reports
- Sid Rajeev
Efficiency Outweighs Revenue Headwinds
KIDZ.V (TSX) / KDOZF (NASDAQ) Q3-2024 Highlights. Revenue fell 19% YoY, missing estimates by 9%, but EPS improved due to higher margins and cost reductions. KIDZ is poised to benefit from stricter ad regulations like COPPA 2.0 and aims to expand its audience with Prado, a new ad platform for teens and parents. With a strong Q4 rebound expected and trading at a 72% discount to peers (EV/R 0.9x vs 3.03x), KIDZ shows potential for long-term growth. Read the full report for insights.
- Sid Rajeev
Q3 Disappoints, But Consumer Demand Shifts to Affordable Competitors
This report provides an in-depth analysis of Zepp Health Corporation's (NYSE: ZEPP) Q3-2024 performance, highlighting a 4% QoQ revenue increase but a 49% YoY decline due to lower unit sales and product discontinuations. The report examines the launch of the T-Rex 3 smartwatch, supply chain constraints, and Zepp's competitive positioning in the global smartwatch market. It also discusses management's optimistic Q4 guidance, industry trends, and the valuation discrepancy between Zepp's market cap ...
- Sid Rajeev
Production Growth in Uzbek Gas Fields Signals Strong 2025 Outlook
CDR, one of our top picks, has gained 28% since we initiated coverage in early October 2024. In Q3-2024, production, revenue, and operating netback remained flat QoQ, aligning with our estimates. The company’s 20-year contract with the Government of Uzbekistan to operate eight gas fields provides stability, supported by regulated natural gas pricing. While EBITDA declined 4% QoQ due to higher G&A expenses, production techniques proved effective, offsetting natural decline rates. Current producti...
- Sid Rajeev
Dividend Delight in a Challenging Market
Atrium Mortgage Investment Corporation (TSX: AI), one of our top picks, reported record mortgage receivables of $926M in Q3 2024, despite sluggish sector activity and a 50% YoY decline in loan advancements. Revenue dipped 3% YoY due to declining lending rates, but EPS rose 4% on lower loan loss provisions. The company is reducing portfolio risk by focusing on lower-risk property types like single-family residential and income-producing commercial properties. With expected BoC rate cuts and risin...
High-Potential Gold Projects with Proven Leadership – Initiating Cover...
Austin Gold has assembled three early-stage gold projects across Nevada and Oregon, targeting promising mineral-rich areas. Key projects include the Lone Mountain and Kelly Creek sites in Nevada, one of the world's most mining-friendly jurisdictions, and the Stockade Mountain project in Oregon, which has shown high-grade gold and silver potential. The company is led by a team with a 50% ownership stake and extensive experience in mining, exploration, and high-profile acquisitions, with notable p...
- Sid Rajeev
Anticipating Significant Resource Expansion / Raising Our Fair Value E...
Western Exploration Inc. (TSXV: WEX / OTC: WEXPF) has made substantial progress at its Aura gold-silver project in Nevada, which includes three deposits: Doby George, Wood Gulch, and Gravel Creek. The project currently hosts indicated resources of 652 Koz gold equivalent (AuEq) and inferred resources of 665 Koz AuEq. Notably, Doby George's near-surface oxide resources are amenable to heap leach processing, offering potential for lower operational and capital expenses, with recent tests showing i...
- Sid Rajeev
Posts Record Revenue, Eyes Continued Growth
Delivra Health Brands Inc. (TSXV: DHB / OTCQB: DHBUF) achieved record revenue in FY2024, growing 26% year-over-year, largely driven by strong U.S. sales of its Dream Water sleep aid products. The company expanded its product line with Dream Water Sleep Gummies and Dream Water Immunity Shots, contributing to increased distribution across 30,000+ retail locations, including major chains like Walmart, Kroger, and Shoppers Drug Mart, and e-commerce platforms such as Amazon and Shopify. U.S. and Midd...
- Sid Rajeev
Record Revenue / EPS Turns Positive - Monument Mining Limited (TSXV: M...
Monument Mining Limited (TSXV: MMY / FSE: D7Q1) has achieved record revenue and turned positive on earnings per share (EPS) in FY2024, supported by a significant 335% increase in gold production at its Selinsing mine in Malaysia. The company remains undervalued, trading at a substantial discount to the sector average despite a recent 72% share price increase. With a strong cash position and no debt, Monument is positioning itself for future growth, including exploration plans at its Murchison pr...
- Sid Rajeev
Significant Drilling Progress; Targeting Untested Areas Next
North Peak Resources Ltd. (TSXV: NPR / OTC: BTLLF) has made significant progress at its Prospect Mountain Mine Complex (MMC) in Nevada since August 2023. The project, located in the historic Eureka mining district, is adjacent to i-80 Gold’s Ruby Hill project and McEwen Mining’s Eureka property. Recent drilling activities, which included 28 holes totaling 4,352 meters, identified two key mineralized zones—Wabash and Williams—featuring high-grade gold intercepts and promising long intervals. Thes...
- Sid Rajeev
A Gas Producer Pioneering LNG & Lithium Exploration in Central Asia – ...
Condor Energies Inc. (TSX: CDR/OTC: CNPRF) has made significant strides in Central Asia's energy sector. In early 2024, the company secured rights to eight natural gas fields in Uzbekistan, which currently produce 60,000 mcf/d, positioning Condor as a key gas producer in the region. Their 20-year contract with the Uzbek government includes plans to enhance production with Western technology, which has already led to a revenue surge in Q2-2024. Additionally, Condor is developing Kazakhstan’s fir...
- Sid Rajeev
FY2024 Breaks Records; Lower Rates Enhance Appeal
AWM Diversified Mortgage Investment Corporation had a record-breaking FY2024, with mortgage receivables reaching $243M, a 9% increase, and a yield of 8.7%, exceeding expectations. The MIC, which focuses on first/second mortgages for single-family residential units, achieved record revenue and net income, with net income up 20% YoY. The majority of the mortgages are concentrated in Ontario (58%), followed by Alberta (26%) and British Columbia (16%). Despite a slight increase in impaired mortgages...
- Sid Rajeev
A Compelling M&A Target Near Africa’s Largest Gold Mine
Loncor Resources (LN) is advancing its Imbo project in the Democratic Republic of the Congo, located 220 km from Barrick’s Kibali mine, the largest gold mine in Africa. The project includes three open-pittable deposits, with the flagship Adumbi deposit hosting a 3.7 Moz gold resource at 2.3 g/t. A 2021 Preliminary Economic Assessment (PEA) for Adumbi returned a $600M NPV and 25% IRR at $1,600/oz gold, with significant upside potential. Loncor is trading at just 6% of its NPV, and analysts note i...
- Sid Rajeev
Lower Rates Drive Growth Prospects / Posts Record Q2 Revenue
Builders Capital Mortgage Corp. (TSXV: BCF) achieved record Q2-2024 revenue, growing 3% year-over-year despite lower-than-expected mortgage advancements. However, earnings per share remained flat due to increased loan loss provisions. The company maintained its annual dividend of $0.80/share, yielding 8.9%. Notably, impaired mortgages decreased, improving the portfolio’s risk profile, while management increased loan loss allowances for conservatism. BCF is pursuing a $50M bond financing to suppo...
- Sid Rajeev
Transforms into a Polymetallic Play, Attracting Robert Friedland & Rob...
Power Nickel Inc. (TSXV: PNPN / OTC: PNPNF) has surged 170% since January 2024, driven by the discovery of the high-grade polymetallic Lion zone at its Nisk project in Quebec. The company has secured $20M in equity financing from prominent industry figures like Robert Friedland and Rob McEwen. Two key zones have been identified: the nickel-rich Nisk Main deposit and the polymetallic Lion zone. Drilling at Lion revealed significant grades of copper, nickel, PGMs, gold, and silver, suggesting the ...
- Sid Rajeev
Revenue & EPS Beat / Products Gaining Traction Quickly
Pixie Dust Technologies (NASDAQ: PXDT) reported a 41% year-over-year revenue increase for FY2024, reaching ¥993M ($6.3M), surpassing estimates by 10%. The growth was driven by higher sales of its flagship products, SonoRepro and kikippa. Despite the revenue gains, EBITDA and EPS remained negative, impacted by a 20% rise in G&A expenses due to increased marketing efforts. Pixie has commercialized six products in the last two years, including innovative solutions for hair growth, hearing assistanc...
- Sid Rajeev
Positive Outlook Amidst Rate Cuts
Yorkton Equity Group Inc. (TSXV: YEG) has seen an 18% rise in stock price since June 2024, with Q2 revenue and EBITDA showing significant growth, driven primarily by property acquisitions. Revenue increased by 36% YoY, and EBITDA grew by 58% YoY. The company turned positive on EPS, though higher interest expenses led to a slight miss on estimates. YEG owns $128M in real estate, with higher valuations driven by improved residential rents and occupancy rates. As interest rates continue to decrease...
- Sid Rajeev
Revenue Dip, Cost-Cutting Success, Eyeing H2 Recovery
Zepp Health Corporation (NYSE: ZEPP) experienced a significant revenue decline in Q2-2024, down 56% year-over-year, missing estimates due to lower-than-expected unit sales and the discontinuation of low-margin products. Despite the drop, cost-cutting measures led to an improvement in EBITDA, though it remained negative. The global smartwatch market also saw a 9% decline in shipments, impacting Zepp’s performance. However, the company is optimistic about a recovery in the second half of the year,...
- Sid Rajeev
Well-Positioned to Navigate Headwinds from Falling Rates
Olympia Financial Group Inc. (TSX: OLY) reported a 5% year-over-year increase in revenue for Q2-2024, driven by higher interest rates and client assets under management. However, revenue missed estimates by 4% due to earlier-than-expected rate cuts by the Bank of Canada. Earnings per share (EPS) declined by 1% year-over-year and fell 12% below estimates. Client assets grew by 1.2% quarter-over-quarter to $11.5 billion. While dividends remained flat quarter-over-quarter, they increased by 33% yea...
- Sid Rajeev
Strategic Pivot: Shifting Focus from Mexico to Idaho’s Silver Valley
Silver Dollar Resources Inc. (SLV) has strategically shifted its focus from Mexico to Idaho’s Silver Valley by acquiring the Ranger-Page silver-polymetallic project. This move diversifies SLV’s portfolio geographically, mitigating risks associated with potential regulatory changes in Mexico. The newly acquired project, located in a historically rich mining district, is drill-ready and fully funded, with significant near-surface targets. While SLV will prioritize Ranger-Page, limited resources wi...
- Sid Rajeev
Market Overreaction to Q2 Presents Attractive Entry Points
Kidoz Inc. (TSXV: KIDZ / OTC: KDOZF) reported a 12% year-over-year decline in Q2 revenue, missing estimates due to lower ad spending. Despite the revenue drop, the company improved its EPS, driven by higher gross margins and reduced G&A expenses. Major digital ad platforms also experienced slower growth in Q2. However, ad spending is expected to rise in Q4, supported by cooling inflation and potential rate cuts. Kidoz is expected to benefit from new U.S. COPPA 2.0 regulations, which could drive ...
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