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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)

<div><div><div><ul style="list-style-type: disc;"><li><p>As IBC deal cancellations continue to accelerate.... June brought 12 deal termination announcements, which happens to be the largest number of deal cancellations to occur in any one month ever.</p></li><li><p>Among the deal casualties in June is SPAC TKB Critical Technologies 1’s (USCT) proposed merger with already de-SPACed once WEJO.</p></li><li><p>This particular deal cancellation was always in the cards after the UK-based vehicle data provider filed for bankruptcy at the end of May.</p></li></ul></div></div></div>

As IBC deal cancellations continue to accelerate.... June brought 12 deal termination announcements, which happens to be the largest number of deal cancellations to occur in any one month ever.Among the deal casualties in June is SPAC TKB Critical Technologies 1’s (USCT) proposed merger with already de-SPACed once WEJO.This particular deal cancellation was always in the cards after the UK-based vehicle data provider filed for bankruptcy at the end of May.

<ul><li>Excess supply of SPACs continues to dwindle. SPAC IPOs continue to be few and far between, with the sole pricing thus far in June being media &amp; entertainment focused ESH Acquisition Corp.</li><li>(ESHA) priced on June 14, with the SPAC raising $115 million including take-up of the underwriter’s green shoe option.</li><li>This brings the total to 16 IPOs as we approach the end of the first half of 2023.</li></ul>

Excess supply of SPACs continues to dwindle. SPAC IPOs continue to be few and far between, with the sole pricing thus far in June being media &amp; entertainment focused ESH Acquisition Corp.(ESHA) priced on June 14, with the SPAC raising $115 million including take-up of the underwriter’s green shoe option.This brings the total to 16 IPOs as we approach the end of the first half of 2023.

SPAC Talk - The State of the Market - Signs of Life

Independent Research, SPACs, SPAC Track

SPAC Track

Independent Research, SPACs

Equity Capital Markets

Capstar Special Purpose Acquisition / Equity Capital Markets

<ul><li>Capstar Special Purpose Acquisition Corp. (CPSR) enters into backstop agreement, for its merger with Gelesis</li><li>Malacca Straits Acquisition Company Limited (MLAC) extends deadline to October 17 with 9.7M shares redeemed</li><li><p>New S-1: GLA II Meteora Acquisition Corp. (GLAA)</p></li></ul>

Capstar Special Purpose Acquisition Corp. (CPSR) enters into backstop agreement, for its merger with GelesisMalacca Straits Acquisition Company Limited (MLAC) extends deadline to October 17 with 9.7M shares redeemedNew S-1: GLA II Meteora Acquisition Corp. (GLAA)

Pan-Asia Equity Bottom-up, Wickhams Hill

Lloyd Moffatt

Pan-Asia Equity Bottom-up

Equity Bottom-Up

<ul>
<li>Bank Rakyat’s (BBRI IJ) rights issue puts the largest listed Indonesian microlender BTPN Syariah (BTPS IJ) in the spotlight as PNM steps up to the plate to do some national service</li>
<li>Matahari Department Stores (LPPF IJ) is up 30% since we flagged a major buyback program on the back of solid 2Q21 results</li>
<li>The Hour Glass (HG SP) share price has started to react to an ongoing buyback, up 16% MTD on a further 710k shares repurchased</li>
</ul>


Bank Rakyat’s (BBRI IJ) rights issue puts the largest listed Indonesian microlender BTPN Syariah (BTPS IJ) in the spotlight as PNM steps up to the plate to do some national service
Matahari Department Stores (LPPF IJ) is up 30% since we flagged a major buyback program on the back of solid 2Q21 results
The Hour Glass (HG SP) share price has started to react to an ongoing buyback, up 16% MTD on a further 710k shares repurchased


Wickhams Hill Research | Under-The-Radar Issue 7

<ul>
<li>The new third Philippine telco Ditto Telecom (DITO PM) is added to our list of fallen angels, down more than 60% from its March high. At just 10% of the market cap of incumbents there clearly some upside to getting this right.</li>
<li>Staying in the Phils, for a sending week running we’ve caught the start of a major buyback with Metro Pacific (MPI PM) commencing the second tranche of a program to repurchase 5% of outstanding shares</li>
<li>We noticed increased activity across the entire MNC Group of companies (MNC Investama - BHIT IJ) and discovered there's quite a bit of action there to cover.</li>
</ul>


The new third Philippine telco Ditto Telecom (DITO PM) is added to our list of fallen angels, down more than 60% from its March high. At just 10% of the market cap of incumbents there clearly some upside to getting this right.
Staying in the Phils, for a sending week running we’ve caught the start of a major buyback with Metro Pacific (MPI PM) commencing the second tranche of a program to repurchase 5% of outstanding shares
We noticed increased activity across the entire MNC Group of companies (MNC Investama - BHIT IJ) and discovered there's quite a bit of action there to cover.


Wickhams Hill Research | Under-The-Radar Issue 3

Hong Kong

Malacca Straits Acquisition Company Limited operates as a blank check company. The Company was formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization, and similar business combination with one or more businesses.

Malacca Straits Acquisition Company (MLAC US)

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Malacca Straits Acquisition Company (MLAC US)

SPAC Talk - SPACs and the EV Blow-Up

Among the deal casualties in June is SPAC TKB Critical Technologies 1’s (USCT) proposed merger with already de-SPACed once WEJO.

Water Tower Research

SPAC Talk - The State of the Market - Signs of Life

Excess supply of SPACs continues to dwindle. SPAC IPOs continue to be few and far between, with the sole pricing thus far in June being media &...

Water Tower Research

Fanatics with the steal

Capstar Special Purpose Acquisition Corp. (CPSR) enters into backstop agreement, for its merger with Gelesis. Malacca Straits Acquisition Company...

SPAC Track

Wickhams Hill Research | Under-The-Radar Issue 7

Bank Rakyat’s (BBRI IJ) rights issue puts the largest listed Indonesian microlender BTPN Syariah (BTPS IJ) in the spotlight as PNM steps up to the...

Lloyd Moffatt

Wickhams Hill Research | Under-The-Radar Issue 3

The new third Philippine telco Ditto Telecom (DITO PM) is added to our list of fallen angels, down more than 60% from its March high.

Lloyd Moffatt

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