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    Setu Sharda

    Senior Analyst at Barclays

    Setu Sharda is a Senior Analyst at Barclays specializing in financials and emerging markets, with a particular focus on companies such as Lion Finance Group (BGEO), TBC Bank, and AAK AB. His investment calls have generated average returns of over 500% for covered companies across three years, with TipRanks data showing a success rate of 41.67% on his public recommendations. Sharda has been publishing research on regional banks and financial institutions since at least 2022, joining Barclays after prior experience with in-depth macro and earnings cycle analysis. He holds professional credentials required for analyst roles at global investment banks, including relevant securities licenses and regulatory registrations.

    Setu Sharda's questions to ARHUF leadership

    Setu Sharda's questions to ARHUF leadership • Q1 2025

    Question

    Asked about end-market volume trends for Food Ingredients, the sustainability of driving margins with declining volumes, the definition and proportion of non-specialty oils, and the potential indirect impact of U.S. tariffs on palm oil competitiveness.

    Answer

    The company declined to forecast end-market volumes but stated that driving margins while losing some low-profit volume is a sustainable, strategic balancing act. Non-specialty ('industrial') oils constitute about 10% of group volume and are mainly low-margin side streams. Regarding tariffs, they see potential for customer reformulation as an opportunity due to their broad oil portfolio and believe the impact is manageable, as raw material prices have seen larger fluctuations in the past.

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