Daily Brief Consumer: Sun Corp, MINISO Group Holding , Guzman Y Gomez, Marui Group and more

• Sun Corp (6736 JP) for years has been a play on its investment holding in Cellebrite DI (CLBT US), brought to market in a $2.4bn SPAC deal announced 30Aug2021.  
• The SPAC entity was an entity called TWC Tech Holdings II Corp (TWC = “True Wind Capital”). The next day, Cellebrite DI (CLBT US) was born, trading up to US$11.00+.
• Sun Corp (6736 JP)‘s value realisation path had begun. Today, a True Winds entity announced a Partial Tender Offer – unsolicited, unannounced previously – on Sun Corp, for 19.0%.

• True Wind has launched a hostile partial tender offer for Sun Corp (6736 JP) for a minimum (3.8m) and maximum (4.2m) shares at JPY4,400, 19.2% premium to the undisturbed price.
• The offer was prompted by frustration with the Board’s lack of urgency in closing the disparity between Sun Corp’s market cap and the value of its Cellebrite DI (CLBT US) stake.
• The Board has three options: do nothing (low probability), find a white knight bidder (high probability), or commit to selling/distributing its Cellebrite stake (medium probability).

For our next Corporate Webinar, we are glad to welcome Miniso Group Holding Limited’s Investor Relation Specialist, Ms. Allis-Yueling Chen. 

In the upcoming webinar, Allis will share a short company presentation after which, she will engage in a fireside chat with Smartkarma Insight Provider, Eric Wen. The Corporate Webinar will include a live Q&A session.

The Corporate Webinar will be hosted on Thursday, 20 June 2024, 16:00 SGT.

About Miniso Group Holding Limited

Miniso Group Holding Limited is a global value retailer offering a variety of trendy lifestyle products featuring IP design. Since Miniso Group opened its first store in China in 2013, they have successfully incubated two brands, “MINISO” and “TOP TOY”. The flagship brand “MINISO” is a globally recognized retail brand and have established a store network worldwide of 6,630 stores in more than 200 countries. The flagship brand “MINISO” offers a frequently-refreshed assortment of lifestyle products covering diverse consumer needs, and consumers are attracted to their products’ trendiness, creativeness, high quality and affordability.

• Guzman Y Gomez (GYG) now plans to raise US$221m, an increase from its earlier target of US$160m, in its Australian IPO.
• GYG is a quick service restaurant business with more than 200 restaurants globally. It mainly focuses on fresh, made-to-order, Mexican-inspired food.
• We have looked at the company’s performance in our past notes. In this note, we talk about valuations.

• While Marui’s credit card business now has in excess of ¥4 trillion in GTVs, its shopping buildings are also doing outperforming the mall sector.
• Sales for all 22 buildings rose 14.5% last year but as much as 24% at some buildings.
• This is the result of new tenants, more services and better marketing based on vast in-house data sources. This data-mining capability will get better and is unique to Marui.