Research Coverage on Small and Micro-Cap Companies, Zacks Small Cap Research

Zacks Small Cap Research

Research Coverage on Small and Micro-Cap Companies

Zacks Small Cap Research provides research coverage on small- and micro-cap companies that are “under-followed” or “under-valued” by Wall Street. We produce high quality equity research for the institutional and retail investor on microcap firms we believe are well positioned for future growth. The Zacks SCR analyst team has an average of 20 years of experience in investment research. We conduct significant due diligence in an effort to maintain the highest quality small-cap universe.

Equity Bottom-Up

Viomi Technology Co Ltd / Equity Bottom-Up

<ul><li>Viomi announced second half results that beat our expectations on the top and bottom line while presenting continuing operations (Water Systems, Consumables and Kitchen Appliances) that appear to be solidly profitable.</li><li> Viomi has a very strong partner in Xiaomi and the company appears to be looking to grow in new markets by replicating this model to some degree.</li><li> Viomi's strong balance sheet should enable it to pursue multiple growth strategies (expansion, new products, M&A) over the next 3-5 years.</li></ul>

Viomi announced second half results that beat our expectations on the top and bottom line while presenting continuing operations (Water Systems, Consumables and Kitchen Appliances) that appear to be solidly profitable. Viomi has a very strong partner in Xiaomi and the company appears to be looking to grow in new markets by replicating this model to some degree. Viomi's strong balance sheet should enable it to pursue multiple growth strategies (expansion, new products, M&A) over the next 3-5 years.

VIOT: A deep value growth story delivers solid results. Increasing our estimates and valuation target to 4.50

<ul><li>Viomi introduced its V6, V8, and Kunlun home water filtration systems at CES in Las Vegas in January and is now selling its systems on Amazon.</li><li> Despite continued concerns about the health of the domestic Chinese economy we believe that the company's water filtration systems are considered a core durable good and it is less likely to be impacted by minor fluctuations in consumer sentiment.</li><li> Concerns over the new US Administration's tariff policy are likely overblown at this time as Viomi's presence in the US market is limited today.</li></ul>

Viomi introduced its V6, V8, and Kunlun home water filtration systems at CES in Las Vegas in January and is now selling its systems on Amazon. Despite continued concerns about the health of the domestic Chinese economy we believe that the company's water filtration systems are considered a core durable good and it is less likely to be impacted by minor fluctuations in consumer sentiment. Concerns over the new US Administration's tariff policy are likely overblown at this time as Viomi's presence in the US market is limited today.

<ul><li>Viomi has undergone a radical transformation to shed unprofitable business lines and focus on the home water systems market which is poised to experience steady growth in China in coming years.</li><li> The company is hoping to expand into fairly mature international markets including the US with new home water systems that offer advantages over current offerings.</li><li> The company's investment in a largely automated manufacturing facility should help the company achieve above average margins in the Chinese market as utilization rates improve.</li></ul>

Viomi has undergone a radical transformation to shed unprofitable business lines and focus on the home water systems market which is poised to experience steady growth in China in coming years. The company is hoping to expand into fairly mature international markets including the US with new home water systems that offer advantages over current offerings. The company's investment in a largely automated manufacturing facility should help the company achieve above average margins in the Chinese market as utilization rates improve.

VIOT: Initiating coverage of a leading water purification company in China

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

<div><p><a href="https://www.smartkarma.com/entities/tuya-inc" target="_blank" data-smartkarma-citation="entities:32158:1" rel="noopener">Tuya Inc (1869782D US)</a> is looking to raise US$1bn in its upcoming U.S. IPO. </p></div><div>
<p>Tuya is a Platform as a Service (PaaS) and Software as a Service (SaaS) provider to businesses and developers with a focus on IoT. The company’s IoT PaaS enables businesses and developers to easily develop, launch, manage, and monetize software-enabled devices and services while its Industry SaaS helps businesses deploy, connect, and manage a large number and different types of smart devices.</p>
<p>In this note, we review Tuya's IoT platform and share our thoughts on it.</p>
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Tuya Inc (1869782D US) is looking to raise US$1bn in its upcoming U.S. IPO. 
Tuya is a Platform as a Service (PaaS) and Software as a Service (SaaS) provider to businesses and developers with a focus on IoT. The company’s IoT PaaS enables businesses and developers to easily develop, launch, manage, and monetize software-enabled devices and services while its Industry SaaS helps businesses deploy, connect, and manage a large number and different types of smart devices.
In this note, we review Tuya's IoT platform and share our thoughts on it.


Tuya (涂鸦智能) Pre-IPO - Tuya's Platform Usage Review

<p><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.</p><p>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 America</p><p>Overall, 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.</p><p>In this note, we will look at the company’s business, revenue drivers, deal dynamics, assumptions, and share our thoughts on valuation.</p>

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

China

Viomi Technology Co., Ltd operates as a holding company. The Company, through its subsidiaries, develops and sells Internet-of-things-enabled home products such as water purifiers, refrigerator, fan, water dispenser, water heaters, and washing machines. Viomi Technology serves customers in China.

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Viomi Technology Co Ltd (VIOT US)

VIOT: A deep value growth story delivers solid results. Increasing our estimates and valuation target to 4.50

Viomi announced second half results that beat our expectations on the top and bottom line while presenting continuing operations (Water Systems,...

Zacks Small Cap Research

VIOT: Enters the US market with a splash

Viomi introduced its V6, V8, and Kunlun home water filtration systems at CES in Las Vegas in January and is now selling its systems on Amazon. ...

Zacks Small Cap Research

VIOT: Initiating coverage of a leading water purification company in China

Viomi has undergone a radical transformation to shed unprofitable business lines and focus on the home water systems market which is poised to...

Zacks Small Cap Research

Tuya (涂鸦智能) Pre-IPO - Tuya's Platform Usage Review

Tuya Inc (1869782D US) is looking to raise US$1bn in its upcoming U.S. IPO. In this note, we tried Tuya's IoT platform and share our thoughts on it.

Zhen Zhou, Toh

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

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