TMT & Consumer Independent Equity Research Analyst, Obex Capital Research

Aaron Gabin

TMT & Consumer Independent Equity Research Analyst

TMT & Consumer Independent Equity Research

Obex Capital Research

“Obex” is Latin for Barriers to Entry. Obex Capital Management’s investment philosophy is driven by an intense focus on which business model’s Barriers to Entry are able to withstand the ever increasing competitive disruption in the TMT and Consumer Sectors.

Equity Bottom-Up

<ul>
<li>How long until SNAP gets back to Zuck's original $3B buyout offer?!</li>
<li>Key negative point: US engagement dropped 5% despite user growth +4%...we think its BeReal as much as TikTok.</li>
<li>Uninvestable or Long Time Horizon? Least visibility of any major public company we've ever followed. Don't know the answer!</li>
</ul>


How long until SNAP gets back to Zuck's original $3B buyout offer?!
Key negative point: US engagement dropped 5% despite user growth +4%...we think its BeReal as much as TikTok.
Uninvestable or Long Time Horizon? Least visibility of any major public company we've ever followed. Don't know the answer!


<ul>
<li>Amazon announced a partnership with TKWY’s Grubhub where Amazon Prime members will get one year free of Grubhub+ membership.</li>
<li>Amazon has the option to take a 2% stake in Grubhub which could grow to 15% depending on performance conditions.</li>
<li>Deal is a direct shot at DoorDash's Dashpass subscription program, which is 30% of DASH's customers and accounts for ~50%? of GOV... expect a price cut to stave off churn.</li>
</ul>


Amazon announced a partnership with TKWY’s Grubhub where Amazon Prime members will get one year free of Grubhub+ membership.
Amazon has the option to take a 2% stake in Grubhub which could grow to 15% depending on performance conditions.
Deal is a direct shot at DoorDash's Dashpass subscription program, which is 30% of DASH's customers and accounts for ~50%? of GOV... expect a price cut to stave off churn.


Amazon’s Grubhub Deal Worse for DoorDash than Uber

ASEAN Insight Provider, CrossASEAN Research

Angus Mackintosh

ASEAN Insight Provider

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

<ul>
<li>There has been a recent press commentary about <a href="https://www.smartkarma.com/entities/sea-ltd" target="_blank" data-smartkarma-citation="entities:8509:1" rel="noopener">Sea Ltd</a> laying off staff, which although unpleasant reflects management's decisive and pragmatic decision-making style which is no bad thing.</li>
<li>It is unclear how many staff are being laid off and where but it seems that Indonesia is not impacted in a big way and core markets continue to perform.</li>
<li>We will not follow on the coattails of liquidity with a negative recommendation when what management is doing looks positive and <a href="https://www.smartkarma.com/entities/sea-ltd" target="_blank" data-smartkarma-citation="entities:8509:1" rel="noopener">Sea Ltd (SE US)</a> is batting above its peers.</li>
</ul>


There has been a recent press commentary about Sea Ltd laying off staff, which although unpleasant reflects management's decisive and pragmatic decision-making style which is no bad thing.
It is unclear how many staff are being laid off and where but it seems that Indonesia is not impacted in a big way and core markets continue to perform.
We will not follow on the coattails of liquidity with a negative recommendation when what management is doing looks positive and Sea Ltd (SE US) is batting above its peers.


Sea Ltd (SE US) - Navigating Challenging Waters With Sails Set

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

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.

Event-Driven

<ul>
<li>Grab raised around US$4.5bn in its de-SPAC listing in Dec 2021. The shares are now trading around 68% below the listing price.</li>
<li>At the time of listing, all of its top investors were locked up for six months. The lock-up expires on 30th May 2022.</li>
<li>In this note, we will talk about the lock-up dynamics and updates since our last note.</li>
</ul>


Grab raised around US$4.5bn in its de-SPAC listing in Dec 2021. The shares are now trading around 68% below the listing price.
At the time of listing, all of its top investors were locked up for six months. The lock-up expires on 30th May 2022.
In this note, we will talk about the lock-up dynamics and updates since our last note.


Grab IPO Lock-Up - Over 60% of the Stock Worth Nearly US$8bn Comes Free

<ul>
<li>Disney announced a new ad-based tier for Disney+ last week.</li>
<li>The decision to go this direction may imply market saturation, rising competitive intensity, or an inability to hit its subscriber targets organically.</li>
<li>Disney's streaming business is increasingly dominated by low value Hotstar+ subs</li>
</ul>


Disney announced a new ad-based tier for Disney+ last week.
The decision to go this direction may imply market saturation, rising competitive intensity, or an inability to hit its subscriber targets organically.
Disney's streaming business is increasingly dominated by low value Hotstar+ subs


Disney: Streaming Trapped Between a Rock and Hard Place

United States

Amazon.com, Inc. is an online retailer that offers a wide range of products. The Company's products include books, music, videotapes, computers, electronics, home and garden, and numerous other products.  Amazon offers personalized shopping services, Web-based credit card payment, and direct shipping to customers.

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Amazon.com Inc (AMZN US)

Snap 3Q22: Tik Tik Tik (Tok) …BOOM

3rd 30% drop in a year? Any glimmer of hope? Still growing user base...but US engagement dropped 5% despite user growth +4%...we think its BeReal...

Aaron Gabin

Amazon’s Grubhub Deal Worse for DoorDash than Uber

Amazon's deal with TKWY's Grubhub is great for Prime members... and not great for DoorDash investors, whose fledgling Dashpass subscription has...

Aaron Gabin

Sea Ltd (SE US) - Navigating Challenging Waters With Sails Set

We will not follow on the coattails of liquidity with a negative recommendation when what management is doing looks positive and Sea Ltd (SE US) is...

Angus Mackintosh

Grab IPO Lock-Up - Over 60% of the Stock Worth Nearly US$8bn Comes Free

Grab raised around US$4.5bn in its de-SPAC listing in Dec 2021. The shares are now trading around 68% below the listing price. The lockup release...

Sumeet Singh

Disney: Streaming Trapped Between a Rock and Hard Place

Disney's recent announcement of an ad-supported tier being launched for Disney+ strikes us as a questionable strategic choice that indicates market...

Aaron Gabin

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