Consumer: Ultrajaya Milk Industry & Trading, MINISO Group Holdings, Tesla Motors, Kura Sushi Inc, Asbury Automotive, Marico Ltd and more

• Indonesia’s leading UHT milk and carton tea producer Ultrajaya Milk Industry booked a strong set of FY2021 results, with a convincing recovery in 4Q2021, which should carry through into FY2022. 
• The company continues to increase raw milk sourcing locally, which will alleviate rising global prices, and it is expanding its distribution network and new products to drive demand. 
• Ultrajaya is a market leader in its main product categories, yet trades at half the valuation of recently listed Cisarua Mountain Dairy, which looks excessive with potential upside to valuation.

• Last week, MINISO Group Holdings (MNSO US) filed an application to conduct a follow-on public offering of ordinary shares on the main board of the Hong Kong Stock Exchange.
• The Hong Kong listing will be treated as a second primary listing, resulting in a substantial improvement in the stock’s liquidity.
• With the improvement in liquidity following the Hong Kong offer, there could be a significant upside to Miniso shares in the short term.

• Tesla Shanghai is still down nearly two weeks so far on stringent health orders to address surging Covid cases across China.
• This threatens Tesla’s second quarter results just after it likely missed market expectations for record first quarter results.
• And still not a peep out of Tesla CEO Elon Musk, who rarely misses a chance to complainabout government oversight—at least in the US.

• March SSS: 106.3% vs. 2021, 103.7% vs. 2019 (pre-pandemic)

• Same-store sales of other revolving sushi formats in March (compared to March 2021 and March 2019) were 93.5% and 96.8% for Sushiro (Food & Life Companies), 104.4% and 89.9% for Genki Sushi, and 89.7% and 82.2% for Kappa Sushi, respectively

• The number of stores at the end of February was 510 in Japan (+3 MoM), 37 in the U.S. (+1 MoM), and 45 in Taiwan (+1 MoM). The total number of stores was 592 (+5 MoM)

• Vltava is a global equity investment fund.
• Its objective is to achieve long-term capital growth of the assets under management while investing primarily into publicly traded companies.
• If Putin has succeeded in anything, it is to completely dismantle a functioning domestic economy virtually overnight.
• We probably never have seen anything like this before.

• As per an update released by Marico Ltd (MRCO) on 5th April2022, the FMCG sector continued to witness subdued consumption patterns, primarily on account of weak rural sentiments and persistent inflation in global commodities.
• Inflation, accompanied by price hikes implemented across FMCG categories, affected consumer wallets and eventually resulted in decline in FMCG volume.
• Despite stressed macros, MRCO’s domestic business (~75% of topline) saw low single-digit revenue growth on the back of focused execution and market share gains

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