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>AWS revenue grew 20% YoY to $21.3B, about $400M or ~2% below consensus…and a 700bp deceleration.</li>
<li>AWS margins of 24% were down 200bps QoQ / 600bps YoY as continued optimization of customer contracts continues to weigh on margins.</li>
<li>Amazon advertising continues to dramatically outpace all other online platforms, highlighting the moat of first party data at the point of purchase, unimpacted by Apple.</li>
</ul>


AWS revenue grew 20% YoY to $21.3B, about $400M or ~2% below consensus…and a 700bp deceleration.
AWS margins of 24% were down 200bps QoQ / 600bps YoY as continued optimization of customer contracts continues to weigh on margins.
Amazon advertising continues to dramatically outpace all other online platforms, highlighting the moat of first party data at the point of purchase, unimpacted by Apple.


Meta Platforms (Facebook) / Equity Bottom-Up

<ul>
<li>Meta lowered 2023 expense guide by $5B (or 5%)  to $89bn-$95bn and capex guide by $4B (or 11%) to $30bn-$33bn</li>
<li>Metaverse spending continues, META lost $4.3B on $700M in revenue this quarter and losses are expected to accelerate in 2023. </li>
<li>Zuck said the word efficiency 18x and AI 15x...Evidently, these are his priorities!</li>
</ul>


Meta lowered 2023 expense guide by $5B (or 5%)  to $89bn-$95bn and capex guide by $4B (or 11%) to $30bn-$33bn
Metaverse spending continues, META lost $4.3B on $700M in revenue this quarter and losses are expected to accelerate in 2023. 
Zuck said the word efficiency 18x and AI 15x...Evidently, these are his priorities!


Meta Platforms 4Q22: Zuckerberg Got Religion?

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

<ul>
<li>Konan Technology is one of the competitors to Open AI (Chat GPT) in Korea. </li>
<li>Konan Technology's share price is up more than 4x this year. We would not chase the stock at current levels. We provide a framework of valuing Konan Technology. </li>
<li>Four large Korean companies that could be long-term winners in AI space in Korea include Naver, Kakao Corp, SK Telecom, and KT Corp. SK Telecom owns 20.8% of Konan Technology. </li>
</ul>


Konan Technology is one of the competitors to Open AI (Chat GPT) in Korea. 
Konan Technology's share price is up more than 4x this year. We would not chase the stock at current levels. We provide a framework of valuing Konan Technology. 
Four large Korean companies that could be long-term winners in AI space in Korea include Naver, Kakao Corp, SK Telecom, and KT Corp. SK Telecom owns 20.8% of Konan Technology. 


Konan Technology: Surging Share Price Due to Global Interest in Chat GPT AI

APAC IPOs & Placements, Aequitas Research

Ethan Aw

APAC 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.

Equity Capital Markets

Alibaba Group Holding  / Equity Capital Markets

<ul>
<li>In this note, we will take a look at the performance of bookrunners for ASEAN placements from 2019-2022.</li>
<li>The following dataset includes all ASEAN placements above US$100m for the period of Calendar Years 2019-2022, which amounted to a total of <strong>54 deals</strong>.</li>
<li>The deals you see in this note are based on our historical placements tracker. Feel free to drop us a message for additional information on any of these placements.</li>
</ul>


In this note, we will take a look at the performance of bookrunners for ASEAN placements from 2019-2022.
The following dataset includes all ASEAN placements above US$100m for the period of Calendar Years 2019-2022, which amounted to a total of 54 deals.
The deals you see in this note are based on our historical placements tracker. Feel free to drop us a message for additional information on any of these placements.


Aequitas ASEAN Placements Bookrunner Performance (2019-2022)

Greater China Equity Long/Short Analyst

Eric Chen

<ul>
<li>Recent developments highlighted the strategic significance of Wechat Channels (微信视频号) that Tencent’s management attached to the company’s future.</li>
<li>Counter-Intuitively, while backing of the social giant saves Wechat Channels’ efforts for traffic acquisition, it also limits the product's potential to develop into a content ecosystem rivaling Douyin.</li>
<li>Our base case values the product at $29 billion, or 6% of Tencent’s market cap as of January 20th.</li>
</ul>


Recent developments highlighted the strategic significance of Wechat Channels (微信视频号) that Tencent’s management attached to the company’s future.
Counter-Intuitively, while backing of the social giant saves Wechat Channels’ efforts for traffic acquisition, it also limits the product's potential to develop into a content ecosystem rivaling Douyin.
Our base case values the product at $29 billion, or 6% of Tencent’s market cap as of January 20th.


Tencent (700.HK): Valuing Wechat Channels

United States

Meta Platforms Inc. operates as a social technology company. The Company builds applications and technologies that help people connect, find communities, and grow businesses. meta Platform is also involved in advertisements, augmented and virtual reality.

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Meta Platforms (Facebook) (META US)

Amazon 4Q22: When Does AWS Trough?

Amazon continues to be a frustrating long...just when retail margins show promise, AWS decelerates and margins drop. We think the latter is...

Aaron Gabin

Meta Platforms 4Q22: Zuckerberg Got Religion?

Meta is getting credited today with a "phase change" in operating cadence, with a newfound emphasis on efficiency and profitability. Great! But we...

Aaron Gabin

Aequitas ASEAN Placements Bookrunner Performance (2019-2022)

In this note, we will take a look at the performance of bookrunners for ASEAN placements from 2019-2022, which includes all ASEAN placements above...

Ethan Aw

Tencent (700.HK): Valuing Wechat Channels

We value Wechat Channels at $29 billion, roughly 6% of Tencent's market cap. The social graph underpinning the product is a double-edge sword -...

Eric Chen

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Amazon 4Q22: When Does AWS Trough?

Amazon continues to be a frustrating long...just when retail margins show promise, AWS decelerates and margins drop. We think the latter is...

Aaron Gabin

Meta Platforms 4Q22: Zuckerberg Got Religion?

Meta is getting credited today with a "phase change" in operating cadence, with a newfound emphasis on efficiency and profitability. Great! But we...

Aaron Gabin

Konan Technology: Surging Share Price Due to Global Interest in Chat GPT AI

Konan Technology is one of the competitors to Open AI (Chat GPT) in Korea. We provide a framework of valuing Konan Technology. We would not chase...

Douglas Kim

Aequitas ASEAN Placements Bookrunner Performance (2019-2022)

In this note, we will take a look at the performance of bookrunners for ASEAN placements from 2019-2022, which includes all ASEAN placements above...

Ethan Aw

Tencent (700.HK): Valuing Wechat Channels

We value Wechat Channels at $29 billion, roughly 6% of Tencent's market cap. The social graph underpinning the product is a double-edge sword -...

Eric Chen