Recently, I've been looking at the indirect beneficiaries in the tariff game. Avis rose by three to four points, as the pressure on tariffs in the car rental sector is expected to ease; Uber saw a slight increase, entering a period of realizing scale profitability in mobility; Giant Biogene saw a small rise, driven by the independent logic of its aesthetic medicine ingredients; Monster Beverage had a slight gain; Anta Sports experienced a small decline, following the consumption trend in the Hong Kong stock market.

The rebound in Avis stems from its indirect exposure to used car prices in the tariff game—rental car fleets are major buyers in the used car wholesale market. Tariff relief directly translates to a flattening of the fleet depreciation curve. In the long term, with Avis's forward PE around 12x, its leveraged exposure to used car residual value remains the core narrative—so I tend to think that within the consumer sector, Avis is currently a stock with relatively good value for money.