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    Xin Ma

    Director and Equity Research Analyst at TD Securities

    Xin Ma is a Director and Equity Research Analyst at TD Securities, specializing in coverage of Canadian financial institutions with a particular focus on banks such as Royal Bank of Canada, Toronto-Dominion Bank, and Bank of Nova Scotia. Recognized for rigorous analysis and actionable investment recommendations, Ma has consistently delivered solid performance, earning positive reviews from institutional clients and maintaining a high accuracy rate in earnings forecasts and stock ratings according to industry tracking platforms. Xin Ma joined TD Securities in 2016 after prior experience in research roles at other leading Canadian financial services firms, and holds professional credentials including FINRA registrations and Canadian securities licenses. Throughout his career, Ma has gained recognition for thought leadership in the sector and his ability to identify market trends that generate above-benchmark returns.

    Xin Ma's questions to UNILEVER (UL) leadership

    Xin Ma's questions to UNILEVER (UL) leadership • FY 2024

    Question

    Xin Ma from TD Securities inquired about the improving trends in U.S. Personal Care, particularly Deodorants, and the consumer response to new innovations. She also asked about the P&L impact of rising egg prices on the mayonnaise business.

    Answer

    CEO Hein M. Schumacher attributed the positive momentum in U.S. Personal Care to successful premium innovations, including Whole Body Deodorants and the Dove serum body wash collection. On inflation, CFO Fernando Fernandez stated the company is committed to protecting the P&L and will use pricing to offset commodity costs, acknowledging a potential lag between cost increases and price implementation in the market.

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    Xin Ma's questions to UNILEVER (UL) leadership • Q4 2024

    Question

    Xin Ma, on for Rob Moskow, asked about the improved performance in U.S. Personal Care, specifically how Unilever addressed the super-premium deodorant segment. He also inquired about the impact of rising egg prices on the commodity inflation outlook and the P&L.

    Answer

    CEO Hein. M. Schumacher highlighted successful innovations like Whole Body Deodorants and the premium Dove serum body wash collection as key drivers of improved momentum in U.S. Personal Care. CFO Fernando Fernandez responded on inflation by stating the company is committed to protecting the P&L shape and will use pricing to offset commodity costs, though he acknowledged a potential time lag.

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    Xin Ma's questions to Tilray Brands (TLRY) leadership

    Xin Ma's questions to Tilray Brands (TLRY) leadership • Q3 2025

    Question

    Xin Ma, on for Rob Moskow, inquired about the specific drivers behind the 800-basis-point increase in cannabis gross margin and asked for clarification on craft beer sales trends and the brand hierarchy for marketing spend under Project 420.

    Answer

    CFO Carl Merton attributed the margin improvement primarily to a favorable product mix, including shifting sales to international markets and avoiding low-margin vape categories. Chairman and CEO Irwin Simon added that SKU rationalization impacts reported beer sales data and that marketing dollars are prioritized for major brands like Shock Top and SweetWater, often with a regional focus, such as Montauk in New York.

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    Xin Ma's questions to MOLSON COORS BEVERAGE (TAP) leadership

    Xin Ma's questions to MOLSON COORS BEVERAGE (TAP) leadership • Q3 2024

    Question

    Xin Ma, on for Rob Moskow, questioned the slowing growth of Simply Spiked and the long-term viability of such brand extensions. He also asked for an update on the performance of the new Happy Thursday brand versus internal expectations.

    Answer

    CEO Gavin Hattersley defended Simply Spiked as a $100 million brand and noted that flavor innovation, like the new Cranberry LTO, is key to meeting evolving consumer demand. Regarding Happy Thursday, he stated that while it's early, the brand is receiving positive feedback for hitting the Gen Z preference for bubble-free beverages, and the company is pleased with its first-mover advantage.

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