Asian Equities Analyst, Logistics & Transport, Tracking Traffic

Daniel Hellberg

Asian Equities Analyst, Logistics & Transport

Tracking Traffic

Focusing on Asian logistics, transportation, and travel companies

Equity Bottom-Up

<ul>
<li>H1/Q2 results largely match tone of management guidance from the IPO process</li>
<li>Revenue barely grew, and margins shrank due to higher Fulfilment costs (tied to oil)</li>
<li>Shares are down over 27% from IPO; any break from fuel costs could boost bottom-line</li>
</ul>


H1/Q2 results largely match tone of management guidance from the IPO process
Revenue barely grew, and margins shrank due to higher Fulfilment costs (tied to oil)
Shares are down over 27% from IPO; any break from fuel costs could boost bottom-line


SHEIN H1/Q2 Results | Slow Top-Line Growth, More Margin Compression | Fulfilment Costs Up Sharply

Tracking developments across tech supply chains, Tech Supply Chain Tracker

Tech Supply Chain Tracker

Tracking developments across tech supply chains

Thematic (Sector/Industry)

<ul><li>Walmart's electronic shelf label shipments are growing significantly, reflecting a shift in retail technology.</li><li>Sony aims for all suppliers to use 100% renewable energy by 2031, highlighting a commitment to sustainability.</li><li>The Tech Forum 2025 predicts AI and semiconductor convergence will boost the global market to $2 trillion by 2040.</li></ul>

Walmart's electronic shelf label shipments are growing significantly, reflecting a shift in retail technology.Sony aims for all suppliers to use 100% renewable energy by 2031, highlighting a commitment to sustainability.The Tech Forum 2025 predicts AI and semiconductor convergence will boost the global market to $2 trillion by 2040.

Tech Supply Chain Tracker (05-Sep-2025): Walmart sees record growth in electronic shelf

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

<ul>
<li>Global companies are shifting supply chains, adopting the "China+1" strategy, with India emerging as a significant winner, attracting manufacturing and investment across sectors like electronics, EVs, and textiles.</li>
<li>India offers a strategic alternative to China, with favorable policies, a growing domestic market, and trade advantages, positioning itself as a manufacturing hub amid global trade shifts.</li>
<li>India is no longer just a backup for China; it's becoming the primary destination for global supply chains, reshaping the manufacturing ecosystem with deepening local integration and technological advancements.</li>
</ul>


Global companies are shifting supply chains, adopting the "China+1" strategy, with India emerging as a significant winner, attracting manufacturing and investment across sectors like electronics, EVs, and textiles.
India offers a strategic alternative to China, with favorable policies, a growing domestic market, and trade advantages, positioning itself as a manufacturing hub amid global trade shifts.
India is no longer just a backup for China; it's becoming the primary destination for global supply chains, reshaping the manufacturing ecosystem with deepening local integration and technological advancements.


Global Reshuffling: Whether India Will Win from China+1?

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

<ul>
<li>Our intermediate-term outlook remains bearish/cautious, and we continue to believe a prolonged downturn is likely, which has been the case since our 4/1/25 Compass. However, shorter-term...</li>
<li>SPX is now 4.5%-5.0% lower than last week (when we said to expect the rally to fizzle), and is testing 5100-5120 support.</li>
<li>5100-5120 has been a key level several times dating back to early 2024, and is a level to trade against to the long side.</li>
</ul>


Our intermediate-term outlook remains bearish/cautious, and we continue to believe a prolonged downturn is likely, which has been the case since our 4/1/25 Compass. However, shorter-term...
SPX is now 4.5%-5.0% lower than last week (when we said to expect the rally to fizzle), and is testing 5100-5120 support.
5100-5120 has been a key level several times dating back to early 2024, and is a level to trade against to the long side.


Upgrading Consumer Staples to Overweight; Short-Term Bottom Potential Here

Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

Cross Asset Strategy

<ul>
<li>The US treasury and dollar markets have proven to be key participants in US trade negotiations.</li>
<li>In a battle of wills, Trump and Xi delay direct negotiations between the world's two largest economies.  Time is on China's side as consumer confidence plummets in US.</li>
<li>Regardless of the results of the trade negotiations, the co-dependent support dynamic for the US equity, dollar, and treasury markets is broken.</li>
</ul>


The US treasury and dollar markets have proven to be key participants in US trade negotiations.
In a battle of wills, Trump and Xi delay direct negotiations between the world's two largest economies.  Time is on China's side as consumer confidence plummets in US.
Regardless of the results of the trade negotiations, the co-dependent support dynamic for the US equity, dollar, and treasury markets is broken.


The Art of the Trade War: FIRST ROUND GOES TO THE MARKETS!

United States

Walmart Inc. operates discount stores, supercenters, and neighborhood markets. The Company offers merchandise such as apparel, house wares, small appliances, electronics, musical instruments, books, home improvement, shoes, jewelry, toddler, games, household essentials, pets, pharmaceutical products, party supplies, and automotive tools. Walmart serves customers worldwide.

Price Gauge
52-week Range	0.00 - 0.00
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Walmart (WMT US)

SHEIN H1/Q2 Results | Slow Top-Line Growth, More Margin Compression | Fulfilment Costs Up Sharply

SHEIN disclosed H126 financial results, which show few surprises: revenue growth is still depressed, and margins continue to shrink due to high...

Tracking Traffic

Tech Supply Chain Tracker (05-Sep-2025): Walmart sees record growth in electronic shelf

Walmart's electronic shelf label growth, Sony's renewable energy push, and Tech Forum 2025's AI and semiconductor convergence highlight key trends...

Tech Supply Chain Tracker

Global Reshuffling: Whether India Will Win from China+1?

Global companies are turning to India as a strategic alternative to China, shifting supply chains and investments across various sectors,...

Nimish Maheshwari

Upgrading Consumer Staples to Overweight; Short-Term Bottom Potential Here

Upgrading Consumer Staples $XLP to Overweight; Still Intermediate-Term Bearish/Cautious, But use 5100-5120 on $SPX as a stop loss and a level to...

Vermilion Research

The Art of the Trade War: FIRST ROUND GOES TO THE MARKETS!

US treasury and dollar markets are key participants in US trade negotiations.The co-dependent support dynamic for the equity, dollar, and treasury...

David Mudd

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

SHEIN H1/Q2 Results | Slow Top-Line Growth, More Margin Compression | Fulfilment Costs Up Sharply

SHEIN disclosed H126 financial results, which show few surprises: revenue growth is still depressed, and margins continue to shrink due to high...

Tracking Traffic

Tech Supply Chain Tracker (05-Sep-2025): Walmart sees record growth in electronic shelf

Walmart's electronic shelf label growth, Sony's renewable energy push, and Tech Forum 2025's AI and semiconductor convergence highlight key trends...

Tech Supply Chain Tracker

Global Reshuffling: Whether India Will Win from China+1?

​Global companies are turning to India as a strategic alternative to China, shifting supply chains and investments across various sectors,...

Nimish Maheshwari

Upgrading Consumer Staples to Overweight; Short-Term Bottom Potential Here

Upgrading Consumer Staples $XLP to Overweight; Still Intermediate-Term Bearish/Cautious, But use 5100-5120 on $SPX as a stop loss and a level to...

Vermilion Research

The Art of the Trade War: FIRST ROUND GOES TO THE MARKETS!

US treasury and dollar markets are key participants in US trade negotiations.The co-dependent support dynamic for the equity, dollar, and treasury...

David Mudd

Global companies are turning to India as a strategic alternative to China, shifting supply chains and investments across various sectors,...