Trade Idea: Long UltraGreen.AI; Concerns over new entrants look overdone TLDR; Long UltraGreen.AI at S$0.895, with conservative sizing given binary nature of competitive risk. The trade is premised on the market having priced in a more severe deterioration in average selling prices (ASP) and volumes than we think is likely. Key upside catalysts are: 1) evidence that Zydus Lifesciences and Provepharm are unable or unwilling to materially undercut UltraGreen.AI alongside 2) continued growth in fluorescence-guided surgery (FGS) adoption, allowing a larger overall market to offset potential share loss. Attractive set-up – Stock is down 40% on new entrants threatening its “monopoly” status UltraGreen.AI has fallen c.40% over the past month as its previously dominant position in the US Indocyanine Green (ICG) market has come under threat following FDA approvals of competing ICG products from Zydus and Provepharm. With the US accounting for c.75% of UltraGreen.AI’s revenue, the changing competitive landscape is particularly significant for the company’s earnings outlook,...