Daily Brief Consumer: Naspers , Toyota Motor Corp Spon Adr, Carvana , Carnival Corp, Migao Group Holdings, TSE Tokyo Price Index TOPIX and more

• Naspers and Prosus continue to come under pressure relative to their underlying holdings.
• Since our last update on the 1st of March, Naspers’ look through discount has widened by 1.6 percentage points to 42%. 
• Naspers’ discount to Prosus’ market value has widened notably by 2.1 percentage points to 11.3%. Prosus’ discount is only 30bps wider and is trading at 35.4%.

• Toyota Motor Corporation continues to deliver robust financial performance despite a myriad of challenges.
• In the fiscal year 2024 second-quarter results, the Japanese automotive giant reported an operating income of JPY 2,559.2 billion.
• This was a significant increase compared to the same period of the previous fiscal year.

• Carvana has seen a big increase in its stock price despite concerns over bankruptcy that did not come to fruition
• The company has advantages in unit economics and is well-positioned to gain market share in the auto retail industry
• Carvana offers competitive pricing, quality, convenience, and selection, making it an attractive option for customers and investors alike

This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

• Carnival Corporation’s latest earnings suggest an optimistic outlook for the company as it reports setting records in all four quarters of 2023, with revenues, booking levels, and customer deposits seeing an all-time high.
• Encouragingly, both North American and European brand occupancy levels exceeded 101% in Q4, and per diems for these brands showed significant increases over 2019.
• The company’s performance enabled it to surpass high cost inflation over the past four years, delivering per unit Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) that outpaced 2019 levels when excluding fuel and currency fluctuations.

• Migao Group Holdings (9879 HK) is looking to raise up to US$124m in its Hong Kong IPO.
• Migao Group (Migao) is a vertically-integrated national potash fertilizer company in China.
• In this note, we look at the firm’s past performance and share our thoughts on valuation.

• Corporate Governance Code requires disclosure based on TCFD, and an ISSB-based disclosure system will be discussed in Japan. While interest in disclosing climate change-related information is growing, disclosure hasn’t progressed.
• In the TSE survey, only one-tenth of the companies that listed Scope 1, 2, and 3 emissions in their integrated reports disclosed them in their annual reports.
• If a company can’t disclose Scope 1/Scope 2 in its annual securities report, there’s concern that the company may have challenges in data collection and risk delaying management decisions.