Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>SPACs - remember them? US offerings in 2021 topped ~US$150bn, falling to US$13bn in 2022. Singapore joined the bandwagon in January 2022  and Hong Kong two months later.</li>
<li>That Hong Kong stock is <strong><a href="https://www.smartkarma.com/entities/aquila-acquisition-corporation" target="_blank" data-smartkarma-citation="entities:35435:1" rel="noopener">Aquila Acquisition Corporation (7836 HK)</a></strong>, and it recently announced a merger with <strong>ZG Group</strong>, a Chinese steel trading website.</li>
<li>That's positive. Less positive is how de-SPACed shares tend to trade in the US. </li>
</ul>


SPACs - remember them? US offerings in 2021 topped ~US$150bn, falling to US$13bn in 2022. Singapore joined the bandwagon in January 2022  and Hong Kong two months later.
That Hong Kong stock is Aquila Acquisition Corporation (7836 HK), and it recently announced a merger with ZG Group, a Chinese steel trading website.
That's positive. Less positive is how de-SPACed shares tend to trade in the US. 


Research from Water Tower Research, Water Tower Research

Water Tower Research

Research from Water Tower Research

Water Tower Research is a leading equity research firm that provides research on micro, small and mid cap companies.

Water Tower Research was founded by Wall Street veterans after witnessing a fundamental shift in the investment research industry with the result being a declining knowledge base among investors, a lack of awareness and a shrinking pool of fundamental research being conducted on companies across the small-cap and micro-cap spectrum. The same issues are now increasingly occurring in the mid-cap space. This sea change within the investment community is impacting not only the companies themselves but also current shareholders and potential investors. With significantly less active sell-side sponsorship by Wall Street, a substantial information gap has developed between companies and various constituents in the financial community. The net result is fewer channels for insight and information to flow between companies and investors.

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<ul>
<li>WTR Sustainable Index: During the week ended May 19, 2023, the WTR Sustainable Index outperformed the broader market, rising 4.4% W/W versus the S&amp;P 500 Index (up 1.6%), the Russell 2000 Index (up 1.9%), and the Nasdaq Composite Index (up 3.0%).</li>
<li>Advanced Transportation Solutions (69.0% of the index) drove the index’s outperformance, rising 6.2%, while Energy Technology (7.9% of the index) was up 0.1% and Industrial Climate and Ag Technology was up 0.9%.</li>
<li>Valuation: Based on forward 12-month consensus estimates, the current P/E ratio of the WTR Sustainable index is 25.9x versus 19.5x for the S&amp;P 500.</li>
</ul>


WTR Sustainable Index: During the week ended May 19, 2023, the WTR Sustainable Index outperformed the broader market, rising 4.4% W/W versus the S&amp;P 500 Index (up 1.6%), the Russell 2000 Index (up 1.9%), and the Nasdaq Composite Index (up 3.0%).
Advanced Transportation Solutions (69.0% of the index) drove the index’s outperformance, rising 6.2%, while Energy Technology (7.9% of the index) was up 0.1% and Industrial Climate and Ag Technology was up 0.9%.
Valuation: Based on forward 12-month consensus estimates, the current P/E ratio of the WTR Sustainable index is 25.9x versus 19.5x for the S&amp;P 500.


Weekly Sustainable Investing Surveyor : Week Ended May 19, 2023

<ul><li>WTR Sustainable Index: During the week ended April 21, 2023, the WTR Sustainable Index underperformed the broader market, falling 7.3% W/W versus the S&amp;P 500 Index (down 0.1%), the Russell 2000 Index (up 0.6%), and the Nasdaq Composite Index (down 0.4%). Advanced Transportation Solutions (67.2% of the index) contributed to the index underperformance, falling 10.2%, while Energy Technology (8.3% of the index) was down 4.4% and Industrial Climate and Ag Technology was up 0.5%.</li><li>Valuation: Based on forward 12-month consensus estimates, the current P/E ratio of the WTR Sustainable index is 27.6x versus 18.9x for the S&amp;P 500.</li><li>Consensus estimates changes: During the week ended April 21, 2023, there were four increases (three in Energy Technology, and one in Industrial Climate and Ag Technology) 2022 revenue estimates.</li></ul>

WTR Sustainable Index: During the week ended April 21, 2023, the WTR Sustainable Index underperformed the broader market, falling 7.3% W/W versus the S&amp;P 500 Index (down 0.1%), the Russell 2000 Index (up 0.6%), and the Nasdaq Composite Index (down 0.4%). Advanced Transportation Solutions (67.2% of the index) contributed to the index underperformance, falling 10.2%, while Energy Technology (8.3% of the index) was down 4.4% and Industrial Climate and Ag Technology was up 0.5%.Valuation: Based on forward 12-month consensus estimates, the current P/E ratio of the WTR Sustainable index is 27.6x versus 18.9x for the S&amp;P 500.Consensus estimates changes: During the week ended April 21, 2023, there were four increases (three in Energy Technology, and one in Industrial Climate and Ag Technology) 2022 revenue estimates.

Weekly Sustainable Investing Surveyor : Week Ended April 21, 2023

<div><ul><li>WTR Sustainable Index: During the week ended April 14, 2023, the WTR Sustainable Index performed in line with the broader market, rising 1.0% W/W versus the S&amp;P 500 Index (up 0.8%), the Russell 2000 Index (up 1.5%), and the Nasdaq Composite Index (up 0.3%).</li><li>Energy Technology (8.0% of the index) drove the index performance, rising 4.7%, while Advanced Transportation Solutions (69.3% of the index) was up 0.1% and Industrial Climate and Ag Technology was up 2.7%.</li><li>Valuation: Based on forward 12-month consensus estimates, the current P/E ratio of the WTR Sustainable index is 28.5x versus 18.9x for the S&amp;P 500.</li></ul></div>

WTR Sustainable Index: During the week ended April 14, 2023, the WTR Sustainable Index performed in line with the broader market, rising 1.0% W/W versus the S&amp;P 500 Index (up 0.8%), the Russell 2000 Index (up 1.5%), and the Nasdaq Composite Index (up 0.3%).Energy Technology (8.0% of the index) drove the index performance, rising 4.7%, while Advanced Transportation Solutions (69.3% of the index) was up 0.1% and Industrial Climate and Ag Technology was up 2.7%.Valuation: Based on forward 12-month consensus estimates, the current P/E ratio of the WTR Sustainable index is 28.5x versus 18.9x for the S&amp;P 500.

Weekly Sustainable Investing Surveyor : Week Ended April 14, 2023

<ul><li>The WTR Sustainable Index outperformed the broader market, rising 4.0% W/W versus the S&amp;P 500 Index (up 1.4%), the Russell 2000 Index (up 0.5%), and the Nasdaq Composite Index (up 1.7%).</li><li>Advanced Transportation Solutions (70.3% of the index) drove the index performance, rising 5.5%, while Industrial Climate and Ag Technology (22.1% of the index) was up 0.5% and Energy Technology was up 0.7%.</li><li>Top 10 Performers: PSIX, BRDS, PTRA, NGPHF, TGEN, GVP, VIHD, ENG, NIO, EFOI</li></ul>

The WTR Sustainable Index outperformed the broader market, rising 4.0% W/W versus the S&amp;P 500 Index (up 1.4%), the Russell 2000 Index (up 0.5%), and the Nasdaq Composite Index (up 1.7%).Advanced Transportation Solutions (70.3% of the index) drove the index performance, rising 5.5%, while Industrial Climate and Ag Technology (22.1% of the index) was up 0.5% and Energy Technology was up 0.7%.Top 10 Performers: PSIX, BRDS, PTRA, NGPHF, TGEN, GVP, VIHD, ENG, NIO, EFOI

Weekly Sustainable Investing Surveyor: Week Ended March 24, 2023

United States

Bird Global Inc is an electric vehicle company focusing on transportation solutions such as e-scooters and e-bikes to communities. The Company provides micro electric vehicles to riders across cities globally.

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Bird Global (BRDS US)

Aquila Acquisition: The De-SPACed Arb

The gross spread to the redemption price is 4.8%. I'd be redeeming. Shares are beyond illiquid. Unless shares were to dip here, on some volume,...

David Blennerhassett

Weekly Sustainable Investing Surveyor : Week Ended May 19, 2023

Valuation: Based on forward 12-month consensus estimates, the current P/E ratio of the WTR Sustainable index is 25.9x versus 19.5x for the S&P 500.

Water Tower Research

Weekly Sustainable Investing Surveyor : Week Ended April 21, 2023

During the week ended April 21, 2023, the WTR Sustainable Index underperformed the broader market, falling 7.3% W/W versus the S&P 500 Index (down...

Water Tower Research

Weekly Sustainable Investing Surveyor : Week Ended April 14, 2023

WTR Sustainable Index: During the week ended April 14, 2023, the WTR Sustainable Index performed in line with the broader market, rising 1.0% W/W...

Water Tower Research

Weekly Sustainable Investing Surveyor: Week Ended March 24, 2023

The WTR Sustainable Index outperformed the broader market, rising 4.0% W/W versus the S&P 500 Index (up 1.4%), the Russell 2000 Index (up 0.5%),...

Water Tower Research

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