Core Viewpoint - Singapore Exchange Limited (SGX) plans to reduce board lot sizes from 100 units to 10 units for securities valued above S$10, which may enhance accessibility for retail investors, particularly for blue-chip stocks [1] Group 1: DBS Group Holdings - DBS Group Holdings is currently priced over S$58 per share, making a single lot cost nearly S$6,000, but a reduction in lot size could make it more accessible to retail investors [3][5] - For the first nine months of 2025, DBS achieved a record total income of S$17.6 billion, reflecting a 5% year-on-year increase [4] - Despite a 1% year-on-year decline in net profit to S$8.7 billion due to higher expenses, DBS increased dividends by 38.9% year-on-year to S$0.75 per share in 3Q2025 [4] Group 2: Jardine Matheson Holdings - Jardine Matheson is the highest-priced conglomerate on SGX, with shares close to US$75 (approximately S$96) [6] - In the first half of 2025, Jardine's revenue slightly declined by 1% year-on-year, but underlying profit grew by 11% to US$786 million [7] - The company has maintained a dividend of US$0.60 per share, with a long-term record of increasing dividends at a 5.3% CAGR since 2019 [7][8] Group 3: Haw Par Corp - Haw Par Corp, known for its Tiger Balm brand, reported a 7% increase in revenue to S$126.3 million in the first half of 2025, driven by strong demand for healthcare products [9] - Net earnings rose by 18.2% to over S$144 million, largely due to increased dividends from investments in blue-chip companies [10] - The company maintained an interim dividend of S$0.20 per share, with a payout ratio of 30.7%, making it a stable candidate for retail investors [11] Group 4: Implications for Investors - The potential reduction in lot size is expected to benefit the mentioned companies by attracting more retail investors, particularly those who were previously priced out [12][14] - These companies represent a diversified trio across different sectors, likely to lead the next maturation phase of the Singapore market [13][14]

Core Viewpoint - A US federal judge has allowed expert testimony linking Johnson & Johnson's talc products to ovarian cancer, advancing the litigation involving over 67,500 lawsuits towards a potential trial later this year [1][2]. Group 1: Legal Proceedings - The litigation against Johnson & Johnson (J&J) includes more than 67,500 consolidated lawsuits in federal court in New Jersey, with the first trial potentially occurring later this year [2]. - The ruling by Judge Michael Shipp allows for expert testimony that could establish a link between J&J's talc products and alleged health risks, which is crucial for product liability cases [2][4]. - J&J has faced mixed outcomes in state courts, with some verdicts reaching as high as $4.69 billion awarded to 22 women claiming their ovarian cancer was caused by baby powder [9]. Group 2: Company Actions and Responses - J&J ceased the sale of talc-based baby powder in the US in 2020, transitioning to a cornstarch-based product [4][5]. - The company has consistently maintained that its products are safe and do not cause cancer, despite ongoing litigation and expert testimonies suggesting otherwise [5][6]. - J&J attempted to resolve the litigation through bankruptcy, a strategy that has been rejected multiple times by federal courts [7][8]. Group 3: Scientific Evidence and Expert Testimony - The evaluation of expert testimony is a significant aspect of the litigation, with retired Judge Freda Wolfson previously allowing plaintiffs' experts to testify about potential contamination of talc with asbestos and heavy metals [6][5]. - Recent changes to federal rules regarding expert testimony and new scientific evidence prompted Judge Shipp to re-evaluate the admissibility of expert testimony in the ongoing cases [7]. - J&J has also engaged in legal actions against scientists whose research supports the plaintiffs, alleging falsification of results [8].

Core Insights - Investing in healthcare companies can provide both financial returns and ensure these companies are well-funded for future needs [1][2] - The rising demand for healthcare services, driven by increasing household wealth, is likely to lead to higher prices in the sector [3] - Many healthcare companies offer attractive dividends, making them appealing as income-producing assets [4] Company Highlights - GlaxoSmithKline (GSK) has evolved from a specialist in gastrointestinal ailments to one of the top 10 vaccine manufacturers globally, also focusing on drug-resistant superbugs [5] - GSK's spin-off of its Haleon consumer healthcare business allows shareholders to benefit from both segments, with Haleon focusing on oral healthcare and over-the-counter products [6] - Smith & Nephew has a strong presence in consumer healthcare, particularly in orthopaedics, which is expected to grow due to an aging population [7] - Abbott Laboratories offers a diverse range of products, including infant formula and diabetes management solutions, catering to various age groups [8] - Haw Par, known for its Tiger Balm brand, and Reckitt, with products like Nurofen, are also significant players in the consumer healthcare market [9] Market Trends - DFI Retail's shift from low-margin food retailing to focus on 7-Eleven and Guardian pharmacies highlights the higher revenue potential in regulated pharmacy businesses compared to supermarkets [10] - IHH Healthcare operates a large network of upscale hospitals, generating stable revenue, although cash flow can be inconsistent [12] - Parkway Life Real Estate Investment Trust, a major healthcare landlord in Asia, provides a reliable income source by managing hospitals and nursing homes [13] - Health insurance companies, such as AIA and Prudential, play a crucial role in risk management and can invest premiums to generate returns before claims are paid out [14][15] Industry Outlook - The healthcare industry is continuously evolving, with companies needing to adapt to changing consumer demands to remain relevant [15] - Many established healthcare companies have a long history of producing valued products, suggesting they are likely to endure for many more years [16] - A healthcare REIT has secured rental escalations until around 2042, indicating strong income visibility, which is rare in today's market [17]

Core Insights - TUMS is launching the first-ever Burn Ball, a limited-edition football designed to provide heartburn relief during the Big Game, addressing the needs of one in four viewers who experience heartburn while watching [1][5] - The campaign features a partnership with YouTube star Eric Decker, known as Airrack, who will engage fans through a social media sweepstakes encouraging creative participation [2][4] Product Launch - The Burn Ball is engineered to be thrown and opened to reveal TUMS Chewy Bites, providing fast-acting heartburn relief [1] - The product will be available for purchase exclusively on TUMSshop.com in a limited run [1] Marketing Campaign - The PassTheTUMS Sweepstakes runs from January 9 to January 25, allowing fans to showcase their trick passes on social media platforms like Instagram, TikTok, and YouTube Shorts [3][5] - Grand prize includes $5,000 for the most creative entry, with additional prizes of $50 UberEats gift cards for 50 winners [4][5] Brand Positioning - TUMS emphasizes its commitment to providing fast and effective heartburn relief, particularly during food-centric events like the Big Game [5][8] - The brand's product range includes TUMS Chewy Bites and Gummy Bites, which offer multi-symptom relief [8]

Core Insights - Prestige Consumer Healthcare (PBH) is experiencing strong momentum in the e-commerce channel due to long-term investments and brand-specific digital strategies [1][10] - The company has expanded its brand portfolio through both organic growth and acquisitions, including a recent agreement to acquire Pillar5 Pharma Inc. to enhance its eye care product offerings [4][10] - Despite a stable solvency position, the company faces challenges from a dull macroeconomic environment, including inflationary pressures and supply chain disruptions [11] Financial Performance - Over the past year, PBH's stock has declined by 9.1%, contrasting with the industry's growth of 1.4% and the S&P 500's increase of 18.7% [2] - The company has a market capitalization of $2.97 billion and an earnings yield of 7.3%, significantly higher than the industry's 0.2% yield [2] - PBH has surpassed earnings estimates in three of the last four quarters, with an average surprise of 2.8% [2] Growth Drivers - The acquisition of Pillar5 Pharma is expected to close in the third quarter of fiscal 2026, with minimal ongoing capital expenditure requirements [5][10] - E-commerce sales have shown double-digit growth year-over-year, representing a high-teens percentage of total sales in fiscal 2025, up from approximately 15% the previous year [6][10] - Brand-specific digital strategies have enhanced consumer engagement and retention, with ongoing investments in digital marketing positioning the company for sustained success [7] Solvency and Cost Challenges - As of the end of the second quarter of fiscal 2026, PBH reported no short-term debt and had $119 million in cash and cash equivalents, indicating stable solvency [8][10] - The company anticipates approximately $5 million in tariff costs for fiscal 2026 due to ongoing economic volatility and is implementing cost-saving initiatives to mitigate these impacts [11] Earnings Estimates - The Zacks Consensus Estimate for PBH's fiscal 2026 earnings per share remains unchanged at $4.755, while revenues are projected at $1.11 billion, reflecting a decrease of 2.8% from the previous year [12]

Group 1 - Prestige Consumer Healthcare (PBH) closed at $60.82, with a 1.5% gain over the past four weeks, and a mean price target of $76.67 suggests a 26.1% upside potential [1] - The mean estimate includes three short-term price targets with a standard deviation of $9.87, indicating variability; the lowest estimate is $70.00 (15.1% increase), while the highest is $88.00 (44.7% increase) [2] - Analysts show strong agreement on PBH's ability to report better earnings, with a positive trend in earnings estimate revisions correlating with potential stock upside [4][11] Group 2 - The Zacks Consensus Estimate for the current year has increased by 1% over the last 30 days, with three estimates moving higher and no negative revisions [12] - PBH holds a Zacks Rank 2 (Buy), placing it in the top 20% of over 4,000 ranked stocks based on earnings estimates, indicating strong potential upside [13] - While the consensus price target may not be a reliable indicator of the extent of PBH's gains, it does provide a directional guide for price movement [14]

Core Insights - Holzer & Holzer, LLC is investigating Perrigo Company plc for potential compliance issues with federal securities laws following a disappointing earnings report and lowered full-year guidance [1] - Perrigo's third-quarter earnings revealed a 4.4% decline in organic net sales, attributed to a 1.6% decrease from the global OTC business and a 2.8% decline from businesses under review, specifically Oral Care and Infant Formula [1] Financial Performance - For the third quarter ended September 27, 2025, Perrigo reported a 4.4% decline in organic net sales [1] - The decline in organic net sales was impacted by a 1.6% decrease from the global OTC business due to soft category consumption [1] - Additionally, a 2.8% decline was noted from businesses under review, particularly in Oral Care and Infant Formula [1] Stock Market Reaction - Following the earnings announcement and guidance revision, Perrigo's stock price experienced a drop [1]

Core Insights - Prenetics Global Limited reported a significant increase in total revenue, surging 568% year-over-year to $23.6 million in Q3 2025, with a gross profit of $14.0 million, reflecting a 631.2% increase compared to Q3 2024 [14][25][9] - The company's IM8 brand achieved record monthly revenue of $9 million in October 2025, marking a 36% month-over-month growth from September [4][2] - IM8 is projected to reach $180 to $200 million in revenue for FY 2026, translating to approximately $25 million in monthly revenue or $300 million in annual recurring revenue (ARR) by the end of 2026 [21][11] Financial Performance - Q3 2025 financial highlights include a quarterly revenue of $23.6 million, a gross margin of 60%, and an adjusted EBITDA loss of $(2.1) million, improving from $(4.5) million in Q1 2025 [14][9][10] - The company reported a total of 420,000 customer purchases across 31 countries, with international markets contributing 56.5% of IM8's revenue [5][4] - The average order value for new customers increased to $150 in October 2025, up 36% from the previous month [6][8] Strategic Developments - Prenetics completed a $44 million equity offering in October 2025, attracting strategic investors, which positions the company for accelerated global expansion [3][10] - The company maintains a strong balance sheet with approximately $120 million in total liquidity and zero debt, allowing for aggressive scaling without dilutive capital needs [10][15] - Prenetics is executing a strategic review of non-core assets to focus on its highest-growth unit, IM8, following the successful divestiture of ACT Genomics [18][19] Market Positioning - IM8 is recognized for having the fastest growth trajectory in the global supplements industry, achieving $108 million in ARR within 11 months of launch [25][2] - The company is also pioneering a dual-engine strategy by integrating Bitcoin as a strategic treasury asset, currently holding 387 BTC valued at approximately $41 million [16][26] - Prenetics aims to replicate the success of direct-to-consumer brands like Hims & Hers, leveraging strong unit economics and a subscription-based revenue model [11][21]

Q2 FY26 Performance - Quarterly revenue reached $274.1 million, exceeding forecasts due to Clear Eyes supply timing and retail order timing[11] - Gross Margin was 55.3%, consistent with the prior year[11] - Adjusted Diluted EPS was $1.07, surpassing expectations[11] - Free Cash Flow year-to-date amounted to $134 million, a 10% increase compared to the previous year[11] Financial Results - Revenue decreased by 3.3% year-over-year, excluding foreign currency impacts[20] - EBITDA totaled $86.8 million, compared to $91.9 million in the prior year[20] - Adjusted Diluted EPS decreased by 1.8% year-over-year[20] FY26 Outlook - The company anticipates revenues between $1,100 million and $1,115 million[29] - Organic revenue is expected to decline by approximately 1.5% to 3.0%[29] - Adjusted Diluted EPS is projected to be between $4.54 and $4.58[29] - Free Cash Flow is expected to be $245 million or higher[29]

Company Developments - Kimberly-Clark (KMB) announced a $48.7 billion acquisition of Kenvue (KVUE), a consumer healthcare products company, which may attract interest from other potential buyers [4] - Tesla (TSLA) shareholders are preparing for a significant vote regarding CEO Elon Musk's proposed $1 trillion pay package, contingent on achieving ambitious milestones such as delivering 20 million vehicles and growing the company's market cap to $8.5 trillion over the next decade [5] - Concerns have been raised by some institutional investors regarding the size of Musk's compensation package, citing issues of dilution and key person risk [6] - Supporters of Musk, including ARK Invest and other notable investors, argue that the compensation is tied to exceptional performance and could lead to significant shareholder value creation [7] Industry Trends - The AI sector is facing bearish sentiments, with Michael Burry targeting Nvidia (NVDA) and Palantir (PLTR) through put options, indicating a cautious outlook on AI investments [3] - The EV market is experiencing a downturn, with sales of Ford and other manufacturers declining following the expiration of tax credits [11] - The government is addressing economic challenges, including emergency funds for partial SNAP benefits amid a potential government shutdown [8]