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With both K+N and DSV reporting their Q1 numbers last week, a lot of interesting discussions with industry friends ensued, with some rough analysis on the numbers as well as the actual data (see links below). While profits dropped, they were still not too bad, and both seem to be managing the down cycle favourably, with buying cost dropping faster than selling rates, providing them an uptick on gross margins during the quarter.

However, I do remain a marketshare guy, and ...

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