Brief Equities Bottom-Up: Nitta Gelatin (4977 JP): Q3 FY03/26 flash pdate and more
In this briefing: Nitta Gelatin (4977 JP): Q3 FY03/26 flash pdate Sea Ltd (SE US): Shopee Trading at Trough Valuations Primer: Seamec Ltd (SEAM IN) - Feb 2026 Snap-on Incorporated’s Power Surge: Are New Product Launches Igniting a Critical Industry Comeback? XPO’s 30% Excess Door Capacity—The Hidden Operating Leverage Ready for a Freight Rebound! 1. Nitta Gelatin (4977 JP): Q3 FY03/26 flash pdate Revenue for Q3 FY03/26 was JPY28.2bn, a 5.0% YoY decline, with operating profit rising 13.2% YoY. The company aims to enhance profitability and cash generation, focusing on gelatin, collagen peptide, and biomedical products. Revenue in Japan and North America declined, while India saw strong gelatin sales, boosting overall revenue. 2. Sea Ltd (SE US): Shopee Trading at Trough Valuations Sea Ltd’s current margin pressure is investment-driven, not price-war driven, with logistics expansion and loyalty programs weighing short-term but strengthening long-term platform economics. Shopee monetization remains intact with scaling ads and stable take-rates, while Gaming and DFS provide stable earnings and growth support, reducing reliance on near-term e-commerce margin recovery.