Core Viewpoint - Associated British Foods (ABF) experienced a slight decline in share price due to disappointing full-year results, despite discussions of a potential split of its Primark and food businesses [1][10]. Financial Performance - ABF's group revenues fell by 3% to £19.5 billion for the year ending 13 September, with a 1% decline in sales at constant currencies [1]. - Adjusted operating profit decreased by 13% to £1.7 billion, with a similar 12% drop at stable exchange rates [2]. - Adjusted earnings per share (EPS) fell by 11% to 174.9p [2]. Primark Performance - Primark's sales remained unchanged at £9.5 billion at actual currencies, but increased by 1% at constant currencies [3]. - The fashion unit's adjusted operating profit rose by 2% to £1.1 billion, with operating profit margins improving by 20 basis points to 11.9% [3]. - In the UK and Ireland, Primark's sales dropped by 1% for fiscal 2026, with a 4% decline in the first half attributed to weak market conditions [4]. - Sales rebounded by 1% in the second half of the year as market conditions improved [4]. Regional Performance - Retail sales in Mainland Europe increased by 2% during financial 2026, while US turnover surged by 20% due to ongoing store expansion [5]. Strategic Review - ABF is considering separating Primark from its other businesses to maximize long-term value, with Rothschild & Co engaged for the review [5]. - The review is being conducted in consultation with Wittington Investments, ABF's largest shareholder [5]. Future Outlook - CEO George Weston indicated that the company navigated a challenging environment but saw robust results in most businesses [8]. - There is confidence in the group outlook for 2026, although it is contingent on the unpredictable consumer environment [9]. - ABF anticipates an increase in adjusted operating profit and adjusted EPS for the upcoming year [9].

Core Viewpoint - Beyond Meat is delaying the release of its third-quarter earnings report due to the need for additional time to finalize an impairment assessment related to certain long-lived assets [1] Company Summary - The delay in the earnings report indicates potential issues with asset valuation, which may impact investor confidence and market perception of the company [1] - The decision to conduct an impairment assessment suggests that Beyond Meat is taking a cautious approach to its financial reporting, which could reflect underlying challenges in its operations or market conditions [1] Industry Summary - The plant-based meat industry is facing scrutiny regarding asset valuations and financial performance, as companies navigate market dynamics and consumer preferences [1] - Delays in earnings reports within the industry may signal broader challenges that could affect investor sentiment and market stability [1]

Core Insights - The article discusses the potential of consumer defensive stocks, highlighting those with more than 50% upside potential in the current market environment [5][10]. Group 1: Market Analysis - Michel Lerner from UBS emphasizes the importance of focusing on quality defensive stocks rather than solely on value stocks, which may carry higher risks in uncertain economic conditions [2][3]. - Defensive stocks, particularly in Europe, have underperformed, resembling trends seen during the dot-com bubble, but are now presenting more attractive valuations [3][4]. - Earnings pressures for some defensive stocks are beginning to ease, providing a hedge in a risk-on market environment [4]. Group 2: Stock Recommendations - JBS N.V. (NYSE:JBS) has an analyst upside of 51.40% with a price target set at $20 by Bank of America Securities, despite recent adjustments to EBITDA and EPS forecasts due to challenges in the US chicken market [10][11][12]. - BioHarvest Sciences Inc. (NASDAQ:BHST) shows an analyst upside of 51.52% and has entered a strategic agreement with Saffron Tech to develop saffron-derived compounds, aiming for large-scale production and direct-to-consumer marketing [13][15][16].

Financial Performance - Hershey's stock experienced a significant drop, declining from $196 to $169 within three weeks [2] - Hershey's Q3 net sales reached $318 billion, a 65% year-over-year increase, surpassing Wall Street's expectation of $312 billion [7] - Organic sales grew by 62%, primarily driven by price increases, exceeding analysts' expectations of 36% [8] - Adjusted gross margin decreased by 85 basis points year-over-year to 318%, attributed to higher commodity and tariff costs [8] - Q3 earnings per share were $130, down 44% year-over-year, but above Wall Street's anticipated $107 [9] Market Dynamics and Challenges - Hershey has faced challenges in the past two and a half years, partly due to the impact of GOP-1 weight loss drugs on the packaged food industry [3] - The company has also struggled with high cocoa prices, although the situation has improved in the last 10 months [4] - Halloween season sales started slower than expected due to warmer weather and concentrated seasonal purchases [11][12] Strategic Initiatives and Outlook - Hershey appointed Kirk Tanner as the new CEO in mid-August, who previously worked at Wendy's and PepsiCo [5] - Management raised the lower end of their full-year earnings guidance by 9 cents, projecting $590 to $6 per share [10] - The company emphasizes a long-term strategy, focusing on future performance rather than short-term gains [13] - Piper Sandler upgraded Hershey's stock from underweight to neutral, citing reduced uncertainty and potential moderation in cocoa prices [16]

Core Insights - Oslo Innovation Week 2025 attracted 15,000 participants from various sectors, focusing on climate action through research and entrepreneurship [3] - Oslo's annual venture capital has surged 13 times since 2014, reaching $650 million in 2024, driven by interests in clean technology, maritime technology, and life sciences [4] Company Highlights - **Norwegian Mycelium (NoMy)**: Winner of the Oslo Innovation Award 2025, NoMy transforms food industry waste into mycoproteins using AI-driven fermentation, recently raising €1.25 million for commercialization [6][9] - **Avisomo**: Innovating modular vertical farming to reduce waste and costs in fresh produce supply chains, Avisomo secured €5.2 million in funding to develop its indoor farming solutions [11][12] - **Agoprene**: Developed a sustainable seaweed-based foam alternative to petroleum-based products, recently launching automated production after receiving a grant of $81,900 from the EU [15][17] - **Brim Explorer**: Offers hybrid electric boats for sustainable tourism, with plans to expand its fleet and promote environmental awareness through its Ocean Ambassador Program [20][24] - **Telescope**: An AI-driven platform that assesses climate risks for real estate, raised €3.7 million to enhance its services, providing localized risk assessments [25][28][30] Industry Trends - The focus on sustainability is evident as companies like NoMy and Agoprene address environmental impacts in food production and materials [6][15] - The rise of vertical farming solutions like Avisomo indicates a shift towards reducing carbon footprints in agriculture [11][12] - The maritime sector is adapting to sustainability demands, with Brim Explorer leading the way in eco-friendly tourism [20][21] - The financial sector is increasingly recognizing climate risks, as highlighted by Telescope's innovative approach to risk assessment [26][27][29]

Core Insights - Hershey reported that Halloween sales have been soft this year but anticipates that last-minute buying will help bring sales up to 2024 levels [1] Company Summary - Hershey's Halloween sales performance has been weaker than expected this year [1] - The company expects a rebound in sales due to last-minute purchases, which could align sales with the levels seen in 2024 [1]

Core Insights - Kellanova reported a decline in profit for the third quarter, attributed to soft demand and increased costs [1] Company Performance - The company is experiencing challenges with demand, which is impacting profitability [1] - Higher costs are contributing to the profit decline, indicating potential pressure on margins [1]

Hershey raised its full-year outlook as higher prices bolstered the candymaker’s performance https://t.co/f8Ea0goNpK ...

Core Insights - dsm-firmenich reported a solid Q3 2025 with 2% organic sales growth, despite a challenging macro environment and high prior-year comparisons [3][10] - The company anticipates a full-year Adjusted EBITDA of around €2.3 billion, reflecting a strong increase of over €300 million compared to 2024, driven by organic growth and merger synergies [4][7] Financial Performance - Total sales for Q3 2025 were €3,070 million, a decrease of 5% compared to €3,244 million in Q3 2024 [2] - Adjusted EBITDA for Q3 2025 was stable at €540 million, with an Adjusted EBITDA margin of 17.6% [2][11] - The company achieved an Adjusted EBITDA of €1,800 million for the year-to-date, up 19% from €1,517 million in 2024 [2] Business Unit Performance Perfumery & Beauty - Sales decreased by 1% to €970 million in Q3 2025, with a 2% organic sales growth [14] - Adjusted EBITDA was €214 million, with a margin of 22.1% [16] Taste, Texture & Health - Sales increased by 2% to €809 million, with a 3% organic sales growth [18] - Adjusted EBITDA rose to €167 million, with a margin of 20.6% [20] Health, Nutrition & Care - Sales decreased by 11% to €502 million, with a 3% organic sales growth [22] - Adjusted EBITDA remained stable at €96 million, with a margin of 19.1% [24] Animal Nutrition & Health - Sales increased by 6% to €782 million, but organic growth was flat due to lower volumes [26][28] - Adjusted EBITDA was €86 million, with a margin of 11% [29] Strategic Initiatives - The company is committed to exiting the Animal Nutrition & Health business, with the divestment process expected to conclude in Q4 2025 [5] - A share buyback program initiated on April 1, 2025, has seen approximately 85% executed, totaling €1 billion [6]

Core Viewpoint - First Pacific Company Limited is focused on defensive businesses in Southeast Asia and is set to present at the dbVIC - Deutsche Bank ADR Virtual Investor Conference on November 4, 2025, highlighting its growth and investment opportunities in the region [1][2]. Company Overview - First Pacific is a Hong Kong-based investment holding company with operations in consumer food products, telecommunications, infrastructure, and mining [7]. - The company is listed on the Hong Kong Stock Exchange and offers access to defensive industries in Southeast Asia, benefiting from robust investor protections and a de facto USD valuation [3][7]. Financial Performance - The company has experienced six consecutive years of profit growth, with the last four years achieving record highs [4]. - Shareholders received a record high dividend per share for 2024 earnings, with expectations for 2025 to set a new record [3]. - First Pacific's share price increased by 25% in 2023 and 45% in 2024, with a recurring P/E ratio of 3.6x for FY 2024 [6]. Investment Portfolio - Key assets include Indofood, the world's largest maker of instant noodles, MPTC, the largest privately owned toll road operator, and major companies in power (Meralco), telecommunications (PLDT), and water (Maynilad) in the Philippines [5]. - The company is also the largest shareholder in Philex Mining, which plans to open a second gold and copper mine in 2026 [5]. Strategic Focus - First Pacific's strategy emphasizes investing in industries where it has expertise, focusing on Southeast Asia, and maintaining significant stakes in its investments to control cash flows [7]. - The company has low borrowings and an interest coverage ratio of 4x, maintaining investment-grade credit ratings from Moody's and S&P Global for three years [6]. Upcoming Events - The dbVIC - Deutsche Bank ADR Virtual Investor Conference will allow real-time interaction between investors and the company, with an archived webcast available for those unable to attend live [2][9].