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This is the company THG have partnered with in Japan, someone like this might be the ideal Ingenuity partner similar to Ocado's AEON

The ITOCHU group https://www.itochu.co.jp/en/business/index.html

AEON is one of Japan's longest-established retailers, with almost a century of experience serving Japanese customers.

https://www.ocadogroup.com/about-us/osp-partners/aeon/

Some good info in today's TU, especially like the FX de-risk

"· After a 2-year process, local manufacturing will launch in both Japan and India in 2024, improving delivery timelines, local product range development and securing significant cost savings.

Local manufacturing in Japan will also largely eliminate future risk from Yen FX volatility and reverse the estimated impact of prolonged Yen weakness on EBITDA (estimated c.£20m negative impact in 2023 vs 2020)."

Speaking to CNBC at the World Economic Forum in Davos, Switzerland, on Tuesday, Winters said Washington and Beijing are now “pretty interlinked” and that for any president to “aggressively disentangle” would be bad for the U.S., Chinese and global economies.

https://www.cnbc.com/2024/01/16/stanchart-trump-is-transactional-but-may-not-rock-the-boat-on-china.html

When I saw that second RNS announcing Ingenuity partnership, I thought here we go Softbank replacement - its in the right direction and demonstrates once again the attraction of having a 'one stop shop' for all ecomm needs.

Great job Matt and the team against a difficult economic backdrop, worse than 2008 some might say, at least rates went down then.

Nice on dafad, striking numbers for protein would never have put the numbers so high.

It really is an art form creating new products for different groups, evolving palates.

Adding some context to below post, roughly 75% of PHC's revenue was derived from Harpin sales in H1 2023

Harpin revenue $2,810 - Saori revenue $1,050

Four of the five new approvals are from the PreTec platform with Poland approving Harpin. Its hard to forecast sales into 2024 but would have thought they stand a fair chance of scaling up and hitting numbers, especially at the beginning of 2024 growing season.

Two more approvals in Mexico waiting approval to add:

Submitted for approval

PHC25279

PHC68949

Not easy keeping tabs with different brand names, registration submissions and application approvals.

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On another note, market has traded around 5% in volume since RG's last TR1, looking a bit better for clearing the overhang.

Ulta have been doing well recently, almost back to their highs and back in favour with Wall St analysts

https://uk.finance.yahoo.com/quote/ULTA

One of the popular hedge funds mentioned on here were whipsawed buying at the top, selling at the bottom, three times from memory..

You can see the actual changes up/down here, month end Dec 23

iShares Tr. - Core MSCI EAFE ETF

Shares held 4.76M - 0.37%

Change -257.1K

Dec 29, 2023

This is why the Fed inflation data is so important short term, it directly influences the tracker type funds that hold THG and other consumer facing stocks.

Its clear to see what is driving these price movements.

!00 billion Blackrock fund has now moved Consumer Discretionary into forth place , in isolation not a huge but there are dozens of funds with similar profiles.

https://www.ishares.com/uk/professional/en/products/244049/ishares-core-msci-eafe-etf

Investors should realise and understand they have invested in a growth company, that was clear at the outset - at no point in the IPO prospectus did it say;

'you know what, if interest rates go up along with inflation we will do a U turn, break up the business and sell it for peanuts'

It's likely to get worse before it gets better, but that's the way it goes.

Economies are not far enough through the current cycle for companies to start reporting changes, expecting lack lustra TU next week but that's fine, how much is priced in?

These cycles often start/end with a capitulation type event, start afresh so to speak.

List of new products approved and ready for sale in 2024, appreciate OBRONA launched in 2023 but more or less missed growing season hence inclusion now.

MOSHY (PHC25279) Brazil to control foliar diseases in coffee and sugar cane

TEIKKO (PHC68949) Brazil to Control Nematodes in Soybeans

OBRONA (PHC25279) USA fungal and bacterial plant pathogens within fruits, nuts, vegetables, and row crops.

Innocul8 (PreTec) UK promoting greater yields and higher quality of potatoes, berries, peas, beans and grapes.

HARPIN Poland, included as approved late Aug 2023

That's quite a step up from last years offering, still India with Novazymes/Harpin to come in along with OBRONA in California.

Let me know if I have missed anything.

From last year but worth a listen if missed.

https://vimeo.com/879709357/3217583801

Amazing, still under price when Takeda deal was announced, curve on interest rates looks encouraging as does US relations with China (at the moment)

M& A continues at a pace with GSK acquisition this week - got to be in it to win it !

Heinz have always maintained the front end, Ingenuity takes over once items are placed in basket.

It could be Heinz have carried out a major refresh following ransomware publicity, can' think of anything else at the moment.

Still can't get access this end though.

If they are onboarding the whole Heinz estate I can wait, now that would be a doozy..

More likely Heinz global something or other, strange way to go about things though.

Just checked 3/4 sites which are now offline/admin mode.

emailed Heinz couple days ago, no reply as yet.

All a bit strange really, even got Cramer on the case now lol

https://www.cnbc.com/2024/01/05/cramer-names-biopharma-companies-as-industry-mergers-start-to-accrue.html

What about proposing a share buy back with spare cash ?

Can buyback boom revive the FTSE 100?

https://www.thisismoney.co.uk/money/investing/article-12931451/Can-buyback-boom-revive-FTSE-100.html

Good posts Crafty, a little reminder doesn't hurt at all.

With the exception of Mr Softy and Jupiter (who sold for non specific THG reasons) there have been no institutional sellers of note, this speaks volumes about shareholder support imo.

Matt kicked off the whole LSE issue some 12/18 months ago when it wasn't an acknowledged topic, now every newspaper and market commentator has rallied behind him voicing the same views, Sir Martin Sorrell being the latest.

- London stock exchange risks becoming a 'backwater' says Sir Martin Sorrell -

https://www.thisismoney.co.uk/money/markets/article-12915997/London-stock-exchange-risks-backwater-says-Sir-Martin-Sorrell.html

The best path for for unlocking value remains the same for me, namely a key symbiotic partnership to replace Softbank. - it has to work both ways for it to work successfully, Halfords Avayler https://www.avayler.com/resource-center is along those lines with Bridgestone taking a 5% equity stake

Very pleased with progress so far, I think the board have done a good job at balancing planned growth against a backdrop of analysts changing their minds on what they want.

Hong Kong-based AI-driven company sells potential breast cancer drug in deal whose value could exceed US$500 million

Insilico grants Italy’s Menarini Group, the global rights to develop and commercialise a novel small molecule inhibitor, as a potential treatment for hormone-sensitive cancers

https://www.scmp.com/business/banking-finance/article/3247263/hong-kong-based-ai-driven-company-sells-potential-breast-cancer-drug-deal-whose-value-could-exceed