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

APAC IPOs & Placements, Aequitas Research

Clarence Chu

APAC IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

Cuscal Limited provides payment solutions. The Company offers payment platform, cards, digital payments, automated teller machine (ATMs) solutions, and other related services. Cuscal serves customers in Australia.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/cuscal-ltd" target="_blank" data-smartkarma-citation="entities:40209:1" rel="noopener">Cuscal (1229Z AU)</a> raised around A$337m (US$218m) in its Australia IPO.</li>
<li>Cuscal is an authorized deposit-taking institution (ADI) in Australia that primarily provides financial infrastructure and payment services in Australia.</li>
<li>We have looked at the company’s performance and valuation in our past notes. In this note, we talk about the trading dynamics.</li>
</ul>



Cuscal (1229Z AU) raised around A$337m (US$218m) in its Australia IPO.
Cuscal is an authorized deposit-taking institution (ADI) in Australia that primarily provides financial infrastructure and payment services in Australia.
We have looked at the company’s performance and valuation in our past notes. In this note, we talk about the trading dynamics.


Cuscal IPO Trading - Valuation Appears Reasonable

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Event-Driven

CAR Group Limited operates as a digital marketplace for vehicles. The Company provides a diversified portfolio of brands to sell and buy cars. CAR Group serves customers worldwide.

<ul>
<li>With the review period nearly complete, there could be one change for the S&amp;P/ASX 50 Index and one change for the <a href="https://www.smartkarma.com/entities/s-p-asx-200" target="_blank" data-smartkarma-citation="entities:22901:1" rel="noopener">S&amp;P/ASX 200 (AS51 INDEX)</a> in December.</li>
<li>Both deletes are also deletions from a global index next week and there could be short-term buying/covering opportunities on a drop in the stock price.</li>
<li>There has been a buildup of cumulative excess volume in all stocks over the last few months. There has been no increase in positioning in <a href="https://www.smartkarma.com/entities/car-group-ltd" target="_blank" data-smartkarma-citation="entities:701:1" rel="noopener">CAR Group (CAR AU)</a> recently.</li>
</ul>


With the review period nearly complete, there could be one change for the S&amp;P/ASX 50 Index and one change for the S&amp;P/ASX 200 (AS51 INDEX) in December.
Both deletes are also deletions from a global index next week and there could be short-term buying/covering opportunities on a drop in the stock price.
There has been a buildup of cumulative excess volume in all stocks over the last few months. There has been no increase in positioning in CAR Group (CAR AU) recently.


S&P/ASX Index Rebalance Preview (Dec 2024): Dexus and Spark NZ with Double Deletions

Pan-Asia Index Flows & Special Situations, Quiddity Advisors

Janaghan Jeyakumar, CFA

Pan-Asia Index Flows & Special Situations

Quiddity Advisors

Pan-Asia Catalysts/Events

<ul>
<li>In this insight, we take a look at our final expectations for index changes for ASX200, 100, 50, and 20 in the run-up to the December 2024 index rebal event.</li>
<li>We do not see any index changes for ASX 20 and ASX 100.</li>
<li>We expect one change for ASX 50 and one change for ASX 200.</li>
</ul>


In this insight, we take a look at our final expectations for index changes for ASX200, 100, 50, and 20 in the run-up to the December 2024 index rebal event.
We do not see any index changes for ASX 20 and ASX 100.
We expect one change for ASX 50 and one change for ASX 200.


Quiddity Leaderboard ASX Dec 24: Few Index Changes But High Impact

<ul>
<li>
<a href="https://www.smartkarma.com/entities/cuscal-ltd" target="_blank" data-smartkarma-citation="entities:40209:1" rel="noopener">Cuscal (1229Z AU)</a> is looking to raise A$337m (US$218m) in its Australia IPO.</li>
<li>Cuscal is an authorized deposit-taking institution (ADI) in Australia that primarily provides financial infrastructure and payment services in Australia.</li>
<li>In this note, we look at the updates since our last look-through and share our thoughts on valuation.</li>
</ul>



Cuscal (1229Z AU) is looking to raise A$337m (US$218m) in its Australia IPO.
Cuscal is an authorized deposit-taking institution (ADI) in Australia that primarily provides financial infrastructure and payment services in Australia.
In this note, we look at the updates since our last look-through and share our thoughts on valuation.


Cuscal IPO - Peers Have Traded Up, Decent Margin of Safety from Here