Daily Brief Consumer: Dongwon Industries, GoTo Gojek Tokopedia Tbk PT, Carote Ltd, Mr. DIY Holding (Thailand), Bausch + Lomb, Gajah Tunggal and more

• KOSPI 200 is a Korean blue-chip index that tracks the 200 largest and most-liquid names listed in the KOSPI section of the Korea Exchange (KRX).
• In this insight, we take a look at the names leading the race to become ADDs and DELs during the upcoming semiannual review in December 2024.
• We expect up to four ADDs and five DELs for the KOSPI 200 index during this index rebal event based on the latest available data. And we have a trade.

• GoTo Gojek Tokopedia together with Alibaba Group Holding announced a strategic partnership that locks the latter in for the next 5-years, with GOTO committing to utilising Alibaba Cloud.
• This move lifts a significant share price overhang and should provide GOTO with both cost benefits and AI capabilities cementing and aligning the interests of the two companies. 
• GoTo Gojek Tokopedia (GOTO IJ) continues to move the needle on its progress towards adjusted EBITDA breakeven by 4Q2024 led by product-led initiatives. 

• Relying mainly on online channels and successful internationalization strategy, CAROTE’s performance growth showed strong momentum in recent years. However, after the short-term demand outbreak, future performance growth could slow down.
• CAROTE adopts a product strategy similar to ZARA, launching a massive product matrix, constantly attracting consumers’ interest, but the innovation capability and core competitiveness of products are not high.
• Valuation of CAROTE could be higher than Vesync (2148 HK).If Trump is elected, the friction/trade war between China and US may escalate, which is detrimental to CAROTE’s future valuation performance.

• Mr. DIY Holding (Thailand) (2472516D TB) (MRDIYT) is looking to raise as much as US$300m in its upcoming Thai IPO. The deal will be run by CIMB Thai Bank.
• MRDIYT is the largest and fastest growing home improvement and general lifestyle retailer in Thailand, holding approximately 7.4% market share in 2023.
• MRDIYT’s proposition is to offer competitive value for over 15,000 products across a variety of departments – hardware/tools, household appliances, electrical appliances, stationery, sporting goods, toys etc.

• Bausch + Lomb Corporation has long established itself as a global leader in eye health, offering a wide range of products across pharmaceuticals, surgical devices, and vision care.
• The company’s second-quarter 2024 earnings showcased a remarkable 20% year-over-year constant currency revenue growth, driven by strong performances across all key business segments, particularly in the pharmaceuticals segment, which grew by 61%.
• Bausch + Lomb’s strategic focus on innovation and expansion is exemplified by product launches like BLINK NutriTears and Bausch + Lomb INFUSE, coupled with the rollout of its AI-based digital platform, Glimpse.

Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region, based on key company-specific developments in the past 24 hours. Our Morning Views include a section with a brief market commentary, key market indicators and a macroeconomic and corporate event calendar.

• Gajah Tunggal