According to Tan and Kong in their Jan 26 note, Ultragreen.ai's revenue is 2.6 times larger than the second largest player.
Amanda Tan and Mark Kong of DBS Group Research have initiated coverage on newly-listed Ultragreen.ai with a "buy" call and US$2.05 target price, calling the company a global "colossus" in its niche that is defined by "healthy fundamentals" and "strong growth runway".
The company supplies so called indocyanine green (ICG) dye used by surgeons to make it easier for them to operate on, is described to have a "highly defensible market position" with a global market share of more than 60%.
