External broker reports(aggregated public sources), Canaccord Genuity

Canaccord Genuity

External broker reports(aggregated public sources)

Canaccord Genuity Group Inc. is a leading independent investment bank with operations in North America, UK & Europe and Asia-Pacific. Canaccord Genuity Group Inc. is a leading independent, full-service financial services firm. Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

Acusensus Limited provides traffic management solutions. The Company offers road safety and traffic enforcement solutions to address road safety challenges. Acusensus serves customers worldwide.

<div><div><div><div><ul style="list-style-type: disc;"><li><p>ACE held its AGM and released a trading update highlighting ongoing momentum in business performance with the company is tracking ahead of market expectations for FY25.</p></li><li><p>FY25TD revenue of $19.2m (+19% pcp, CGe FY25E revg. +14% to $57m), gross profit of $9.2m (+35% pcp, 48% margin, CGe 45% margin), and adj. EBITDA of $2.8m (+35% pcp, representing an EBITDA margin of 15%, CGe 11%).</p></li><li><p>Observing its trend through 1H25TD highlights strong revenue acceleration in October to +26% pcp, against its 1Q25 revg of +17% pcp, coupled with ongoing sales of its higher-margin products (FT25TD incremental gross profit margin 78%) driving operating leverage/accelerated investment.</p></li></ul></div></div></div></div><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

ACE held its AGM and released a trading update highlighting ongoing momentum in business performance with the company is tracking ahead of market expectations for FY25.FY25TD revenue of $19.2m (+19% pcp, CGe FY25E revg. +14% to $57m), gross profit of $9.2m (+35% pcp, 48% margin, CGe 45% margin), and adj. EBITDA of $2.8m (+35% pcp, representing an EBITDA margin of 15%, CGe 11%).Observing its trend through 1H25TD highlights strong revenue acceleration in October to +26% pcp, against its 1Q25 revg of +17% pcp, coupled with ongoing sales of its higher-margin products (FT25TD incremental gross profit margin 78%) driving operating leverage/accelerated investment.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Acusensus Ltd - Scale Building; Growth Accelerates Through FY25

External broker reports(aggregated public sources), Argonaut

Argonaut

Argonaut’s research focuses on Metals & Mining, Energy, Agribusiness, Businesses and Contractors that service the natural resource sector and select Industrial companies and where warranted, the research team covers special situations. Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Civmec Ltd. is an integrated multi-disciplinary construction and heavy engineering services provider to the oil and gas, mining and other industries, such as the infrastructure, utilities, chemical and power industries. The Company provides heavy engineering and other services including fabrication, site civil works, pre-cast concrete and maintenance services.

<ul><li>We initiate on Civmec with a BUY call and a $1.55 valuation. Civmec has grown to become a large business with key strategic assets anchoring growth.</li><li>These also support the bolder ambition to be a key player in the growing shipbuilding industry on the west coast.</li><li>Civmec is a multidisciplinary construction and engineering services provider to the Energy, Resources, Infrastructure, Marine and Defence sectors</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

We initiate on Civmec with a BUY call and a $1.55 valuation. Civmec has grown to become a large business with key strategic assets anchoring growth.These also support the bolder ambition to be a key player in the growing shipbuilding industry on the west coast.Civmec is a multidisciplinary construction and engineering services provider to the Energy, Resources, Infrastructure, Marine and Defence sectorsContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Civmec (CVL) - Key Strategic Locations – Initiation

<ul><li>Delays in awards this half are expected to impact activity levels in 2H25 and we have pulled back our FY25 EBITDA forecast by 4% as a result.</li><li>As an offset, the contract award of a $90-100M shiploader as an OEM demonstrates one of a range of opportunities for longer-term growth.</li><li>We maintain a BUY call on a revised valuation of $1.52 (prior $1.55).</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Delays in awards this half are expected to impact activity levels in 2H25 and we have pulled back our FY25 EBITDA forecast by 4% as a result.As an offset, the contract award of a $90-100M shiploader as an OEM demonstrates one of a range of opportunities for longer-term growth.We maintain a BUY call on a revised valuation of $1.52 (prior $1.55).Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Austin Engineering Limited manufactures steel products.  The Company produces structural steel and pipe work and fabricates steel plate along with operating blasting and painting facilities.

<ul>
<li>We initiate on Austin with a BUY call and a $0.70 valuation.</li>
<li>The Austin 2.0 strategy, supported by a sound balance sheet, has been well executed to date.</li>
<li>We expect scale, process efficiencies, and design leadership to underpin Austin’s future growth.</li>
</ul>
<p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>


We initiate on Austin with a BUY call and a $0.70 valuation.
The Austin 2.0 strategy, supported by a sound balance sheet, has been well executed to date.
We expect scale, process efficiencies, and design leadership to underpin Austin’s future growth.

Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Austin Engineering (ANG) - All Regions Firing – Initiation

External broker reports(aggregated public sources), CMB International

CMB International

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

iQIYI, Inc. offers video entertainment services. The Company provides movies, television dramas, variety shows, and other video contents. iQIYI offers services worldwide.

<ul><li>iQiyi reported 3Q24 financial results: total revenue declined by 10% YoY to RMB7.2bn, in line with Bloomberg consensus and our estimate; non-GAAP net income was down by 23% YoY to RMB480mn, ahead of consensus/our estimate of RMB266/426mn primarily due to better-than-expected opex control and foreign exchange gains.</li><li>Looking ahead in 4Q24E, we forecast total revenue to decline by 14% YoY and 8% QoQ, primarily due to the lighter content slate and soft consumption sentiment.</li><li>That said, we expect non-GAAP operating income to be largely flattish QoQ at RMB368mn in 4Q24E, thanks to iQiyi’s prudent cost and opex control. </li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

iQiyi reported 3Q24 financial results: total revenue declined by 10% YoY to RMB7.2bn, in line with Bloomberg consensus and our estimate; non-GAAP net income was down by 23% YoY to RMB480mn, ahead of consensus/our estimate of RMB266/426mn primarily due to better-than-expected opex control and foreign exchange gains.Looking ahead in 4Q24E, we forecast total revenue to decline by 14% YoY and 8% QoQ, primarily due to the lighter content slate and soft consumption sentiment.That said, we expect non-GAAP operating income to be largely flattish QoQ at RMB368mn in 4Q24E, thanks to iQiyi’s prudent cost and opex control. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

IQIYI (IQ US) - Short-Term Headwind Continues; Strategic Upgrades to Drive Long-Term Growth

Asia (APAC)
Insights on Asia Pacific (APAC)

Acusensus Ltd - Scale Building; Growth Accelerates Through FY25

ACE held its AGM and released a trading update highlighting ongoing momentum in business performance with the company is tracking ahead of market...

Canaccord Genuity

Civmec (CVL) - Key Strategic Locations – Initiation

We initiate on Civmec with a BUY call and a $1.55 valuation. Civmec has grown to become a large business with key strategic assets anchoring growth.

Argonaut

Civmec (CVL) - Award Delays to Impact 2H

Delays in awards this half are expected to impact activity levels in 2H25 and we have pulled back our FY25 EBITDA forecast by 4% as a result.

Argonaut

Austin Engineering (ANG) - All Regions Firing – Initiation

The Austin 2.0 strategy, supported by a sound balance sheet, has been well executed to date. We expect scale, process efficiencies, and design...

Argonaut

IQIYI (IQ US) - Short-Term Headwind Continues; Strategic Upgrades to Drive Long-Term Growth

iQiyi reported 3Q24 financial results: total revenue declined by 10% YoY to RMB7.2bn, in line with Bloomberg consensus and our estimate

CMB International