Daily Brief Consumer: Seven & I Holdings, Seres Group , Intermestic, TSE Tokyo Price Index TOPIX, Goldwin Inc, Dowlais Group , Pvh Corp, Genting Bhd, Garrett Motion and more

• A Canadian company, Alimentation Couche-Tard, has made an unsolicited offer to acquire Japan’s Seven & I Holdings, the owner of the popular 7-11 convenience store chain, marking Japan’s largest foreign-led takeover attempt.
• This proposed takeover could signal a shift in Japan’s traditional resistance to foreign acquisitions, opening up opportunities for more global mergers and acquisitions in the country.
• The deal would create a global giant in the convenience store industry and represents a significant change in Japan’s deal-making and corporate culture.

This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

• SSE 50 and SSE 180, respectively, aim to represent the performance of the 50 and 180 largest and most liquid A-share stocks listed on the Shanghai Stock Exchange.
• In this insight, we take a look at the names leading the race to become ADDs and DELs during the December 2024 index rebal event.
• We currently see 5 ADDs/DELs for the SSE 50 index and 18 ADDs/DELs for the SSE 180 index. 

• Japanese eyewear manufacturer and retailer, Intermestic (262A JP) has filed for an IPO on the Tokyo Stock Exchange and is planning to raise proceeds of $112m.
• The company operates stores both domestically and internationally, and the company’s financials show strong improvement during the last few years.
• Intermestic has not yet announced the terms for its IPO, and in this insight, we have discussed the company’s business models, outlook and financials.

• Intermestic (262A JP) is looking to raise US$110m in its Japan IPO. Intermestic is an eyewear manufacturer of eyeglasses and eyeglass accessories in Japan.
• Utilizing a specialty store retailer of private label apparel (SPA) model, the firm aims to provide a one-stop shop whereby manufacturing and retailing of its products are handled in-house.
• In this note, we look at the firm’s past performance.

• Rather than “companies with advanced disclosure have higher ratios of female managers,” companies with high ratios of female managers are willing to disclose their ratios to show their progress.
• Women’s tenure in the company is shorter than men’s, which is one of the reasons for the low ratio of women in management positions.
• Changing from the “traditional division of labor in households” to a mindset in which men and women are equally responsible for household tasks is essential to solving the root problem.

• Growth Inflection: Goldwin’s mid-term plan targets ¥190 billion in sales, driven by The North Face’s expansion and a transformation of the Goldwin brand globally.
• Profitability: Shifting from wholesale to direct-to-consumer, Goldwin has achieved significant margin growth, expanding operating margins to 19%, with further gains expected.
• Strong Capital Position: Goldwin’s robust balance sheet and anticipated ¥100 billion free cash flow support shareholder returns, alongside a proven management track record of delivering on growth objectives.

• Dowlais is a UK-listed auto parts business worth 820 million GBP with a core business in GKN auto and the non-core business in GKN powder Metallurgy.
• The company was spun off from Melrose Industries in 2020 and is currently undergoing a strategic review to potentially sell off the powder Metallurgy business, which could be worth over 1 billion GBP.
• Dowlais’s core auto business is a global market leader in auto components and the potential sale of the powder Metallurgy business could exceed the company’s current market cap.

This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

• We are reiterating our Buy rating, $3 price target and projections for Vince Holding after visiting stores in Connecticut, Long Island and New Jersey.
• We believe, with Fall now in full swing, Vince is flexing their ability to act strategically both fashion-wise and financially, rolling out impressive looks in sweaters, outerwear, dresses and accessories, expanding men’s with new bottoms in multiple colors and silhouettes and layering tops, tees, sweaters and knits.
• Further, the company has been able to drive strong instock levels and expand the colors and products offered to the stores to drive higher overall sales and margins.

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.

• When GTX reported Q2 results the global auto industry was going through a digestion period.  Many of those trends have persisted in the third quarter. 
• The state of the global automotive market remains unclear with expectations at the beginning of the year set for growth and now it could be flat to slightly down.  
• GTX should manage through the third quarter with minimal impact to the business and a stronger Euro further insulating the earnings from downward pressure.