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EMS Players Face Challenges Amid Tech Growth

The electronics manufacturing services (EMS) sector in Malaysia has seen mixed performance in 2024 despite being part of the broader tech upcycle, with rising costs, inflation, and supply chain disruptions offsetting growth from increased global demand and outsourcing trends. Key EMS Performances Winners : SKP Resources Bhd  (+76% YTD) V.S. Industry Bhd  (+47% YTD) NationGate Holdings Bhd  (+51% YTD) P.I.E. Industrial Bhd  (+29% YTD) Strugglers : ATA IMS Bhd  (-8% YTD) JHM Consolidation Bhd  (-36% YTD) Growth Drivers and Challenges Diversification Opportunities : The China+1 and Taiwan+1 strategies have positioned Malaysian EMS players to gain market share. However, reliance on major customers, such as Dyson, continues to be a concern. Cost Pressures : High inflation and production costs have affected profit margins. Company Highlights SKP Resources : Recorded a  27% y-o-y net profit increase , benefiting from a recovery in consumer demand. V.S. Indust...
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Ulta Beauty Stock Falls on Downgrade Amid E-Commerce Challenges

Shares of Ulta Beauty (ULTA.US) dropped 2.6% to $334.33 on Thursday following a downgrade by William Blair analyst Dylan Carden, highlighting concerns over the company’s shift to online commerce and broader challenges in the beauty industry.

Key Highlights

  • Stock Performance: Ulta shares are down 31.9% year-to-date, on track for their worst year since 2008, when they fell 51.72%.
  • Analyst Downgrade: Carden downgraded Ulta from Outperform to Market Perform after reassessing expectations set during the company’s Analyst Day on Oct. 16.

Analyst Concerns

  1. Overoptimistic Projections for 2025:

    • Consensus estimates for 2025 comparable sales and operating margin assume an early inflection in the beauty market that may not materialize.

  2. Impact of E-Commerce:

    • The shift to online shopping poses a long-term threat to Ulta’s retail stores, introducing “heightened, more dynamic competition” and potential market share erosion.
    • As prestige brands expand online, Ulta risks either losing share to competitors or cannibalizing its in-store business to sustain demand.

  3. Changing Consumer Behavior:

    • While beauty has traditionally been resilient to online trends due to its try-on and services-based nature, the industry is entering what Carden described as the "most damning phase" of e-commerce disruption.

CEO Commentary

  • David Kimbell, Ulta CEO: Acknowledged during a May earnings call that digital penetration is growing, challenging the company’s market share.
  • Prestige brands have increasingly expanded their online availability, affecting Ulta’s performance in recent quarters.

What’s Next for Ulta?

  • The company offers over 500 brands across cosmetics, skincare, fragrance, and hair care, with salons in every store. However, it faces a critical juncture to balance its retail and digital strategies without undermining profitability.
  • The coming years will be crucial to understanding the full impact of e-commerce on the beauty category and Ulta’s ability to adapt to a rapidly evolving market.

Ulta Beauty’s challenges reflect broader trends in the retail sector, where the shift to online shopping is disrupting traditional store models. Investors will be watching closely to see how the company navigates this transformation.

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