AlphaSituations-Event/Catalyst Driven Research, AlphaSituations

Robert Sassoon

AlphaSituations-Event/Catalyst Driven Research

AlphaSituations

Since its establishment, AlphaSituations has delivered a track record of outperformance with a hit rate of winners of more than 70% of its portfolio of ideas generating annualized average returns of 20%. In January 2022, AlphaSituations was contracted by Water Tower Research, an investor engagement and stakeholder communication platform to provide coverage of Special Situations

Event-Driven

<ul>
<li>Amazon's pursuit of robotic vacuum manufacturer iRobot is being scrutinized by the FTC,  a merger which we think the regulator will be hard pressed  to prove is harmful to competition.</li>
<li>However, although unlikely, the pending ruling next month on the FTC's unusual lawsuit against Meta's acquisition of virtual reality start-up Within  could rewrite regulatory guidelines for vertical mergers </li>
<li>The 27% spread offers a potentially lucrative trade generating double-digit IRR even if deal completion is delayed by regulatory review, although it might be wise to entertain some  downside protection</li>
</ul>


Amazon's pursuit of robotic vacuum manufacturer iRobot is being scrutinized by the FTC,  a merger which we think the regulator will be hard pressed  to prove is harmful to competition.
However, although unlikely, the pending ruling next month on the FTC's unusual lawsuit against Meta's acquisition of virtual reality start-up Within  could rewrite regulatory guidelines for vertical mergers 
The 27% spread offers a potentially lucrative trade generating double-digit IRR even if deal completion is delayed by regulatory review, although it might be wise to entertain some  downside protection


MergerTalk: Regulators May Be Hard Pressed To Prove The Amazon/IRobot Deal Harmful To Competition

Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

Algosun Global

Private Capital Markets

Keenon Robotics / Private Capital Markets

<ul>
<li>Keenon Robotics is a China-based manufacturer of commercial service robots and one of the largest players in serving F&amp;B in China’s robotics market.   </li>
<li>Keenon Robotics has raised a total of ~$244M from SoftBank Vision Fund, Prosperity7 Ventures (Aramco Ventures), CICC Alpha, and VC investors. </li>
<li>VC-Backed robotics startups raised $17.1B in 2021, up from $6.3B in 2020, according to Crunchbase. As of May-22, robotics venture financing totaled ~$4.3B year-to-date, down ~27% y/y.  </li>
</ul>


Keenon Robotics is a China-based manufacturer of commercial service robots and one of the largest players in serving F&amp;B in China’s robotics market.   
Keenon Robotics has raised a total of ~$244M from SoftBank Vision Fund, Prosperity7 Ventures (Aramco Ventures), CICC Alpha, and VC investors. 
VC-Backed robotics startups raised $17.1B in 2021, up from $6.3B in 2020, according to Crunchbase. As of May-22, robotics venture financing totaled ~$4.3B year-to-date, down ~27% y/y.  


Keenon Robotics: Innovative Chinese Maker of Indoor Robots

APAC IPOs & Placements

Zhen Zhou, Toh

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

<a href="https://www.smartkarma.com/entities/vesync" target="_blank" data-smartkarma-citation="entities:31067:1" rel="noopener">Vesync (2148 HK)</a> is looking to raise up to US$200mn in its Hong Kong IPO.The company sells small home appliances mainly through Amazon’s e-commerce marketplace and its products range from home environment appliances to health monitoring devices. The company derived most of its revenue from North AmericaOverall, growth of Vesync has been strong as the company has adapted well by selling products that have been in demand during the California fires in 2018 - 2019 and COVID-19. Its vendor central program allowed the company to scale up quickly and sell in bulk to Amazon without having to incur fulfilment costs unlike products sold via seller central program.In this note, we will look at the company’s business, revenue drivers, deal dynamics, assumptions, and share our thoughts on valuation.

Vesync (2148 HK) is looking to raise up to US$200mn in its Hong Kong IPO.The company sells small home appliances mainly through Amazon’s e-commerce marketplace and its products range from home environment appliances to health monitoring devices. The company derived most of its revenue from North AmericaOverall, growth of Vesync has been strong as the company has adapted well by selling products that have been in demand during the California fires in 2018 - 2019 and COVID-19. Its vendor central program allowed the company to scale up quickly and sell in bulk to Amazon without having to incur fulfilment costs unlike products sold via seller central program.In this note, we will look at the company’s business, revenue drivers, deal dynamics, assumptions, and share our thoughts on valuation.

Vesync IPO - The Tale of Valuation Dichotomy

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

Our base case continues to be for near-term consolidation while the market determines the implications of states’ reopening (i.e., the “wait-and-see” phase). Until this consolidation period resolves below support or above resistance we are maintaining a relatively neutral stance considering the wide range of outcomes. Many major indexes are testing logical resistance and until we see breakouts it is hard to get too bullish. In this report we highlight attractive stocks from a RS perspective.

Our base case continues to be for near-term consolidation while the market determines the implications of states’ reopening (i.e., the “wait-and-see” phase). Until this consolidation period resolves below support or above resistance we are maintaining a relatively neutral stance considering the wide range of outcomes. Many major indexes are testing logical resistance and until we see breakouts it is hard to get too bullish. In this report we highlight attractive stocks from a RS perspective.

U.S. Equity Strategy: Round Trip Back To Resistance

In today's report we highlight key levels and several metrics we are watching that will provide us clues as to where the S&amp;P 500 is headed next. We also highlight several attractive stocks from a relative strength perspective across Sectors.

In today's report we highlight key levels and several metrics we are watching that will provide us clues as to where the S&amp;P 500 is headed next. We also highlight several attractive stocks from a relative strength perspective across Sectors.

U.S. Equities: Upside Momentum Lost, But Not Breaking Down

United States

iRobot Corporation manufactures robots that vacuum and wash floors and perform battlefield reconnaissance and bomb disposal. The Company markets its products to consumers through retailers, the United States military, and other government agencies worldwide.

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iRobot Corp (IRBT US)

MergerTalk: Regulators May Be Hard Pressed To Prove The Amazon/IRobot Deal Harmful To Competition

Amazon's pursuit of robotic vacuum manufacturer iRobot is being scrutinized by the FTC, a vertical merger the regulator will be hard pressed to...

Robert Sassoon

Keenon Robotics: Innovative Chinese Maker of Indoor Robots

Investors will have the opportunity to join SoftBank Vision Fund and invest in Chinese robotics unicorn Keenon Robotics, the pioneer of launching...

Andrei Zakharov

Vesync IPO - The Tale of Valuation Dichotomy

Vesync sells small home appliances mainly through Amazon’s e-commerce marketplace and its products range from home environment appliances to health...

Zhen Zhou, Toh

U.S. Equity Strategy: Round Trip Back To Resistance

Our base case continues to be for near-term consolidation while the market determines the implications of states’ reopening (i.e., the...

Vermilion Research

U.S. Equities: Upside Momentum Lost, But Not Breaking Down

In today's report we highlight key levels and several metrics we are watching that will provide us clues as to where the S&P 500 is headed...

Vermilion Research

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