Q1 print in-line, but contract-win momentum supports improving growth going forward

研报英文原文证据摘录

Q1 print in-line, but contract-win momentum supports improving growth going forward

May 12, 2026

Valuation

Blended valuation: We use a blend of DCF (50%), FY27E M&A upside scenario (40%) and

FY26E EV/EBITDA multiple (10%) to arrive at our price target.

Risks

●Ability to maintain relationships with telco operators. LINK’s business model relies

on building and maintaining strong relationships with telco operators to provide

connectivity to its client base and to expand its existing services. If the market

perceives that there is a risk to the continuation of these relationships, this could

adversely affect operations and the share price.

●Strong competition from other providers. The markets in which LINK operates are

highly fragmented and some competitors have advantages including scale, deeper

product offering, broader geographic exposure and strong relationships with clients.

However, we believe that LINK’s more localised strategy and niche focus on smaller

clients insulates it from competitive pressures from larger, well-financed peers.

●Integrating acquisitions. LINK’s growth playbook has primarily been driven by M&A

to acquire new capabilities and customers. While it has been successful in integrating

these acquisitions historically, there is a risk that LINK either overpays for new assets

or fails to adequately integrate them within a reasonable timeframe.

●Global growth slowdown. A slowdown in global growth would negative impact the

retail sector, which is driving growth in the CPaaS market as brands aim to more

deeply engage their customers and establish deeper relationships. While this is true,

we believe that LINK would be less exposed given its exposure to mission-critical and

time-sensitive notifications.