+852-2978-7347 | xinyu.ruan@gs.com Goldman Sachs (Asia) L.L.C. Carol Chen +852-2978-7999 | carol.chen@gs.com Goldman Sachs (Asia) L.L.C. 24 November 2025 | 4:53PM HKT Equity Research Miniso (MNSO): NDR takeaways: solid SSSG; mix dragged US GPM but operating leverage supports margin improvement; Buy We hosted Miniso's CFO Mr. Eason Zhang and Director of Capital Markets Christina Zhu for a virtual NDR on Nov 24 post its 3Q25 result. Key takeaways include: 1) Miniso China SSSG momentum has been holding up well ...

W. R. Berkley Corporation (WRB), headquartered in Greenwich, Connecticut, is an insurance holding company that operates as a commercial line writer. Valued at $29.3 billion by market cap, the company offers property casualty insurance and reinsurance products. Shares of this leading property casualty insurance holding company have outperformed the broader market over the past year. WRB has gained 29.1% over this time frame, while the broader S&P 500 Index ($SPX) has rallied nearly 13.2%. In 2025, WRB stoc ...

Government Efficiency & Spending - The Office of Personnel Management is ending the "required five things" email program initiated by Elon Musk [1][4] - The government acknowledges starting from a less efficient position compared to the private sector, with the current system rewarding more headcount and spending [3] - Federal government spending grew by approximately 55% in the last 5 years, from $46 trillion in 2019 to $7 trillion [5][6] - The Biden administration added 300,000 to 400,000 government employees [7][10] AI & Technology Implementation - There's a push to use AI as an efficiency enhancer within the government, particularly for tasks like writing rules and regulations, and distilling information [10][11] - AI could be used to review and potentially eliminate outdated or irrelevant regulations, with a goal of potentially removing up to 50% of existing regulations [12][13][14] - The government is exploring using AI to enhance efficiency, but human oversight will remain in place [16] - Current data collection processes within the government, such as "data calls," are often manual and inefficient, highlighting the need for better technology and systems [18][19] Data Transparency & Credibility - There are concerns about the credibility of government-produced numbers, including those from the Bureau of Labor Statistics (BLS) [21] - The government is considering ways to increase transparency around data collection and reporting, while also addressing concerns about protecting private information from businesses and individuals [21][22][23]

Core Viewpoint - Signet Jewelers Limited (SIG) is experiencing strong upward momentum in its stock performance, driven by positive market sentiment and investor confidence in its financial health and growth prospects [1][3]. Stock Performance - SIG's stock has surged 26.5% over the past three months, outperforming the Zacks Retail-Jewelry industry's growth of 13.5% and the broader Retail-Wholesale sector and S&P 500 index, which declined by 1.6% and 0.8%, respectively [4][6]. Valuation - The stock is trading at a forward 12-month price-to-sales ratio of 0.41, which is lower than the industry average of 0.66 and the sector average of 1.60, indicating an attractive investment opportunity [7][8]. Market Leadership and Strategy - Signet is enhancing its market leadership through strategic initiatives and innovation, focusing on disciplined inventory management and optimized real estate strategies to support sustainable growth [10]. - The company is transitioning from a traditional banner-based model to a brand-led structure, which includes streamlining leadership and centralizing key functions to improve operational efficiency [13][14]. Product Segments - The bridal jewelry segment, representing nearly half of merchandise sales, is showing positive trends in average unit retail (AUR), driven by successful pricing strategies and appealing product offerings [11]. - In the fashion jewelry segment, the rise in lab-grown diamond sales is contributing significantly to performance gains, enhancing Signet's premium product mix and market share [12]. Operational Challenges - The company is addressing variability in consumer demand across key markets, particularly in North America, where changing spending behaviors are impacting store-level activity [15]. - International operations face challenges from foreign exchange fluctuations and regional dynamics, necessitating strategic flexibility and localized execution [16]. Investment Consideration - Investors may consider holding SIG stock due to its strong momentum from strategic initiatives and innovation, particularly in the bridal and lab-grown diamond segments, which enhance growth and market leadership [17].

Core Insights - The Eastern Company (EML) experienced a 9.4% increase in share price following its earnings report for the quarter ended March 29, 2025, outperforming the S&P 500 index, which declined by 0.2% during the same period [1] Financial Performance - The company reported first-quarter 2025 earnings per share from continuing operations of 31 cents, a decrease from 34 cents a year earlier, while adjusted earnings per share fell to 32 cents from 34 cents [2] - Net sales from continuing operations were $63.3 million, reflecting a 2% decrease compared to $64.6 million in the prior year [2] - Adjusted EBITDA declined to $4.6 million from $4.8 million year-over-year, attributed to market headwinds, particularly in the heavy-duty truck segment [2] Key Business Metrics - Gross margin for the quarter was 22.4%, down from 23.9% in the same quarter last year, primarily due to higher raw material costs [3] - Selling, general and administrative (SG&A) expenses decreased by $0.8 million, or 8%, to $9.8 million, driven by lower payroll-related expenses [3] - SG&A costs as a percentage of net sales improved to 15.6% from 16.5% in the prior-year period [3] Income and Cash Flow - Operating income was $3.2 million, slightly lower than $3.4 million in the prior year, while net income from continuing operations was $1.9 million compared to $2.1 million a year ago [4] - The company used $1.8 million in operating activities, down from a positive $2.8 million in the prior year, reflecting significant changes in working capital [4] Management Commentary - CEO Ryan Schroeder described the first quarter as a period of "significant change," focusing on sales growth, cost reduction, and operational efficiency amid a challenging macroeconomic environment [5] - The company aims to remain agile, defend margins, and explore acquisition opportunities [5] Strategic Developments - The board authorized a new share repurchase program to buy back up to 400,000 shares over the next five years, doubling the size of the recently completed program [6] - Revenue decline was primarily due to lower sales in truck mirror assemblies and accessories, partially offset by stronger demand in returnable transport packaging products [7] - The company completed the divestiture of Big 3 Mold's injection stretch blow molding unit, expected to enhance efficiency and lower operating costs [9]