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    Fiona Shang

    Research Analyst at Jefferies

    Fiona Shang is an Equity Research Associate at Jefferies, specializing in equity research and financial analysis within the investment banking sector. Since beginning her finance career as a Summer Analyst at MetLife in 2016 and later serving as an Accounting & Finance Intern at MSU Federal Credit Union, she has developed expertise in supporting analytical coverage of public companies, though specific covered companies and performance metrics are not publicly detailed. At Jefferies, Fiona applies her analytical skills to support senior analysts in research-driven investment decision-making, leveraging her foundational finance experience. While quantitative performance metrics and professional securities licenses are not publicly documented, her career path reflects a solid trajectory within the industry.

    Fiona Shang's questions to Janus International Group (JBI) leadership

    Fiona Shang's questions to Janus International Group (JBI) leadership • Q2 2025

    Question

    Fiona Shang from Jefferies inquired about the outlook for pricing in the second half of the year, noting it has held up better than expected. She also asked how this pricing trend would impact margin expectations for the third and fourth quarters.

    Answer

    EVP & CFO Anselm Wong explained that pricing is expected to be slightly better than previously anticipated due to the timing of project deliveries and a stronger mix of commercial business, where pricing has been more resilient. Wong confirmed that margins are expected to improve through the second half, driven by lower steel costs, the full run-rate impact of cost-saving actions, and additional cost initiatives that are underway.

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    Fiona Shang's questions to Janus International Group (JBI) leadership • Q2 2025

    Question

    Fiona Shang, on for Phil Ng, inquired about the pricing outlook for the second half of the year and the expected impact on margins for the third and fourth quarters.

    Answer

    EVP & CFO Anselm Wong stated that pricing is expected to be slightly better than previously anticipated due to project timing and a stronger mix of commercial business, where pricing has held up better. He projected that margins will improve in the second half, driven by this pricing, lower steel costs blending in, and the full run-rate impact of cost-saving actions, with more initiatives in progress.

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    Fiona Shang's questions to JELD-WEN Holding (JELD) leadership

    Fiona Shang's questions to JELD-WEN Holding (JELD) leadership • Q2 2025

    Question

    Fiona Shang, on behalf of Phil Ng at Jefferies, asked for more detail on volume performance in North America and Europe, and requested color on the breakdown between volume versus mix.

    Answer

    CEO William Christensen outlined expectations for a low single-digit decline in Europe and a mid-single-digit decline in North America. He attributed the North American decline to be roughly 50% market-driven and 50% share-related, stemming from the loss of a Midwest retailer and the Towanda divestiture. CFO Samantha Stoddard clarified that product mix is no longer a significant headwind as it was in 2024, with over 95% of the current revenue pressure being volume-driven, indicating the company is at the 'lower end of the mix trough'.

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    Fiona Shang's questions to Krystal Biotech (KRYS) leadership

    Fiona Shang's questions to Krystal Biotech (KRYS) leadership • Q2 2025

    Question

    Fiona Shang of Jefferies asked for clarification on whether the Q2 revenue growth was impacted by the Salesforce expansion and if future volatility would be offset by the full impact of the salesforce and the EU launch.

    Answer

    Chairman & CEO Krish Krishnan confirmed the sales team expansion had an incremental effect in Q2, alongside patients restarting therapy. He reiterated that the full impact will be felt over the next few quarters as hiring and training are completed.

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    Fiona Shang's questions to ARMSTRONG WORLD INDUSTRIES (AWI) leadership

    Fiona Shang's questions to ARMSTRONG WORLD INDUSTRIES (AWI) leadership • Q4 2024

    Question

    Fiona Shang, on behalf of Philip Ng, asked about the expected impact of steel and aluminum tariffs on the WAVE joint venture's 2025 earnings and the company's ability to offset costs with price increases. She also asked if Mineral Fiber volumes might inflect positively in 2026.

    Answer

    CEO Vic Grizzle stated the tariff impact is 'quite limited' due to a primarily North American supply chain and existing mitigation plans. CFO Chris Calzaretta quantified the impact as less than 1% on AWI's COGS. Regarding 2026, Mr. Calzaretta declined to provide guidance, preferring to see how 2025 unfolds first.

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    Fiona Shang's questions to CHB leadership

    Fiona Shang's questions to CHB leadership • Q2 2025

    Question

    Fiona Shang, on for Phil Ng, asked about the potential for unit upside from FEMA orders following the recent hurricanes and inquired about any recent movements in chattel mortgage rates.

    Answer

    Mark Yost, President and CEO, stated that the company has not yet received any orders from FEMA but noted that governments are actively assessing the situation. He also explained that chattel rates, which lag mortgage rates by about six months, are currently running north of 8% for well-qualified borrowers.

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    Fiona Shang's questions to Champion Homes (SKY) leadership

    Fiona Shang's questions to Champion Homes (SKY) leadership • Q2 2025

    Question

    Asked about the potential for FEMA orders following the recent hurricanes and whether there has been any recent movement in chattel mortgage rates.

    Answer

    The company stated they have not yet received any orders from FEMA. They confirmed that chattel rates lag mortgage rates and are currently running around 8-8.5% for good credit customers.

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