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    Meng Shao

    Director and Equity Research Analyst at National Bank

    Meng Shao is a Director and Equity Research Analyst at National Bank Financial, specializing in coverage of the Canadian oil and gas exploration and production sector. He provides research and investment recommendations on companies such as ARC Resources, Canadian Natural Resources, Cenovus Energy, MEG Energy, and Crescent Point Energy, with a track record of topping equity research surveys and delivering above-benchmark returns on his stock calls. Beginning his equity research career at GMP Securities in 2007, Meng transitioned to National Bank Financial in 2016 where he has since established himself as a leading analyst, consistently ranked among the top performers by industry platforms like TipRanks with double-digit average annual returns and a success rate above 65%. Meng holds a Bachelor of Commerce degree, is a CFA charterholder, and maintains securities licenses with IIROC.

    Meng Shao's questions to DESCARTES SYSTEMS GROUP (DSGX) leadership

    Meng Shao's questions to DESCARTES SYSTEMS GROUP (DSGX) leadership • Q4 2025

    Question

    Meng Shao asked for Descartes' view on potential tariffs on Canadian software and which business areas might face pressure if the trade environment worsens.

    Answer

    CEO Ed Ryan expressed that he does not believe potential software tariffs would impact the company, partly due to its global domicile structure. He identified that the primary risk from a worsening trade environment would be a decline in international shipment volumes, which would reduce transaction-based revenue. However, he believes the increased complexity would be a long-term benefit for Descartes.

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    Meng Shao's questions to DESCARTES SYSTEMS GROUP (DSGX) leadership • Q4 2025

    Question

    Meng Shao of National Bank asked for commentary on potential tariffs on Canadian software and which parts of Descartes' business might be pressured if the trade environment deteriorates.

    Answer

    CEO Ed Ryan stated he does not believe potential tariffs on Canadian software would impact Descartes. He identified international shipment transaction volumes as the primary area that could face pressure if higher tariffs reduce cross-border trade flows. However, he reiterated his belief that the increased complexity is a long-term positive for the business, as it drives demand for Descartes' technology solutions.

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    Meng Shao's questions to Alithya Group (ALYAF) leadership

    Meng Shao's questions to Alithya Group (ALYAF) leadership • Q3 2025

    Question

    Meng Shao questioned the potential for lumpiness in future bookings, the margin profile of new deals, the company's future acquisition strategy in terms of capabilities, and whether a "buy Canadian" trend could provide a growth tailwind.

    Answer

    President and CEO Paul Raymond advised looking at bookings on a trailing 12-month basis to smooth out quarterly volatility. Chief Operating Officer Bernard Dockrill confirmed that new bookings align with the strategy of pursuing higher-value services, supporting the 33-35% gross margin target. Paul Raymond elaborated on the acquisition strategy, citing ERP services (Microsoft, Oracle, potentially SAP) and data/AI as areas of interest. He concluded by expressing hope that a "buy Canadian" sentiment could be beneficial.

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