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    Tamy Chen

    Research Analyst at BMO Capital Markets

    Tamy Chen is an Equity Analyst at BMO Capital Markets, specializing in coverage of consumer staples, healthcare, and consumer discretionary sectors with a focus on companies such as Magna International, SNDL Inc., Village Farms International, Organigram Global, Aurora Cannabis, and Canopy Growth. She has earned an 80% success rate and an average return of 7.57% according to analyst ranking platforms, placing her in the top half of her peers for investment performance. Beginning her career at CIBC World Markets in 2013, Chen joined BMO Capital Markets in 2018 after graduating from the Schulich School of Business and currently holds the CFA designation, evidencing her strong professional credentials and commitment to rigorous equity research. Her insights are regularly featured at industry conferences and she is recognized for her detailed coverage of key consumer sector trends.

    Tamy Chen's questions to MAGNA INTERNATIONAL (MGA) leadership

    Tamy Chen's questions to MAGNA INTERNATIONAL (MGA) leadership • Q2 2025

    Question

    Tamy Chen of BMO Capital Markets inquired about the drivers of the strong margin in the Body Exteriors & Structures (BES) segment, the timing and mechanism for tariff cost recoveries, and the potential impacts of OEM production shifts and reshoring discussions on Magna's North American operations.

    Answer

    CFO Patrick McCann clarified that the BES margin was driven by operational excellence and positive mix, not significant one-time items. CEO Seetarama Swamy Kotagiri explained that tariff mitigation involves both internal efforts and customer recoveries, with framework agreements in place aiming for a cadence of recovery rather than a lump sum, though some timing impacts will still be felt in Q4. He also noted that Magna's footprint across North America positions it well to handle production rebalancing by OEMs.

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    Tamy Chen's questions to MAGNA INTERNATIONAL (MGA) leadership • Q1 2025

    Question

    Tamy Chen from BMO Capital Markets sought clarification on the $250 million annualized tariff exposure, customer discussions around increasing U.S. content, and the current status of the share buyback program.

    Answer

    CEO Seetarama Kotagiri clarified the $250 million tariff figure is a net estimate after mitigation and government remissions, with the full intention of passing on unmitigated costs. He noted that while OEMs are considering reshoring, they are not making 'knee-jerk' reactions. Kotagiri also confirmed the share buyback program is currently paused due to market uncertainty but could resume if conditions stabilize.

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    Tamy Chen's questions to MAGNA INTERNATIONAL (MGA) leadership • Q4 2024

    Question

    Tamy Chen asked about the assumptions behind the low end of the 2025 margin guidance, questioning what factors could offset controllable cost reductions. She also sought clarity on the confidence behind the significant margin expansion projected for 2026, particularly in the Power & Vision segment.

    Answer

    CEO Seetarama Kotagiri detailed progress on cost-saving initiatives, including restructuring 40 plants and implementing "Factory of the Future" technologies, which provide confidence in offsetting headwinds like negative customer mix. For 2026, he cited modest volume assumptions and the completion of core engineering spend as drivers for Power & Vision margin expansion. CFO Patrick McCann added that the segment's projected sales increase would flow through at historical incrementals, boosted by operational improvements.

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    Tamy Chen's questions to MAGNA INTERNATIONAL (MGA) leadership • Q2 2024

    Question

    Tamy Chen of BMO Capital Markets asked for an update on the ADAS market, particularly regarding Chinese OEM in-sourcing and win rates, the reasons for the softer-than-expected Power & Vision margin, and management's view on further OEM EV program recalibrations.

    Answer

    CEO Seetarama Kotagiri attributed the ~$600 million 2026 ADAS sales reduction primarily to a Chinese OEM in-sourcing a program, noting China is only 10-12% of Magna's ADAS business. He and CFO Patrick McCann explained the Power & Vision margin softness was mainly due to lower equity income from the LGE JV, tied to delayed North American EV programs. Kotagiri added that Magna's outlook on EV volumes remains conservative.

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    Tamy Chen's questions to AURORA CANNABIS (ACB) leadership

    Tamy Chen's questions to AURORA CANNABIS (ACB) leadership • Q3 2024

    Question

    The analyst asked about the specific drivers behind Australia's rapid medical market growth and questioned the timing of the MedReleaf Australia acquisition, including its impact on gross margins.

    Answer

    The executive attributed Australia's rapid growth to three factors: an exceptional regulatory rollout by the TGA, strong federal-state alignment, and cultural acceptance. Regarding the acquisition, the timing was deemed an 'inflection point' due to market size and regulatory maturity. The deal is immediately accretive, bringing the Australian business's gross margins in line with Aurora's other high-margin international markets in the low 60s, as Aurora transitions from being just a supplier to a fully integrated operator.

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