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>Impressive Analyst Day Presentation got us bulled up on the potential for Afterpay to juice growth on both Square and the Cash App</li>
<li>Cash App getting a design overhaul to create a super app that spans commerce, investing, payments, personal finance, loans, etc. </li>
<li>Unit economics outlined today lead us to a ~40% potential EBITDA margin in 3-5 years...well higher than is currently considered by consensus today. </li>
</ul>


Impressive Analyst Day Presentation got us bulled up on the potential for Afterpay to juice growth on both Square and the Cash App
Cash App getting a design overhaul to create a super app that spans commerce, investing, payments, personal finance, loans, etc. 
Unit economics outlined today lead us to a ~40% potential EBITDA margin in 3-5 years...well higher than is currently considered by consensus today. 


Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Equity Capital Markets

<ul><li>PayPal had a particularly solid 2021 and managed to deliver a good financial result.</li><li>The supply chain issues disproportionately impacted the small business merchants and cross-border volumes which did affect PayPal.</li><li>We are optimistic about the growth of PayPal and we provide it a ‘Buy’ rating with a revision in target price.</li></ul>

PayPal had a particularly solid 2021 and managed to deliver a good financial result.The supply chain issues disproportionately impacted the small business merchants and cross-border volumes which did affect PayPal.We are optimistic about the growth of PayPal and we provide it a ‘Buy’ rating with a revision in target price.

PayPal Holdings Inc.: The Venmo Upside & Other Drivers

House of Market Insights, Market Radar

Market Radar

House of Market Insights

Quick market updates and lot of ideas for your investments from a multi-asset portfolio manager working for a family office.

Quick Market Updates

Technical Analysis

Nasdaq-100 Stock Index / Technical Analysis

<ul><li>Nasdaq index is one of the biggest losers of the year: it is down almost 20% YTD. Now the tech index lies on a very interesting support</li><li>In case the index will go below the support 12,000 could be the next interesting level. In any case I see the current price more as a buy area</li><li>After one year of trading in a rectangle, finally Amazon made a breakout, but to the downside (after disappointing earnings and guidance). Not a great signal, and the stock will probably suffer for a while</li></ul>

Nasdaq index is one of the biggest losers of the year: it is down almost 20% YTD. Now the tech index lies on a very interesting supportIn case the index will go below the support 12,000 could be the next interesting level. In any case I see the current price more as a buy areaAfter one year of trading in a rectangle, finally Amazon made a breakout, but to the downside (after disappointing earnings and guidance). Not a great signal, and the stock will probably suffer for a while

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>Kakao Pay (KP), one of South Korea’s largest payment and financial services apps, raised US$1.3bn in its South Korean IPO in Nov 21. Its 6 month lock-up will expire soon.</li>
<li>The stock more than doubled on listing, providing one of the best first day returns in 2021. However, its performance since then hasn’t been all that great.</li>
<li>In this note, we will talk about the lock-up dynamics and updates since our last note.</li>
</ul>


Kakao Pay (KP), one of South Korea’s largest payment and financial services apps, raised US$1.3bn in its South Korean IPO in Nov 21. Its 6 month lock-up will expire soon.
The stock more than doubled on listing, providing one of the best first day returns in 2021. However, its performance since then hasn’t been all that great.
In this note, we will talk about the lock-up dynamics and updates since our last note.


Kakao Pay IPO Lock-Up - IPO Was Great, Performance Since Then Has Been Tepid

Equity Analyst, LightStream Research

Shifara Samsudeen, ACMA, CGMA

Equity Analyst

Long-Short Analysis on Japan, Asia and the World

LightStream Research

LightStream conducts quantitatively rigorous and data-driven analysis with a focus on Japan and Asia.

We consistently cover the Tech, Consumer and Industrial sectors, and provide ECM and Events coverage more broadly.

We supplement traditional qualitative insights from company relationships with a robust quantitative foundation that examines as much historical data as is available.
We further refine the accuracy of our insights and calls through the use of alternative data to flesh out current trends, and through a valuation framework that emphasises non-superficial peer group selection and a proper attempt to understand the metrics and changes that have driven security valuations in the past.

GoTo Gojek Tokopedia Tbk PT / Equity Capital Markets

<ul>
<li>Superapp <a href="https://www.smartkarma.com/entities/gojek-goto" target="_blank" data-smartkarma-citation="entities:25976:1" rel="noopener">GoTo (GOTO IJ)</a> made its public debut on the Indonesian Stock Exchange on 11th April. The company set the final IPO price at IDR338 per share.  </li>
<li>GoTo’s shares surged nearly 23% to IDR416 a piece on the open, boosting the company’s market cap to more than IDR497trn.</li>
<li>GoTo's share price has continued to slide and our SOTP valuation suggests that there is further downside.</li>
</ul>


Superapp GoTo (GOTO IJ) made its public debut on the Indonesian Stock Exchange on 11th April. The company set the final IPO price at IDR338 per share.  
GoTo’s shares surged nearly 23% to IDR416 a piece on the open, boosting the company’s market cap to more than IDR497trn.
GoTo's share price has continued to slide and our SOTP valuation suggests that there is further downside.


GoTo IPO: Shares Are Still Overvalued and There Is Further Downside

United States

PayPal Holdings, Inc. operates as a technology platform company that enables digital and mobile payments on behalf of consumers and merchants. The Company offers online payment solutions. PayPal Holdings serves customers worldwide.

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Paypal Holdings (PYPL US)

Revisiting Long Ideas: Square (Block)

Square had a strong 1Q22 and a bullish analyst day presentation yesterday that reignited our enthusiasm for this ecosystem of ecosystems. Afterpay...

Aaron Gabin

PayPal Holdings Inc.: The Venmo Upside & Other Drivers

PayPal had a particularly solid 2021 and managed to deliver a good financial result. The supply chain issues disproportionately impacted the small...

Baptista Research

Charts to Watch #4

Nasdaq index is one of the biggest losers of the year: it is down almost 20% YTD. Now the tech index lies on a very interesting support

Market Radar

Kakao Pay IPO Lock-Up - IPO Was Great, Performance Since Then Has Been Tepid

Kakao Pay (KP), one of South Korea’s largest payment and financial services apps, raised US$1.3bn in its South Korean IPO in Nov 21. Its 6 month...

Sumeet Singh

GoTo IPO: Shares Are Still Overvalued and There Is Further Downside

GoTo’s shares surged nearly 23% to IDR416 a piece on the open, however, share price has continued to slide and our SOTP valuation suggests that...

Shifara Samsudeen, ACMA, CGMA

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