Equity Long-Short Analyst

Pyari Menon

Equity Bottom-Up

Duratec Limited provides construction services. The Company specializes in the protection and re-mediation of steel and concrete structures, as well as offers asset protection, building refurbishment, infrastructure upgrading, recladding, and durability engineering services. Duratec serves customers worldwide.

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<a href="https://www.smartkarma.com/entities/duratec-ltd" target="_blank" data-smartkarma-citation="entities:30854:1" rel="noopener">Duratec Ltd (DUR AU)</a> with strong financials, a robust order pipeline and ability to leverage technologies makes it a solid small-cap infrastructure maintenance and asset protection play</li>
<li>Shares are at least 30% below fair value given profitability, growth and order book profile. Historical numbers suggest solid execution of a diverse service contract portfolio. </li>
<li>Duratec is a play on growing need for more efficient, accurate and  innovative approach for proactive infrastructure inspections and maintenance. </li>
</ul>



Duratec Ltd (DUR AU) with strong financials, a robust order pipeline and ability to leverage technologies makes it a solid small-cap infrastructure maintenance and asset protection play
Shares are at least 30% below fair value given profitability, growth and order book profile. Historical numbers suggest solid execution of a diverse service contract portfolio. 
Duratec is a play on growing need for more efficient, accurate and  innovative approach for proactive infrastructure inspections and maintenance. 


Duratec: Leveraging Technologies For Infrastructure Maintenance Leading to Strong Financials

Thematic (Sector/Industry)

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<li>For this report we datamined autonomous driving technology (ADT) innovations.</li>
<li>Worldwide over the last decade the ADT sector has seen nearly 25% CAGR growth in patent filings, with over 40,000 patent family filings.</li>
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<a href="https://www.smartkarma.com/entities/delphi-automotive-plc" target="_blank" data-smartkarma-citation="entities:20870:1" rel="noopener">Aptiv PLC (APTV US)</a>, with a leadership position in several areas of ADT, strong financials, reasonable valuations and strategic partnerships stands out.  </li>
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For this report we datamined autonomous driving technology (ADT) innovations.
Worldwide over the last decade the ADT sector has seen nearly 25% CAGR growth in patent filings, with over 40,000 patent family filings.

Aptiv PLC (APTV US), with a leadership position in several areas of ADT, strong financials, reasonable valuations and strategic partnerships stands out.  


CVRx, Inc. develops and manufactures medical devices. The Company specializes in technology for an implantable device for the treatment of hypertension and heart failure that triggers the body's master blood flow regulation system. CVRx serves customers worldwide.

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<a href="https://www.smartkarma.com/entities/cvrx-inc" target="_blank" data-smartkarma-citation="entities:37498:1" rel="noopener">CVRx (CVRX US)'s</a> Barostim, is the only neuromodulation device designed to treat heart failure and resistant hypertension. We see CVRX as a buyout target. </li>
<li>Growth will be driven by growing elderly population, and rising rates of diabetes and hypertension putting more people in cardiac decline.</li>
<li>Trials suggest that Barostim is a cost-effective treatment, quality of life improving therapy when compared with traditional optimal medical management in patients with resistant hypertension.</li>
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CVRx (CVRX US)'s Barostim, is the only neuromodulation device designed to treat heart failure and resistant hypertension. We see CVRX as a buyout target. 
Growth will be driven by growing elderly population, and rising rates of diabetes and hypertension putting more people in cardiac decline.
Trials suggest that Barostim is a cost-effective treatment, quality of life improving therapy when compared with traditional optimal medical management in patients with resistant hypertension.


CVRx: Enhancing Cardiac Care Through Neuromodulation

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<li>The three companies we write about this week are <a href="https://www.smartkarma.com/entities/raytheon-technologies-corp" target="_blank" data-smartkarma-citation="entities:6453:1" rel="noopener">Raytheon Technologies (RTX US)</a><a href="https://www.smartkarma.com/entities/beiersdorf-ag" target="_blank" data-smartkarma-citation="entities:21588:1" rel="noopener">Beiersdorf AG (BEI GR)</a> and <a href="https://www.smartkarma.com/entities/king-slide-works-co-ltd" target="_blank" data-smartkarma-citation="entities:7130:1" rel="noopener">King Slide Works (2059 TT)</a> 
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<li>For the twenty-six weeks since inception ended 19 May the combined innovation portfolio was +2.5%, versus DJIA-0.9%, S&amp;P500+5.7%, Nasdaq+13.6%, Russell2000 -4.1%, MSCI-ACWI-ETF+6.9%, S&amp;P midcap 400 -2.2%, all in US$ terms</li>
<li>Small-Cap (+4.1%) versus Russell2000 (-4.1%) and midcap (+1.9%) versus S&amp;P400 (-2.2%) continues to outperform benchmarks, but the omission of mega-tech names has hurt large-cap portfolio (+2.6%) versus S&amp;P500 (+5.7%) . </li>
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The three companies we write about this week are Raytheon Technologies (RTX US)Beiersdorf AG (BEI GR) and King Slide Works (2059 TT) 

For the twenty-six weeks since inception ended 19 May the combined innovation portfolio was +2.5%, versus DJIA-0.9%, S&amp;P500+5.7%, Nasdaq+13.6%, Russell2000 -4.1%, MSCI-ACWI-ETF+6.9%, S&amp;P midcap 400 -2.2%, all in US$ terms
Small-Cap (+4.1%) versus Russell2000 (-4.1%) and midcap (+1.9%) versus S&amp;P400 (-2.2%) continues to outperform benchmarks, but the omission of mega-tech names has hurt large-cap portfolio (+2.6%) versus S&amp;P500 (+5.7%) . 


The Innovations Portfolios - Week Twenty Six

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<li>The three companies we write about this week are <a href="https://www.smartkarma.com/entities/international-business-machines-corp" target="_blank" data-smartkarma-citation="entities:1064:1" rel="noopener">International Business Machines (IBM US)</a> , <a href="https://www.smartkarma.com/entities/marvell-technology-inc" target="_blank" data-smartkarma-citation="entities:15837:1" rel="noopener">Marvell Technology (MRVL US)</a> and <a href="https://www.smartkarma.com/entities/jtekt-corp" target="_blank" data-smartkarma-citation="entities:12197:1" rel="noopener">JTEKT Corp (6473 JP)</a>   </li>
<li>For the twenty-three weeks since inception ended 28 April the combined innovation portfolio was +3.3%, versus DJIA+1.0%, S&amp;P500+5.1%, Nasdaq+9.7%, Russell2000 -4.4%, MSCI-ACWI-ETF+6.5%, S&amp;P midcap 400 -0.8%, all in US$ terms</li>
<li>The innovation small-cap and midcap portfolios continue to outperform relative benchmarks, However, the willful omission of the mega cap tech names has been a drag on the large cap portfolio. </li>
</ul>


The three companies we write about this week are International Business Machines (IBM US) , Marvell Technology (MRVL US) and JTEKT Corp (6473 JP)   
For the twenty-three weeks since inception ended 28 April the combined innovation portfolio was +3.3%, versus DJIA+1.0%, S&amp;P500+5.1%, Nasdaq+9.7%, Russell2000 -4.4%, MSCI-ACWI-ETF+6.5%, S&amp;P midcap 400 -0.8%, all in US$ terms
The innovation small-cap and midcap portfolios continue to outperform relative benchmarks, However, the willful omission of the mega cap tech names has been a drag on the large cap portfolio. 


The Innovations Portfolios - Week Twenty Three

Pyari has over twenty years of experience in the industry, having worked on both the buy and sell-side including at Goldman Sachs, Credit-Suisse, Deutsche Bank, Intellectual Ventures, Tano Capital, and Franklin Templeton. His coverage has been in technology and midcaps across various geographies including Taiwan, ASEAN, India, the US, and Europe.

Pyari Menon
Equity Long-Short Analyst

Duratec: Leveraging Technologies For Infrastructure Maintenance Leading to Strong Financials

Duratec: An infrastructure maintenance play using technologies to drive execution and strong financials, now trading at discount to fair value.

Pyari Menon

Autonomous Driving Leadership Landscape

Autonomous driving tech seeing surge in innovations to make journeys safer, more efficient, and intelligent. Welcome to the future of mobility.

Pyari Menon

CVRx: Enhancing Cardiac Care Through Neuromodulation

One of a kind innovative Barostim technology, strong clinical results, and robust growth potential in cardiovascular care.

Pyari Menon

The Innovations Portfolios - Week Twenty Six

The small-Cap (+4.1%) and midcap (+1.9%) portfolios continues to outperform respective benchmarks, but the willful omission of mega-tech names has...

Pyari Menon

The Innovations Portfolios - Week Twenty Three

The innovation small-cap +5.6% versus Russell2000 -4.4% and innovation midcap portfolio +4.1% versus S&P 400 midcap -0.8% continue to outperform.

Pyari Menon