Marico, one of India’s largest consumer-goods groups, has acquired more than 90% of Zea Maize, home to the 4700BC snacks brand. Zea Maize, set up in 2013, sells products including popcorn, makhana and nachos under the 4700BC label. Its snacks are available in more than ten markets. Publicly listed Marico is to pay Indian cinema group PVR INOX Rs2.27bn ($24.7m) for its stake in Zea Maize of just under 93.3%. Chirag Gupta, the founder of the 4700BC brand, will retain his shares and stay on with the busin ...

Core Insights - The article discusses the impact of ongoing inflation on the Federal Reserve's monetary policy and suggests focusing on low-beta defensive stocks to navigate market volatility [2][3][10] Economic Context - Inflation has risen, with the personal consumption expenditure (PCE) index increasing by 2.8% year-over-year in November, moving further away from the Federal Reserve's 2% target [6][8] - Personal income growth has slowed, with increases of 0.1% in October and 0.3% in November, below analysts' expectations [9] Investment Recommendations - Investors are advised to consider low-beta defensive stocks, particularly in the utility and consumer staples sectors, to mitigate market fluctuations [4][5] - Featured stocks include: - **Ameren Corp. (AEE)**: Expected earnings growth rate of 8.2%, Zacks Rank 2, beta of 0.58, dividend yield of 2.78% [12][13] - **Fortis, Inc. (FTS)**: Expected earnings growth rate of 4.2%, Zacks Rank 2, beta of 0.50, dividend yield of 3.46% [14][15] - **ONE Gas, Inc. (OGS)**: Expected earnings growth rate of 11.8%, Zacks Rank 2, beta of 0.81, dividend yield of 3.47% [16] - **Hormel Foods Corp. (HRL)**: Expected earnings growth rate of 6.6%, Zacks Rank 2, beta of 0.33, dividend yield of 4.76% [17] - **J&J Snack Foods Corp. (JJSF)**: Expected earnings growth rate of 4.5%, Zacks Rank 2, beta of 0.34, dividend yield of 3.43% [18][19]

Group 1 - The core issue revolves around a controversy regarding a nut gift box sold by Baicaowei, which was priced at 32.9 yuan and weighed 958 grams, but contained only 33 grams of walnut kernels, making up less than 4% of the total weight [1] - Baicaowei's representative stated that the company conducted an internal investigation and confirmed that the disputed gift box was never sold in their official store; it was a product assembled by a distributor [1] - The company has instructed the distributor to remove the gift box from sale and is working to communicate with consumers to resolve the issue promptly [1] Group 2 - Baicaowei is a snack brand founded in Hangzhou, with its first physical store opened in 2003 and transitioned to online sales in 2010, becoming a significant player in the e-commerce snack market [2] - The brand has been recognized as one of the three major internet snack brands alongside Three Squirrels and Liangpinpuzi [2]

Company Overview - Once Upon a Farm PBC is preparing for its debut as a public company, with CEO John Foraker expected to play a significant role in its performance, alongside actress Jennifer Garner, who serves as a co-founder and board member [1][2]. Leadership Experience - John Foraker, previously the CEO of Annie's Inc., brings valuable experience to the company, which could positively influence investor confidence. Annie's had a successful IPO in 2012 and was sold for more than double its initial share price [2][3]. Celebrity Influence - The involvement of a celebrity like Jennifer Garner can enhance marketing efforts, particularly in sectors appealing to retail investors. However, historical data shows that celebrity-backed IPOs often underperform in the long term [4][6]. Historical Performance of Celebrity IPOs - There is a notable history of celebrity-backed IPOs that have struggled post-debut, such as Planet Hollywood and Martha Stewart's media company, which faced significant declines after initial success [5][6]. - A study indicates that there is an 8 out of 11 chance of losing money in celebrity IPOs, with many deals performing worse than the market over a span of four to five years [7].

Group 1 - Mondelez International, Inc. is included in the Dividend Contenders List, highlighting its status as a reliable dividend-paying stock [1] - JPMorgan has lowered its price target for Mondelez to $69 from $71 but maintains an Overweight rating, anticipating earnings momentum to improve in the second half of 2026 despite initial challenges [2] - The company faces significant pressure from cocoa prices, with warnings that "unprecedented cocoa cost inflation" could reduce adjusted EPS by up to 15% in 2025 [3] Group 2 - Mondelez is adapting its strategy to cater to increasingly price-conscious consumers, which may help it maintain stability in a challenging economic environment [4] - The stock is considered defensive, with a low beta of 0.04, a dividend yield of 3.4%, and a total debt-to-equity ratio of 68.9%, indicating financial stability [5] - As one of the largest snack companies globally, Mondelez operates in the consumer staples sector, where demand for food tends to remain steady even during economic downturns [6]

Company Overview - Goldman Sachs, founded in 1869, is the world's second-largest investment bank by revenue and ranks 55th on the Fortune 500 list of largest U.S. corporations by total revenue [1] - The firm offers a range of services including financing, advisory services, risk distribution, and hedging for institutional and corporate clients, maintaining its leadership in the investment landscape [1] Market Insights - Timothy Moe, Chief Head of APAC Equity Strategy at Goldman Sachs, highlighted a historical pattern of market corrections occurring every eight to nine months, indicating that the market is overdue for a correction [2] - The firm is increasingly focusing on the energy sector, predicting that while prices may remain flat or decline this year, they could rise starting in 2027 [2] Investment Recommendations - Goldman Sachs has identified five top stocks for investors to consider, particularly emphasizing two companies in the energy sector that are expected to perform well in the future [3] - The firm maintains its status as a premier financial institution, being the go-to bank for a wide range of financial needs over the past 15 years [4] Stock Highlights - **Brixmor Property Group**: This REIT offers a 4.31% dividend and has a target price of $32, indicating a 23% upside potential [5][7] - **Duke Energy**: An electric power and natural gas holding company with a 3.52% dividend and a target price of $141, representing a 20% gain from current levels [8][9] - **Hershey**: A snacks company with a 2.77% dividend and a target price of $220, suggesting a 21% potential increase [10][13] - **Johnson & Johnson**: A diversified healthcare company with a 2.31% dividend and a target price of $240, indicating a 16% upside [14][16] - **Valero Energy**: A multinational manufacturer of petroleum products with a 2.43% dividend and a target price of $197, representing a 19% gain [17][20]

Core Insights - PepsiCo, Inc. is facing ongoing challenges in its core snacking business, particularly in North America, where volume declines are impacting overall food operations due to weak consumer demand and health-conscious trends [1][2] Group 1: Financial Performance - In Q3 2025, organic revenues for PepsiCo Foods North America (PFNA) declined by 3%, while reported revenues remained flat year over year [2] - The Zacks Consensus Estimate for PepsiCo's 2025 earnings per share (EPS) indicates a year-over-year decrease of 0.5%, while the 2026 EPS shows a growth of 5.4% [14] - PepsiCo shares have increased by 3.3% over the past six months, slightly outperforming the industry growth of 3% [12] Group 2: Strategic Initiatives - The company is focusing on its permissible snack portfolio, which features cleaner ingredients and functional benefits, to counteract volume declines in PFNA [3][9] - PepsiCo is committed to innovation, particularly in the functional hydration category, with products like Propel and the relaunch of Muscle Milk, aiming to capture new market segments [4] - The beverage unit is providing stability, with the Beverages North America (PBNA) segment achieving 2% organic revenue growth, driven by gains in Pepsi Zero Sugar [4][9] Group 3: Competitive Landscape - Key competitors include The Coca-Cola Company and Monster Beverage Corp., both of which are navigating market volatility through diversified portfolios and innovation [6][7][8] - Coca-Cola's strategy emphasizes a broad range of beverage categories, while Monster Beverage focuses on energy drinks and health-oriented products [7][8] Group 4: Market Positioning - PepsiCo is strategically repositioning its beverage portfolio to align with health and wellness trends, with brands like Mountain Dew and poppi gaining market share [5] - The company is investing in healthier snack offerings to bolster growth and adapt to changing consumer preferences [5]

Core Viewpoint - PepsiCo has maintained uninterrupted dividend payments for over 50 years, making it a reliable income generator for investors seeking steady cash flow [1] Group 1: Financial Performance - As of January 16, PepsiCo trades at $146.60 per share with an annual dividend of $5.69, resulting in a yield of approximately 3.9%, significantly higher than the S&P 500's yield of 1.13% [1] - To earn $1,000 in annual dividends from PepsiCo, an investment of about $25,800 is required to own approximately 176 shares at the current price [2] Group 2: Growth Challenges - PepsiCo acknowledges a serious growth problem, particularly in its North America food business, which includes Frito-Lay, facing volume declines and margin pressure [3] - Recent quarters have shown volume declines for Frito-Lay North America as the company moved away from deep promotional strategies and encountered service-level issues due to system transitions [4] Group 3: Management Changes - In November 2025, PepsiCo appointed Steve Schmitt as the new CFO, marking a shift from the company's usual practice of promoting from within [5] - Schmitt's background in finance across various industries is seen as a fresh perspective for the company [6] - The company has set ambitious targets for 2026, issuing preliminary expectations in early December rather than waiting for the traditional February guidance period [6][7] Group 4: Strategic Initiatives - PepsiCo's transformation plan focuses on three key moves, with significant investments aimed at enhancing affordability, particularly in Frito-Lay North America [9]

Summary of Conference Call Records Industry Overview: China Consumer Staples Key Themes and Trends 1. **Cautious Outlook for 2026**: The industry is observing a cautious outlook into 2026, with a focus on the trends surrounding the Chinese New Year (CNY) [2] 2. **Mixed Performance in Beverages**: - Nongfu and Eastroc maintained strong momentum with double-digit growth despite being in a slack season, driven by strong product cycles [1] - Tingyi and UPC beverages experienced a decline in December due to heightened competition, although subsidies for freshly-made drinks have retreated [1] 3. **Beer Demand**: - Overall beer demand remains subdued, particularly in on-trade channels, with Bud China seeing a deeper sequential decline [1] - CR Beer and Chongqing Brewery managed slight volume growth, while Tsingtao's volume increased by 12% on easier comparisons [1] 4. **Condiments and Frozen Foods Recovery**: - Haitian reported sustained growth in the mid-single to high-single digits, with a faster quarter-on-quarter growth in Q4 [1] - Anjoy's growth accelerated in December despite a higher base, indicating a favorable setup for Q1 [1] 5. **Dairy Sector Stabilization**: - Liquid milk demand is stabilizing after a period of destocking, with herd downsizing settling at a 4.5% year-over-year decline [1] - Raw milk prices held steady at approximately Rmb3.03/kg in December, with a 3.0% year-over-year decline in average prices for Q4 [1][24] Company-Specific Insights 1. **Yili**: - Management highlighted an improving raw milk supply-demand balance supported by herd downsizing, although demand remains lackluster [2] - The company is focusing on channel inventory discipline and targeted marketing to sustain performance [8] 2. **Haitian**: - Noted a sequential acceleration in Q4 and sees potential for consumption upgrading in chained restaurants [2] 3. **Anjoy**: - Resumed double-digit sales growth since September, driven by enhanced execution and channel strategies [8] 4. **CR Beer**: - Expects no incremental SG&A investment impact in 2026, focusing on maintaining margins amid cost pressures [8] Market Dynamics 1. **Expense Outlook**: - The expense outlook remains cautious, with a focus on margin expansion for beer, dairy, and food & beverage sectors amid diminishing cost benefits [8] 2. **Channel Health**: - Companies are making efforts to sustain channel health throughout 2025, which is expected to underpin recovery in 2026 [8] 3. **New Product Cycles**: - A sequentially improving outlook for both Yili and Mengniu is anticipated, supporting volume and margin accretion [8] Investment Preferences 1. **Preferred Sectors**: - Beverage, pet foods, and condiments/prepared foods are highlighted as sectors with potential for growth [9] 2. **Key Stock Ideas**: - Recommendations include Eastroc, Nongfu, Weilong for visible growth, and Haitian H-shares/Anjoy as early beneficiaries of on-trade recovery [9] Additional Insights 1. **Snacks Performance**: - Weilong sustained strong sales growth in December, with vegetable snacks up over 30% year-over-year [1] 2. **Pet Foods**: - China Pet Foods led in year-over-year growth in December, while other covered names weakened compared to previous months [32] This summary encapsulates the key points from the conference call records, providing insights into the current state and future outlook of the China consumer staples industry.

Group 1 - The Good Crisp Company has been acquired by MPearlRock, a New York-based asset manager, although financial terms of the transaction were not disclosed [1] - MPearlRock was established in 2024 as a collaboration between MidOcean Partners and PearlRock Partners, which is the consumer product investment division of Kroger [1] - Matthew Parry, CEO of The Good Crisp Company, described the acquisition as a "major milestone" for the brand [1] Group 2 - Parry stated that with MPearlRock's strategic support, the company is well-positioned to accelerate growth, expand its reach, and optimize its manufacturing footprint [2] - The deal involved a combination of new growth capital and secondary share sales for original investors [2] - Mamee, a Malaysian snacks maker and one of the shareholders, will continue to be involved with The Good Crisp Company [3] Group 3 - The Good Crisp Company, founded in 2015, offers a range of salty snacks including crinkle cut and normal potato crisps, as well as cheese balls in various flavors [3] - The company markets itself as a "better-for-you" snacking option, providing gluten-free products without artificial flavorings or GMO ingredients [4] - Its products are available in over 20,000 retail locations across the US, Canada, Australia, and the UK [4] Group 4 - Brian Kelley, CEO of MPearlRock, emphasized the growing consumer demand for clean-label snacks that maintain taste, highlighting The Good Crisp Company's successful approach [5] - Kelley expressed excitement about partnering with The Good Crisp Company and being part of its next growth phase [5] - In January 2024, MPearlRock also acquired Nutpods, a producer of dairy-free, plant-based creamers [5]