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

Equity Bottom-Up

SurgePays, Inc. is a technology and telecommunications company. The Company focuses on the underbanked and underserved communities, as well as provides fintech platform for financial and prepaid products to convert corner stores and bodegas into tech-hubs for underbanked neighborhoods. SurgePays serves customers in the United States.

<ul><li>Before market open on Thursday, SurgePays announced it has signed a new strategic relationship deal with AT&amp;T.</li><li>The multi-year mobile virtual network operator (MVNO) agreement is a significant enhancement from its pre-existing carrier relationships in the ACP market.</li><li><p>Enables super low-cost service, critical to former ACP and current Lifeline customers. </p></li></ul>

Before market open on Thursday, SurgePays announced it has signed a new strategic relationship deal with AT&amp;T.The multi-year mobile virtual network operator (MVNO) agreement is a significant enhancement from its pre-existing carrier relationships in the ACP market.Enables super low-cost service, critical to former ACP and current Lifeline customers. 

SurgePays, Inc. - Signs Strategic Agreement with AT&T

Thematic (Sector/Industry)

<ul><li>AI Continues to Grab Investor Interest as Expectations Have It Affecting Nearly Everything AI is in every company now.</li><li>It has been having a major impact on the tech sector for some time, it accelerated in 2024, and is likely to continue driving tech in 2025.</li><li>Every company is now building neutral networks, and this is driving growth in data centers, hardware, and specifically GFP/AI chips. </li></ul>

AI Continues to Grab Investor Interest as Expectations Have It Affecting Nearly Everything AI is in every company now.It has been having a major impact on the tech sector for some time, it accelerated in 2024, and is likely to continue driving tech in 2025.Every company is now building neutral networks, and this is driving growth in data centers, hardware, and specifically GFP/AI chips. 

WTR Small-Cap Spotlight Recap Tech Trends for 2025

New Zealand Professional Investment Services Firm, Forsyth Barr

Forsyth Barr

New Zealand Professional Investment Services Firm

We are proud to be a New Zealand owned firm, with 21 offices throughout the country and over 300 employees. We assist personal, institutional and corporate clients providing a full range of investment services.

Forsyth Barr is a foundation New Zealand Exchange firm (NZX) and accredited market participant. We have been confirmed by the Financial Markets Authority as a Qualifying Financial Entity (QFE).

Research is the cornerstone of our advice. We have one of New Zealand's leading teams of analysts. Our global affiliations ensure comprehensive research coverage of all major investment markets.

ikeGPS Group Limited develops and produces location-based measurement devices and accessories to integrate digital camera and laser range finder technologies. The Company offers devices and accessories to capture a GPS location and photo of remote targets, and measures the distance and heights of objects.

<ul><li>ikeGPS (IKE) delivered a solid 1H25 result in revenue terms, which was pre-released in October.</li><li>Group revenue growth of +16% was underpinned by robust growth in Subscriptions, as total enterprise customers rose +21 over the period to 436. </li><li>Gross margin improved from 59% in 1H24 to 67% in 1H25, reflecting: (1) the mix-shift towards higher-margin Subscription products, and (2) productivity gains from IKE Analyze's support centre in Mexico. </li></ul>

ikeGPS (IKE) delivered a solid 1H25 result in revenue terms, which was pre-released in October.Group revenue growth of +16% was underpinned by robust growth in Subscriptions, as total enterprise customers rose +21 over the period to 436. Gross margin improved from 59% in 1H24 to 67% in 1H25, reflecting: (1) the mix-shift towards higher-margin Subscription products, and (2) productivity gains from IKE Analyze's support centre in Mexico. 

Tracking developments across tech supply chains, Tech Supply Chain Tracker

Tech Supply Chain Tracker

Tracking developments across tech supply chains

Inspur Electronic Infmtn Indtry / Equity Bottom-Up

Inspur Electronic Information Industry Co., Ltd. manufactures and markets computer servers, computer terminal products, electronic products, and telecommunication equipment.  The Company also develops computer software, provides system integration services, and operates in import and export trading.

Inspur Electronic Infmtn Indtry (000977 CH)

<ul><li>India's top player in the industry notes slow passenger EV sales, but sees a boom in commercial EVs.</li><li>Nvidia surpasses revenue estimates with strong data center expansion, leading to mixed analyst reactions.</li><li>China accelerates efforts for chip independence to lessen reliance on US technology in response to potential policies of the new Trump administration.</li></ul>

India's top player in the industry notes slow passenger EV sales, but sees a boom in commercial EVs.Nvidia surpasses revenue estimates with strong data center expansion, leading to mixed analyst reactions.China accelerates efforts for chip independence to lessen reliance on US technology in response to potential policies of the new Trump administration.

Tech Supply Chain Tracker (22-Nov-2024): Commercial EVs thrive despite passenger slowdown.

Derivatives and Quantitative Strategist

Gaudenz Schneider

Event-Driven

The Hang Seng Index is a free-float capitalization-weighted index of a selection of companies from the Stock Exchange of Hong Kong. The components of the index are divided into four subindices: Commerce and Industry, Finance, Utilities, and Properties. The index was developed with a base level of 100 as of July 31, 1964.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/hong-kong-hang-seng-index" target="_blank" data-smartkarma-citation="entities:22899:1" rel="noopener"><strong>Hang Seng Index</strong> (HSI INDEX)</a> implied volatility fell across the term structure and skew. The skew displays a smile favoring specific option strategies.</li>
<li>The most traded HKEX traded tailor-made combinations are Call and Put Spreads. Straddles, Strangles and Butterflies have become less popular most recently.</li>
<li>While three quarters of all strategies take a long volatility position, there is a balance in bullish, bearish, and market-neutral strategies.</li>
</ul>



Hang Seng Index (HSI INDEX) implied volatility fell across the term structure and skew. The skew displays a smile favoring specific option strategies.
The most traded HKEX traded tailor-made combinations are Call and Put Spreads. Straddles, Strangles and Butterflies have become less popular most recently.
While three quarters of all strategies take a long volatility position, there is a balance in bullish, bearish, and market-neutral strategies.


EQD | Hang Seng (HSI) – Analysis of Option Strategies Recently Traded on HKEX

Technology, Media & Telecom (TMT)
Digital Highway

SurgePays, Inc. - Signs Strategic Agreement with AT&T

The multi-year mobile virtual network operator (MVNO) agreement is a significant enhancement from its pre-existing carrier relationships in the ACP...

Water Tower Research

WTR Small-Cap Spotlight Recap Tech Trends for 2025

AI Continues to Grab Investor Interest as Expectations Have It Affecting Nearly Everything AI is in every company now. It has been having a major...

Water Tower Research

IkeGPS - Pole-Powered Growth in 1H25

Group revenue growth of +16% was underpinned by robust growth in Subscriptions, as total enterprise customers rose +21 over the period to 436.

Forsyth Barr

Tech Supply Chain Tracker (22-Nov-2024): Commercial EVs thrive despite passenger slowdown.

Passenger EV sales lag behind, but commercial EVs thrive; Nvidia surpasses revenue estimates, sparking analyst reactions; China accelerates chip...

Tech Supply Chain Tracker

EQD | Hang Seng (HSI) – Analysis of Option Strategies Recently Traded on HKEX

Hang Seng implied volatility favors option strategies like Call and Put Spreads. Long volatility positions dominate, with a balance of bullish,...

Gaudenz Schneider