Report by Vision Research

Vision initiated 5 new shorts and closed 9 in Q1. Regarding the closed shorts, alpha ranged from 46% on the high end with AAK, to 6% on the low end for Assa Abloy. Other closed shorts included Fluidra, KION Group, Dorman Products, Planet Fitness, Pop Mart, Smoore International and Techtronic Industries. Consistent with Vision’s pursuit of liquid and non-consensus ideas, the 5 new shorts in Q1 had median average daily $ volume of >$150m and median short interest % of free float of 2.5%. Their new shorts include European luxury, European telco, European cap good, US restaurant and US healthcare.

Industrials

Report by Asymmetric Advisors

ML, the No. 3~4 global forklift player, has seen its share price nearly double since Asymmetric turned bullish last May. A combination of strong US orders and backlog, price hike effect and FX have boosted earnings whilst a large amortisation charge will disappear from FY3/26. Despite the impressive share performance, Asymmetric remains the only broker covering the stock and ML's PER remains low at <7x next year vs. >13x at global peers Kion and Jungheinrich.