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?

Founder, CEO, GSBR Research

Garvit Bhandari

Founder, CEO

Leading Provider of Equity and Investment Research

GSBR Research

We are an independent equity research provider focused on covering global markets. The aim of the research is to provide an unbiased view of the fundamentals of the company.

Thematic (Sector/Industry)

<ul>
<li>Total public EV charging stations (incl. temporary unavailable locations) were 73,535 as of October 30, 2024. Compared to the end of FY23, it is an increase of 13.8%.</li>
<li>Total EVSE charging ports (including the temporary unavailable ports) were 202,179, up nearly 20.1% compared to the end of 2023 and up 2.6% over September 2024.</li>
<li>US considerably lags behind China which had 3.39 million public charging stations at the end of October 2024.</li>
</ul>


Total public EV charging stations (incl. temporary unavailable locations) were 73,535 as of October 30, 2024. Compared to the end of FY23, it is an increase of 13.8%.
Total EVSE charging ports (including the temporary unavailable ports) were 202,179, up nearly 20.1% compared to the end of 2023 and up 2.6% over September 2024.
US considerably lags behind China which had 3.39 million public charging stations at the end of October 2024.


US EV Charging Infrastructure Tracker: Update – October 2024

Equity Research Focusing on the Consumer Sector, Small Cap Consumer Research

Small Cap Consumer Research

Equity Research Focusing on the Consumer Sector

Small Cap Consumer Research, LLC is a leading company-sponsored equity research provider focusing on the consumer sector (apparel, brand licensing and specialty retailing segments).

The TJX Companies, Inc. is an off-price apparel and home fashion retailer in the United States and worldwide.  The Company operates off-price retail concepts in the U.S., Canada and Europe that offer a wide range of brand name and designer merchandise.

<ul><li>We are reiterating our Buy rating and $29 price target, and tweaking our 3QFY25 projections ahead of earnings next Tuesday after the close.</li><li>While we believe the European operations have remained strong in terms of margins and top line growth, we believe the start of Fall in the domestic arena has been difficult, as a heightened focus on sweaters and outerwear, while fashion right and impressive, has been hampered by warmer weather, especially in men's.</li><li>The impact is even further exacerbated by the relative unimportance of 3Q for the company.</li></ul>

We are reiterating our Buy rating and $29 price target, and tweaking our 3QFY25 projections ahead of earnings next Tuesday after the close.While we believe the European operations have remained strong in terms of margins and top line growth, we believe the start of Fall in the domestic arena has been difficult, as a heightened focus on sweaters and outerwear, while fashion right and impressive, has been hampered by warmer weather, especially in men's.The impact is even further exacerbated by the relative unimportance of 3Q for the company.

Tjx Companies Inc - 3Q Preview: Mixed NT, LT Positive Message Remains; Reiterate Buy, $29 PT

Investment Strategist, Transparently.AI

Mark Jolley

Investment Strategist

AI detection of accounting fraud and manipulation

Transparently.AI

Fraud and manipulation of their numbers see companies lose USD1 trillion+ per year for their stakeholders. Transparently.AI has developed an AI system that determines:

1. The likelihood that a company is committing fraud/serious manipulation of their books;
2. Whether it is serious enough to result in total corporate failure;
3. Estimated $ losses to stakeholders;
4. How that manipulation/fraud evolves through time; and
5. Detailed analytics on the forms of manipulation/fraud (e.g. which parts of the accounts, what tricks of the trade, questions for analysts to ask management, where/how to investigate further, etc.).

This is effectively automating the analysis of forensic accountants, activist short sellers, credit analysts, etc to do work that would typically take weeks per company, and instead run it in seconds and for thousands of companies simultaneously.

Critically, this solution frequently alerts users to the presence of serious manipulation risk up to 2-3 years in advance of the wider market and short sellers becoming aware of problems.

Forensic Accounting

Roblox Corporation provides entertainment products and services. The Company designs and develops a wide range of online games such as internet three-dimensional and tutorial games for kids, teens, and adults. Roblox serves customers worldwide.

<ul>
<li>The evolution of the metaverse gives rise to new business models that present new challenges for corporate reporting and accounting.</li>
<li>Transparently' s AI system has picked up some concerning signals about Roblox’s accounting quality.</li>
<li>However, some of these can be explained by the uniqueness of its metaverse-driven revenue model. </li>
</ul>


The evolution of the metaverse gives rise to new business models that present new challenges for corporate reporting and accounting.
Transparently' s AI system has picked up some concerning signals about Roblox’s accounting quality.
However, some of these can be explained by the uniqueness of its metaverse-driven revenue model. 


Roblox (RBLX) And the Accounting Challenges Posed by the Metaverse

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Exponent, Inc. is a science and engineering consulting firm that provides solutions and information to complex problems. The Company performs scientific research and analysis, or evaluations, to solve complicated issues facing a range of industries and governments.

<ul>
<li>Exponent Inc.’s third quarter 2024 financial results demonstrate both resilience and constraints in the context of evolving market dynamics.</li>
<li>The company reported a 6% growth in net income and an expansion in EBITDA margin, indicating effective cost management and resource utilization.</li>
<li>The overall revenue, however, remained flat compared to the previous year, reflecting a mixed performance across different sectors of operation.</li>
</ul>


Exponent Inc.’s third quarter 2024 financial results demonstrate both resilience and constraints in the context of evolving market dynamics.
The company reported a 6% growth in net income and an expansion in EBITDA margin, indicating effective cost management and resource utilization.
The overall revenue, however, remained flat compared to the previous year, reflecting a mixed performance across different sectors of operation.


Exponent Inc's New Game-Changing Strategies: Multidisciplinary Problem Solving at Its Best!

United States
Insights on the United States (USA)

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

US EV Charging Infrastructure Tracker: Update – October 2024

The EV charging infrastructure in the US is growing but the pace of growth is modest when compared to other countries especially China

GSBR Research

Tjx Companies Inc - 3Q Preview: Mixed NT, LT Positive Message Remains; Reiterate Buy, $29 PT

We are reiterating our Buy rating and $29 price target, and tweaking our 3QFY25 projections ahead of earnings next Tuesday after the close. While...

Small Cap Consumer Research

Roblox (RBLX) And the Accounting Challenges Posed by the Metaverse

The metaverse's evolution creates new business models with challenges for corporate reporting. Concerning signals about Roblox's accounting...

Mark Jolley

Exponent Inc's New Game-Changing Strategies: Multidisciplinary Problem Solving at Its Best!

Exponent Inc.’s third quarter 2024 financial results demonstrate both resilience and constraints in the context of evolving market dynamics.

Baptista Research

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

US EV Charging Infrastructure Tracker: Update – October 2024

The EV charging infrastructure in the US is growing but the pace of growth is modest when compared to other countries especially China

GSBR Research

Tjx Companies Inc - 3Q Preview: Mixed NT, LT Positive Message Remains; Reiterate Buy, $29 PT

We are reiterating our Buy rating and $29 price target, and tweaking our 3QFY25 projections ahead of earnings next Tuesday after the close. While...

Small Cap Consumer Research

Roblox (RBLX) And the Accounting Challenges Posed by the Metaverse

​The metaverse's evolution creates new business models with challenges for corporate reporting. Concerning signals about Roblox's accounting...

Mark Jolley

Exponent Inc's New Game-Changing Strategies: Multidisciplinary Problem Solving at Its Best!

Exponent Inc.’s third quarter 2024 financial results demonstrate both resilience and constraints in the context of evolving market dynamics.

Baptista Research

The metaverse's evolution creates new business models with challenges for corporate reporting. Concerning signals about Roblox's accounting...