Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

Equity Bottom-Up

Tuya Inc., doing business as Tuya Smart, provides IoT cloud platform. The Company offers solutions which enables brands, retailers, OEMs, and manufacturers to develop, launch, manage, and monetize software-enabled devices and services. Tuya Smart serves customers worldwide.

<ul>
<li>65 Equity Partners, a Temasek-backed global investment firm with $3B+ in AUM, took a ~13% stake in Tuya for ~$100M.</li>
<li>Jerry Wang, Tuya’s CEO and Founder, assumed that Tuya would consider a potential secondary listing in Singapore to strengthen company’s presence in the global capital markets.</li>
<li>With $1B+ in cash, revenue growth re-acceleration, non-GAAP op margin break-even and turnaround plan, I have a positive view on the stock longer-term.</li>
</ul>


65 Equity Partners, a Temasek-backed global investment firm with $3B+ in AUM, took a ~13% stake in Tuya for ~$100M.
Jerry Wang, Tuya’s CEO and Founder, assumed that Tuya would consider a potential secondary listing in Singapore to strengthen company’s presence in the global capital markets.
With $1B+ in cash, revenue growth re-acceleration, non-GAAP op margin break-even and turnaround plan, I have a positive view on the stock longer-term.


TUYA (TUYA.US): Depressed Valuation, $1B+ In Cash, Is Turnaround Story Ahead?

SGX Market Strategist, Equity & Fixed Income, Singapore Exchange Ltd (SGX)

Geoff Howie

SGX Market Strategist, Equity & Fixed Income

Asia’s leading multi-asset exchange

Singapore Exchange Ltd (SGX)

Singapore Exchange is Asia’s leading and trusted market infrastructure, facilitating the exchange of capital and ideas to create value for people, businesses and economies. As a multi-asset exchange operating equity, fixed income and derivatives markets to the highest regulatory standards, SGX is a vertically integrated business that provides listing, trading, clearing, settlement, depository and data services.

With about 40% of listed companies and over 80% of listed bonds originating outside of Singapore as well as established linkages across the region and in Europe, SGX is Asia’s most international and connected exchange. Offering a full suite of derivatives products across Asian equity indices, commodities and currencies, SGX is the world’s most liquid international market for the benchmark equity indices of China, India, Japan and ASEAN.

As Asia’s pioneering central counterparty, SGX is globally recognised for its risk management and clearing capabilities, and was one of the first globally to adopt the Principles for Financial Market Infrastructure.

Headquartered in AAA-rated Singapore, SGX has over 800 employees including offices in Beijing, Chicago, Hong Kong, London, New York, Mumbai, San Francisco, Shanghai and Tokyo.

Japfa Ltd. operates in the agricultural industry. The Company breeds and processes chicken, pork and beef. Japfa also operates dairy farms.

Blue Lotus China New Economy Research, Blue Lotus Research Institute

Eric Wen

Blue Lotus China New Economy Research

China growth and global non-US Internet equities

Blue Lotus Research Institute

Blue Lotus Research is a Hong Kong Type 4 Licensed investment advisory firm focusing on Chinese growth equities and global non-US Internet equities

Atour Lifestyle Holdings / Equity Bottom-Up

Atour Lifestyle Holdings Limited operates as a holding company. The Company, through its subsidiaries, owns and manages midscale hotel chain through offline and online channels, including mobile application and weixin-wechat mini program. Atour Lifestyle Holdings serves customers in China.

<ul>
<li>Atour (ATAT) reported C3Q24 revenue 2.3% lower than our estimate but 4.8% higher than consensus. The net income beat our estimate/consensus by 6.6%/9.5%, thanks to disciplined cost controls.</li>
<li>Although RevPAR weakened in C3Q24 as expected, turnaround is coming already in C4Q24. We also expect moderate RevPAR growth in 2025.</li>
<li>We keep the TP at US$37/ADS and maintain a TOP BUY on Atour.</li>
</ul>


Atour (ATAT) reported C3Q24 revenue 2.3% lower than our estimate but 4.8% higher than consensus. The net income beat our estimate/consensus by 6.6%/9.5%, thanks to disciplined cost controls.
Although RevPAR weakened in C3Q24 as expected, turnaround is coming already in C4Q24. We also expect moderate RevPAR growth in 2025.
We keep the TP at US$37/ADS and maintain a TOP BUY on Atour.


[Atour (ATAT US, BUY, TP US$37) Review]: Small Differences Here & There but Overall Case Intact

External broker reports(aggregated public sources), Canaccord Genuity

Canaccord Genuity

External broker reports(aggregated public sources)

Canaccord Genuity Group Inc. is a leading independent investment bank with operations in North America, UK & Europe and Asia-Pacific. Canaccord Genuity Group Inc. is a leading independent, full-service financial services firm. Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Acusensus Limited provides traffic management solutions. The Company offers road safety and traffic enforcement solutions to address road safety challenges. Acusensus serves customers worldwide.

<div><div><div><div><ul style="list-style-type: disc;"><li><p>ACE held its AGM and released a trading update highlighting ongoing momentum in business performance with the company is tracking ahead of market expectations for FY25.</p></li><li><p>FY25TD revenue of $19.2m (+19% pcp, CGe FY25E revg. +14% to $57m), gross profit of $9.2m (+35% pcp, 48% margin, CGe 45% margin), and adj. EBITDA of $2.8m (+35% pcp, representing an EBITDA margin of 15%, CGe 11%).</p></li><li><p>Observing its trend through 1H25TD highlights strong revenue acceleration in October to +26% pcp, against its 1Q25 revg of +17% pcp, coupled with ongoing sales of its higher-margin products (FT25TD incremental gross profit margin 78%) driving operating leverage/accelerated investment.</p></li></ul></div></div></div></div><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

ACE held its AGM and released a trading update highlighting ongoing momentum in business performance with the company is tracking ahead of market expectations for FY25.FY25TD revenue of $19.2m (+19% pcp, CGe FY25E revg. +14% to $57m), gross profit of $9.2m (+35% pcp, 48% margin, CGe 45% margin), and adj. EBITDA of $2.8m (+35% pcp, representing an EBITDA margin of 15%, CGe 11%).Observing its trend through 1H25TD highlights strong revenue acceleration in October to +26% pcp, against its 1Q25 revg of +17% pcp, coupled with ongoing sales of its higher-margin products (FT25TD incremental gross profit margin 78%) driving operating leverage/accelerated investment.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Acusensus Ltd - Scale Building; Growth Accelerates Through FY25

Laramide Resources Ltd. is a mineral resource company. The Company specializes in the acquisition, discovery and development of uranium projects. Laramide's current main focus is the Westmoreland Uranium Project in Queensland, Australia.

<ul><li>Laramide Resources (LAM-ASX) maintains five global uranium assets including two 100%- owned flagship projects in Crownpoint-Churchrock (New Mexico) and Westmoreland (Queensland).</li><li>Its resource base stands at an impressive 117Mlb.</li><li>With one final permit required for the Churchrock project, we believe LAM could provide much needed near-term supply to the US market. </li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Laramide Resources (LAM-ASX) maintains five global uranium assets including two 100%- owned flagship projects in Crownpoint-Churchrock (New Mexico) and Westmoreland (Queensland).Its resource base stands at an impressive 117Mlb.With one final permit required for the Churchrock project, we believe LAM could provide much needed near-term supply to the US market. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Laramide Resources Ltd - US Uranium Leverage with an Australian Kicker

Small Cap Longs
Mighty oaks from tiny acorns grow

TUYA (TUYA.US): Depressed Valuation, $1B+ In Cash, Is Turnaround Story Ahead?

A Temasek-backed 65 Equity Partners has acquired a ~13% stake in Tuya. In my insight, I discuss peer valuation, upside catalysts and fundamentals...

Andrei Zakharov

Company Spotlight: Japfa

Company Spotlight: Japfa

Singapore Exchange Ltd (SGX)

[Atour (ATAT US, BUY, TP US$37) Review]: Small Differences Here & There but Overall Case Intact

Atour beats revenue estimates and shows strong cost controls, expecting RevPAR growth in 2025. Maintains top buy rating with TP at US$37/ADS.

Blue Lotus Research Institute

Acusensus Ltd - Scale Building; Growth Accelerates Through FY25

ACE held its AGM and released a trading update highlighting ongoing momentum in business performance with the company is tracking ahead of market...

Canaccord Genuity

Laramide Resources Ltd - US Uranium Leverage with an Australian Kicker

Laramide Resources (LAM-ASX) maintains five global uranium assets including two 100%- owned flagship projects in Crownpoint-Churchrock (New Mexico)...

Canaccord Genuity

TUYA (TUYA.US): Depressed Valuation, $1B+ In Cash, Is Turnaround Story Ahead?

A Temasek-backed 65 Equity Partners has acquired a ~13% stake in Tuya. In my insight, I discuss peer valuation, upside catalysts and fundamentals...

Andrei Zakharov

Company Spotlight: Japfa

Company Spotlight: Japfa

Singapore Exchange Ltd (SGX)

[Atour (ATAT US, BUY, TP US$37) Review]: Small Differences Here & There but Overall Case Intact

​Atour beats revenue estimates and shows strong cost controls, expecting RevPAR growth in 2025. Maintains top buy rating with TP at US$37/ADS.

Blue Lotus Research Institute

Acusensus Ltd - Scale Building; Growth Accelerates Through FY25

ACE held its AGM and released a trading update highlighting ongoing momentum in business performance with the company is tracking ahead of market...

Canaccord Genuity

Laramide Resources Ltd - US Uranium Leverage with an Australian Kicker

Laramide Resources (LAM-ASX) maintains five global uranium assets including two 100%- owned flagship projects in Crownpoint-Churchrock (New Mexico)...

Canaccord Genuity

Atour beats revenue estimates and shows strong cost controls, expecting RevPAR growth in 2025. Maintains top buy rating with TP at US$37/ADS.