Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

Macroeconomics

<ul>
<li>Liberation Day marks the beginning of the Tariffication of the global trading system.  The complex web of supply chains will be forced to detangle itself to find cost efficiencies.</li>
<li>US companies will try to unpack the many complexities of re-sourcing products to mitigate the inflationary effects of tariffs.  Domestic substitution is not a possibility in the near-term.</li>
<li>US consumers will begin to see inflationary impacts of Tariffication in the coming weeks.  China announced retaliatory measures that would open the door for other countries to do the same.</li>
</ul>


Liberation Day marks the beginning of the Tariffication of the global trading system.  The complex web of supply chains will be forced to detangle itself to find cost efficiencies.
US companies will try to unpack the many complexities of re-sourcing products to mitigate the inflationary effects of tariffs.  Domestic substitution is not a possibility in the near-term.
US consumers will begin to see inflationary impacts of Tariffication in the coming weeks.  China announced retaliatory measures that would open the door for other countries to do the same.


TRUMP'S TARIFFICATION: The Market's Willful Ignorance

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/seven-i-holdings-co-ltd" target="_blank" data-smartkarma-citation="entities:1041:1" rel="noopener">Seven &amp; I Holdings (3382 JP)</a> has published two documents to respond to misinformation and detail its "<em>constructive engagement</em>" with <a href="https://www.smartkarma.com/entities/alimentation-couche-tard-inc" target="_blank" data-smartkarma-citation="entities:25103:1" rel="noopener">Alimentation Couche-Tard (ATD CN)</a>.</li>
<li>The statements underscore the Board’s serious doubts about securing US antitrust approval. The significant discrepancies in the engagement timeline point to two parties at loggerheads. </li>
<li>While the Board claims it is pursuing a dual-track process to create value, the reality is that the process is designed to hinder Couche-Tard's offer to facilitate the restructuring plan.</li>
</ul>



Seven &amp; I Holdings (3382 JP) has published two documents to respond to misinformation and detail its "constructive engagement" with Alimentation Couche-Tard (ATD CN).
The statements underscore the Board’s serious doubts about securing US antitrust approval. The significant discrepancies in the engagement timeline point to two parties at loggerheads. 
While the Board claims it is pursuing a dual-track process to create value, the reality is that the process is designed to hinder Couche-Tard's offer to facilitate the restructuring plan.


Seven & I Holdings (3382 JP): Uncomfortable Truths

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>Price momentum remains very weak, and spot rates are already below 2024 lows</li>
<li>Multiple deep-sea carriers have recently guided to a collapse in core earnings in 2025</li>
<li>USTR / MARAD proposed rule changes could add to US tariff chaos &amp; raise carriers' costs</li>
</ul>


Price momentum remains very weak, and spot rates are already below 2024 lows
Multiple deep-sea carriers have recently guided to a collapse in core earnings in 2025
USTR / MARAD proposed rule changes could add to US tariff chaos &amp; raise carriers' costs


Monthly Container Shipping Tracker | Rates Down | Chorus of Weak Guidance | USTR-MARAD (March 2025)

US IPOs and Secondary Offerings, IPO Boutique

IPO Boutique

US IPOs and Secondary Offerings

For more than 20 years, we have been providing research, analysis, commentary and ratings on US Equity Capital Markets to institutional investors (US IPOs and Secondary Offerings). Our vast network of contacts across the Equity Capital Markets and attention-to-detail sets us apart from our competitors.

Since 2012, we have achieved a successful hit rating on 89% of Buy-rated IPOs. The collective “Buy” ratings averaged a first trade of 16.3% above issue.Our Neutral Rated Deals averaged just 2% above the issue price at first trade.

Our written research includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

In addition, we provide a high-touch premium desk access which includes analyst access, as well as real time insights on US IPOs as well as secondary offerings.

IPOs and Secondary Offerings

Equity Capital Markets

<ul>
<li>Their total revenue was $1.90 billion, $2.28 billion, and $2.81 billion and their net profit (loss) was ($1.04 billion), ($244 million), and $21 million in 2022, 2023, and 2024, respectively.</li>
<li>The company was once valued at $46 billion in a SoftBank-led funding round. Klarna saw its valuation slashed by 85% in 2022 to $6.7 billion in its most recent fundraising.</li>
<li>The company made headlines when CNBC reported that Klarna will be the exclusive provider of buy now, pay later loans for Walmart (WMT US).</li>
</ul>


Their total revenue was $1.90 billion, $2.28 billion, and $2.81 billion and their net profit (loss) was ($1.04 billion), ($244 million), and $21 million in 2022, 2023, and 2024, respectively.
The company was once valued at $46 billion in a SoftBank-led funding round. Klarna saw its valuation slashed by 85% in 2022 to $6.7 billion in its most recent fundraising.
The company made headlines when CNBC reported that Klarna will be the exclusive provider of buy now, pay later loans for Walmart (WMT US).


Klarna Group (KLAR): Peeking at the IPO Prospectus of the Next High Profile E-Commerce Company

Articles from Caixin Global, Caixin Global

Caixin Global

Articles from Caixin Global

Caixin is a media group dedicated to providing financial and business news through periodicals, online content, mobile apps, conferences, books and TV/video programs. Caixin aims to blaze a trail that helps traditional media prosper in the new media age through integrated multimedia platforms.

News from Caixin

Cross Asset Strategy

<ul><li>Subsidy / In Depth: Why individuals may need to shoulder more of China’s social insurance burden </li><li>Law /Analysis: Why so few people are found not guilty in China</li><li>IPOs /: China may restart allowing unprofitable tech firms to list, sources say</li></ul>

Subsidy / In Depth: Why individuals may need to shoulder more of China’s social insurance burden Law /Analysis: Why so few people are found not guilty in ChinaIPOs /: China may restart allowing unprofitable tech firms to list, sources say

CX Daily: Why Individuals May Need to Shoulder More of China’s Social Insurance Burden 

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.

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Walmart (WMT US)

TRUMP'S TARIFFICATION: The Market's Willful Ignorance

US consumers will begin to see inflationary impacts of Trump's Tariffication in the coming weeks. China announced retaliatory measures that would...

David Mudd

Seven & I Holdings (3382 JP): Uncomfortable Truths

The statements underscore the Board’s serious doubts about securing US antitrust approval. The significant discrepancies in the engagement timeline...

Arun George

Monthly Container Shipping Tracker | Rates Down | Chorus of Weak Guidance | USTR-MARAD (March 2025)

Container rates continue to fall, and major carriers are guiding to a collapse in core margins in FY25. Proposed US rules could potentially make...

Tracking Traffic

Klarna Group (KLAR): Peeking at the IPO Prospectus of the Next High Profile E-Commerce Company

Klarna's revenue and valuation fluctuate, but secures exclusive deal with Walmart for buy now, pay later loans. The company will likely debut in...

IPO Boutique

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52-week Range

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P/E

Dividend (Yield)

TRUMP'S TARIFFICATION: The Market's Willful Ignorance

US consumers will begin to see inflationary impacts of Trump's Tariffication in the coming weeks. China announced retaliatory measures that would...

David Mudd

Seven & I Holdings (3382 JP): Uncomfortable Truths

The statements underscore the Board’s serious doubts about securing US antitrust approval. The significant discrepancies in the engagement timeline...

Arun George

Monthly Container Shipping Tracker | Rates Down | Chorus of Weak Guidance | USTR-MARAD (March 2025)

Container rates continue to fall, and major carriers are guiding to a collapse in core margins in FY25. Proposed US rules could potentially make...

Tracking Traffic

Klarna Group (KLAR): Peeking at the IPO Prospectus of the Next High Profile E-Commerce Company

​Klarna's revenue and valuation fluctuate, but secures exclusive deal with Walmart for buy now, pay later loans. The company will likely debut in...

IPO Boutique

CX Daily: Why Individuals May Need to Shoulder More of China’s Social Insurance Burden

TOP STORIES Subsidy / In Depth: Why individuals may need to shoulder more of China’s social insurance burden In recent years, many local...

Caixin Global

Klarna's revenue and valuation fluctuate, but secures exclusive deal with Walmart for buy now, pay later loans. The company will likely debut in...