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    Yvonne Chow

    Research Analyst at Nan Fung Trinity

    Yvonne Chow is Vice President at Nan Fung Trinity, specializing in investment research for consumer and travel equities, with a focus on public securities. She covers a range of major consumer and travel companies in Asia, leveraging a strong performance record built through roles at leading firms such as Morgan Stanley—where she served as VP Equity Research—First Impression Limited as Investment Director, JPMorgan Chase as Equity Research Associate, and ABN AMRO Bank as Equity Research Analyst. Yvonne began her financial career after earning a Master of Engineering from the University of Cambridge, joining Nan Fung Trinity in 2019 after accumulating over a decade of equity research experience at global banks and investment firms. She operates under a firm licensed by the Hong Kong Securities and Futures Commission for Dealing in Securities, Advising on Securities, and Asset Management, and is recognized for rigorous financial analysis and due diligence in her coverage universe.

    Yvonne Chow's questions to Dufry AG/ADR (DUFRY) leadership

    Yvonne Chow's questions to Dufry AG/ADR (DUFRY) leadership • Q2 2021

    Question

    Yvonne Chow sought clarification on whether the sustainable, long-term cost savings target remains at CHF 400 million, despite higher savings being achieved in the current year.

    Answer

    CEO Julián Díaz confirmed that the permanent, sustainable cost savings target is indeed CHF 400 million, comprised of CHF 280 million from personnel and the remainder from operational expenses. He affirmed that the higher savings seen currently are temporary.

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    Yvonne Chow's questions to Dufry AG/ADR (DUFRY) leadership • Q4 2020

    Question

    Yvonne Chow of Nan Fung Trinity requested a re-confirmation and detailed clarification of the various components that contributed to the 2020 gross margin write-off.

    Answer

    CEO Julián Díaz clarified the ~600 basis point drop in gross margin. He broke it down as follows: 1.5% from discounts and promotions, 3.5% from inventory obsolescence and liquidation (e.g., chocolate), 1.5% from the increased mix of lower-margin wholesale business, and 0.3% from transportation inefficiencies. He reiterated that while the margin will be 100-200 bps below 2019 levels in 2021, it is expected to fully recover by 2022.

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