Daily Brief Consumer: I-Tail, Seven & I Holdings, Bloomberry Resorts and more

In today’s briefing:

I-Tail Corporation IPO: A Strong 3Q Results Update

I-Tail (ITC TB), Thai Union Group (TU TB)’s pet care division, will launch an up to US$600 million SET IPO this week, according to press reports.
We previously discussed the IPO in I-Tail Corporation IPO: The Bull Case and I-Tail Corporation IPO: The Bear Case.
In this note, we look at the 9M22 results. The results highlight that i-Tail is in rude health with accelerating growth, healthy margins, cash generation and manageable leverage.

Seven & I has at last agreed to sell the ailing Sogo Seibu chain – although not for enough to offset years of investment with little to show for it.
Some hope that this means the start of a house cleaning exercise to rid the group of its multiple under-performing retail assets, leaving a gleaming exemplar of rational efficiency.
This is unlikely, especially for the original Ito-Yokado general merchandise chain and a problem given the lack of growth potential in the group’s domestic business.

While Macau remains hostage to Beijing’s zero tolerance covid policy, Philippine gaming has taken the lead in ASEAN recovery ramp.
The Soliare property at manila has outperformed expectations on the basis of pent up demand beginning to show in domestic player revenue.
CEO Razon has confirmed continuing expansion plans at Cebu and Emerald Bay to be completed before the end of 2023. Both will be accretive to group EBITDA.

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