BTW, I'm hearing there is a huge slowdown for $1126.hk in the US due to $FNKO. Capacity utilization dropped to 80% company-wide. This makes the 65% profit growth even more impressive. Not just Disneyland Tokyo driving this, but also DL Shanghai (growing >100%) and Hong Kong. Tweet added by Roojoo @roojoo3

Roojoo

10 months

BTW, I'm hearing there is a huge slowdown for $1126.hk in the US due to $FNKO. Capacity utilization dropped to 80% company-wide. This makes the 65% profit growth even more impressive. Not just Disneyland Tokyo driving this, but also DL Shanghai (growing >100%) and Hong Kong.

Roojoo

@roojoo3

10 months

Dream International ($1126.hk) continues to comp positively (+65% YoY) due to Disneyland Tokyo reopening. $1126 makes their plush toys. This more than offset the destocking at $FNKO toys which they also make. 3.9x TTM P/E for a growing, >15% ROE company.

Replies

Roojoo

@roojoo3

10 months

To clarify, this is a positive. $FNKO related capacity will get diverted to various smaller customers (Bandai Namco, Pokemon). $FNKO destocking is largely a temporary effect. Growth in Asia is structural. Maybe 3x 2023 P/E with net cash. I expect a 13-15% dividend yield.