APRIL SUMMARY

Hi guys!

Third month closed in the red for us with a loss of 4.14% while the nasdaq closed the month with a positive 3.58%. The situation seemed to have stabilized but the news released by ENPH during Q1 which highlighted the lack of chips also in the renewables sector has further affected our solar shares.

In the monthly TOP 3 we find:

1. AAPL: + 6.88%

2. PFIZER: + 6.46%

3. NIO: + 0.45%

Followed only by BYND and NIU.

In FLOP 3 we find:

1. SPCE: -27.97%

2. EVFM: -26.73%

3. SWPR: -22.71%

SPCE continues to decline following news of Branson's share sales. However, the first flight is still scheduled for the month of May, I remain confident that it will be carried out even if unfortunately I expect the worst.

EVFM will announce its quarterly revenues on Thursday 6th May. Although it has not been scientifically proven that the use of the contraceptive pill causes thrombosis with the astrazeneca vaccine, it is possible that many women prefer this method as a contraceptive not going to interfere with hormones but work by modifying the PH which neutralizes sperm. Without considering that hormonal contraceptive treatments have a number of side effects. Analysts expect record sales of 1.63M (in my opinion exaggerated especially in this period of pandemic). Sales will not be exceptional as the drug was launched in September 2020 but it is possible that over time the sensitivity for this preventive form will increase. For a long time I am confident, currently investors have lost interest in this company but I believe that in 1 year it can reach $ 3-4 per share. Even the continuous lockdowns have not facilitated the spread of the drug.

SWPR continues to be heavily hit, only in the last 3 days it has lost more than 11% following the news of ENPH, same thing for CSIQ which loses 10% (it is one of our strongest positions). On May 5th he will present his results. In the last 4 quarters it has always beaten expectations and I'm actually confident. It has the best performing panels on the market and even if it has a large debt recently it paid off one. I look forward to this quarterly too.

AAPL and NIO have released their results. Apple starts well in the aftermarket and finishes in red. Nio starts at -3% and closes in green.

To tell the truth, I didn't understand why NIO's results were taken in the negative. Expectations in the second half of the year are 20-22 thousand units (thus an increase of 1% compared to Q4). Today he presented the April sales amounting to 7102 units (the CEO in the past had stated 7500 units per month) despite the 5 days of production block this month. In the conference call, the CEO announced that they have taken advantage of this block to modify production lines to prepare for mass production of the ET7. If they were to maintain this pace, they would reach 21300 units, in line with expectations. Let's not expect anything extraordinary but Y / Y increase their sales by + 100%. And positive note, their gross margin is 21% compared to 17% in Q4 2020 and in Q1 2020 it was -7.4%, this figure is very important! The increase in vehicle margin is mainly driven by the increase in the take rate of the 100 kilowatt battery pack and also by the NIO Pilot. They did not expect this high margin and do not expect to exceed it in the near future (it is an excellent percentage).

Many financial results for the first quarter of 2021 will be released this month.

Among the most important and official in addition to those listed are:

1. BYND - May 6

2. NIU - May 17

Hoping for better times I wish you a good weekend!