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    Joichi Sakai

    Research Analyst at Singular Research

    Christopher Sakai is Director of Research and a Senior Equity Research Analyst at Singular Research, specializing in covering small-cap and emerging growth companies across multiple sectors. He has analyzed and published on companies including Transcat Inc., among others, and is known for providing detailed, actionable insights for institutional investors. Sakai joined Singular Research in 2019 after five years as an analyst at One Capital Management, LLC and a year at CitizensTrust, bringing a robust analytical background. He holds the Chartered Financial Analyst (CFA) designation, a Bachelor’s in Economics from Claremont McKenna College, a Master of Science from Purdue University, and an MBA from Pepperdine University.

    Joichi Sakai's questions to Silvercrest Asset Management Group (SAMG) leadership

    Joichi Sakai's questions to Silvercrest Asset Management Group (SAMG) leadership • Q1 2025

    Question

    Joichi Sakai asked for an update on Silvercrest's global expansion efforts in Europe and Singapore, including any available color on assets under management (AUM) from those regions, and also inquired about a potential new share buyback.

    Answer

    Executive Richard Hough explained that tracking AUM by region is complex due to the global nature of clients. Instead, he detailed strategic progress. In Europe, Silvercrest is establishing a licensed entity to enable proactive marketing, with approval expected in 6-10 months. In Southeast Asia, the firm is fully licensed in Singapore and is adding personnel to capitalize on opportunities. Regarding the buyback, Hough confirmed they are 'very seriously looking at' a new program but was not ready to announce an amount or timing.

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    Joichi Sakai's questions to Silvercrest Asset Management Group (SAMG) leadership • Q4 2024

    Question

    Joichi Sakai of Singular Research asked about the regulatory hurdles and costs associated with Silvercrest's international expansion. He also sought clarification on the strategic rationale for opening an office in Atlanta and whether growth opportunities are perceived as greater internationally versus domestically.

    Answer

    Executive Richard Hough clarified that the primary international 'expansion' is focused on attracting capital flows, not building extensive physical infrastructure, with Singapore being the main exception. He stated that regulatory hurdles are manageable and part of doing business, not a significant headwind. Hough explained that Atlanta was chosen due to the Southeast being the fastest-growing wealth region in the U.S., making organic growth a more capital-efficient strategy than M&A. He confirmed that global opportunities are significant due to faster wealth growth and underserved markets for their RIA model, complementing their strategy in the competitive U.S. market.

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    Joichi Sakai's questions to Oportun Financial (OPRT) leadership

    Joichi Sakai's questions to Oportun Financial (OPRT) leadership • Q1 2025

    Question

    Joichi Sakai of Singular Research asked about the impact of in-app features on customer acquisition costs for different loan types, any observed shifts in repayment patterns since phasing out physical checks, and the rationale for focusing on returning borrowers for originations.

    Answer

    CEO Raul Vazquez explained that the company views customer acquisition cost (CAC) holistically, which remained stable year-over-year at $139. He noted that no unexpected shifts in repayment behavior have occurred, pointing to positive delinquency trends. Vazquez confirmed the focus on returning borrowers is intentional due to their superior economics, but emphasized that Oportun also continues to acquire high-quality new borrowers who exhibit strong free cash flow.

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    Joichi Sakai's questions to Mistras Group (MG) leadership

    Joichi Sakai's questions to Mistras Group (MG) leadership • Q1 2025

    Question

    Joichi Sakai of Singular Research inquired about the drivers of international growth and what macroeconomic factors would be needed to see an uptick in the midstream and downstream markets.

    Answer

    CFO Ed Prajzner stated that the International segment's 4% organic growth was driven by a diversified business model less dependent on oil and gas. CEO Natalia Shuman addressed the midstream and downstream outlook, explaining that while underlying demand is stable, current macro uncertainty is causing temporary softness. She believes the situation will improve as customers gain more clarity on tariffs and other economic rules.

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    Joichi Sakai's questions to FOSTER L B (FSTR) leadership

    Joichi Sakai's questions to FOSTER L B (FSTR) leadership • Q1 2025

    Question

    Joichi Sakai, representing Singular Research, asked about the primary drivers for the improvement in new orders within the Infrastructure segment and inquired about the company's appetite for acquisitions, particularly in the current tariff environment.

    Answer

    President and CEO John Kasel attributed the strong 35% growth in Infrastructure orders primarily to the Precast Concrete business. He cited success from strategic expansion, new product lines, and increased market penetration on the East Coast, in the Carolinas, and a new operation in Florida. On acquisitions, Kasel stated that the company is not actively looking for deals as it is focused on executing its significant organic growth opportunities. While small, strategic tuck-in acquisitions are always a possibility, they are not a primary focus.

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    Joichi Sakai's questions to OLYMPIC STEEL (ZEUS) leadership

    Joichi Sakai's questions to OLYMPIC STEEL (ZEUS) leadership • Q4 2024

    Question

    Joichi Sakai followed up on the tariff topic, asking how they might affect profitability and M&A valuations. He also inquired about the margin impact of the planned 2025 CapEx increase and the reason for the year-over-year decrease in SG&A expenses.

    Answer

    CFO Richard Manson indicated that any tariff impact on profitability would likely occur in late Q1 or Q2 2025 and that the SG&A decrease was due to $1.8 million in lower variable incentive expenses tied to profitability. CEO Rick Marabito noted that M&A activity may increase in the second half of 2025 as potential sellers' financial results improve. Regarding CapEx, Manson clarified that the projects will not impact margins until late 2025 or early 2026, when they are expected to become operational and drive efficiency.

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    Joichi Sakai's questions to OLYMPIC STEEL (ZEUS) leadership • Q3 2024

    Question

    Joichi Sakai questioned the composition of carbon flat operating expenses, asking if they were largely fixed and what could be done to reduce them. He also asked if the primary goal of the company's internal investments was to increase profitability.

    Answer

    CFO Richard Manson explained that the year-over-year increase in operating expenses was primarily due to a non-recurring $4 million employee retention credit in 2023 and $3.3 million in expenses from the CTB acquisition, making the underlying costs relatively flat. He also noted headcount reductions in Q3 would yield benefits in Q4. CEO Rick Marabito added that incentive compensation is highly variable. Regarding investments, Rick Marabito confirmed that while increased profitability is a key goal, the investments also aim to enhance quality, safety, productivity, and capacity.

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    Joichi Sakai's questions to QUINSTREET (QNST) leadership

    Joichi Sakai's questions to QUINSTREET (QNST) leadership • Q2 2025

    Question

    Joichi Sakai asked about the potential margin profile for the business insurance vertical and questioned whether the recent volatility in the insurance market is the new normal.

    Answer

    CEO Doug Valenti projected that business insurance margins would likely settle near the company's average of 25-30% at scale. He asserted that the recent dramatic market downswing was an unprecedented and unique event driven by post-pandemic factors, and he expects the market to return to a more normal, manageable growth trajectory with less volatility.

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    Joichi Sakai's questions to QUINSTREET (QNST) leadership • Q1 2025

    Question

    Joichi Sakai questioned if QuinStreet faces any potential headwinds to scaling its auto insurance business given the extraordinary 664% growth rate. He also asked how the upcoming U.S. election might potentially affect revenue in the auto insurance vertical.

    Answer

    CEO Doug Valenti stated that while the current growth rate is not sustainable, the company is more than capable of continuing to scale from this new, higher revenue base and expects strong double-digit growth going forward. Regarding the election, he explained that it is not expected to have a direct, quantifiable impact but contributes to the company's decision to maintain a more conservative and defensive guidance posture due to the potential for consumer distraction.

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    Joichi Sakai's questions to APOGEE ENTERPRISES (APOG) leadership

    Joichi Sakai's questions to APOGEE ENTERPRISES (APOG) leadership • Q2 2025

    Question

    Joichi Sakai sought clarification on the fiscal 2026 revenue forecast for UW Solutions, whether current CapEx guidance includes the acquisition, and why the deal's impact is excluded from the current fiscal 2025 outlook.

    Answer

    CFO Matt Osberg explained that the $100 million revenue forecast for fiscal 2026 is based on UW's existing product offerings and does not yet include potential cross-selling synergies. He confirmed the current $40-$50 million CapEx guidance for fiscal 2025 does not include UW, but any addition would not be material. The acquisition's potential impact is excluded from the current year's guidance because the transaction has not yet closed.

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    Joichi Sakai's questions to REX AMERICAN RESOURCES (REX) leadership

    Joichi Sakai's questions to REX AMERICAN RESOURCES (REX) leadership • Q2 2024

    Question

    Joichi Sakai from Singular Research asked how capital expenditures were tracking against the budget and if any recent weather events had impacted operations or crop expectations.

    Answer

    CEO Zafar Rizvi confirmed that capital expenditures are on track with the budget and no major increases are foreseen, although there have been some delays in receiving electrical components. He also stated there have been no major weather-related issues, apart from a minor temporary railroad washout in South Dakota. Executive Chairman Stuart Rose added that they anticipate very good, potentially record, crops in both Illinois and South Dakota.

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    Joichi Sakai's questions to AE leadership

    Joichi Sakai's questions to AE leadership • Q1 2024

    Question

    Asked for the outlook on pipeline volumes, crude oil inventory levels, and capital expenditures for the remainder of the year.

    Answer

    Pipeline volumes are expected to be similar to or slightly better than Q1, with some third-party barging revenue anticipated in Q2. Crude oil inventory is actively managed to a minimum, with fluctuations mainly due to the timing of barge shipments at month-end. Capital expenditures for the rest of the year are expected to be minimal, with most major purchases being carryovers from previous orders, aside from the new Dayton facility project.

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