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John Shao

Research Analyst at TD Cowen

John Shao is an Equity Analyst at TD Cowen (TD Securities), specializing in technology and general sector research with a focus on software and related companies. He covers specific stocks such as Magnet Forensics (MAGT), Lightspeed POS, Blackline Safety, Celestica, Descartes Systems Group (DSGX), Coupang (CPNG), and others including BLN and DTOL, achieving a 56% success rate on 59 ratings with an average return of +13.30% per rating over one year, including a standout +168.40% return on MAGT; he ranks #1,750 out of 9,421 Wall Street analysts on TipRanks. Shao joined TD Securities from National Bank Financial where he worked as an Equity Analyst starting August 2018, with prior education from the University of Toronto and University of International Business & Economics. He holds the CFA designation as a professional credential.

John Shao's questions to CELESTICA (CLS) leadership

Question · Q4 2025

John Shao asked how much price increases for key components or materials are baked into the guidance, if Celestica is still comfortable with the supply chain, and if inflation in the supply chain could be a source of potential margin compression.

Answer

Mandeep Chawla (CFO) confirmed that inflation and pricing are factored into the numbers. He explained that networking is typically turnkey (including silicon), while compute is not. He noted that silicon price inflation is passed on to customers, so no margin compression is currently observed. He added that while average selling prices (ASPs) are contributing to revenue growth, the vast majority of growth is due to units.

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Question · Q4 2025

John Shao asked how much price increases for key components or materials are baked into the guidance, if Celestica is still comfortable with the supply chain, and if inflationary environments in the supply chain could lead to margin compression.

Answer

CFO Mandeep Chawla confirmed that inflation and pricing are factored into the numbers. He explained that networking is typically turnkey (including silicon), while compute usually does not. He noted that silicon price inflation is passed on to customers, so no margin compression is currently observed. He added that while average selling prices (ASPs) are contributing to revenue growth, the vast majority of growth is due to units.

Ask follow-up questions

Fintool

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