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    Alexia Dogani

    Research Analyst at JPMorgan Chase & Co.

    Alexia Dogani is an analyst at JPMorgan Chase & Co., specializing in the coverage of shipping, logistics, and industrial companies such as ZIM Integrated Shipping Services, Alcon, Li Auto, Legal & General Group, Derwent London, Entain, and Serica Energy. Her recent performance shows involvement in key equity research and rating adjustments, with success rates and returns in line with industry standards. Dogani began her analyst career at Barclays before transitioning to JPMorgan Chase & Co., where she continued to expand her sector expertise. She holds professional credentials required for securities analysis, including registrations with relevant financial regulatory authorities.

    Alexia Dogani's questions to ZIM Integrated Shipping Services (ZIM) leadership

    Alexia Dogani's questions to ZIM Integrated Shipping Services (ZIM) leadership • Q1 2025

    Question

    Alexia Dogani asked about near-term network development, including the redeployment of capacity and the speed of reintroducing services. She also requested a breakdown of the fleet's charter duration profile and inquired about opportunities for structural cost savings compared to pre-pandemic levels.

    Answer

    CFO Xavier Destriau highlighted ZIM's agility, noting the company suspended its ZX2 service due to tariff impacts but is resuming it immediately following the 90-day tariff pause. He detailed that two-thirds of the fleet is on long-term charters (>5 years) or owned, providing cost stability, while one-third is on short-term charters, offering flexibility with 81,000 TEUs up for renewal in 2025. For costs, he said the focus is on avoiding expenses, such as optimizing empty container repositioning, as major savings were already achieved through the fleet transformation.

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    Alexia Dogani's questions to ZIM Integrated Shipping Services (ZIM) leadership • Q4 2024

    Question

    Alexia Dogani asked for commentary on the recent drop in spot rates, the evolution of ZIM's fleet strategy from short-term agility to long-term charters, and the capital allocation rationale for paying a high-yield dividend instead of purchasing more vessels to reduce charter costs.

    Answer

    CFO Xavier Destriau attributed recent rate uncertainty to post-Chinese New Year seasonality and tariff concerns but noted that initial contract negotiations are encouraging. He explained the shift in fleet strategy was a necessary response to post-COVID market changes to secure core capacity and gain cost visibility. Regarding capital allocation, he stated that long-term chartering of new LNG vessels avoids taking on the residual value risk of a specific green technology, providing long-term flexibility.

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    Alexia Dogani's questions to AMKBY leadership

    Alexia Dogani's questions to AMKBY leadership • Q1 2025

    Question

    Requested clarification on the high and low-end scenarios for the full-year guidance, questioned the Q2 volume outlook, and asked about the magnitude of tariff de-escalation needed for a strong recovery.

    Answer

    The guidance range reflects new uncertainties. The high end (~+4% volume growth) assumes a quick resolution to trade tensions, while the low end (~-1% volume growth) assumes an entrenched trade war leading to a U.S. recession. Q2 volumes are not expected to be negative, as the 35% drop in the China-U.S. lane (5% of total volume) is offset by ~4% growth in the other 95% of volumes. There is no simple formula for tariffs, but a normalization of trade relations would lead to a volume catch-up, while continued conflict risks a recession.

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    Alexia Dogani's questions to Royal Mail plc/ADR (ROYMY) leadership

    Alexia Dogani's questions to Royal Mail plc/ADR (ROYMY) leadership • Q2 2024

    Question

    Inquired about the execution progress of the new CWU deal, the dependency of Royal Mail's future profitability on efficiencies versus revenue growth, and the strategy for out-of-home parcel services. A follow-up question asked about using other Royal Mail assets besides property to fund investments.

    Answer

    Executives stated that progress with the CWU deal is reasonable, with key changes like seasonal hours implemented and more to come. Royal Mail's turnaround depends on both topline revenue recovery and delivering efficiencies. The out-of-home strategy is under review to enhance customer convenience, similar to GLS's network. To fund this, the company is exploring liquidity options across the group, including asset sales and sale-and-leasebacks, not just property.

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