Invest for a Sustainable Future, Impact Capital Asset Management

ICAM

Invest for a Sustainable Future

Impact Capital Asset Management

Established in August 2020, Impact Capital Asset Management Pte. Ltd. (ICAM) was conceived by seasoned professionals Deepak Mawandia and Atul Tetambe. Both have accumulated a wealth of knowledge and experience from their extensive tenures in the financial sector. In 2019, ICAM secured its RFMC license and subsequently introduced a technology-centric venture fund. By 2021, with the acquisition of its CMS license, ICAM witnessed steady growth in its assets under management. Presently, ICAM manages a portfolio exceeding USD 1 billion, diversified across various countries. Central to ICAM’s foundation is a commitment to offering a platform singularly dedicated to the best interests of its investor clients. The combined expertise of Deepak and Atul firmly establishes ICAM as a notable entity in the wealth management field.

Equity Bottom-Up

Mandarin Oriental International / Equity Bottom-Up

Mandarin Oriental International Limited is an owner and operator of luxury hotels, resorts, and residences. The Group now operates, or has under development, hotels in the Americas, Europe, Middle East, and North Africa. Mandarin Oriental International also operates, or has under development, residences at Mandarin Oriental.

Mandarin Oriental International (MAND SP)

<ul><li>Mandarin Oriental is no longer a “normal” listed equity.</li><li>With the privatization scheme announced and shareholder-approved, it should be analyzed as a capped-upside, time-bound deal instrument until delisting, not as a multi-year compounding story.</li><li>The report therefore uses the offer value as the primary reference point and focuses on the few items that can still move outcomes before completion: conditions, timing, cash leakage, and any operational downside that could change sentiment or process risk. </li></ul>

Mandarin Oriental is no longer a “normal” listed equity.With the privatization scheme announced and shareholder-approved, it should be analyzed as a capped-upside, time-bound deal instrument until delisting, not as a multi-year compounding story.The report therefore uses the offer value as the primary reference point and focuses on the few items that can still move outcomes before completion: conditions, timing, cash leakage, and any operational downside that could change sentiment or process risk. 

Mandarin Oriental International Limited Privatization Report

Global Healthcare Analyst

Tina Banerjee

Simcere Pharmaceutical Group / Equity Bottom-Up

Simcere Pharmaceutical Group manufactures and supplies branded generic pharmaceuticals to the China market. The Company's products include antibiotics, anti-cancer medications and anti-stroke medications.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/simcere-pharmaceutical-group" target="_blank" data-smartkarma-citation="entities:29186:1" rel="noopener">Simcere Pharmaceutical Group (2096 HK)</a> entered into a license agreement with Vigonvita Life Science Co. Ltd in respect of new indications (RSV and HMPV) of VV116 (Deuterated Remdesivir Hydrobromide).</li>
<li>There is no innovative small molecule antiviral drug approved for RSV infection globally. The development of effective RSV treatment represents a huge unmet medical need worldwide.</li>
<li>The licensing deals signed over the last few months alongside strong innovative drug portfolio, approvals and strong future pipeline makes it a bullish case.</li>
</ul>



Simcere Pharmaceutical Group (2096 HK) entered into a license agreement with Vigonvita Life Science Co. Ltd in respect of new indications (RSV and HMPV) of VV116 (Deuterated Remdesivir Hydrobromide).
There is no innovative small molecule antiviral drug approved for RSV infection globally. The development of effective RSV treatment represents a huge unmet medical need worldwide.
The licensing deals signed over the last few months alongside strong innovative drug portfolio, approvals and strong future pipeline makes it a bullish case.


Simcere Pharma (2096 HK): Agreement With Vigonvita Positive, Pipeline and Approvals Key Strength

Equity Research Analyst - Long-Short

Raj S, CA, CFA

JOYY Inc. operates a global social media platform. The Company offers platform which enables users to interact with each other in real time through online live media by creating, sharing, and enjoying a vast range of entertainment content and activities. JOYY serves customers in China.

<ul>
<li>Net cash of ~$3.3bn equals market cap; ~$300mn of recurring FCFE funds ~10% shareholder yield via dividends and buybacks, while Ad-Tech provides incremental growth optionality.</li>
<li>Management is proactively engaging investors, returning capital, and building Ad-Tech scale, creating multiple levers for perception shift beyond legacy live-streaming framing with a global positioning.</li>
<li>This is a classic deep-value smallcap bet with Valuation asymmetry: Base-case valuation implies ~50% upside including cash; bull-case capitalisation of cash flows and Ad-Tech optionality supports ~100% upside.</li>
</ul>


Net cash of ~$3.3bn equals market cap; ~$300mn of recurring FCFE funds ~10% shareholder yield via dividends and buybacks, while Ad-Tech provides incremental growth optionality.
Management is proactively engaging investors, returning capital, and building Ad-Tech scale, creating multiple levers for perception shift beyond legacy live-streaming framing with a global positioning.
This is a classic deep-value smallcap bet with Valuation asymmetry: Base-case valuation implies ~50% upside including cash; bull-case capitalisation of cash flows and Ad-Tech optionality supports ~100% upside.


2026 High-Conviction: JOYY US: ZERO EV, Growth & Yield - Poised For Re-Rating (Deep-Value Smallcap)

Smartkarma AI, Smartkarma

αSK

Smartkarma AI

Smartkarma

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

Research Reinvented

Lion Corporation manufactures a variety of household products such as toothpaste and detergents. The Company also produces pharmaceuticals, chemical products, and seasonings.  Lion sells its products primarily in Asia.

<ul>
  <li>
<a href="https://smartkarma.com/entities/lion-corp">Lion Corp</a> is a dominant player in the Japanese consumer staples market, particularly in oral care, with a long history of stable growth and consistent dividend payouts.</li>
  <li>The company's 'Vision2030' strategy focuses on becoming an 'advanced daily healthcare company,' emphasizing growth in overseas markets, particularly in Asia, and strengthening profitability through structural reforms in its domestic business.</li>
  <li>While facing intense competition and the challenges of a mature domestic market, Lion's strong brand recognition, commitment to R&amp;D, and focus on high-value-added products position it for resilient performance.</li>
</ul><p><em>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.</em></p>


  
Lion Corp is a dominant player in the Japanese consumer staples market, particularly in oral care, with a long history of stable growth and consistent dividend payouts.
  The company's 'Vision2030' strategy focuses on becoming an 'advanced daily healthcare company,' emphasizing growth in overseas markets, particularly in Asia, and strengthening profitability through structural reforms in its domestic business.
  While facing intense competition and the challenges of a mature domestic market, Lion's strong brand recognition, commitment to R&amp;D, and focus on high-value-added products position it for resilient performance.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

Research from Water Tower Research, Water Tower Research

Water Tower Research

Research from Water Tower Research

Water Tower Research is a leading equity research firm that provides research on micro, small and mid cap companies.

Water Tower Research was founded by Wall Street veterans after witnessing a fundamental shift in the investment research industry with the result being a declining knowledge base among investors, a lack of awareness and a shrinking pool of fundamental research being conducted on companies across the small-cap and micro-cap spectrum. The same issues are now increasingly occurring in the mid-cap space. This sea change within the investment community is impacting not only the companies themselves but also current shareholders and potential investors. With significantly less active sell-side sponsorship by Wall Street, a substantial information gap has developed between companies and various constituents in the financial community. The net result is fewer channels for insight and information to flow between companies and investors.

Equity Research Firm

Cloudastructure, Inc. operates as a software company. The Company develops cloud-native video surveillance platform with AI and computer vision analytics for better and more cost-effective enterprise security. Cloudastructure serves customers in the United States.

<div><ul><li>Proactive AI plus human intervention is the core differentiator. Compared with legacy configurations that primarily capture and display video, Cloudastructure’s cloud-based AI reviews site activity continuously, filters signal from noise, and escalates actionable events to trained remote guards who “talk down” intruders via integrated speakers, supporting a reported ~98% deterrence rate.</li><li>Scale drives efficiency and coverage quality.</li><li>The platform processes ~8 million videos daily. AI triage lets each guard monitor 50-70 camera feeds versus ~10 for traditional setups, improving response times and eliminating gaps from fatigue or shift changes.</li></ul></div>

Proactive AI plus human intervention is the core differentiator. Compared with legacy configurations that primarily capture and display video, Cloudastructure’s cloud-based AI reviews site activity continuously, filters signal from noise, and escalates actionable events to trained remote guards who “talk down” intruders via integrated speakers, supporting a reported ~98% deterrence rate.Scale drives efficiency and coverage quality.The platform processes ~8 million videos daily. AI triage lets each guard monitor 50-70 camera feeds versus ~10 for traditional setups, improving response times and eliminating gaps from fatigue or shift changes.

CSAI: WTR Small-Cap Spotlight Recap - AI Comes to Video Surveillance; See More, Act Faster

Small Cap Longs
Mighty oaks from tiny acorns grow

Mandarin Oriental International Limited Privatization Report

Mandarin Oriental is no longer a “normal” listed equity. With the privatization scheme announced and shareholder-approved, it should be analyzed as...

ICAM

Simcere Pharma (2096 HK): Agreement With Vigonvita Positive, Pipeline and Approvals Key Strength

Simcere inked exclusive outlicensing agreement with Ipsen Pharma for the development, manufacturing, and commercialization of SIM0613, a LRRC15...

Tina Banerjee

2026 High-Conviction: JOYY US: ZERO EV, Growth & Yield - Poised For Re-Rating (Deep-Value Smallcap)

Smallcap Deep-Value: JOYY US - $3.3bn in Net cash + 10% shareholder yield through dividends and buybacks supported by mature FCF, while building Ad...

Raj S, CA, CFA

Primer: Lion Corp (4912 JP) - Dec 2025

Lion Corp is a dominant player in the Japanese consumer staples market, particularly in oral care, with a long history of stable growth and...

αSK

CSAI: WTR Small-Cap Spotlight Recap - AI Comes to Video Surveillance; See More, Act Faster

Compared with legacy configurations that primarily capture and display video, Cloudastructure’s cloud-based AI reviews site activity continuously,...

Water Tower Research