Group 1: New Oriental Education Technology - The company reported a revenue increase of 6% year-on-year to $1.523 billion for Q1 FY2026, exceeding expectations by 1% [1] - Adjusted operating profit was approximately $336 million, with an operating margin of 22%, expanding by 1 percentage point year-on-year [1] - The management maintained the revenue guidance for FY2026, expecting a growth rate of 5-10%, with Q2 revenue growth projected between 9-12% [1][2] - The company announced a cash dividend of $190 million and a share buyback plan of $300 million, which is better than previous expectations [1] Group 2: Howie Group - Howie Group achieved a record high quarterly performance in Q3 2025, with revenue of 7.83 billion yuan, a year-on-year increase of 14.8%, and a net profit of 1.18 billion yuan, up 17.3% [3] - The gross margin for Q3 was 30.3%, reflecting a 0.3 percentage point increase quarter-on-quarter [3] - The growth in the automotive CIS segment is expected to drive revenue growth, with increasing demand in smart driving applications [4] Group 3: Valuation and Market Outlook - The valuation outlook for New Oriental's K12 education business remains positive due to steady revenue growth and potential for margin optimization [2] - The target price for New Oriental has been raised to HKD 55.00, reflecting a potential upside of 19.9% [1][2] - Howie Group's target price is maintained at 180 yuan, corresponding to a 35 times P/E ratio for 2026 [4]

Core Insights - FMCG companies in India experienced sales impacts in the September quarter due to GST reforms and heavy rains, but anticipate growth in upcoming quarters driven by favorable macroeconomic conditions [1] Company Performance - Unilever reported short-term impacts from GST reforms but expects long-term benefits, with a 10% price reduction benefiting 40% of its portfolio [3] - Reckitt's net revenue growth in India was affected by new GST slabs, although it saw volume-led growth in its Dettol brand [4] - Heineken's beer volume in India declined by mid-single digits due to heavy rains, but organic net revenue grew by a mid-single-digit percentage supported by price hikes [7][8] - Coca-Cola and PepsiCo faced disruptions from weather conditions, with Coca-Cola noting competitive pressures in the beverage market that may affect growth [9] - Pernod Ricard's sales in India increased by 3%, but were impacted by excise policy changes in Maharashtra [10][11] - Nestle SA highlighted strong performance and good momentum in India [12]