Deutsche Bank AG named Joe Lai as head of investment banking and capital markets for Asia-Pacific, as part of a senior leadership shake‑up in the advisory business, according to a memo. Lai will succeed Mayooran Elalingam , who will focus on senior client relationships and strategy development, according to the memo. A media representative at the bank confirmed content of the memo and declined to ...
Deutsche Bank AG named Joe Lai as head of investment banking and capital markets for Asia-Pacific, as part of a senior leadership shake‑up in the advisory business, according to a memo. Lai will succeed Mayooran Elalingam , who will focus on senior client relationships and strategy development, according to the memo. A media representative at the bank confirmed content of the memo and declined to comment further. The changes come at a time when Hong Kong and mainland China have become the focal point of dealmaking and revenue generation for global banks in Asia. The appointment underscores Deutsche Bank’s intent to strengthen its leadership bench and sharpen its focus on China. Lai, who joined in 2023, was most recently chairman of Asia investment banking and chief executive officer of Deutsche Bank Hong Kong. He was among a score of senior bankers who departed Credit Suisse Group after its takeover by UBS Group AG.
Ant DM/iStock Editorial via Getty Images Introduction Back when I first covered Shake Shack ( SHAK ), I highlighted their solid foundation, strong brand, industry-leading store-level returns, and robust growth despite the ongoing macro headwinds. As their aggressive expansion is accelerating and profitability is improving, SHAK remains a Buy, with the current valuation reflecting a significant dis...
Ant DM/iStock Editorial via Getty Images Introduction Back when I first covered Shake Shack ( SHAK ), I highlighted their solid foundation, strong brand, industry-leading store-level returns, and robust growth despite the ongoing macro headwinds. As their aggressive expansion is accelerating and profitability is improving, SHAK remains a Buy, with the current valuation reflecting a significant discount given the company's long-term potential. Aggressive Expansion Accelerates Shake Shack IR SHAK reported mixed Q4 results, with a beat on EPS despite missing the market's revenue estimates by a bit, while restaurant-level profit margins remained solid despite the ongoing macro weakness and pressure, with the free cash flow continuing its inflection, reaching ~$56.51 million in 2025 (compared to $35.66 million in 2024 and -$14.03 million in 2023). Meanwhile, their aggressive expansion advanced on both fronts, developing domestically and internationally by adding 45 new company-operated stores and 40 licensed ones (with a total of 5 closures), growing to 659 stores at the end of 2025 compared to 579 in 2024. Shake Shack IR As for the guidance, SHAK sees an accelerated growth rate in new openings, expecting between 55 and 60 company-operated openings and 40 and 45 licensed openings in 2026, with a slight improvement in restaurant-level profit margin on top. Meanwhile, the three-year financial targets see low teens growth rates in revenue and system-wide unit growth with at least 50 bps growth per year in margins, which is great for a company that's developing so fast, potentially leading to significant bottom-line growth that would outpace top-line. Shake Shack IR Financially, based on SHAK's latest report , they remain in a strong position, with current assets above their current liabilities and a manageable amount of debt (~$250 million worth of 0% convertible notes issued by their parent, SSE Holdings, due in March 2028), going for an asset-light business model given th...