In today’s briefing:
- Miniso (9896 HK)’s TOP TOY Angling For Labubu Mojo
- Mirae Asset Group Companies Continuing To Buy Mirae Asset Life Insurance – A Prelude to Delisting?
- Decoding OneSource Pharma’s Strategic Amalgamation: A Blueprint for a Global CDMO Powerhouse?
- Weekly Update (SFGI/8729, NLOP, KBR)
- KKR–Spectris: Major Reg Hurdles Cleared; Timing Drives 2.13% Gross Into Q1’26
Miniso (9896 HK)’s TOP TOY Angling For Labubu Mojo
- In MINISO (9896 HK)’s (Possible) TOP TOY Spin-Off Is Priced In, based on (then) available figures and applying a holding company discount, post spin-off, MINISO’s upside appeared limited.
- A listing application form has now been submitted to the HKEx, providing greater detail of TOP TOY’s finances, figures vastly different to those in MINISO’s recent segment accounts.
- The Labubu craze has resulted in a ~200% increase in Pop Mart (9992 HK)’s shares YTD. TOP TOY will be wanting to cash in on this exuberance.
Mirae Asset Group Companies Continuing To Buy Mirae Asset Life Insurance – A Prelude to Delisting?
- The increased purchase of Mirae Asset Life Insurance shares by the Mirae Asset Group companies could be a PRELUDE to a potential voluntary delisting of Mirae Asset Life Insurance.
- We believe that there is a relatively reasonable probability of the Mirae Asset Group taking Mirae Asset Life Insurance private in the next 1-2 years.
- Mirae Asset Life Insurance is trading at only 0.4x P/B. Treasury shares represent 26.3% of its total outstanding shares.
Decoding OneSource Pharma’s Strategic Amalgamation: A Blueprint for a Global CDMO Powerhouse?
- OneSource Specialty Pharma has approved a Composite Scheme of Arrangement to acquire Steriscience’s EuropeanCDMO and Brooks Steriscience’s Indian anti-infective assets.
- The transaction adds approximately $107 million in projected FY27 revenue, significantly diversifying the portfolio, reducing single-site risk, raising the consolidated FY28 revenue outlook to over $500 million.
- While the acquisition multiples appear steep for subscale assets, if management successfully delivers on ambitious growth targets, the transaction could position OneSource among the most competitive players in CDMO landspace.
Weekly Update (SFGI/8729, NLOP, KBR)
- This week, I published a deep dive into Sony’s upcoming spin-off of Sony Financial (SFGI/8729).
- I will be watching the spin-off closely and hoping for selling pressure.
- KBR, Inc. (KBR) announced on September 24, 2025 that it plans to spin off its Mission Technology Solutions (MTS) segment into a separate publicly traded company.
KKR–Spectris: Major Reg Hurdles Cleared; Timing Drives 2.13% Gross Into Q1’26
- EU Commission and Austria/Belgium cleared. Remaining approvals: US HSR and FDI in Australia, Denmark, France, Germany, Netherlands, Spain. After these, UK High Court sanction and order registration are gating steps.
- At 4,088p versus 4,175p consideration, gross spread is 2.13%. Expected annualized IRR ~4–6% assuming Jan–Mar 2026 cash. June entry at £32.04 still screens exceptional, ~39–51% annualized, settlement-dependent on current guidance.
- Maintain exposure; monitor court timetable and residual filings pace. Dividend ex-date is 2 October 2025. Outcome probability remains high; timing within Q1 drives IRR sensitivity and settlement-month dispersion for investors.
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