SIQ -2.89%; Held their AGM today and provided a trading update that read well, however, the 1Q run rate implies they’re tracking 1-2% below consensus. It was pleasing to see demand for novated leasing remaining strong even with January included (typically slow) they were +7% for the quarter and more like 10% on the latter part. They continue to invest in staff and scale and that, along with slightly higher product costs apply some pressure on margins, but not material in our view. Our comments from this morning here remain valid.
MM is bullish & long SIQ
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