bearish
TUYA: Is The King of White Label IOT Ready to Charter a Different Course?
431 Views22 Nov 2024 10:38
SUMMARY
- On November 18th, 2024, Temasek-affiliated investment fund 65Equity bought 13% of TUYA, an IOT hardware company and planned to bring the company to list on the Singapore Stock Exchange;
- TUYA is trading at US$901mn market cap, equivalent to 3.2x 12TTM sales. This isn't cheap. Xiaomi, a high flying stock, now trades at 2.0x 12TTM sales. TUYA is not profitable;
- TUYA is a good and real company but in a bad business. Electronics inventory cycle and advanced stocking for Trump's Tariff Hike shall support earnings in the next few quarters.
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Blue Lotus Research Institute
China growth and global non-US Internet equities
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