Institutional-Quality Issuer Sponsored Research, Venn Brown

Venn Brown

Institutional-Quality Issuer Sponsored Research

Venn Brown is a specialist Australian micro and small-cap research house. Our coverage includes health care, information technology, industrials, financials, biotech and consumer/retail.

Equity Bottom-Up

<ul><li>Following the events at the end of 2025 (outlined below), we’ve revised our earnings forecasts, resulting in a valuation increase to $6.62 per share.</li><li>Apart from including the dilution impact of the capital raise, this is our first valuation review since August.</li><li>We expect AYA to be added to the All Ordinaries index at the March rebalance.</li></ul>

Following the events at the end of 2025 (outlined below), we’ve revised our earnings forecasts, resulting in a valuation increase to $6.62 per share.Apart from including the dilution impact of the capital raise, this is our first valuation review since August.We expect AYA to be added to the All Ordinaries index at the March rebalance.

Artrya (ASX:AYA): Valuation lifted to $6.62; ASX All Ords inclusion expected in March

<ul><li>SAPPHIRE: Connecting Salix with the best in cardiac medicine‍ First announced in February 2025, the three-phase Salix-based Analysis of Plaque to identify Patients at HIgher Risk of Events (SAPPHIRE) study is a retrospective study examining whether AI-driven analysis is a superior predictor of heart attacks compared to current standard-of-care risk models.</li><li> SAPPHIRE puts Salix into the hands of major potential customers SAPPHIRE partners are not only large, but also prestigious.</li><li>The study includes Mass General, one of the most prestigious hospital groups and medical research institutions in the world.</li></ul>

SAPPHIRE: Connecting Salix with the best in cardiac medicine‍ First announced in February 2025, the three-phase Salix-based Analysis of Plaque to identify Patients at HIgher Risk of Events (SAPPHIRE) study is a retrospective study examining whether AI-driven analysis is a superior predictor of heart attacks compared to current standard-of-care risk models. SAPPHIRE puts Salix into the hands of major potential customers SAPPHIRE partners are not only large, but also prestigious.The study includes Mass General, one of the most prestigious hospital groups and medical research institutions in the world.

Artrya (ASX:AYA): SAPPHIRE strong market strategy getting noticed

<ul><li>Cloud-base, AI-driven cardiac imaging diagnostics Artrya is the Perth-based developer of Salix, a cloud-based, AI-driven imaging diagnostic tool that integrates with the existing imaging systems used in hospitals and clinics to more quickly and accurately analyse and report on the condition of a patient’s coronary arteries.</li><li> The integration of Salix's comprehensive workflow into healthcare centres' existing systems allows clinicians to analyse, annotate, edit, share, triage and write diagnostic reports all within a single interface.</li><li>Salix's workflow provides a platform on which Artrya can roll out new products, and once installed and integrated into a hospital or clinic's workflow is a highly sticky and difficult to dislodge.</li></ul>

Cloud-base, AI-driven cardiac imaging diagnostics Artrya is the Perth-based developer of Salix, a cloud-based, AI-driven imaging diagnostic tool that integrates with the existing imaging systems used in hospitals and clinics to more quickly and accurately analyse and report on the condition of a patient’s coronary arteries. The integration of Salix's comprehensive workflow into healthcare centres' existing systems allows clinicians to analyse, annotate, edit, share, triage and write diagnostic reports all within a single interface.Salix's workflow provides a platform on which Artrya can roll out new products, and once installed and integrated into a hospital or clinic's workflow is a highly sticky and difficult to dislodge.

Artrya (ASX:AYA): Initiation of coverage; $2.35 price target; 5.1x current share price; Salix is a cloud-base

Smartkarma AI Primers, Smartkarma

αSK Primers

Smartkarma AI Primers

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

<ul>
 <li>
<a href="https://smartkarma.com/entities/artrya-ltd">Artrya </a>is a medical technology company at the forefront of developing AI-driven solutions for the diagnosis of coronary artery disease (CAD), the leading cause of death globally.</li>
 <li>The company's flagship product, Salix, is a cloud-based platform that analyzes cardiac CT scans to detect and quantify arterial plaque, providing clinicians with a comprehensive report in approximately 10-15 minutes, a significant improvement over the 24-hour turnaround of existing methods.</li>
 <li>With recent regulatory approvals in key markets, including the US, Europe, and Australia, and partnerships with major healthcare providers, <a href="https://smartkarma.com/entities/artrya-ltd">Artrya </a>is poised for commercial rollout and significant revenue growth in a multi-billion dollar addressable market.</li>
</ul>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.


  
Artrya is a medical technology company at the forefront of developing AI-driven solutions for the diagnosis of coronary artery disease (CAD), the leading cause of death globally.
  The company's flagship product, Salix, is a cloud-based platform that analyzes cardiac CT scans to detect and quantify arterial plaque, providing clinicians with a comprehensive report in approximately 10-15 minutes, a significant improvement over the 24-hour turnaround of existing methods.
  With recent regulatory approvals in key markets, including the US, Europe, and Australia, and partnerships with major healthcare providers, Artrya is poised for commercial rollout and significant revenue growth in a multi-billion dollar addressable market.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>It's a weak stub. And given <a href="https://www.smartkarma.com/entities/inpex-corp" target="_blank" data-smartkarma-citation="entities:20665:1" rel="noopener">Inpex Corp (1605 JP)</a>'s direct upstream ops amid high crude oil prices, I'd be disinclined to short the company here against <a href="https://www.smartkarma.com/entities/japan-petroleum-exploration" target="_blank" data-smartkarma-citation="entities:12219:1" rel="noopener">JAPEX (1662 JP)</a>.</li>
<li>Keswick chips away at <a href="https://www.smartkarma.com/entities/jardine-matheson-holdings-limited" target="_blank" data-smartkarma-citation="entities:19718:1" rel="noopener">Jardine Matheson (JM SP)</a>'s minorities via scrip dividends and buybacks; as JMH completes the  US$2.4bn i-Med acquisition. </li>
<li>
<a href="https://www.smartkarma.com/entities/jardine-matheson-southeast-asia-ltd" target="_blank" data-smartkarma-citation="entities:347:1" rel="noopener">Jardine Matheson Southeast Asia (JCNC SP)</a> (formerly known as Jardine Cycle &amp; Carriage), popped ~10% ahead of the <a href="https://www.smartkarma.com/entities/toyota-motor-corp" target="_blank" data-smartkarma-citation="entities:73:1" rel="noopener">Toyota Motor (7203 JP)</a> in-specie-distribution and special dividend.</li>
</ul>


It's a weak stub. And given Inpex Corp (1605 JP)'s direct upstream ops amid high crude oil prices, I'd be disinclined to short the company here against JAPEX (1662 JP).
Keswick chips away at Jardine Matheson (JM SP)'s minorities via scrip dividends and buybacks; as JMH completes the  US$2.4bn i-Med acquisition. 

Jardine Matheson Southeast Asia (JCNC SP) (formerly known as Jardine Cycle &amp; Carriage), popped ~10% ahead of the Toyota Motor (7203 JP) in-specie-distribution and special dividend.


Last Week In Event SPACE: Inpex, Jardine Matheson, Jardine Matheson Southeast Asia, Genting

Australia

Artrya Limited operates as an artificial intelligence healthcare company. The Company works alongside clinicians to improve the diagnosis of coronary heart disease and develop a holistic overview of a patient. Artrya serves customers in Australia.

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Artrya (AYA AU)

Artrya (ASX:AYA): Valuation lifted to $6.62; ASX All Ords inclusion expected in March

Following the events at the end of 2025 (outlined below), we’ve revised our earnings forecasts, resulting in a valuation increase to $6.62 per...

Venn Brown

Artrya (ASX:AYA): SAPPHIRE strong market strategy getting noticed

SAPPHIRE: Connecting Salix with the best in cardiac medicine‍ First announced in February 2025, the three-phase Salix-based Analysis of Plaque to...

Venn Brown

Primer: Artrya (AYA AU) - Dec 2025

Artrya is a medical technology company at the forefront of developing AI-driven solutions for the diagnosis of coronary artery disease (CAD),...

αSK Primers

Last Week In Event SPACE: Inpex, Jardine Matheson, Jardine Matheson Southeast Asia, Genting

It’s Sunday! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed during the...

David Blennerhassett

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52-week Range

Market Cap (USDm)

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Artrya (ASX:AYA): Valuation lifted to $6.62; ASX All Ords inclusion expected in March

Following the events at the end of 2025 (outlined below), we’ve revised our earnings forecasts, resulting in a valuation increase to $6.62 per...

Venn Brown

Artrya (ASX:AYA): SAPPHIRE strong market strategy getting noticed

SAPPHIRE: Connecting Salix with the best in cardiac medicine‍ First announced in February 2025, the three-phase Salix-based Analysis of Plaque to...

Venn Brown

Artrya (ASX:AYA): Initiation of coverage; $2.35 price target; 5.1x current share price; Salix is a cloud-base

Cloud-base, AI-driven cardiac imaging diagnostics Artrya is the Perth-based developer of Salix, a cloud-based, AI-driven imaging diagnostic tool...

Venn Brown

Primer: Artrya (AYA AU) - Dec 2025

Artrya is a medical technology company at the forefront of developing AI-driven solutions for the diagnosis of coronary artery disease (CAD),...

αSK Primers

Last Week In Event SPACE: Inpex, Jardine Matheson, Jardine Matheson Southeast Asia, Genting

It’s Sunday! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed during the...

David Blennerhassett