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Oliver Chang

Research Analyst at Morgan Stanley

Oliver Chang is the former Head of US Housing Strategy at Morgan Stanley, where he served as a senior member of the Global Securitized Products research team specializing in the U.S. housing market and mortgage-related securities. At Morgan Stanley he analyzed home price dynamics, housing supply and foreclosure trends, mortgage credit, and the link between home prices and mortgage performance, helping institutional investors and government agencies navigate complex housing and securitization exposures with research that was widely cited by major media outlets and industry observers. Earlier in his career, Chang worked as a mortgage credit analyst and also traded home price derivatives on Morgan Stanley’s securitized products trading desk, building deep expertise in mortgage risk and structured products that informed his later strategy work. He holds a BS from Cornell University and an MBA from Columbia Business School, underscoring his technical and analytical credentials in finance and housing markets.

Oliver Chang's questions to REV Group (REVG) leadership

Question · Q4 2025

Oliver Chang asked about the dynamics of specialty vehicle orders, specifically inquiring about the pricing versus volume mix for 2028 shipments and the flow-through of pricing for units already in the backlog for fiscal years 2026 and 2027. He also questioned if tariffs have led to market share shifts favoring domestic trucks.

Answer

President and CEO Mark Skonieczny noted encouraging order rates and a full-year book-to-bill ratio over 1.1x, consistent with expectations, but declined to provide forward-looking modeling for 2026/2027. CFO Amy Campbell clarified that most fire and emergency competitors are North American-based with similar cost structures, suggesting no material competitive advantage or loss due to tariffs.

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