ARENA MAN CAPITAL
Engineer & Private Investor, Asian Equities
Best Mart 360 is a reasonable setup at a single-digit P/E, with declining rents, debt wiped out and a growing store count. Stores rose from 170 in January 2025 to 184, an 8.2% increase, and now to 191, with the latest additions all from the core Best Mart 360 brand while FoodVille stays at 8. It remains to be seen what JD does with Kai Bo. x.comÂ
Ingles Markets is not just a grocer but part retailer, part manufacturer and part real estate company. That combination protects margins in thin-margin grocery, reduces reliance on suppliers and landlords, and creates long-term asset value. x.comÂ
Dollarama is too richly valued to own despite its dominance in Canada and decades of solid execution, even near a 52-week low and after Stifel's upgrade to buy. It makes a competitive business work by offering unbelievable deals versus other stores and Amazon. x.com x.com x.com x.comÂ
Yesway's IPO looks unappealing: its financials, debt and business model are unimpressive, and its Texas-heavy Allsup's stores lack the differentiation of Casey's food or Murphy USA's no-interior format. Ordinary convenience stores are struggling, with many 7-Elevens and Circle Ks closing. It first filed for an IPO in October 2021 but never completed it. It isn't fully ruled out. x.comÂ
