent shareholders” is not healthy for corporate governance.