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    Gabriel Leung

    Research Analyst at Beacon Securities

    Gabriel Leung is a Managing Director, Research, Technology at Beacon Securities, specializing in technology equities with a primary focus on Canadian SaaS and technology-driven healthcare companies. He covers firms such as WELL Health Technologies and Avante, providing in-depth research and investment recommendations that have contributed to outperformance, as evidenced by Beacon's price target calls and company earnings trends. Leung brings over two decades of industry experience, having earned a Bachelor of Commerce in International Business from the University of Toronto in 1998, and he joined Beacon Securities after several prior analyst and leadership roles in capital markets. His professional credentials include rigorous industry and regulatory training, reflecting his standing within Canada's investment research community.

    Gabriel Leung's questions to Sabio Holdings (SABOF) leadership

    Gabriel Leung's questions to Sabio Holdings (SABOF) leadership • Q1 2025

    Question

    Gabriel Leung of Beacon Securities Ltd. inquired about the expected milestones and revenue contributions from new offerings like Creator TV and programmatic advertising. He also asked about the potential impact of broader ad-tech volatility on Sabio's business, one-time expenses related to the Vidillion to AWS migration, and future plans for sales and marketing investments.

    Answer

    Executive Aziz Rahimtoola stated that key milestones for Creator TV include new distribution platform announcements, which will increase scale, revenue, and margins. He projected programmatic advertising would show significant traction starting in Q2. CFO Sajid Premji added that performance marketing is also expected to contribute several million dollars in revenue. Regarding market volatility, Rahimtoola noted no direct impact from search-related issues, as Sabio operates in CTV/OTT, and expects a long-term benefit as budgets shift towards them. Premji explained that one-time cloud costs are still being finalized but are trending down. Rahimtoola confirmed that the company will continue to invest in its sales force to pursue growth opportunities rather than optimizing for EBITDA.

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    Gabriel Leung's questions to Sabio Holdings (SABOF) leadership • Q4 2024

    Question

    On behalf of Gabriel Leung, the operator asked about recent changes in advertiser demand, the expected revenue contribution from new offerings like programmatic and Creator TV, feedback on Creator TV from partners, and the company's strategy for navigating difficult year-over-year comparisons in the second half of 2025.

    Answer

    Executives Sajid Premji and Aziz Rahimtoola confirmed they have not seen any degradation in advertiser demand. Sajid Premji stated they are modeling single-digit percentage revenue contributions from new products in 2025, with more significant impact expected in 2026, and noted that international growth could more than double. Regarding difficult comps, Sajid Premji highlighted a more predictable sales model, expanded geographical reach, and a diversified product mix as key advantages. Aziz Rahimtoola added that the company began hiring new sellers in late 2024 to prepare for these comps, expressing confidence in their strategy barring any major impact from tariffs.

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    Gabriel Leung's questions to Sabio Holdings (SABOF) leadership • Q4 2024

    Question

    Asked about recent trends in advertiser demand, the expected revenue contribution from new offerings like programmatic and Creator TV, feedback on Creator TV from partners, and the company's ability to achieve year-over-year growth in the second half of 2025 against difficult comps.

    Answer

    The company has not seen any recent degradation in advertiser demand. New offerings are modeled for a single-digit percentage contribution in 2025, with international growth seen as a more significant near-term driver. Feedback on Creator TV is positive, but it's too early for substantive viewership data. Management is optimistic about H2 growth despite tough comps, citing a more predictable sales model, new products, international expansion, and new sellers, though potential tariff impacts remain an uncertainty.

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    Gabriel Leung's questions to ZEDCOR (ZDCAF) leadership

    Gabriel Leung's questions to ZEDCOR (ZDCAF) leadership • Q1 2025

    Question

    Gabriel Leung asked how Zedcor is balancing its rapid pace of growth against profitability at its current scale and whether the company has the organizational bench strength to manage this expansion. He also inquired about plans for further U.S. expansion and the potential for M&A versus organic growth.

    Answer

    Executive Amin Ladha responded that the primary focus is on growth, and while they will take opportunities to expand in major markets, they will not let EBITDA margins fall below 30%. President and CEO Todd Ziniuk affirmed confidence in their organizational structure and culture, noting they are adding service techs and building out a U.S. operations center. On M&A, Amin Ladha explained that it is currently challenging due to high valuation expectations and potential mismatches in equipment quality and company culture, making organic growth the preferred path.

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    Gabriel Leung's questions to ZEDCOR (ZDCAF) leadership • Q4 2024

    Question

    Sought clarification on the nature of enterprise customer opportunities, asking if they are primarily displacing competitors and what factors are driving clients to seek alternatives.

    Answer

    The company responded that enterprise opportunities are a mix of competitive displacement and new demand. Key differentiators driving clients to them include superior service levels, frustration with incumbents' long-term contracts, and their stand-alone, cyber-secure solution which does not require access to a client's internal network, a significant advantage for large corporations.

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    Gabriel Leung's questions to ZEDCOR (ZDCAF) leadership • Q4 2024

    Question

    Gabriel Leung from Beacon Securities asked about the competitive dynamics of enterprise sales, specifically whether opportunities with Walmart and Kroger were competitive displacements and what factors would cause a client to switch providers.

    Answer

    CEO Todd Ziniuk identified superior service levels and a flexible, client-focused approach as key differentiators, contrasting with competitors who may lock clients into long-term contracts with declining service. He also highlighted a critical technical advantage: Zedcor's towers use their own cellular connectivity, avoiding the client's internal network, which is a major cybersecurity benefit for large enterprises. Executive Amin Ladha noted that G&A investments are rising to support these cybersecurity and back-end capabilities.

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    Gabriel Leung's questions to ZEDCOR (ZDCAF) leadership • Q3 2024

    Question

    Gabriel Leung from Beacon Securities inquired about the U.S. expansion, asking for color on the sales cycle, the ease of signing new clients, and whether competitive wins are driven by price or features, particularly against other security tower providers. He also asked for an update on the Canadian sales team and whether future growth there will come from new customers or deeper penetration with existing ones.

    Answer

    CEO Todd Ziniuk detailed that the U.S. sales cycle involves direct outreach and educating clients on their superior, in-house monitored product, which he compared to an 'iPhone' versus competitors' 'flip phones.' He emphasized that wins are based on features and service quality, not price. For Canada, he stated growth is a blend of acquiring new clients and expanding services within their large existing customer base. Executive Amin Ladha clarified the current fleet size is approximately 1,290 towers.

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    Gabriel Leung's questions to Healwell AI (HWAIF) leadership

    Gabriel Leung's questions to Healwell AI (HWAIF) leadership • Q1 2025

    Question

    Gabriel Leung of Beacon Securities asked for clarification on the CAD 3 million in annualized cost savings, inquiring if any impacted Q1 and if more savings are expected from the Orion integration. He also asked about the primary endpoints for the ongoing proof-of-concepts with Orion.

    Answer

    CFO Anthony Lam explained that a partial impact from the cost savings was felt in Q1, with the majority to be realized in subsequent quarters, and that no specific additional savings from Orion are being announced yet. Executive Alexander Dobranowski clarified that the proof-of-concepts focus on adding Healwell's AI capabilities to help Orion's clients better manage, search, and screen their data for risk stratification.

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    Gabriel Leung's questions to Healwell AI (HWAIF) leadership • Q4 2024

    Question

    Gabriel Leung asked about Orion Health's sales funnel, whether the integrated technology would primarily increase deal sizes or benefit Healwell's AI data set, the company's comfort with leverage for future M&A, and the potential for additional EBITDA synergies from the Orion integration.

    Answer

    CEO Dr. Alexander Dobranowski described Orion's pipeline as robust, particularly with public sector clients, and stated the integration would both increase the average selling price for Orion and enhance Healwell's data insights, driving growth on both fronts. He indicated future M&A would likely not add to the current debt load. Both he and CFO Anthony Lam suggested further EBITDA improvement is more likely to come from revenue synergies than cost synergies.

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    Gabriel Leung's questions to Healwell AI (HWAIF) leadership • Q4 2024

    Question

    Gabriel Leung asked about Orion Health's sales funnel, whether the integrated technology would primarily increase deal sizes or benefit Healwell's AI data set, the company's comfort with leverage for future M&A, and the potential for additional EBITDA synergies from the integration.

    Answer

    CEO Dr. Alexander Dobranowski described Orion's pipeline as robust and stated the integration would benefit both sides by increasing the platform's value and unlocking data insights. He also indicated a focus on reducing leverage rather than taking on more debt for M&A. Both he and CFO Anthony Lam suggested further EBITDA improvement would likely come from revenue synergies rather than cost-cutting.

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    Gabriel Leung's questions to Healwell AI (HWAIF) leadership • Q4 2024

    Question

    Inquired about Orion Health's sales funnel, how the integrated technology will impact revenue generation, the company's comfort level with leverage for future M&A, and the potential for further EBITDA improvements from the Orion integration.

    Answer

    Orion has a robust pipeline with public sector customers, which will be accelerated by integrating Healwell's AI. The integration is expected to create revenue growth on both sides: increasing Orion's deal value and expanding Healwell's data insights capabilities. The company will not add debt for future M&A and will focus on reducing leverage. Further EBITDA improvement from Orion is expected to come more from revenue synergies than cost-cutting.

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    Gabriel Leung's questions to Healwell AI (HWAIF) leadership • Q3 2024

    Question

    Gabriel Leung questioned which categories the signed LOIs fall into, the competitiveness of the M&A environment, and the expected Q4 seasonality for the AI/Data Sciences and Healthcare Software segments.

    Answer

    CEO Alexander Dobranowski stated that M&A opportunities are being pursued in both key categories: AI technology companies and mature operating companies. He noted the current macro environment has created a host of opportunities, making Healwell's position competitive. He expects continued growth in the AI segment from Q3 to Q4 but mentioned potential industry-wide headwinds for the clinical research business.

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    Gabriel Leung's questions to Healwell AI (HWAIF) leadership • Q3 2024

    Question

    Gabriel Leung asked about the composition of the M&A pipeline, specifically which buckets the signed LOIs fall into, the competitiveness of the M&A environment, and the expected Q4 seasonality for the AI and Healthcare Software segments.

    Answer

    CEO Dr. Alexander Dobranowski responded that the company is pursuing M&A opportunities in both of its target buckets: AI technology companies and mature operating companies. He noted that the challenging macro environment has created a 'whole host of opportunities,' making Healwell's position competitive. For Q4, he expects continued growth in the AI segment, while reiterating the industry-wide headwinds affecting the clinical research business.

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    Gabriel Leung's questions to Healwell AI (HWAIF) leadership • Q1 2025

    Question

    Gabriel Leung asked for clarification on whether any of the announced CAD 3 million in annualized cost savings were realized in Q1 and if further savings are expected from the Orion integration. He also inquired about the two proof-of-concepts with Orion, asking what primary endpoints or milestones customers are looking for to approve a full integration.

    Answer

    CFO Anthony Lam explained that about a half-quarter's impact of the cost savings was felt in Q1, with the majority to be realized in subsequent quarters, and that no additional specific savings from the Orion integration are being called out at this time. Executive Alexander Dobranowski detailed that the proof-of-concepts are focused on adding Healwell's AI capabilities to help Orion's public sector clients better manage, search, and screen their data for risk stratification, which are the key value propositions being demonstrated.

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    Gabriel Leung's questions to GRID.TO leadership

    Gabriel Leung's questions to GRID.TO leadership • Q1 2025

    Question

    Gabriel Leung from Beacon Securities asked for an update on customer reactions to the proposed tariff surcharge and whether it has impacted their willingness to spend. He also had a modeling question for the CFO regarding how the tariff impact would be reflected in the company's financial statements.

    Answer

    President and CEO Peter Londa reported that customer feedback on the surcharge has been favorable, with appreciation for Tantalus sharing part of the cost, and he has not yet seen a change in spending behavior. CFO Azim Lalani explained that from a modeling perspective, the recovered tariff amount would be a revenue item offset in COGS, though they are also considering showing it as a net 'other' item to avoid distorting core metrics.

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