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

Equity Bottom-Up

<ul><li>Tuya is accelerating its AI efforts, with the integration of DeepSeek and Mistral, its introduction of AI driven dolls, and its introduction of AI hardware development frameworks.</li><li>The company is fully embracing AI into its product to drive adoption growth.</li><li>The strategic integration of AI addresses market demands for greater automation and customization, boosting its product intelligence. </li></ul>

Tuya is accelerating its AI efforts, with the integration of DeepSeek and Mistral, its introduction of AI driven dolls, and its introduction of AI hardware development frameworks.The company is fully embracing AI into its product to drive adoption growth.The strategic integration of AI addresses market demands for greater automation and customization, boosting its product intelligence. 

Tuya, Inc. - AI Efforts Accelerating Adoption and Position It for More Growth

US IPOs and Secondary Offerings, IPO Boutique

IPO Boutique

US IPOs and Secondary Offerings

For more than 20 years, we have been providing research, analysis, commentary and ratings on US Equity Capital Markets to institutional investors (US IPOs and Secondary Offerings). Our vast network of contacts across the Equity Capital Markets and attention-to-detail sets us apart from our competitors.

Since 2012, we have achieved a successful hit rating on 89% of Buy-rated IPOs. The collective “Buy” ratings averaged a first trade of 16.3% above issue.Our Neutral Rated Deals averaged just 2% above the issue price at first trade.

Our written research includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

In addition, we provide a high-touch premium desk access which includes analyst access, as well as real time insights on US IPOs as well as secondary offerings.

IPOs and Secondary Offerings

Equity Capital Markets

Sailpoint Technologies Holdings / Equity Capital Markets

Sailpoint Technologies Holdings (SAIL US)

<ul>
<li>The underwriters amended the terms of this offering with a S-1/A. The price range has been upwardly revised from $19.00-$21.00 to $21.00-$23.00.</li>
<li>Cornerstone investor Dragoneer has a strong track record with IPOs that have participated in. </li>
<li>The upwardly-revised price adjustment is a very bullish sign for the IPO and we have adjusted our early expectations on this deal.</li>
</ul>


The underwriters amended the terms of this offering with a S-1/A. The price range has been upwardly revised from $19.00-$21.00 to $21.00-$23.00.
Cornerstone investor Dragoneer has a strong track record with IPOs that have participated in. 
The upwardly-revised price adjustment is a very bullish sign for the IPO and we have adjusted our early expectations on this deal.


SailPoint, Inc. (SAIL) -- IPO Price Range Increased; Software Order Book Demand Is Fever Pitch

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>At equal price to ACT, Ito-san wins because of certainty/immediacy, but provided his price is above the bottom of the range and adequately compensates 7&amp;i for "additional actionable avenues."</li>
<li>The <a href="https://www.smartkarma.com/entities/amcor-limited" target="_blank" data-smartkarma-citation="entities:674:1" rel="noopener">Amcor Limited (AMC AU)</a>/<a href="https://www.smartkarma.com/entities/berry-global-group-inc" target="_blank" data-smartkarma-citation="entities:9428:1" rel="noopener">Berry Global Group (BERY US)</a> merger looks clean. However, Berry's % of earnings (revs, EBITDA, and profit), are higher than the % under the share split</li>
<li>This Temasek-led development will have a marginal impact on <a href="https://www.smartkarma.com/entities/tuya-inc" target="_blank" data-smartkarma-citation="entities:32158:1" rel="noopener">Tuya Inc (TUYA US)</a>. Creating supply and demand is hard. And Temasek-held/backed vehicles on the SGX are already abundant.</li>
</ul>


At equal price to ACT, Ito-san wins because of certainty/immediacy, but provided his price is above the bottom of the range and adequately compensates 7&amp;i for "additional actionable avenues."
The Amcor Limited (AMC AU)/Berry Global Group (BERY US) merger looks clean. However, Berry's % of earnings (revs, EBITDA, and profit), are higher than the % under the share split
This Temasek-led development will have a marginal impact on Tuya Inc (TUYA US). Creating supply and demand is hard. And Temasek-held/backed vehicles on the SGX are already abundant.


Last Week in Event SPACE: Seven & I, Amcor/Berry, WH Group/Smithfield, Tuya

Founder, CEO, GSBR Research

Garvit Bhandari

Founder, CEO

Leading Provider of Equity and Investment Research

GSBR Research

We are an independent equity research provider focused on covering global markets. The aim of the research is to provide an unbiased view of the fundamentals of the company.

<ul>
<li>Temasek-Backed 65 Equity Partners bought 13% stake in Tuya, implying a total investment of US$100 million (or S$134M). </li>
<li>The fund’s mandate is to support high-growth, mid-cap companies seeking a listing on the Singapore Exchange (SGX).</li>
<li>The listing will benefit Tuya by providing easy access to capital. Tuya will be able to use stock as a currency to fund its expansion plans in Southeast Asia.</li>
</ul>


Temasek-Backed 65 Equity Partners bought 13% stake in Tuya, implying a total investment of US$100 million (or S$134M). 
The fund’s mandate is to support high-growth, mid-cap companies seeking a listing on the Singapore Exchange (SGX).
The listing will benefit Tuya by providing easy access to capital. Tuya will be able to use stock as a currency to fund its expansion plans in Southeast Asia.


Tuya Inc - Growth Trajectory to Accelerate Following 13% Stake Purchase by 65 Equity Partners

Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

<ul>
<li>65 Equity Partners, a Temasek-backed global investment firm with $3B+ in AUM, took a ~13% stake in Tuya for ~$100M.</li>
<li>Jerry Wang, Tuya’s CEO and Founder, assumed that Tuya would consider a potential secondary listing in Singapore to strengthen company’s presence in the global capital markets.</li>
<li>With $1B+ in cash, revenue growth re-acceleration, non-GAAP op margin break-even and turnaround plan, I have a positive view on the stock longer-term.</li>
</ul>


65 Equity Partners, a Temasek-backed global investment firm with $3B+ in AUM, took a ~13% stake in Tuya for ~$100M.
Jerry Wang, Tuya’s CEO and Founder, assumed that Tuya would consider a potential secondary listing in Singapore to strengthen company’s presence in the global capital markets.
With $1B+ in cash, revenue growth re-acceleration, non-GAAP op margin break-even and turnaround plan, I have a positive view on the stock longer-term.


TUYA (TUYA.US): Depressed Valuation, $1B+ In Cash, Is Turnaround Story Ahead?

United States

Tuya Inc., doing business as Tuya Smart, provides IoT cloud platform. The Company offers solutions which enables brands, retailers, OEMs, and manufacturers to develop, launch, manage, and monetize software-enabled devices and services. Tuya Smart serves customers worldwide.

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Tuya Inc (TUYA US)

Tuya, Inc. - AI Efforts Accelerating Adoption and Position It for More Growth

Tuya is accelerating its AI efforts, with the integration of DeepSeek and Mistral, its introduction of AI driven dolls, and its introduction of AI...

Water Tower Research

SailPoint, Inc. (SAIL) -- IPO Price Range Increased; Software Order Book Demand Is Fever Pitch

Underwriters amend IPO terms, raising price range to $21.00-$23.00; cornerstone investor Dragoneer's track record adds confidence, signaling...

IPO Boutique

Last Week in Event SPACE: Seven & I, Amcor/Berry, WH Group/Smithfield, Tuya

It’s Sunday! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed during the...

David Blennerhassett

Tuya Inc - Growth Trajectory to Accelerate Following 13% Stake Purchase by 65 Equity Partners

Temasek-backed 65 Equity Partners invests US$100 million in Tuya to support its listing on SGX, providing access to capital for expansion in...

GSBR Research

TUYA (TUYA.US): Depressed Valuation, $1B+ In Cash, Is Turnaround Story Ahead?

A Temasek-backed 65 Equity Partners has acquired a ~13% stake in Tuya. In my insight, I discuss peer valuation, upside catalysts and fundamentals...

Andrei Zakharov

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Tuya, Inc. - AI Efforts Accelerating Adoption and Position It for More Growth

Tuya is accelerating its AI efforts, with the integration of DeepSeek and Mistral, its introduction of AI driven dolls, and its introduction of AI...

Water Tower Research

SailPoint, Inc. (SAIL) -- IPO Price Range Increased; Software Order Book Demand Is Fever Pitch

​Underwriters amend IPO terms, raising price range to $21.00-$23.00; cornerstone investor Dragoneer's track record adds confidence, signaling...

IPO Boutique

Last Week in Event SPACE: Seven & I, Amcor/Berry, WH Group/Smithfield, Tuya

It’s Sunday! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed during the...

David Blennerhassett

Tuya Inc - Growth Trajectory to Accelerate Following 13% Stake Purchase by 65 Equity Partners

​Temasek-backed 65 Equity Partners invests US$100 million in Tuya to support its listing on SGX, providing access to capital for expansion in...

GSBR Research

TUYA (TUYA.US): Depressed Valuation, $1B+ In Cash, Is Turnaround Story Ahead?

A Temasek-backed 65 Equity Partners has acquired a ~13% stake in Tuya. In my insight, I discuss peer valuation, upside catalysts and fundamentals...

Andrei Zakharov

Underwriters amend IPO terms, raising price range to $21.00-$23.00; cornerstone investor Dragoneer's track record adds confidence, signaling...

Temasek-backed 65 Equity Partners invests US$100 million in Tuya to support its listing on SGX, providing access to capital for expansion in...