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.

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>Temasek-Backed 65 Equity Partners bought 13% stake in Tuya, implying a total investment of US$100 million (or S$134M). </li>
<li>The fund’s mandate is to support high-growth, mid-cap companies seeking a listing on the Singapore Exchange (SGX).</li>
<li>The listing will benefit Tuya by providing easy access to capital. Tuya will be able to use stock as a currency to fund its expansion plans in Southeast Asia.</li>
</ul>


Temasek-Backed 65 Equity Partners bought 13% stake in Tuya, implying a total investment of US$100 million (or S$134M). 
The fund’s mandate is to support high-growth, mid-cap companies seeking a listing on the Singapore Exchange (SGX).
The listing will benefit Tuya by providing easy access to capital. Tuya will be able to use stock as a currency to fund its expansion plans in Southeast Asia.


Tuya Inc - Growth Trajectory to Accelerate Following 13% Stake Purchase by 65 Equity Partners

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

<ul>
<li>Total public EV charging stations (incl. temporary unavailable locations) were 72,280 as of September 30, 2024. Compared to the end of FY23, it is an increase of 11.8%.</li>
<li>Total EVSE charging ports (including the temporary unavailable ports) were 197,133, up nearly 17.1% compared to the end of 2023 and up 1.5% over August 2024.</li>
<li>US considerably lags behind China which had 3.32 million public charging stations at the end of September 2024.</li>
</ul>


Total public EV charging stations (incl. temporary unavailable locations) were 72,280 as of September 30, 2024. Compared to the end of FY23, it is an increase of 11.8%.
Total EVSE charging ports (including the temporary unavailable ports) were 197,133, up nearly 17.1% compared to the end of 2023 and up 1.5% over August 2024.
US considerably lags behind China which had 3.32 million public charging stations at the end of September 2024.


US EV Charging Infrastructure Tracker - Sep 2024

Event-Driven

Fortive Corporation operates as a diversified industrial growth company. The Company focuses on professional instrumentation, automation, sensing, and transportation technologies. Fortive serves customers worldwide.

<ul>
<li>On September 4, 2024, Fortive Corp (NYSE: FTV) announced plans to separate its Precision Technologies business into a separate publicly listed company (NewCo), via a tax-free spin-off transaction.</li>
<li>NewCo, being more volatile and lower margin, versus the parent, has been a drag on the overall valuation of FTV.</li>
<li>FTV (ex NewCo) will be a high recurring revenue business with strong free cash flow generation profile. We believe that FTV (ex NewCo) will command a higher multiple.</li>
</ul>


On September 4, 2024, Fortive Corp (NYSE: FTV) announced plans to separate its Precision Technologies business into a separate publicly listed company (NewCo), via a tax-free spin-off transaction.
NewCo, being more volatile and lower margin, versus the parent, has been a drag on the overall valuation of FTV.
FTV (ex NewCo) will be a high recurring revenue business with strong free cash flow generation profile. We believe that FTV (ex NewCo) will command a higher multiple.


Fortive Corp (NYSE: FTV) To Spin-Off Precision Technologies Business

<ul>
<li>US considerably lags behind China and Europe which had 3.2 million and 0.9 million public charging points at the end of July 2024. US had just 180,136.</li>
<li>US aims to reach 500,000 public EV chargers by 2030. This compared with EU's target of 3.5 million chargers by the same timeframe.</li>
<li>EV adoption remains slow in the U.S. impacted by pricing and lack of infrastructure.</li>
</ul>


US considerably lags behind China and Europe which had 3.2 million and 0.9 million public charging points at the end of July 2024. US had just 180,136.
US aims to reach 500,000 public EV chargers by 2030. This compared with EU's target of 3.5 million chargers by the same timeframe.
EV adoption remains slow in the U.S. impacted by pricing and lack of infrastructure.


US Lags Behind China and Europe in EV Charging Infrastructure

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