Core Insights - Yesway's parent company, Brookwood Financial Partners, is attempting to take the convenience store retailer public again after previously pausing plans due to unfavorable market conditions in 2022 [3][6] - The market outlook for IPOs in 2026 appears more promising, with Deloitte indicating improving conditions and a strong pipeline for upcoming IPOs [3] - Morgan Stanley is leading the IPO process, with J.P. Morgan and Goldman Sachs also involved as active bookrunning managers [3] Company Developments - Brookwood's initial 10-year investment fund in Yesway is set to expire this year, leading to increased pressure from investors for action [4] - Yesway's growth has slowed since the initial IPO attempt, contrasting with CEO Tom Trkla's vision of opening 60 to 80 locations annually [4] - The company has adjusted its strategy by focusing on the Allsup's banner in the Southwest and has sold 29 Yesway-branded sites in Iowa and Kansas [5] IPO Details - Yesway has filed a registration statement with the U.S. Securities and Exchange Commission for a proposed IPO, aiming to trade on Nasdaq under the ticker YSWY [6] - The specifics regarding the price range and number of shares for the IPO have not yet been determined, and no timeline has been provided [6]

Core Viewpoint - Growth stocks are appealing due to their potential for above-average financial growth, but they also come with higher risks and volatility. Identifying strong growth stocks is challenging, especially as a company's growth may be nearing its end [1]. Group 1: Company Overview - Casey's General Stores (CASY) is currently highlighted as a recommended growth stock by the Zacks Growth Style Score system, which evaluates a company's growth prospects beyond traditional metrics [2]. - The stock has a favorable Growth Score and a top Zacks Rank, indicating strong potential for performance [2]. Group 2: Earnings Growth - Historical EPS growth for Casey's stands at 17.3%, but the projected EPS growth for this year is significantly higher at 23.4%, surpassing the industry average of 13.3% [5]. Group 3: Cash Flow Growth - Casey's year-over-year cash flow growth is reported at 11.7%, which exceeds the industry average of 5.6%, highlighting its strong cash generation capabilities [6]. - The company's annualized cash flow growth rate over the past 3-5 years is 13.1%, compared to the industry average of 9.8%, indicating consistent performance [7]. Group 4: Earnings Estimate Revisions - There has been a positive trend in earnings estimate revisions for Casey's, with the current-year earnings estimates increasing by 3.9% over the past month, suggesting favorable market sentiment [8]. Group 5: Conclusion - Overall, Casey's has achieved a Zacks Rank of 2 and a Growth Score of B, based on its strong earnings growth, cash flow growth, and positive earnings estimate revisions, making it a solid choice for growth investors [9][10].

Core Insights - Monfort Companies, which entered the convenience store industry in 2013, has sold its last c-stores and petroleum marketing business, marking its exit from the sector [4][7] - The company has decided to focus on real estate, private investments, and experiential assets, which it considers its "greatest competitive advantages" [4][5] - The trend of smaller convenience retailers selling their assets is expected to continue, driven by a challenging operating environment and stagnant customer visits [6][7] Company Overview - Monfort began its c-store operations by acquiring stores in Denver and expanded its footprint across several states, operating under various banners including 7-Eleven and Speedway [3] - At its peak, Monfort operated 80 c-stores and has been divesting locations since 2023, with the last 20 stores sold to Diamond Jubilee Oil [7] Industry Context - The convenience store industry is facing profitability challenges, leading many smaller retailers with fewer than 100 locations to sell their assets [6][7] - Experts predict that the trend of divestiture among smaller convenience retailers will persist into 2026 due to declining customer visits and flat transaction counts [6]

Group 1 - Sunoco acquired Parkland Corp. for $9.1 billion in 2025, gaining over 3,600 retail sites in North America, including nearly 700 convenience stores in the U.S. [3] - Instead of selling the retail locations, Sunoco is expanding its retail presence, as evidenced by its recent acquisition of Duck Thru, which focuses solely on retail locations [4][7] - The Duck Thru acquisition includes 56 stores located in eastern North Carolina and southeast Virginia, which will be integrated into Sunoco Retail [7] Group 2 - Jernigan Oil Company, which began as a farm machinery business in 1948, plans to reinvest the proceeds from the sale of Duck Thru into its other business operations, including propane distribution and fuels transportation [5] - The acquisition of Pops Mart earlier in the year, which included 36 stores and a wholesale business, further demonstrates Sunoco's commitment to expanding its convenience store portfolio [4][7]

Core Insights - Seven & i Holdings reported its third-quarter earnings, highlighting progress on major initiatives and changes in its retail footprint [1] Store Count and Closures - As of the end of fiscal Q3, 7-Eleven operated 12,765 stores in North America, but the company is closing more stores than it opens, with 25 openings and 44 closures in Q3 [2] - The trend continued from Q2, where 30 stores were opened and 155 were closed [2] Fuel Sales and Store Composition - There was a year-over-year reduction of 212 stores selling fuel, decreasing from 8,407 to 8,195 [3] - Despite emphasizing the value of fuel, 7-Eleven is closing stores that offer it, indicating a potential shift in strategy [4] Franchise Operations - Franchised locations accounted for 56.5% of 7-Eleven's total store count, an increase from 55% the previous year [5] - The franchised segment alone would rank as one of the largest convenience store chains in the U.S. by store count [5] Wholesale Segment Growth - 7-Eleven's wholesale segment had 863 locations at the end of fiscal Q3, marking a 16% increase year-over-year [7] Future Plans - Seven & i is considering an IPO for its North American operations later this year, which may influence its franchising strategy [6]

Group 1 - Anabi has significantly increased its store growth, acquiring 17 convenience stores in Florida and 87 stores from Green Valley Grocery in Nevada over the past year [3][7] - The company has acquired around 100 stores in recent months, positioning itself as one of the fastest-growing regional convenience retailers in the U.S. [7] - The latest acquisition of 12 stores from C&J Cox Corporation includes nine locations in the Tri-Valley region and three in the Lake Tahoe area, all operating under the Cox Family Stores banner [7] Group 2 - Anabi's founder, Sam Anabi, emphasizes the importance of preserving customer trust built by Cox over nearly 50 years, indicating a potential strategy to maintain brand integrity [4] - The transition of the acquired stores has been smooth, with strong teams remaining in place and uninterrupted service [5] - It remains uncertain whether Anabi will rebrand the acquired Cox stores to the Rebel banner, as the company is not rebranding the Green Valley Grocery sites [4]

Summary of Key Points from the Conference Call Industry Overview - The focus for 2026 in Asian markets will shift from AI-driven stocks to growth opportunities beyond AI, dividends, and previously overlooked stories in Asia [2][12][14] - Key themes include structural stories in energy self-sufficiency, new technology, financial deepening, and the growth of formal retail in ASEAN [12][14] Company-Specific Insights 1. Harbin Electric (1133 HK) - **Sector**: Electrical Equipment - **Market Cap**: USD 3.648 billion - **Current Price**: HKD 15.53; **Target Price**: HKD 22.00 - **PE Ratio**: 10.7; **PB Ratio**: 1.6; **ROE**: 16.2% - **Key Points**: - Benefiting from China's push for energy self-sufficiency, particularly in coal and nuclear power [16][18] - Expected earnings CAGR of 34% from 2024-2027 [19] - Potential inclusion in Stock Connect in 2026 [19] 2. Horizon Robotics (9660 HK) - **Sector**: Auto Components - **Market Cap**: USD 14.901 billion - **Current Price**: CNY 8.44; **Target Price**: CNY 11.00 - **Key Points**: - Positioned to benefit from the growth of autonomous driving technology [23][25] - Expected revenue CAGR of 64% from 2025-2027 [27] 3. Goldwind Science & Tech (002202 CH) - **Sector**: Electric Utilities - **Market Cap**: USD 8.753 billion - **Current Price**: CNY 15.35; **Target Price**: CNY 20.40 - **Key Points**: - Leading manufacturer of wind turbines with strong demand in emerging markets [30][32] - Expected net profit growth of 58% in 2025 [32] 4. Trip.com Group (TCOM US) - **Sector**: Internet Software & Services - **Market Cap**: USD 48.707 billion - **Current Price**: USD 74.52; **Target Price**: USD 90.00 - **Key Points**: - Dominates China's online travel market with over 50% GTV [39] - Expected revenue growth of 15% CAGR from 2025-2027 [39] 5. BOCHK Holdings (2388 HK) - **Sector**: Commercial Banks - **Market Cap**: USD 54.013 billion - **Current Price**: HKD 39.70; **Target Price**: HKD 45.20 - **Key Points**: - Benefits from increased cross-border opportunities and offers a 5.5% dividend yield [44][46] 6. PB Fintech (POLICYBZ IN) - **Sector**: Internet Software & Services - **Market Cap**: USD 8.999 billion - **Current Price**: INR 1,734.70; **Target Price**: INR 2,250.00 - **Key Points**: - Operates India's largest online insurance marketplace [49] - Expected revenue CAGR of 30% from 2025-2028 [51] 7. Phoenix Mills (PHNX IN) - **Sector**: Real Estate Management & Development - **Market Cap**: USD 6.904 billion - **Current Price**: INR 1,714.80; **Target Price**: INR 2,110.00 - **Key Points**: - Largest mall operator in India, evolving into a mixed-use developer [54][56] 8. E-Mart (139480 KS) - **Sector**: Multiline Retail - **Market Cap**: USD 1.482 billion - **Current Price**: KRW 79,000.00; **Target Price**: KRW 120,000.00 - **Key Points**: - Trading at 0.2x PB, highlighting deep value [59] - Transformation into a multiline retailer with various catalysts for growth [60] 9. E Ink Holdings (8069 TT) - **Sector**: Technology - **Market Cap**: Not specified - **Current Price**: TWD 169.00; **Target Price**: TWD 305.00 - **Key Points**: - Holds over 90% of the global e-paper market and expanding capacity [62] 10. ICTSI (ICT PM) - **Sector**: Transport & Logistics - **Market Cap**: Not specified - **Current Price**: PHP 558.50; **Target Price**: PHP 630.00 - **Key Points**: - Offers growth and yield at attractive valuations [62] 11. City Developments (CIT SP) - **Sector**: Real Estate Management & Development - **Market Cap**: Not specified - **Current Price**: SGD 7.43; **Target Price**: SGD 11.00 - **Key Points**: - Positioned to benefit from a turnaround in Singapore's property sector [62] 12. Sumber Alfaria Trijaya (AMRT IJ) - **Sector**: Retail - **Market Cap**: Not specified - **Current Price**: IDR 1,895.00; **Target Price**: IDR 2,900.00 - **Key Points**: - Expected to benefit from policies boosting consumption in Indonesia [62] Additional Insights - Asian dividends have doubled over the last 20 years, indicating potential for further increases in payout ratios [12] - The report emphasizes the importance of EPS growth for continued market gains, particularly in China [12][14]

Group 1 - Sunoco completed its $9.1 billion acquisition of Parkland Corp. on October 31, creating a combined entity with an enterprise value of approximately $25.5 billion, making it the largest independent fuel distributor in the Americas [9] - The acquisition includes Parkland's 3,600-plus retail sites across North America, with 699 locations in the U.S., of which 122 are company-owned and operated [9] - Sunoco plans to terminate the executive officers of Parkland who remain with the company, and Parkland's President and CEO Bob Espey will resign after 14 years [9] Group 2 - Sunoco sold many of its convenience store assets to 7-Eleven in 2024 but retained about 76 company-operated c-stores as of early 2024 [3] - Sunoco's President and CEO Joseph Kim indicated that the company will focus on integrating Parkland's assets before exploring further market opportunities [4] - Parkland has faced operational struggles in the U.S., leading to staff cuts and a decline in full-year revenue from $186 million in 2023 to $168 million in 2024 due to unfavorable market conditions [6]