Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

Equity Capital Markets

<ul>
<li>Keep Inc., the sports technology unicorn and the largest fitness app in China, has renewed its application proof in Hong Kong. Goldman Sachs and CICC are leading the upcoming IPO.</li>
<li>With a mission to make the world move, the fitness app has been making waves in the fitness industry with its innovative approach to online fitness.</li>
<li>Keep fitness app has been downloaded over 300M times since inception and there were 370M+ fitness users in China in 2022, the world's largest market globally.</li>
</ul>


Keep Inc., the sports technology unicorn and the largest fitness app in China, has renewed its application proof in Hong Kong. Goldman Sachs and CICC are leading the upcoming IPO.
With a mission to make the world move, the fitness app has been making waves in the fitness industry with its innovative approach to online fitness.
Keep fitness app has been downloaded over 300M times since inception and there were 370M+ fitness users in China in 2022, the world's largest market globally.


The Meteoric Rise of China's Hottest Fitness App Keep and Its Ambitious Plans to Go Public

Selected Quarterly & Annual Newsletters from Funds, Fund Newsletters

Fund Newsletters

Selected Quarterly & Annual Newsletters from Funds

Thematic (Sector/Industry)

<ul>
<li>Merion Road Capital Management LLC is a registered investment adviser. We focus on value-oriented investing through rigorous fundamental analysis of a company's operations.</li>
<li>Q3 2022 was a disappointing quarter.</li>
<li>We should extend our investment horizon exactly when others shorten theirs.</li>
</ul>


Merion Road Capital Management LLC is a registered investment adviser. We focus on value-oriented investing through rigorous fundamental analysis of a company's operations.
Q3 2022 was a disappointing quarter.
We should extend our investment horizon exactly when others shorten theirs.


Merion Road Capital Q3 2022 Investor Letter

Fundamental Short Selling Research

Eric Fernandez, CFA

TwoRiversAnalytics

Equity Bottom-Up

<ul>
<li>This model seeks companies facing dangerously high leverage coupled with negative or declining cash flows.  It considers interest expense, capex and short term maturities for additional input. </li>
<li>The companies may not be viable given cash flows and capital structures.  These shorts tend to have  higher betas  and can have strong down moves as the crisis is recognized.</li>
<li>This week we flag: Peleton, Life Time Group, Cano Health, Cinemark</li>
</ul>


This model seeks companies facing dangerously high leverage coupled with negative or declining cash flows.  It considers interest expense, capex and short term maturities for additional input. 
The companies may not be viable given cash flows and capital structures.  These shorts tend to have  higher betas  and can have strong down moves as the crisis is recognized.
This week we flag: Peleton, Life Time Group, Cano Health, Cinemark


Solvency Risk Short Candidates: Peloton, Life Time Group, Cano Health, Cinemark

SPAC Deep Dive, subSPAC

subSPAC

SPAC Deep Dive

Each week we’ll identify and break down for you SPACs that are capturing market share and making an impact.

<ul><li>Pandemic darling Peloton saw a meteoric rise and fall over the past two years.</li><li>The company initially benefited from soaring demand, but overestimated demand and eventually leading to a fire sale and massive layoffs.</li><li>German sports e-commerce retailer Signa Sports United, which went public through a SPAC deal last year, could face a similar fate in the coming months.</li></ul>

Pandemic darling Peloton saw a meteoric rise and fall over the past two years.The company initially benefited from soaring demand, but overestimated demand and eventually leading to a fire sale and massive layoffs.German sports e-commerce retailer Signa Sports United, which went public through a SPAC deal last year, could face a similar fate in the coming months.

Algosun Global

<ul>
<li>During the #1 product and growth conference Amplify 2022 in Las Vegas, <a href="https://www.smartkarma.com/entities/amplitude-inc" target="_blank" data-smartkarma-citation="entities:34148:1" rel="noopener">Amplitude (AMPL US)</a>  introduced the Customer Data Platform (CDP) with integrated product analytics.  </li>
<li>The company expanded partner integration with <a href="https://www.smartkarma.com/entities/snowflake-inc" target="_blank" data-smartkarma-citation="entities:29254:1" rel="noopener">Snowflake Inc (SNOW US)</a>  to improve data connectivity while Amplitude Experiment sees strong traction with customers. </li>
<li>With shares down ~65% YTD, Amplitude has underperformed the Nasdaq Composite (-23%). Our PT is $28.00, implying ~14x EV/2022E revenue and ~10x EV/2023E revenue. </li>
</ul>


During the #1 product and growth conference Amplify 2022 in Las Vegas, Amplitude (AMPL US)  introduced the Customer Data Platform (CDP) with integrated product analytics.  
The company expanded partner integration with Snowflake Inc (SNOW US)  to improve data connectivity while Amplitude Experiment sees strong traction with customers. 
With shares down ~65% YTD, Amplitude has underperformed the Nasdaq Composite (-23%). Our PT is $28.00, implying ~14x EV/2022E revenue and ~10x EV/2023E revenue. 


Amplitude: Valuations Look Attractive and Growth Catalysts May Materialize in CY22

United States

Peloton Interactive, Inc. provides sporting apparels and products. The Company offers tops, bras, bottoms, watch bands, hats, bags, and workout bikes for indoor cycling products. Peloton Interactive serves customers worldwide.

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Peloton Interactive (PTON US)

The Meteoric Rise of China's Hottest Fitness App Keep and Its Ambitious Plans to Go Public

Upcoming Keep IPO should deserve more attention from investors, given the company's massive opportunity, leadership position, competitive moat, and...

Andrei Zakharov

Merion Road Capital Q3 2022 Investor Letter

Merion Road Capital Management LLC is a registered investment adviser. We focus on value-oriented investing through rigorous fundamental analysis...

Fund Newsletters

Solvency Risk Short Candidates: Peloton, Life Time Group, Cano Health, Cinemark

This model seeks companies facing dangerously high leverage coupled with negative or declining cash flows. This week we flag: Peloton, Life Time...

Eric Fernandez, CFA

Will This De-SPAC Be The Next Peloton?

The company initially benefited from soaring demand, but overestimated demand and eventually leading to a fire sale and massive layoffs.

subSPAC

Amplitude: Valuations Look Attractive and Growth Catalysts May Materialize in CY22

Amplitude remains well-positioned as one of the leaders in product analytics with an opportunity to convert more GA enterprise customers to...

Andrei Zakharov

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