Summary of Key Points from the Conference Call Industry Overview - **Industry**: Asia Pacific Thematic Investing - **Focus**: Competitive Reinvention in Asia, capital market reforms, and thematic investment opportunities across various sectors Core Themes and Arguments 1. **Competitive Reinvention**: Asia is undergoing significant changes in corporate strategies and capital markets to adapt to global themes, which are still in progress but transformative [3][19] 2. **Thematic Opportunities**: Key themes include AI and Tech Diffusion, Multipolar World dynamics, Future of Energy, and Longevity, each driving unique investment opportunities [4][23] 3. **AI and Tech Diffusion**: National strategies like China's 'AI-plus' and India's digital initiatives are pivotal for tech adoption and supply chain competition [4][22] 4. **Multipolar World**: Increased defense spending is projected to reach US$1 trillion by 2030, reflecting economic security initiatives across Asia [4][40] 5. **Future of Energy**: A shift towards renewable energy, nuclear power, and natural gas is essential for energy security and meeting rising electricity demand, with a forecasted 5% CAGR in power consumption through 2030 [46][47] 6. **Longevity**: The demographic shift towards "super-aged" societies in China, Korea, and Japan is driving demand for innovative healthcare solutions and nutrition [51][53] Investment Framework 1. **Thematic Investment Growth**: Thematic funds in Asia total US$113 billion, indicating a growing trend in institutional investment processes [5] 2. **Focus List**: A 25-stock Asia Thematic Focus List has been launched, with a median stock offering a 3-year EPS CAGR of 17.6% for 2025-27, outperforming the MSCI AC Asia Pacific [6] 3. **Sector Opportunities**: Capital Goods, particularly in heavy industrials and robotics, are highlighted as standout sectors for investment [6] Important Insights 1. **Capital Market Reforms**: Reforms are crucial for enhancing market liquidity and competitiveness, particularly in the context of AI and tech diffusion [55] 2. **Regional Dynamics**: Countries like India and Singapore are implementing innovative strategies to enhance their capital markets and economic positioning [28][29] 3. **Demographic Challenges**: The aging population in Asia necessitates reforms in healthcare and pension systems to address the needs of "super-aged" societies [52][54] 4. **Valuation Metrics**: The median stock in the thematic focus list trades at 21.6x 12-month forward P/E, indicating a premium compared to benchmarks [6] Conclusion - The Asia Pacific region is at a pivotal moment of transformation, driven by competitive reinvention and thematic investment opportunities across various sectors. The focus on AI, energy, and demographic changes presents significant potential for investors, while ongoing capital market reforms will further enhance the investment landscape.

Core Viewpoint - Rosen Law Firm is investigating allegations against Disney for violating the COPPA by collecting personal data from children under 13 watching Disney videos on YouTube without parental consent [1][3]. Group 1: Allegations and Legal Actions - The Department of Justice (DOJ) has alleged that Disney Worldwide Services, Inc. and Disney Entertainment Operations LLC failed to properly label some YouTube videos as "Made for Kids," which allowed them to collect data and serve targeted ads to viewers under 13 [3]. - Disney is accused of continuing illegal data-collection practices even after being made aware of the issue, improperly serving targeted ads based on unlawfully collected data [3]. Group 2: Class Action Information - Parents of children under 13 who viewed Disney videos on YouTube may be entitled to compensation through a class action lawsuit without any out-of-pocket fees, facilitated by a contingency fee arrangement [2]. - Interested parties can join the prospective class action by contacting Phillip Kim, Esq. via a toll-free number or email [2]. Group 3: Rosen Law Firm's Credentials - Rosen Law Firm has a strong track record in securities class actions, having achieved the largest securities class action settlement against a Chinese company at the time and being ranked No. 1 for the number of settlements in 2017 [4]. - The firm has recovered hundreds of millions of dollars for investors, securing over $438 million in 2019 alone, and has consistently ranked in the top 4 for securities class action settlements since 2013 [4].

Group 1 - Warner Bros. is suing AI startup Midjourney for copyright infringement, claiming that Midjourney allows users to generate images and videos of characters like Superman, Batman, and Bugs Bunny without permission [1] - The lawsuit alleges that Midjourney has made a profit-driven decision to offer no protection for copyright owners, despite being aware of the extent of its piracy and copyright infringement [2] - Warner Bros.' lawsuit follows a similar lawsuit filed by Walt Disney and Universal against Midjourney for copyright infringement involving characters such as Darth Vader and Bart Simpson [3] Group 2 - The lawsuit seeks unspecified damages, the return of profits earned from the alleged infringement, and a cessation of further violations [2] - Midjourney has argued that using copyrighted works to train generative AI models is legal under the fair use doctrine of U.S. copyright law [3] - Midjourney did not respond to requests for comment regarding the lawsuit [3]

Group 1 - Disney will pay a $10 million penalty for mislabeling videos on YouTube and violating COPPA by allowing personal data collection from children without parental consent [1][2] - The complaint alleges that Disney uploaded videos that should have been labeled "Made For Kids" but were instead set to "Not Made For Kids," leading to improper data collection and targeted advertising to children under 13 [1] - Disney has agreed to comply with COPPA by notifying parents and obtaining consent for videos labeled "Not Made For Kids" and will establish a review program for video labeling [2] Group 2 - The FTC also took action against Apitor Technology, imposing a $500,000 penalty for allegedly collecting geolocated information from children via a third-party app [2]

Core Concept - Coca-Cola and Disney have launched a collaboration titled "Coca-Cola x Star Wars: Refresh Your Galaxy," aimed at celebrating the power of fandom and community through limited-edition products and an augmented reality experience [1][2][3] Collaboration Details - The campaign features limited-edition Coca-Cola cans and bottles showcasing iconic Star Wars characters, designed to engage fans globally through creative content across various platforms [2][4] - The collaboration emphasizes the shared commitment of Coca-Cola and Disney to create moments of joy and connection, highlighting the cultural significance of Star Wars fandom [3][4] Product Offerings - A total of 21 new character designs will be available, including characters like Lando Calrissian, Obi-Wan Kenobi, and Darth Vader, with some designs exclusive to Disney parks [5][8] - Fans can unlock an augmented reality experience by scanning the cans or advertisements, allowing them to create and share personalized hologram messages [4][5] Marketing Strategy - The campaign is developed by WPP Open X, led by Ogilvy, and supported by various partners, focusing on engaging Star Wars fans through innovative marketing strategies [6] - The launch will include creative content set in movie theaters, a culturally significant venue for both Coca-Cola and Star Wars [3]

Group 1: Costco - Costco has shown steady financial performance with net sales increasing at a compound annual rate of 10.8% from fiscal 2019 to fiscal 2024, despite challenges like the COVID-19 pandemic and inflation [4] - In Q3 2025, Costco reported net sales of $62 billion, making it the third-largest retailer globally, with an average of 4,000 stock-keeping units per warehouse, providing a significant cost advantage [5] - The company's membership model boasts a 90.2% renewal rate, driving customer loyalty and high-margin revenue [6] - Costco's shares are trading at a price-to-earnings (P/E) ratio of 53.9, indicating a high valuation that investors must consider [7] Group 2: Disney - Disney's cable networks are experiencing a decline, with revenue falling 15% year over year in Q3, and operating profit dropping 28% [8] - The company has successfully positioned itself for a streaming future, with Disney+ and Hulu combined having 183 million subscribers, leading to a 6% year-over-year revenue gain [9] - Disney launched a new ESPN streaming service aimed at enhancing the sports viewing experience [10] - The Experiences segment, including theme parks and cruise lines, reported a 27.7% operating margin in Q3, with management identifying 700 million potential customers with high Disney affinity [11] - Disney shares are available at a P/E multiple of 18.5, suggesting greater upside potential compared to Costco's high valuation [13]

Core Viewpoint - SEGG Media Corporation is expanding its international operations by launching two new business enterprises, SEGG Digital and SEGG Productions, aimed at accelerating audience growth and unlocking new revenue streams [1][7]. Group 1: SEGG Digital - SEGG Digital will act as the global marketing arm, utilizing influencer marketing and social media strategies to enhance fan engagement and reach younger audiences [2][3]. - The operations will be led by Charlie Davis, who has a proven track record of delivering over 1.5 billion monthly views through his previous agency [3]. - Ray Harris will support the initiative, focusing on building collaborations that provide measurable value for partners and shareholders [4]. Group 2: SEGG Productions - SEGG Productions will focus on creating original, premium content across various genres, including music and lifestyle, to appeal to diverse global audiences [4][5]. - Tamer Hassan will lead SEGG Productions, emphasizing the importance of authentic storytelling that resonates with a wide audience [5]. - The first major production, "SAS Unscripted," is already in progress, showcasing international teams in challenging scenarios [5][6]. Group 3: Strategic Integration and Global Reach - The new enterprises will be headquartered in Dubai, leveraging SEGG Media's acquisition of Nook to enhance operational synergy and access high-growth markets [7]. - CEO Tim Scoffham highlighted the strategic importance of integrating these operations to strengthen audience relationships and create sustainable revenue streams [7].

Core Insights - SEGG Media Corporation is expanding its international operations by launching two new business enterprises: SEGG Digital and SEGG Productions, aimed at accelerating audience growth and unlocking new revenue streams [1][7] SEGG Digital - SEGG Digital will act as the global marketing arm, focusing on influencer marketing, social media strategies, and digital activations across its flagship properties [2] - The operations will be led by Charlie Davis, who has a proven track record with over 1.5 billion monthly views through his previous agency [3] - The goal is to drive fan engagement and maximize monetization opportunities by building engaged communities across diverse demographics [2][3] SEGG Productions - SEGG Productions will focus on original storytelling across music, lifestyle, and entertainment, producing docuseries, films, and short-form video content [4] - Tamer Hassan will lead this division, emphasizing the need for authentic and culturally relevant stories to connect with diverse audiences [5] - The first major production, "SAS Unscripted," is already in progress, showcasing international teams in Special Forces-style challenges [5][6] Strategic Integration - Tim Scoffham, appointed CEO of SEGG Digital, highlighted the importance of integrating these new operations to strengthen audience relationships and create sustainable revenue streams [7] - Both enterprises will be headquartered in Dubai, leveraging SEGG Media's acquisition of Nook to enhance operational synergy and access high-growth markets [7]

Market Overview - Wall Street has experienced a rally over the past two months, with investors remaining optimistic despite concerns over the Federal Reserve's monetary policy and tariffs [1] - Federal Reserve Chairman Jerome Powell's hints at a potential rate cut next month have further fueled this rally, leading to a record closing high for the Dow at 45,631.74 points [3][8] Rate Cut Expectations - Investors are anticipating a 25-basis-point interest rate cut in September, with the current range held steady at 4.25-4.5% since December [4] - Inflation data showed a slower growth rate, with the consumer price index (CPI) increasing by 0.2% in July, lower than the expected 0.3% [5] - The market is now pricing in a 90% chance of a quarter percentage point rate cut in September, up from 75% prior to Powell's speech [5] Consumer Discretionary Stocks - Investing in consumer discretionary stocks is recommended due to the optimism surrounding rate cuts, with five highlighted stocks: Boyd Gaming Corporation, Carnival Corporation, The Walt Disney Company, Netflix, Inc., and Ralph Lauren Corporation [2][8] Boyd Gaming Corporation - Boyd Gaming operates gaming entertainment properties across multiple states and has an expected earnings growth rate of 5.2% for the current year, with a Zacks Rank of 1 [6] Carnival Corporation - Carnival Corporation is the largest cruise operator globally, with an expected earnings growth rate of 40.9% for the current year and a Zacks Rank of 2 [7][9] The Walt Disney Company - Disney's revenues reached $91.4 billion in fiscal 2024, with an expected earnings growth rate of 17.7% for the current year and a Zacks Rank of 2 [10][11] Netflix, Inc. - Netflix is a leader in the streaming industry, with an expected earnings growth rate of 31.4% for the current year and a Zacks Rank of 2 [12][13] Ralph Lauren Corporation - Ralph Lauren is a major designer and distributor of premium lifestyle products, with an expected earnings growth rate of 19.8% for the current year and a Zacks Rank of 2 [14]

Core Viewpoint - The article highlights two attractive dividend-growth stocks, Walt Disney and Realty Income, as reliable sources of passive income for investors. Group 1: Walt Disney - Walt Disney operates in diverse segments including theme parks, cruise ships, and streaming services, which helps mitigate investment risks [3] - The operating income for Disney's experiences division increased by 13% year-over-year to $2.5 billion for the quarter ending June 28 [4] - Disney plans to invest tens of billions of dollars to expand its theme parks globally, with new attractions expected to drive revenue growth [4] - The launch of ESPN's direct-to-consumer streaming service is anticipated to enhance earnings, offering access to numerous live sporting events for $29.99 per month [5] - Management projects operating profit for the direct-to-consumer segment to reach $1.3 billion by fiscal 2025, with adjusted earnings expected to rise by 18% to $5.85 per share [6] Group 2: Realty Income - Realty Income operates as a real estate investment trust (REIT), providing a way to invest in real estate without the challenges of being a landlord [7][8] - The REIT offers an annual forward dividend yield of 5.5%, as it distributes at least 90% of its taxable income to shareholders [8] - Realty Income owns 15,600 commercial properties leased to over 1,600 clients across 91 industries, which diversifies revenue streams and reduces risks [9] - The REIT serves companies with defensive business models, including grocery and discount retail, ensuring stability during economic downturns [10] - Realty Income has maintained occupancy rates above 96% since 1992 and has a track record of 662 consecutive monthly dividends and 111 quarterly payout increases [11] - Lower interest rates could enhance Realty Income's profits and lead to larger dividends for investors [12]