Company Overview - Mullen Group Ltd. is a public company with a significant history of acquiring companies in the transportation and logistics sectors, boasting one of the largest portfolios of logistics companies in North America [5] - The company provides a wide range of services including less-than-truckload, truckload, warehousing, logistics, transload, oversized, third-party logistics, and specialized hauling transportation [5] - Mullen Group also offers specialized services related to energy, mining, forestry, and construction industries in western Canada, such as water management, fluid hauling, and environmental reclamation [5] Annual Meeting Details - Mullen Group will host its Annual Meeting on May 6, 2025, at 3:00 PM MDT, which will be conducted virtually [1] - Registered shareholders and duly appointed proxyholders can attend, participate, and vote in real time, while non-registered shareholders can attend as guests but cannot vote or ask questions [2] - Shareholders are encouraged to vote prior to the meeting using methods outlined in the Management Information Circular [3] Additional Information - Further details regarding the meeting, including the business to be covered, can be found in the Circular and other materials filed on SEDAR+ and the company's website [4] - Mullen Group is listed on the Toronto Stock Exchange under the symbol "MTL" [6]

Core Viewpoint - The global financial markets are closely monitoring the potential impacts of President Trump's trade tariffs, which could affect stocks across various countries and sectors. Two scenarios are presented for retail investors to consider regarding their portfolio strategies [1][2]. Group 1: Trade Environment Scenarios - A challenging trade environment could lead to sustained global GDP growth slowdown, but this scenario is deemed less likely as effective de-globalization would require significant cuts to the world economy [2]. - A more probable scenario involves a resolution of trade issues between the United States and its trading partners, alleviating fears related to tariffs [2]. Group 2: Investment Opportunities - Three stocks are highlighted as strong investment opportunities once tariff fears subside: Alibaba Group (NYSE: BABA), West Fraser Timber Co. (NYSE: WFG), and Canadian National Railway (NYSE: CNI) [3]. - Alibaba Group is noted for its strong market position despite recent negative sentiment surrounding China's stock market, with a current price of $119.16 and a potential price target of $150.36, indicating a possible upside of 26% [4][7]. - West Fraser Timber, a major Canadian lumber exporter, is expected to recover as clarity returns to the market, with a current price of $72.75 and a price target of $100.40, suggesting a potential increase of 38% [8][11]. - Canadian National Railway is positioned to benefit from increased lumber production and exports, with a current price of $97.58 and a price target of $120.36, indicating a potential upside of 23% [13][15].

Investment Rating - The report maintains an Equal-weight (EW) stance on MSCI China within the global EM/APXJ framework [9]. Core Insights - The report anticipates higher near-term market volatility due to the US imposing additional tariffs on China, raising the total tariff rate to up to 65% [2][4]. - The A-share market is viewed as better positioned for hedging and diversification compared to the offshore market, as A-share investors are less sensitive to tariff changes [3]. - The direct impact on earnings from the tariffs is expected to be smaller than the overall drag on macroeconomic growth, with the MSCI China universe generating only 13% of its total revenue from markets outside China, and less than 3% from the US [7]. Summary by Sections Market Volatility - The report highlights that the recent tariff hikes could lead to elevated market volatility as the market adjusts to the potential economic impacts [2][4]. A-Share Market Positioning - The A-share market is recommended for investors seeking stability, as it has shown lower correlation with global markets and less volatility compared to offshore markets [3]. Earnings Impact - The report suggests that the overall drag on equity market earnings will be less severe than the impact on macro growth, primarily due to the limited revenue exposure of listed Chinese companies to the US market [7]. Companies with High US Revenue Exposure - A list of 30 companies with the highest revenue exposure to the US market is provided, indicating potential negative impacts on these companies in the near term [8]. Key Indicators to Monitor - The report advises monitoring the USDCNY exchange rate, signs of US-China negotiations, and any significant policy easing measures to stabilize domestic growth [9].

Summary of Earnings Call for Asia EM Equity Strategy Industry Overview - The earnings results for Emerging Markets (EM) and Asia Pacific excluding Japan (APxJ) in 4Q CY24 were generally in line with expectations, with EM showing a slight increase of +0.8% and APxJ at +1.5% [2][10] - Japan reported a strong earnings season with a notable increase of +13.7%, driven by a high net beat ratio of +23 percentage points [2][6] - China also showed positive momentum with earnings growth of +7.7% [3][6] Sector Performance - The Communication Services sector led the earnings surprises with a +15.2% increase, particularly driven by Telecom Services which saw a remarkable +36.0% [4][31] - Real Estate also performed well with an earnings surprise of +11.9% [31] - Conversely, the Materials sector faced significant challenges, reporting a decline of -15.2%, with Paper & Forest Products showing a major miss at -68.4% [4][31] - Utilities also underperformed with a -6.9% surprise [31] Regional Insights - EEMEA (Eastern Europe, Middle East, and Africa) reported a solid aggregate beat of +6.8%, with notable contributions from the United Arab Emirates (+12.6%), Saudi Arabia (+9.1%), and South Africa (+8.6%) [3][6] - In contrast, Latin America faced major misses, with an overall decline of -16.8%, primarily due to Brazil (-20.7%), Chile (-20.3%), and Mexico (-10.8%) [3][6] Key Stock-Level Surprises - A list of companies expected to see upward revisions in their earnings estimates includes: - Sea Ltd (Communication Services) with a market cap of $76.85 billion and a price target upside of 31% [5] - XPeng Inc. (Consumer Discretionary) with a market cap of $19.21 billion and an expected upside of 18% [5] - Tenaga Nasional (Utilities) showing a significant upside potential of 53% [5] Earnings Surprise Ratios - Japan's earnings surprise ratio was the highest at 13.7%, with 54% of companies reporting above expectations [6][25] - In contrast, Brazil had the lowest surprise ratio at -20.7%, with 28% of companies missing consensus [6][25] Additional Insights - The breadth of earnings surprises was weaker across EM and APxJ, with EM showing a -7 percentage point breadth and APxJ at -4 percentage points [2][6] - The overall revenue performance across the region slightly beat expectations, with EM at +1.8%, APxJ at +1.4%, and Japan at +1.9% [2][6] This summary encapsulates the key findings from the earnings call, highlighting the performance of various sectors and regions, as well as specific stock-level surprises that may present investment opportunities.