Group 1: Market Overview - The Straits Times Index (SGX: ^STI) has increased approximately 20.8% year-to-date (YTD) as of late 2025, indicating a strong performance in local stocks [1] - There is optimism surrounding earnings and a potential year-end rally due to window dressing by funds [1] Group 2: DFI Retail Group Holdings Ltd - DFI Retail Group operates well-known brands such as 7-Eleven and IKEA across 12 Asian markets, focusing on Health and Beauty, Convenience, Food, Home Furnishings, and Restaurants [2][3] - The company has divested non-core assets to concentrate on its main segments, resulting in a stock price increase of approximately 72% YTD, reaching new 52-week highs [3] - In 1H2025, DFI's underlying profit surged 39% YoY to US$105 million, with free cash flow rising 46% YoY to US$89 million, enabling a special dividend of US$0.4430 per share, yielding 12.9% [4] - DFI has maintained a consistent dividend payout over the past decade, with a current ordinary dividend yield of 2.6% based on its 2024 dividend of US$0.105 per share [5] - The company aims for a 70% payout ratio for dividends, and its margins are recovering, supporting potential higher ordinary dividends moving forward [6][7] Group 3: Frasers Centrepoint Trust - Frasers Centrepoint Trust (FCT) has underperformed with a YTD gain of only 8.1%, while its occupancy rate stands at 98.1% as of September 30, 2025 [9][10] - For FY2025, FCT reported a 9.7% YoY increase in net property income to approximately S$278 million, but the distribution per unit (DPU) rose only 0.6% YoY to S$0.12113 per share [10] - The underperformance is attributed to heavy equity raising for acquisitions, with a current share price of S$2.28 translating to a yield of roughly 5.3% [11] - FCT's aggregate leverage ratio is 39.6%, with an interest coverage ratio of close to 3.5 times, and it has a significant refinancing requirement between FY29 and FY30 [12] - The completion of a S$51 million asset enhancement initiative at Hougang Mall could enhance distributable earnings, and FCT may benefit from stronger economic growth and lower interest rates [12][13] Group 4: Venture Corporation Limited - Venture Corporation's stock has increased by 12.7% YTD, but it reported softer revenue and earnings in its 3Q2025 update, with turnover at S$627.2 million, down 2.7% YoY [14] - Earnings declined by 3% YoY to S$0.192 per share, and the company declared an interim dividend of S$0.25 per share, along with a special dividend of S$0.05 [14] - Venture has a yield of 5.1% based on a total ordinary dividend per share of S$0.75, and it has maintained an annual dividend for the past decade [15] - The company has a strong balance sheet with zero borrowings and over S$1 billion in net cash, trading at a trailing P/E of 18.6 times [15] - Diversification into Life Sciences and other non-consumer technology areas supports its growth potential for 2026 and beyond [15][16]

Core Insights - Michael Burry, known for his contrarian investment strategies, has recently closed his hedge fund, Scion Asset Management, allowing him to share investment advice freely [2] - Burry identifies opportunities in the current market, particularly in companies that have been oversold due to year-end practices like window dressing and tax-loss harvesting [3] - Lululemon Athletica (LULU) is highlighted as a potential investment despite its stock being down over 50% this year, with Burry suggesting it is at least a hold for the next three to five years [3] Company Overview - Lululemon Athletica is a Vancouver-based company specializing in athletic apparel primarily for women and girls, offering a range of products including fitness pants, shorts, tops, and jackets [4] - The company has a current market capitalization of $21.6 billion [4] Stock Performance - Lululemon's stock has decreased by 52% year-to-date, underperforming the S&P 500 Index, which is up 17%, and the consumer discretionary sector, which is up 5% [5] - The stock is trading at a trailing price-earnings ratio of 12.4x, significantly lower than its five-year mean of 46.8x, indicating that it is exceptionally cheap at present [6]