Private Markets Analyst, pvtIQ

Beier Luo

Private Markets Analyst

Private Markets Research and Data, Reimagined

pvtIQ

pvtIQ leverages Smartkarma’s technology and distribution to deliver high-quality research and data on Asian private markets.

Private Capital Markets

Secretlab is a Singaporean furniture company known globally for designing and manufacturing ergonomic gaming chairs and magnetic metal desks

<h2>Executive Summary</h2>
<ul>
<li>
<strong>Global Direct-to-Consumer Brand:</strong> Secretlab has grown from a niche esports chair maker into a mainstream ergonomic furniture brand, selling to customers worldwide through its own regional online stores. Designing products in-house and selling directly lets it bypass retail intermediaries, keep the full margin, and control its brand, while expanding from gaming chairs into desks, accessories, and, more recently, office task seating.</li>
<li>
<strong>Self-Funded and Cash Generative:</strong> The business has relied very little on outside equity since its founding and has returned to profitability with a net cash balance sheet. Its asset-light model, with minimal fixed assets and customer prepayments funding part of its working capital, allows it to fund product development internally.</li>
<li>
<strong>Inventory and Supply Chain Exposure:</strong> Because Secretlab owns its stock and ships bulky goods worldwide, it is highly sensitive to freight costs and demand swings. An aggressive inventory build after the pandemic boom, funded partly with short-term bank debt, compressed margins and led to a loss as excess stock was cleared.</li>
</ul>

Executive Summary


Global Direct-to-Consumer Brand: Secretlab has grown from a niche esports chair maker into a mainstream ergonomic furniture brand, selling to customers worldwide through its own regional online stores. Designing products in-house and selling directly lets it bypass retail intermediaries, keep the full margin, and control its brand, while expanding from gaming chairs into desks, accessories, and, more recently, office task seating.

Self-Funded and Cash Generative: The business has relied very little on outside equity since its founding and has returned to profitability with a net cash balance sheet. Its asset-light model, with minimal fixed assets and customer prepayments funding part of its working capital, allows it to fund product development internally.

Inventory and Supply Chain Exposure: Because Secretlab owns its stock and ships bulky goods worldwide, it is highly sensitive to freight costs and demand swings. An aggressive inventory build after the pandemic boom, funded partly with short-term bank debt, compressed margins and led to a loss as excess stock was cleared.


Secretlab: Cash-Generative Growth Beyond Gaming (Initiation)

Director, Head of Research, Smartkarma

Pranav Rao

Director, Head of Research

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

Event-Driven

Evolution AB operates as a gaming company. The Company develops, produces, markets and licenses fully integrated B2B live casino solutions to online casino operators. Evolution serves customers worldwide.

<ul>
<li>Welcome to Curator’s Cut - a fortnightly roundup of standout themes from the 1,500+ insights shared on Smartkarma.</li>
<li>In this cut, we spotlight the shifting sentiment towards Indian equities, highlight the investable universe in Singapore around data centres, and draw attention to the gaming industry across continents.</li>
<li>Want to dig deeper? Comment or message with the themes you'd like to see highlighted next.</li>
</ul>


Welcome to Curator’s Cut - a fortnightly roundup of standout themes from the 1,500+ insights shared on Smartkarma.
In this cut, we spotlight the shifting sentiment towards Indian equities, highlight the investable universe in Singapore around data centres, and draw attention to the gaming industry across continents.
Want to dig deeper? Comment or message with the themes you'd like to see highlighted next.


Curator's Cut: Sentiment Shifts in India, Racking Up in Singapore & Gaming Across Borders

Equity Long-Short

Mo Aziz

Equity Bottom-Up

Tencent Holdings Ltd. is a Chinese multinational technology and entertainment conglomerate. It provides a wide range of internet-related services and products, including social communication platforms like Weixin/WeChat and QQ, online games, digital content, and fintech services. The company was founded in 1998 and is headquartered in Shenzhen, China.

<ul>
<li>The 22 July rout traded gross receipts as revenue. They are not: Spring Festival deferrals flow into 2Q's P&amp;L, so domestic games should print +13% against perceived decline.</li>
<li>We forecast 2Q26E revenue RMB203.3bn (+10%), non-IFRS net profit RMB68.0bn (+8%), both above street; 2H catalysts stack up — Xiaowei launch, official HY3, Manus stake, ASIC-backed capex step-up.</li>
<li>We are BULLISH with fair value of HK$670, set on SOTP — 20x games and marketing earnings, 4.0–4.5x fintech/cloud sales, investments at 30% discount; +41% upside.</li>
</ul>


The 22 July rout traded gross receipts as revenue. They are not: Spring Festival deferrals flow into 2Q's P&amp;L, so domestic games should print +13% against perceived decline.
We forecast 2Q26E revenue RMB203.3bn (+10%), non-IFRS net profit RMB68.0bn (+8%), both above street; 2H catalysts stack up — Xiaowei launch, official HY3, Manus stake, ASIC-backed capex step-up.
We are BULLISH with fair value of HK$670, set on SOTP — 20x games and marketing earnings, 4.0–4.5x fintech/cloud sales, investments at 30% discount; +41% upside.


Tencent (700 HK) 2Q2026 Results Preview: The Gaming Scare Is a Head-Fake, the Shorts Are Mistaken

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

Nazara Technologies is an Indian diversified gaming and sports media platform with a global presence. It specializes in mobile games, esports, and gamified early learning, offering a broad spectrum of gaming content and solutions. The company was founded in 1999 and is headquartered in Mumbai, India.

<ul>
<li>Nazara Technologies UK Limited has signed definitive agreements to acquire a 50% controlling stake in Bluetil. and BestPlay for $100.3 Mn with performance-linked up to $98.2 Mn through 2030.</li>
<li>The AI-native development stack is the real strategic differentiator, but casual gaming's hit-driven volatility means the structure's downside protection may get tested sooner than management hopes.</li>
<li>The deal's earn-out is nearly as large as the upfront payment — the investment thesis rests entirely on CY27-29 execution. Funding the acquisition remains a concern and potential dilution.</li>
</ul>


Nazara Technologies UK Limited has signed definitive agreements to acquire a 50% controlling stake in Bluetil. and BestPlay for $100.3 Mn with performance-linked up to $98.2 Mn through 2030.
The AI-native development stack is the real strategic differentiator, but casual gaming's hit-driven volatility means the structure's downside protection may get tested sooner than management hopes.
The deal's earn-out is nearly as large as the upfront payment — the investment thesis rests entirely on CY27-29 execution. Funding the acquisition remains a concern and potential dilution.


Nazara's $200M Bet on AI-Native Gaming: Dissecting the Bluetile & BestPlay Acquisition

Chief Economist, Heteronomics

Phil Rush

Chief Economist

Heteronomics

Heteronomics represents a different kind of economics. We believe analysis should delve into the details of what is really going on, rather than using overly simplistic assumptions to quick-sell stories. Independence from myopic institutional pressures allows us to focus on the realities underlying your asset allocation decisions, without the conflicts of the old market structures. Heteronomics targets the themes driving UK asset prices, offering the benefits of depth, independence and ultimately price.

UK-centric macro research

Macroeconomics

<ul>
<li>Trump’s strategy signals an aim to remove Iran’s antagonistic leadership and its offensive capabilities, without replacing the broader regime, for a quick win.</li>
<li>Iran escalated with attacks around the region to maximise the pain for the West. Trump could announce a withdrawal even with an unrepentant regime if the costs get too high. </li>
<li>An open-ended escalation is the least likely scenario, but possible if intensified attacks on energy infrastructure make Trump see red and demand an Iraq-style regime change.</li>
</ul>


Trump’s strategy signals an aim to remove Iran’s antagonistic leadership and its offensive capabilities, without replacing the broader regime, for a quick win.
Iran escalated with attacks around the region to maximise the pain for the West. Trump could announce a withdrawal even with an unrepentant regime if the costs get too high. 
An open-ended escalation is the least likely scenario, but possible if intensified attacks on energy infrastructure make Trump see red and demand an Iraq-style regime change.
