Smartkarma Daily Briefs

OZ Minerals Ltd (OZL AU) has received a revised non-binding indicative offer from BHP Group Ltd (BHP AU) at A$28.25 per share, a 13.0% premium to the previously rejected offer.
The Board has granted four weeks of due diligence and intends to recommend a binding offer at A$28.25 per share, in the absence of a superior proposal.
While the offer is below the rumoured Board’s target of a A$30 offer, it is still attractive. At the last close, the gross spread to the offer is 3.3%.

Lygend Resources & Technology IPO: Riding the Wave

Lygend Resources & Technology (LR HK), a nickel play, is set to open its books for an HKEx IPO to raise US$700-800 million, according to press reports.
Lygend had the largest nickel ore trading volume in China in 2019, 2020 and 2021, with a market share of 26.8% in 2021.
The fundamentals are solid as the consolidation of HPL has delivered strong growth and an improved margin profile, at manageable leverage.

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Nov 19

Daily Brief Financials: Bajaj Holdings and Investment, Five Star Business Finance, Edelweiss Financial Services and more

By Smartkarma Daily Briefs | Daily Briefs, Financials

In today’s briefing:

Bajaj Holdings (BJHI IN): Potential Index Inclusion Can Narrow Hold Co. Discount Further
Five-Star Business IPO Trading – One of the Best Anchor Books but Worst Overall Demand
Edelweiss: At An Inflection Point

Bajaj Holdings (BJHI IN): Potential Index Inclusion Can Narrow Hold Co. Discount Further

By Devi Subhakesan

Bajaj Holdings and Investment (BJHI IN) is expected to be included in the MSCI India Index at the November SAIR (Read more about the index inclusion here: https://skr.ma/xhbPx)
Bajaj Holdings, a holding and investment company, with significant stakes in Bajaj Auto Ltd and Bajaj Finserv has historically traded at a steep discount to the market value of investments.
Its Holdco discount has narrowed to around 53% and has the potential to narrow further with greater ownership and visibility post the likely index inclusion.

Five-Star Business IPO Trading – One of the Best Anchor Books but Worst Overall Demand

Five Star Business Finance (0958461D IN) raised around US$190m in its India IPO.
Five-Star Business is a non-banking financial company (NBFC-ND-SI) that provides secured business loans to micro-entrepreneurs and self-employed individuals.
We have looked at various aspects of the deal in our previous note, in this note, we talk about the demand and trading dynamics.

Edelweiss: At An Inflection Point

Credit business has seen decent recovery with asset quality stabilization and down-sizing of the wholesale loan book. Retail book is growing via co-lending and other asset-light models.
Asset Management business is scaling up well and is poised to benefit significantly from operating leverage, particularly in the Alternatives business as the carry fee kicks in from FY24.
Insurance businesses continue to scale up well. Edelweiss is seeking strategic partners for both the insurance businesses to take advantage of the new IRDA regulations.

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Nov 19

Daily Brief Consumer: Zomato, Alibaba Group, Lifestyle International Holdings, RPSG Ventures Limited, Midea Group Co Ltd A, Walmart, Tapestry Inc, Ralph Lauren, Tyson Foods Inc Cl A and more

By Smartkarma Daily Briefs | Consumer, Daily Briefs

In today’s briefing:

2023 High Conviction: Zomato – Home Delivering Laziness
Alibaba – OP Beat Driven By Cost Cutting Masks Dissapointments Everywhere Else
Lifestyle International (1212 HK)’s Wide Spread Heading into the 21 November Vote
RPSG Ventures: FMCG Business Is Scaling Up; VC Business Is Germinating to the Next-Level
Shanghai/Shenzhen Northbound Connect: Weekly Moves (18 November 2022)
Walmart Inc: The Walmart Creator Platform & Other Drivers
Tapestry Inc: Major Drivers
Ralph Lauren: Collaboration With Fortnite & Other Developments
Tyson Foods: Major Drivers

2023 High Conviction: Zomato – Home Delivering Laziness

Zomato is one of the largest food delivery platforms in India. It was listed in Jul 21 and after initially doubling, its shares are now trading below its IPO price.
It has grown its food delivery GOV by 3.5x over FY19-22 and growth remains strong, while profitablity has been improving.
Its recent venture into quick commerce should allow for better fleet utilisation and hence, better longer term growth and profitability.

Alibaba – OP Beat Driven By Cost Cutting Masks Dissapointments Everywhere Else

By Oshadhi Kumarasiri

Alibaba Group (9988 HK) bounced 7.8% yesterday following an OP beat of 24.4% through cost-controls but overall results were quite disappointing with revenue falling a touch below consensus at RMB 207.2bn.
Alibaba’s cash cows are growing no more, Thus, the company is focusing on ways to improve its profitability.
Meanwhile, the other growth avenues that Alibaba was proudly speaking of have pretty much disappeared with the company forced to cut down investments in these growing businesses.

Lifestyle International (1212 HK)’s Wide Spread Heading into the 21 November Vote

Lifestyle International Holdings (1212 HK)’s vote on Mr Lau’s offer of HK$5.00 per share is at 10 am on Monday, 21 November. The wide spread of 6.6% reflects vote risk.
Key conditions include approval by at least 75% of independent shareholders (<10% of independent shareholders rejection). No shareholder holds a blocking stake.
Ongoing weak Hong Kong retail sales and peers’ slightly de-rating should lower the vote risk. Headcount test not applicable. While light, we continue to expect the offer to succeed.

RPSG Ventures: FMCG Business Is Scaling Up; VC Business Is Germinating to the Next-Level

Key highlight of RPSG Ventures’ (RPSGV) Q2FY23 results was the FMCG business which reported revenues of INR 125cr, suggesting an annualized run-rate of INR 500cr vs INR 430cr QoQ.
RPSGV is doing all the right things to scale up its FMCG business. Its Sports venture also holds lot of promise.
RPSGV’s Venture Capital (VC) Fund that focuses on investing in D2C startups made a lucrative exit in one of its investments which generated 7x MOIC in just 4 years.

Shanghai/Shenzhen Northbound Connect: Weekly Moves (18 November 2022)

Inside is a recap of movements in the last week relating to the Hong Kong Stock Exchange -Shanghai and Shenzhen Northbound Connect facilities, broken down by company and industry.
Overall, net inflow over the past week was ~US$5.7bn, split between Shanghai (+US$2.98bn) and Shenzhen (+US$2.8bn).
The largest inflows were into Kweichow Moutai (600519 CH) and Midea Group (000333 CH). The largest outflows were in NARI Technology (600406 CH) and China Yangtze Power (600900 CH).

Walmart Inc: The Walmart Creator Platform & Other Drivers

Walmart’s stock has climbed to a new high after the company delivered strong results and surpassed Wall Street expectations in terms of revenues as well as earnings.
In Q3, strong sales were achieved in each of its segments and its U.S. comparable sales increased sequentially by 8.2% thanks to higher average ticket sizes and more transactions.
Walmart International experienced strong constant currency sales growth of 13.3%, driven primarily by Flipkart and Walmex, while Sam’s Club USA posted double-digit comps growth of 10.3%, excluding fuel and tobacco, for the 11th consecutive quarter.

Tapestry Inc: Major Drivers

Despite the challenging environment, Tapestry’s first quarter results were strong and the company’s performance exceeded market expectations in terms of revenues as well as earnings.
This result highlights the company’s transformation into a customer-centric and data-driven organization, which have helped it effectively navigate the challenging climate.
Their direct-to-consumer operations grew again in this quarter thanks to the strong management focus on building omnichannel experiences.

Ralph Lauren: Collaboration With Fortnite & Other Developments

Ralph Lauren’s previous quarter results were strong and the company managed an all-around beat.
Their top-line continued to increase in the previous quarter, with revenues rising 13% in constant currency and 5% on a reported basis.
The success for this quarter was once again aided by good constant currency growth across all 3 regions.

Tyson Foods: Major Drivers

Tyson Foods’ stock has been on a downward trajectory for a while and the recent results did not help the situation.
Consumer demand for protein is largely stable in this difficult macroeconomic context with record-high inflation.
Volume performance increased in the fourth quarter because of their investments in brands and merchandising, which raised portfolio market share.

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Nov 19

Daily Brief Technical Analysis: Bullish Reversals Continue: TAIEX and more

By Smartkarma Daily Briefs | Daily Briefs, Technical Analysis

In today’s briefing:

Bullish Reversals Continue: TAIEX, KOSPI, AEX, Hang Seng, CSI 300. Buy Cyclicals/Growth on Pullbacks

Bullish Reversals Continue: TAIEX, KOSPI, AEX, Hang Seng, CSI 300. Buy Cyclicals/Growth on Pullbacks

By Joe Jasper

The bear market rally that we have discussed since our Sept. 29 Int’l Compass has managed to surpass our price targets, which were YTD downtrends on the ACWX-US and EFA-US.
As a result of these bullish reversals and breakdowns on the US dollar (DXY) and 10-year Treasury yield, we are upgrading our outlook to neutral.
Buy ideas on a pullback in: Consumer Discretionary, Energy, and Technology/Tech Services

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Nov 19

Daily Brief Health Care: Lotus Pharmaceutical, Wuxi Biologics, Takeda Pharmaceutical and more

By Smartkarma Daily Briefs | Daily Briefs, Healthcare

In today’s briefing:

Lotus Pharmaceutical (1795 TT): 3Q22 Review- Best-Ever Quarter, Aided by Oncology Drug Launch in US
Shanghai/Shenzhen Southbound Connect: Weekly Moves (18 November 2022)
Takeda Pharma ADR: Initiation of Coverage – Recent Drug Updates & Key Drivers

Lotus Pharmaceutical (1795 TT): 3Q22 Review- Best-Ever Quarter, Aided by Oncology Drug Launch in US

By Tina Banerjee

Lotus Pharmaceutical (1795 TT) reported record high quarterly revenue in 3Q22, majorly driven by the successful launch of oncology drug Lenalidomide in the US, which is its biggest ever launch.
Gross margin expanded to 67.9% in Q3 2022 from 45.3% in Q3 2021 and 47.4% Q2 2022, driven by increasing contribution from high-margin export business.
Exceeding the expectation, the company reported historic high third quarter EPS of NT$7.97 for Q3 2022, versus NT$1.34 in Q3 2021.

Shanghai/Shenzhen Southbound Connect: Weekly Moves (18 November 2022)

Inside is a recap of movements in the last week relating to the Shanghai and Shenzhen-Hong Kong Stock Connect facilities, broken down by company and industry.
Overall, the net outflow over the past week was ~HK$0.14bn, split (-HK$0.47bn) for Shanghai and (+HK$0.32bn) for Shenzhen.
The largest inflows were in Tencent (700 HK) and Hang Seng H Share (2828 HK). The largest outflows were inMeituan (3690 HK) and Tracker Fund of HK (2800 HK).

Takeda Pharma ADR: Initiation of Coverage – Recent Drug Updates & Key Drivers

This is our first report on Japanese pharma major, Takeda Pharma.
A significant pipeline milestone was achieved by the company when TAK-003, the dengue vaccine candidate of the company, received approval.
Dr.

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Nov 19

Daily Brief ECM: Five-Star Business IPO Trading – One of the Best Anchor Books but Worst Overall Demand and more

By Smartkarma Daily Briefs | Daily Briefs, ECM

In today’s briefing:

Five-Star Business IPO Trading – One of the Best Anchor Books but Worst Overall Demand
Archean Chemical Industries IPO Trading – One of the Highest Subscriptions for the Year
Initial Thoughts on the Vinfast IPO
Lygend Resources & Technology IPO: Riding the Wave
Taiwan Semiconductor: Initiation of Coverage – Geopolitical Challenges & Other Factors
Ralph Lauren: Collaboration With Fortnite & Other Developments
Bumble Inc.: Blind Dating Offering & Other Drivers

Five-Star Business IPO Trading – One of the Best Anchor Books but Worst Overall Demand

Five Star Business Finance (0958461D IN) raised around US$190m in its India IPO.
Five-Star Business is a non-banking financial company (NBFC-ND-SI) that provides secured business loans to micro-entrepreneurs and self-employed individuals.
We have looked at various aspects of the deal in our previous note, in this note, we talk about the demand and trading dynamics.

Archean Chemical Industries IPO Trading – One of the Highest Subscriptions for the Year

By Ethan Aw

Archean Chemical Industries (0810406D IN) has raised about US$178m in its India IPO.
Archean Chemical Industries (ACI) is a specialty marine chemical manufacturer in India focused on producing and exporting bromine, industrial salt, and sulphate of potash to customers around the world.
We have looked at various aspects of the deal in our previous notes. In this note, we talk about the demand for the deal and the trading dynamics.

Initial Thoughts on the Vinfast IPO

By Douglas Kim

According to Bloomberg, VinFast is getting ready for an IPO in the US as soon as 1Q 2023.
Vinfast has secured approximately US$1.2 billion in incentives for its EV production facility in North Carolina which is expected to start production in 2024 (annual production of 150,000 vehicles).
Vinfast could raise more than US$1 billion in this IPO. If Vinfast is able to successfully complete this IPO, it would be one of the largest Asian IPOs in 2023.

Lygend Resources & Technology IPO: Riding the Wave

Lygend Resources & Technology (LR HK), a nickel play, is set to open its books for an HKEx IPO to raise US$700-800 million, according to press reports.
Lygend had the largest nickel ore trading volume in China in 2019, 2020 and 2021, with a market share of 26.8% in 2021.
The fundamentals are solid as the consolidation of HPL has delivered strong growth and an improved margin profile, at manageable leverage.

Taiwan Semiconductor: Initiation of Coverage – Geopolitical Challenges & Other Factors

This is our first report on Taiwan Semiconductor, the world’s largest dedicated contract chip manufacturer.
The company delivered a mixed set of results for the past quarter with revenues below expectations as it continues to see softness in the consumer end-market category.
TSMC’s other end market categories, like data centers and the automotive industry, are currently stable and it did manage to deliver an earnings beat.

Ralph Lauren: Collaboration With Fortnite & Other Developments

Ralph Lauren’s previous quarter results were strong and the company managed an all-around beat.
Their top-line continued to increase in the previous quarter, with revenues rising 13% in constant currency and 5% on a reported basis.
The success for this quarter was once again aided by good constant currency growth across all 3 regions.

Bumble Inc.: Blind Dating Offering & Other Drivers

Bumble delivered a mixed set of third-quarter results as it failed to meet market expectations on the revenue front but managed an earnings beat.
The company produced a decent top-line growth of 17% year over year in Q3, driven by 28% growth for the Bumble App.
The revenue growth would have been 10 points higher and Bumble App revenue growth would have been 5 points higher after adjusting for forex and the situation in Ukraine.

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Nov 19

Daily Brief Thematic (Sector/Industry): Japan Weekly | Asics and more

By Smartkarma Daily Briefs | Daily Briefs, Thematic (Sector/Industry)

In today’s briefing:

Japan Weekly | Asics, Matsukiyo, Nexon
There Has Never Been a Better Time to Open an ISA for UK Residents

Japan Weekly | Asics, Matsukiyo, Nexon

By Mark Chadwick

After a bullish week for Japanese equities last week, this week was a bit blah. The average return for our watchlist was -0.3%, with 57 of 120 registering a gain
Over the past one month, the yen has gained 10-big figures against the dollar and the NKY has gained 3%
Japanese inflation at 40-year high; Kishida meets Xi; Visitors to Japan tops 500k in October; & corporate tax may be hiked to fund defense spending

There Has Never Been a Better Time to Open an ISA for UK Residents

By Investment Talk

As I sit at my desk this morning, which is situated behind a window that looks out onto Edinburgh’s cobbled streets, I can see the pattering of rain as it falls into puddles which were formed earlier in the day.
I look up at the sky and it is grey. In fact, the entire city, as it usually does this time of year, has an unremarkable grey hue.
The landscape that I view before me in the early hours of this Friday invokes a remarkably similar feeling to that which I get when thinking about the UK’s economy.

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Nov 19

Daily Brief Event-Driven: Bajaj Holdings (BJHI IN): Potential Index Inclusion Can Narrow Hold Co. Discount Further and more

By Smartkarma Daily Briefs | Daily Briefs, Event-Driven

In today’s briefing:

Bajaj Holdings (BJHI IN): Potential Index Inclusion Can Narrow Hold Co. Discount Further
OZ Minerals (OZL AU)’s A$28.25 Non-Binding Offer from BHP
Lifestyle International (1212 HK)’s Wide Spread Heading into the 21 November Vote
EQD | Alibaba (BABA US): Use Elevated Upside to Buy Call Ratios into Year-End
Shanghai/Shenzhen Northbound Connect: Weekly Moves (18 November 2022)
Shanghai/Shenzhen Southbound Connect: Weekly Moves (18 November 2022)

Bajaj Holdings (BJHI IN): Potential Index Inclusion Can Narrow Hold Co. Discount Further

By Devi Subhakesan

Bajaj Holdings and Investment (BJHI IN) is expected to be included in the MSCI India Index at the November SAIR (Read more about the index inclusion here: https://skr.ma/xhbPx)
Bajaj Holdings, a holding and investment company, with significant stakes in Bajaj Auto Ltd and Bajaj Finserv has historically traded at a steep discount to the market value of investments.
Its Holdco discount has narrowed to around 53% and has the potential to narrow further with greater ownership and visibility post the likely index inclusion.

OZ Minerals (OZL AU)’s A$28.25 Non-Binding Offer from BHP

OZ Minerals Ltd (OZL AU) has received a revised non-binding indicative offer from BHP Group Ltd (BHP AU) at A$28.25 per share, a 13.0% premium to the previously rejected offer.
The Board has granted four weeks of due diligence and intends to recommend a binding offer at A$28.25 per share, in the absence of a superior proposal.
While the offer is below the rumoured Board’s target of a A$30 offer, it is still attractive. At the last close, the gross spread to the offer is 3.3%.

Lifestyle International (1212 HK)’s Wide Spread Heading into the 21 November Vote

Lifestyle International Holdings (1212 HK)’s vote on Mr Lau’s offer of HK$5.00 per share is at 10 am on Monday, 21 November. The wide spread of 6.6% reflects vote risk.
Key conditions include approval by at least 75% of independent shareholders (<10% of independent shareholders rejection). No shareholder holds a blocking stake.
Ongoing weak Hong Kong retail sales and peers’ slightly de-rating should lower the vote risk. Headcount test not applicable. While light, we continue to expect the offer to succeed.

EQD | Alibaba (BABA US): Use Elevated Upside to Buy Call Ratios into Year-End

By Simon Harris

Alibaba unveiled an upsized buyback plan this week and stock rallied despite a revenue miss
Sentiment in China is changing with tweaks to the Covid strategy and improving economic outlook
Call buying has elevated upside vols providing trading opportunites for both directional and volatility traders

Shanghai/Shenzhen Northbound Connect: Weekly Moves (18 November 2022)

Inside is a recap of movements in the last week relating to the Hong Kong Stock Exchange -Shanghai and Shenzhen Northbound Connect facilities, broken down by company and industry.
Overall, net inflow over the past week was ~US$5.7bn, split between Shanghai (+US$2.98bn) and Shenzhen (+US$2.8bn).
The largest inflows were into Kweichow Moutai (600519 CH) and Midea Group (000333 CH). The largest outflows were in NARI Technology (600406 CH) and China Yangtze Power (600900 CH).

Shanghai/Shenzhen Southbound Connect: Weekly Moves (18 November 2022)

Inside is a recap of movements in the last week relating to the Shanghai and Shenzhen-Hong Kong Stock Connect facilities, broken down by company and industry.
Overall, the net outflow over the past week was ~HK$0.14bn, split (-HK$0.47bn) for Shanghai and (+HK$0.32bn) for Shenzhen.
The largest inflows were in Tencent (700 HK) and Hang Seng H Share (2828 HK). The largest outflows were inMeituan (3690 HK) and Tracker Fund of HK (2800 HK).

💡 Before it’s here, it’s on Smartkarma

The Smartkarma Preview Pass is your entry to the Independent Investment Research Network

✓ Unlimited Research Summaries
✓ Personalised Alerts
✓ Custom Watchlists
✓ Company Data and News
✓ Events & Webinars

Nov 19

Daily Brief Equity Bottom-Up: 2023 High Conviction: Zomato – Home Delivering Laziness and more

By Smartkarma Daily Briefs | Daily Briefs, Equity Bottom-Up

In today’s briefing:

2023 High Conviction: Zomato – Home Delivering Laziness
Tencent/Netease: Breakthrough in November Batch of Game Approval
Alibaba – OP Beat Driven By Cost Cutting Masks Dissapointments Everywhere Else
Weimob (2013 HK): Strategic Patience Will Be Rewarded
Edelweiss: At An Inflection Point
Lotus Pharmaceutical (1795 TT): 3Q22 Review- Best-Ever Quarter, Aided by Oncology Drug Launch in US
RPSG Ventures: FMCG Business Is Scaling Up; VC Business Is Germinating to the Next-Level
Takeda Pharma ADR: Initiation of Coverage – Recent Drug Updates & Key Drivers
Tyson Foods: Major Drivers
Walmart Inc: The Walmart Creator Platform & Other Drivers

2023 High Conviction: Zomato – Home Delivering Laziness

Zomato is one of the largest food delivery platforms in India. It was listed in Jul 21 and after initially doubling, its shares are now trading below its IPO price.
It has grown its food delivery GOV by 3.5x over FY19-22 and growth remains strong, while profitablity has been improving.
Its recent venture into quick commerce should allow for better fleet utilisation and hence, better longer term growth and profitability.

Tencent/Netease: Breakthrough in November Batch of Game Approval

By Ke Yan, CFA, FRM

China just announced game approval for November batch after one month break. The number of games approved is inline with the previous three months.
Pace of China game approval stays flattish, at a much slower pace than pre-tightening.
Both Tencent and Netease received approval for one game. It is more symbolic than financially material. Sentiments are turning slightly but it is not out of the wood yet.

Alibaba – OP Beat Driven By Cost Cutting Masks Dissapointments Everywhere Else

By Oshadhi Kumarasiri

Alibaba Group (9988 HK) bounced 7.8% yesterday following an OP beat of 24.4% through cost-controls but overall results were quite disappointing with revenue falling a touch below consensus at RMB 207.2bn.
Alibaba’s cash cows are growing no more, Thus, the company is focusing on ways to improve its profitability.
Meanwhile, the other growth avenues that Alibaba was proudly speaking of have pretty much disappeared with the company forced to cut down investments in these growing businesses.

Weimob (2013 HK): Strategic Patience Will Be Rewarded

By Eric Chen

Weimob’s share price more than doubled in a month on encouraging 3Q preliminary data and improved sentiment towards China assets
We explore socio-economic factors resulting in the slow ramp up of China SaaS sector , size Weimob’s TAM by drawing insights from Alibaba and determine its valuation in two-piece report
In the first part, we argue that inadequate cost or efficiency competitiveness of SaaS solutions over existing labor-based or manual processes have been a key drag

Edelweiss: At An Inflection Point

Credit business has seen decent recovery with asset quality stabilization and down-sizing of the wholesale loan book. Retail book is growing via co-lending and other asset-light models.
Asset Management business is scaling up well and is poised to benefit significantly from operating leverage, particularly in the Alternatives business as the carry fee kicks in from FY24.
Insurance businesses continue to scale up well. Edelweiss is seeking strategic partners for both the insurance businesses to take advantage of the new IRDA regulations.

Lotus Pharmaceutical (1795 TT): 3Q22 Review- Best-Ever Quarter, Aided by Oncology Drug Launch in US

By Tina Banerjee

Lotus Pharmaceutical (1795 TT) reported record high quarterly revenue in 3Q22, majorly driven by the successful launch of oncology drug Lenalidomide in the US, which is its biggest ever launch.
Gross margin expanded to 67.9% in Q3 2022 from 45.3% in Q3 2021 and 47.4% Q2 2022, driven by increasing contribution from high-margin export business.
Exceeding the expectation, the company reported historic high third quarter EPS of NT$7.97 for Q3 2022, versus NT$1.34 in Q3 2021.

RPSG Ventures: FMCG Business Is Scaling Up; VC Business Is Germinating to the Next-Level

Key highlight of RPSG Ventures’ (RPSGV) Q2FY23 results was the FMCG business which reported revenues of INR 125cr, suggesting an annualized run-rate of INR 500cr vs INR 430cr QoQ.
RPSGV is doing all the right things to scale up its FMCG business. Its Sports venture also holds lot of promise.
RPSGV’s Venture Capital (VC) Fund that focuses on investing in D2C startups made a lucrative exit in one of its investments which generated 7x MOIC in just 4 years.

Takeda Pharma ADR: Initiation of Coverage – Recent Drug Updates & Key Drivers

This is our first report on Japanese pharma major, Takeda Pharma.
A significant pipeline milestone was achieved by the company when TAK-003, the dengue vaccine candidate of the company, received approval.
Dr.

Tyson Foods: Major Drivers

Tyson Foods’ stock has been on a downward trajectory for a while and the recent results did not help the situation.
Consumer demand for protein is largely stable in this difficult macroeconomic context with record-high inflation.
Volume performance increased in the fourth quarter because of their investments in brands and merchandising, which raised portfolio market share.

Walmart Inc: The Walmart Creator Platform & Other Drivers