While LINK’s Q3 report was broadly in line with consensus expectations, it further de-risks our equity case, which currently trades at 11x ’26e cEPS. Pre-report concerns centered on i) slowing gross profit growth, ii) the SMSPortal acquisition, and iii) potential CPaaS price pressure as flagged by selected peers. Firstly, organic gross profit growth of 5% was consistent with management’s prior communication, while gross profit from new business increased 54% y/y, supporting confidence in Q4 grow ....
