12 December 2025 | 11:48AM HKT Equity Research CHINA IP RETAILER AND TOY TRACKER Nov: Pop Mart sequentially increased supply; Bloks launched more female IPs; US holiday sales in focus In this note, we provide updates on China IP retailers and toy companies, including new products/IP, sales momentum, and overseas market updates. Pop Mart's online sales growth in China accelerated from Oct with more plush toy supply released; while secondary market price remained stable for most IPs (except Twinkle Twinkle wh ...

The CNN Money Fear and Greed index showed some easing in the overall fear level, while the index remained in the “Fear” zone on Thursday.U.S. stocks settled mixed on Thursday, with the Nasdaq Composite gaining around 50 points during the session ahead of next week’s widely expected Federal Reserve rate cut.Traders see almost no doubt the Fed will deliver a third straight 25-basis-point reduction, with futures assigning the move a nearly 90% probability.Dollar General Corp. (NYSE:DG) led S&P 500 gainers, soa ...

Core Viewpoint - Dollar General reported earnings that slightly beat revenue expectations but significantly missed on earnings per share, indicating mixed performance amid ongoing inflation pressures on consumers [1][2]. Financial Performance - The company achieved $10.30 billion in revenue, surpassing the $10.26 billion forecast by analysts, reflecting a 1.4% year-over-year increase in same-store sales [1][2]. - Earnings per share (EPS) were reported at 95 cents, which was a 42% miss compared to the $1.51 EPS forecast by analysts [2]. Consumer Behavior - Sales growth was primarily driven by staple items as consumers focus on essentials due to persistent inflation [3]. - The trend of consumers prioritizing essential purchases is not unique to Dollar General, as similar patterns have been observed at Walmart [4]. Market Context - Despite a 46.9% loss over the past 12 months, Dollar General's stock has shown resilience in 2025, outperforming competitors like Dollar Tree and Five Below [5]. - The stock is currently trading at around 13 times earnings, which is considered a reasonable value compared to the historical mean P/E ratio of approximately 19 times [8][9]. Strategic Adjustments - Rising interest rates have prompted Dollar General to reassess its expansion strategy, focusing on making new stores profitable quickly and considering closures of underperforming locations [6][7]. - The company is forecasting EPS growth of over 10% starting in 2026, which may be influenced by the impact of store closures [11]. Technical Analysis - Dollar General's stock has been trading within a defined range, with support found at its 100-day simple moving average since the earnings report [12].

Market Sentiment - The CNN Money Fear and Greed index showed some improvement in overall market sentiment but remained in the "Extreme Fear" zone with a reading of 20.4, up from 17.8 [1][4] - U.S. stocks settled mixed, with the Nasdaq Composite gaining more than 1% following the release of inflation data [1] Inflation Data - The Consumer Price Index (CPI) declined from 3% year-over-year to 2.8%, beating analysts' expectations of a slowdown to 2.9% [1] - Core inflation also dropped more than anticipated, easing from 3.3% to 3.1% [1] Stock Performance - Most sectors on the S&P 500 closed positively, with consumer discretionary, information technology, and communication services stocks recording the biggest gains [3] - Nvidia Corp. shares gained around 6.4%, while Tesla Inc. added over 7% on the same day [2] - The Dow Jones closed lower by approximately 83 points to 41,350.93, while the S&P 500 rose 0.49% to 5,599.30, and the Nasdaq Composite climbed 1.22% to 17,648.45 [3] Upcoming Earnings - Investors are awaiting earnings results from Dollar General Corp., Ulta Beauty Inc., and G-III Apparel Group Ltd. [4]