Research from Atrium Research, Atrium Research Corporation

Atrium Research

Research from Atrium Research

Atrium Research Corporation

Atrium Research provides institutional quality issuer paid research on public equities in North America. Our investment philosophy takes a 3-5 year view on equities currently being overlooked by the market. Our research process emphasizes understanding the key performance metrics for each specific company, trustworthy management teams, unit economics, and an in-depth valuation analysis. 

Our research product includes in-depth initiation reports, research notes, thematic research pieces, and company fact sheets.

Equity Bottom-Up

<ul>
<li>We are rehashing our investment thesis on THS Maple ahead of Q4 and FY26 results, which are due by the end of October.</li>
<li>We model Q4 revenue of $4.7M (+13% YoY) and FY26 revenue of $16.4M (+14% YoY).</li>
<li>YAY recently celebrated its 50th anniversary, with its products now sold in over 30 markets after opening in the Philippines, Australia, and New Zealand this year.</li>
</ul>


We are rehashing our investment thesis on THS Maple ahead of Q4 and FY26 results, which are due by the end of October.
We model Q4 revenue of $4.7M (+13% YoY) and FY26 revenue of $16.4M (+14% YoY).
YAY recently celebrated its 50th anniversary, with its products now sold in over 30 markets after opening in the Philippines, Australia, and New Zealand this year.


<ul><li>Quarterly Coverage Update This quarter marks two years since we launched our quarterly coverage recap.</li><li> Over those last two years, our coverage universe has expanded from 13 names to 52, and our footprint across the investor community has continued to widen to new levels.</li><li> However, the metals and mining sector has been a tough place to be since the sector's strong run faded after January, and with ~70% of our coverage universe sitting in the space, we are heavily exposed to it.</li></ul>

Quarterly Coverage Update This quarter marks two years since we launched our quarterly coverage recap. Over those last two years, our coverage universe has expanded from 13 names to 52, and our footprint across the investor community has continued to widen to new levels. However, the metals and mining sector has been a tough place to be since the sector's strong run faded after January, and with ~70% of our coverage universe sitting in the space, we are heavily exposed to it.

THS Maple Holdings Ltd - Q2/26 Recap: All Our Research in One Place!

<ul>
<li>YAY reported Q3/26 sales of $3.1M (+12% YoY) and gross margin of 11%, missing our estimates of $3.3M and 20%, respectively.</li>
<li>YAY signed an exclusivity agreement with Commercial Bakeries Corp. to act as the sole supplier of maple cream cookies in the Canadian travel and tourism channel.</li>
<li>We initiated coverage on YAY in March and published a management interview with CEO Tom Zaffis and Chairman David Beutel.</li>
</ul>


YAY reported Q3/26 sales of $3.1M (+12% YoY) and gross margin of 11%, missing our estimates of $3.3M and 20%, respectively.
YAY signed an exclusivity agreement with Commercial Bakeries Corp. to act as the sole supplier of maple cream cookies in the Canadian travel and tourism channel.
We initiated coverage on YAY in March and published a management interview with CEO Tom Zaffis and Chairman David Beutel.


YAY: Soft Q3 Financials, Growth Thesis Still Intact

<ul><li>Q1/26 proved to be a challenging quarter for equity markets broadly, as macroeconomic uncertainty and risk-off sentiment weighed on indices across North America.</li><li>The S&P 500 fell 4.7%, the TSXV declined 3.2%, and the TSX was up 2.7% thanks to its exposure to oil and gas.</li><li>Against this backdrop, our coverage universe demonstrated relative resilience, up 4.3% on average during the quarter, meaningfully outperforming all three benchmarks.</li></ul>

Q1/26 proved to be a challenging quarter for equity markets broadly, as macroeconomic uncertainty and risk-off sentiment weighed on indices across North America.The S&P 500 fell 4.7%, the TSXV declined 3.2%, and the TSX was up 2.7% thanks to its exposure to oil and gas.Against this backdrop, our coverage universe demonstrated relative resilience, up 4.3% on average during the quarter, meaningfully outperforming all three benchmarks.

THS Maple Holdings Ltd - Q1/26 Recap: All Our Research in One Place!

<ul>
<li>THS Maple manufactures and sells maple syrup and maple-flavoured products globally.</li>
<li>The Company is seeing strong growth due to distribution expansion and demand for natural sweeteners, with management guiding for 25% topline growth.</li>
<li>YAY has plenty of excess capacity to meet new demand.</li>
</ul>


THS Maple manufactures and sells maple syrup and maple-flavoured products globally.
The Company is seeing strong growth due to distribution expansion and demand for natural sweeteners, with management guiding for 25% topline growth.
YAY has plenty of excess capacity to meet new demand.


YAY: Positioned for Inflection as International Sales Accelerate

Canada

THS Maple Holdings Ltd. operates as a holding company. The Company, through its subsidiaries, focuses on the identification and evaluation of businesses and assets with a view to completing a qualifying transaction.

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THS Maple Holdings (YAY CN)

YAY: Thesis Rehash & Q4 Preview

We are rehashing our investment thesis on THS Maple ahead of Q4 and FY26 results, which are due by the end of October.We model Q4 revenue of $4.7M...

Atrium Research

THS Maple Holdings Ltd - Q2/26 Recap: All Our Research in One Place!

Quarterly Coverage Update This quarter marks two years since we launched our quarterly coverage recap. Over those last two years, our coverage...

Atrium Research

YAY: Soft Q3 Financials, Growth Thesis Still Intact

YAY signed an exclusivity agreement with Commercial Bakeries Corp. to act as the sole supplier of maple cream cookies in the Canadian travel and...

Atrium Research

THS Maple Holdings Ltd - Q1/26 Recap: All Our Research in One Place!

Q1/26 proved to be a challenging quarter for equity markets broadly, as macroeconomic uncertainty and risk-off sentiment weighed on indices across...

Atrium Research

YAY: Positioned for Inflection as International Sales Accelerate

The Company is seeing strong growth due to distribution expansion and demand for natural sweeteners, with management guiding for 25% topline growth.

Atrium Research

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