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3 weeks ago | 
research.nvidia.com | Yu Yang |Yonggan Fu |Xin Dong |Dan Su
Abstract Pre-training datasets are typically collected from web content and lack inherent domain divisions. For instance, widely used datasets like Common Crawl do not include explicit domain labels, while manually curating labeled datasets such as The Pile is labor-intensive. Consequently, identifying an optimal pre-training data mixture remains a challenging problem, despite its significant benefits for pre-training performance.
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Dec 5, 2024 | 
morningstar.ca | Dan Su
Key Morningstar Metrics for DollaramaFair Value Estimate: C$106.00Morningstar Rating: 1 starEconomic Moat: NarrowMorningstar Uncertainty Rating: MediumWe are encouraged by Dollarama’s DOL announcement that it will build a new distribution center in Calgary by fiscal 2028. This should speed up store expansion in underpenetrated Western Canada and ease reliance on the traditional strongholds of Quebec and Ontario, where we see risks of saturation after 30 years of growth.
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Nov 25, 2024 | 
morningstar.ca | Dan Su
We initiate coverage on Canadian dollar store chain Dollarama with a narrow economic moat rating based on the retailer’s intangible assets as well as cost advantages from its sourcing and distribution scale. Our fair value estimate stands at C$106 per share, which implies 16 times enterprise value to 2026 adjusted EBITDA. Shares look expensive trading at a 39% premium to our intrinsic valuation.
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Nov 25, 2024 | 
morningstar.com | Dan Su
We expect Keurig Dr Pepper to generate excess investment returns aided by intangible assets and scale benefits in its soft drink portfolio and entrenched retail and brand partner relationships in its coffee business for the next 10 years and thus award it a narrow economic moat rating.
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Nov 15, 2024 | 
morningstar.com | Dan Su |Ari Felhandler
Celsius has amassed impressive volume share gains in the North American functional and reduced sugar energy drink category in recent years, surpassing $1.3 billion in sales in 2023 from just $75 million in 2019.
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Oct 30, 2024 | 
morningstar.com | Dan Su
We think chair and CEO Marc Puig has done a commendable job sharpening Puig’s premium focus and expanding its brand collection through acquisitions, thus positioning the small beauty product maker well to benefit from premiumization trends globally. That said, we’re not convinced Puig has carved out an economic moat, given its lack of brand intangibles and small scale relative to moaty peers L'Oréal and Estée Lauder.
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Oct 24, 2024 | 
morningstar.com | Dan Su
Despite headwinds from consumer belt-tightening and geopolitical uncertainties, Coca-Cola KO delivered solid third-quarter results, including 9% growth in organic sales and 5% growth in comparable earnings per share. The resilient performance reaffirmed our constructive view on Coke’s long-term growth outlook, underpinned by its total beverage portfolio strategy and unwavering commitment to product innovation and brand investment.
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Oct 16, 2024 | 
morningstar.com | Dan Su
Wide-moat Constellation Brands STZ is having a tough 2024: While beer sales of Corona and Modelo have been solid, its wine and spirits business is struggling due to ongoing consumer belt-tightening and a lack of top brands. It’s no wonder, then, that while consumer defensive stocks as a group look overvalued today, Constellation’s stock looks cheap, trading 16% below our fair value estimate.
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Oct 3, 2024 | 
morningstar.com | Dan Su
As the majority shareholder of Canada’s largest retailer Loblaw as well as leading real estate investment trust Choice Properties, George Weston capitalizes on resilient consumer demand for groceries and pharmacy services, and benefits from synergies between the two operating subsidiaries.
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Sep 27, 2024 | 
morningstar.com | Dan Su
As the largest retailer in Canada, Loblaw boasts well-recognized grocery and drugstore banners and a sizable loyalty program that drives strong consumer engagement. However, we think the firm has not carved out an economic moat based on either intangible assets or cost advantage, given its sales concentration in commoditized food retail, where low prices reign as the major point of differentiation.
