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.

Equity Research Firm

Thematic (Sector/Industry)

<ul>
<li>During the week ended May 12, 2023, there were four increases (one in Energy Technology, and three in Industrial Climate and Ag Technology) 2022 revenue estimates.</li>
<li>There were four decreases in 2022 revenue estimates for three companies in Energy Technology, and one company in Advanced Transportation Solutions.</li>
<li>One company in Advanced Transportation Solutions and three companies in Industrial Climate and Ag Technology saw increases in 2022 EPS estimates, while two companies each in Energy Technology and Advanced Transportation Solutions saw decreases in 2022 EPS estimates.</li>
</ul>


During the week ended May 12, 2023, there were four increases (one in Energy Technology, and three in Industrial Climate and Ag Technology) 2022 revenue estimates.
There were four decreases in 2022 revenue estimates for three companies in Energy Technology, and one company in Advanced Transportation Solutions.
One company in Advanced Transportation Solutions and three companies in Industrial Climate and Ag Technology saw increases in 2022 EPS estimates, while two companies each in Energy Technology and Advanced Transportation Solutions saw decreases in 2022 EPS estimates.


Weekly Sustainable Investing Surveyor : Week Ended May 12, 2023

<ul><li>WTR Sustainable Index: During the week ended March 17, 2023, the WTR Sustainable Index underperformed the broader market, rising 1.2% W/W versus the S&amp;P 500 Index (up 1.4%), the Russell 2000 Index (down 2.6%), and the Nasdaq Composite Index (up 4.4%).</li><li>Advanced Transportation Solutions (69.3% of the index) drove the index performance, rising 3.3%, while Industrial Climate and Ag Technology (22.8% of the index) was down 2.0% and Energy Technology was down 5.8%.</li><li>Valuation: Based on forward 12-month consensus estimates, the current P/E ratio of the WTR Sustainable index is 23.6x versus 17.6x for the S&amp;P 500.</li></ul>

WTR Sustainable Index: During the week ended March 17, 2023, the WTR Sustainable Index underperformed the broader market, rising 1.2% W/W versus the S&amp;P 500 Index (up 1.4%), the Russell 2000 Index (down 2.6%), and the Nasdaq Composite Index (up 4.4%).Advanced Transportation Solutions (69.3% of the index) drove the index performance, rising 3.3%, while Industrial Climate and Ag Technology (22.8% of the index) was down 2.0% and Energy Technology was down 5.8%.Valuation: Based on forward 12-month consensus estimates, the current P/E ratio of the WTR Sustainable index is 23.6x versus 17.6x for the S&amp;P 500.

Weekly Sustainable Investing Surveyor: Week Ended March 17, 2023

<ul><li>WTR Sustainable Index: During the week ended February 10, 2023, the WTR Sustainable Index outperformed the broader market, rising 0.2% W/W versus the S&amp;P 500 Index (down 1.1%), the Russell 2000 Index (down 3.4%), and the Nasdaq Composite Index (down 2.4%). Advanced Transportation Solutions (70% of the index) drove the outperformance, rising 1.7% , while Energy Technology (9% of index) was down 5.0% and Industrial Climate and Ag Technology was down 2.2%.</li><li>Valuation: Based on forward 12-month consensus estimates, the current P/E ratio of the WTR Sustainable index is 24.5x versus 18.4x for the S&amp;P 500.</li><li>Consensus estimates changes: During the week ended February 10, 2023, there were five increases (three in Energy Technology and two in Industrial Climate and Ag Technology) 2022 revenue estimates. There were decreases in 2022 revenue estimates for two companies each in Advanced Transportation Solutions and Industrial Climate and Ag Technology.</li></ul>

WTR Sustainable Index: During the week ended February 10, 2023, the WTR Sustainable Index outperformed the broader market, rising 0.2% W/W versus the S&amp;P 500 Index (down 1.1%), the Russell 2000 Index (down 3.4%), and the Nasdaq Composite Index (down 2.4%). Advanced Transportation Solutions (70% of the index) drove the outperformance, rising 1.7% , while Energy Technology (9% of index) was down 5.0% and Industrial Climate and Ag Technology was down 2.2%.Valuation: Based on forward 12-month consensus estimates, the current P/E ratio of the WTR Sustainable index is 24.5x versus 18.4x for the S&amp;P 500.Consensus estimates changes: During the week ended February 10, 2023, there were five increases (three in Energy Technology and two in Industrial Climate and Ag Technology) 2022 revenue estimates. There were decreases in 2022 revenue estimates for two companies each in Advanced Transportation Solutions and Industrial Climate and Ag Technology.

Weekly Sustainable Investing Surveyor: Week Ended February 10, 2023

Japan/Asia Long-Short, LightStream Research

Mio Kato

Japan/Asia Long-Short

Long-Short Analysis on Japan, Asia and the World

LightStream Research

LightStream conducts quantitatively rigorous and data-driven analysis with a focus on Japan and Asia.

We consistently cover the Tech, Consumer and Industrial sectors, and provide ECM and Events coverage more broadly.

We supplement traditional qualitative insights from company relationships with a robust quantitative foundation that examines as much historical data as is available.
We further refine the accuracy of our insights and calls through the use of alternative data to flesh out current trends, and through a valuation framework that emphasises non-superficial peer group selection and a proper attempt to understand the metrics and changes that have driven security valuations in the past.

<ul>
<li>The EV market offers bright long term prospects supported by technological progress and government incentives, particularly in China.</li>
<li>In the short term, surging raw material costs and supply bottlenecks are significant risks and could take longer to resolve than many suspect.</li>
<li>We believe the high-end performance segment and low-end mini/city vehicle segments are most suitable for rapid EV penetration.</li>
</ul>


The EV market offers bright long term prospects supported by technological progress and government incentives, particularly in China.
In the short term, surging raw material costs and supply bottlenecks are significant risks and could take longer to resolve than many suspect.
We believe the high-end performance segment and low-end mini/city vehicle segments are most suitable for rapid EV penetration.


Equity Bottom-Up

<ul><li>The WTR Sustainable Index was down 0.8% W/W versus the S&amp;P 500 Index (down 1.0%), the Russell 2000 Index (down 1.5%), and the Nasdaq Index (down 3.4%).</li><li>Energy Technology (12.8% of the index) was down 3.2%, while Industrial Climate and Ag Technology (45.9% of the index) was down 1.6%, ClimateTech Mining was up 0.7%, and Advanced Transportation Solutions (22.1% of the index) was up 0.9%.</li><li>Top 10 Performers: IDEX, NXH, COMM, PGTK, XPEV, NEOV, EXRO, LI, GCEH, BIOF</li></ul>

The WTR Sustainable Index was down 0.8% W/W versus the S&amp;P 500 Index (down 1.0%), the Russell 2000 Index (down 1.5%), and the Nasdaq Index (down 3.4%).Energy Technology (12.8% of the index) was down 3.2%, while Industrial Climate and Ag Technology (45.9% of the index) was down 1.6%, ClimateTech Mining was up 0.7%, and Advanced Transportation Solutions (22.1% of the index) was up 0.9%.Top 10 Performers: IDEX, NXH, COMM, PGTK, XPEV, NEOV, EXRO, LI, GCEH, BIOF

Sustainable Investing Surveyor - Focus on OPAL Fuels, Inc. (OPAL)

China

Li Auto Inc. manufactures automobiles. The Company designs, develops, and sells smart new energy electric sport utility vehicles. Li Auto conducts businesses in China.

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Li Auto (LI US)

Weekly Sustainable Investing Surveyor : Week Ended May 12, 2023

During the week ended May 12, 2023, there were four increases (one in Energy Technology, and three in Industrial Climate and Ag Technology) 2022...

Water Tower Research

Weekly Sustainable Investing Surveyor: Week Ended March 17, 2023

Valuation: Based on forward 12-month consensus estimates, the current P/E ratio of the WTR Sustainable index is 23.6x versus 17.6x for the S&P 500.

Water Tower Research

Weekly Sustainable Investing Surveyor: Week Ended February 10, 2023

Based on forward 12-month consensus estimates, the current P/E ratio of the WTR Sustainable index is 24.5x versus 18.4x for the S&P 500.

Water Tower Research

China’s Evolving EV Industry

With attractive long term prospects but a short term clouded by raw material prices investors should focus on a barbell approach to EVs examining...

Mio Kato

Sustainable Investing Surveyor - Focus on OPAL Fuels, Inc. (OPAL)

The WTR Sustainable Index was down 0.8% W/W versus the S&P 500 Index (down 1.0%), the Russell 2000 Index (down 1.5%), and the Nasdaq Index (down...

Water Tower Research

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