Why allow rubbish stock to IPO here with big name like ex-CEO of excgNGE, LEE relative  ,,, CAD, SGX please check ,,Amanda Tan of DBS Group Research has downgraded UltraGreeen.ai from " buy" to " hold"   in her Aug 21 note, where she has more than halved her target price to 80 US cents from US$1.95.

• Zydus Lifesciences announced on 4 Aug 26 that it had secured 180-day Competitive Generic Therapy (CGT) exclusivity from the FDA for a generic ICG dye, introducing the first credible competitor to UltraGreen.ai&rsquo s (UG) US franchise. Provepharm, a medical dye specialist, also has an ICG product in the FDA approval pipeline. UltraGreen.ai&rsquo s share price dropped 30.7% yesterday following news of a competitor&rsquo s emergence.
• We believe the US FDA approval for Zydus is not an imminent threat to UG. It will take time for new entrants to build a resilient supply chain and scale ICG production volume. New entrants need to establish hospital and group purchasing organisation (GPO) relationships. ICG is also UG&rsquo s sole product focus, unlike diversified generics players such as Zydus Lifesciences. UG&rsquo s moat is reinforced by its camera and software platform, and by a regulatory dossier built over 15 years.
• We maintain BUY with lower DCF-based TP of US$1.81 (prev. US$1.91). There is a risk that Zydus may compete aggressively on price, undercutting the market significantly to gain market share. FY26e and FY27e PATMI are reduced by 3% and 6% to take into account potential pricing pressure. UltraGreen.ai trades at an FY26e P/E of 9.9x.

Amanda Tan of DBS Group Research has downgraded UltraGreeen.ai from " buy" to " hold" with competition manifesting from generics for the green dye that it sells, putting the company' s business moat to test.

The first competitor, Zydus, can launch its generic IC Green following FDA approval, while the second, Provepharm has already launched Zyogreen in the UK and is targeting further geographic expansion in the US.

" The arrival of two competitors suggests barriers to entry are less prohibitive than we previously assumed. However, the extent of the impact is difficult to gauge at this point, and it would depend on the pace of commercial traction by Zydus and Provepharm," says Tan in her Aug 21 note, where she has more than halved her target price to 80 US cents from US$1.95.