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>Like Netflix, Spotify is increasing spend on proprietary content... at the same time rivals are, which makes the ROI on this spend worth less.</li>
<li>Promised margin inflection no where in sight. Have to wait for Analyst Day for more clarity. </li>
<li>While we could justify a share price in the $70s, we no longer think Spotify is as compelling a risk reward short as it has for the past two years.</li>
</ul>


Like Netflix, Spotify is increasing spend on proprietary content... at the same time rivals are, which makes the ROI on this spend worth less.
Promised margin inflection no where in sight. Have to wait for Analyst Day for more clarity. 
While we could justify a share price in the $70s, we no longer think Spotify is as compelling a risk reward short as it has for the past two years.


Asset Allocation & Fund Positioning, Copley Fund Research

Steven Holden

Asset Allocation & Fund Positioning

Copley Fund Research

Copley Fund Research provide research and data on asset allocation among Global and Emerging Market equity funds.  The analysis details absolute and relative positioning across countries, sectors and industries together with highly granular data on single stock and single fund allocations.  The data is updated monthly with time series going back to January 2011.

Global Research - Analysis of 165 prominent Global equity funds, combined AUM $335bn
GEM Research - Analysis of 127 prominent global EM equity funds, combined AUM $250bn

Asset Allocation - Global and GEM Equity

<ul>
<li>Ownership in Tesla hits record levels among Global managers. Of the 371 Global equity funds in our analysis, a record 15.1% now have exposure to the stock.</li>
<li>GARP managers are the most aggressively allocated, with a 0.42% holding on average, though the larger individual positions are held by Growth and Aggressive Growth strategies.</li>
<li>Despite this record, Tesla remains under-owned by Global active managers compared to large cap peers, and is the second largest underweight in the World</li>
</ul>


Ownership in Tesla hits record levels among Global managers. Of the 371 Global equity funds in our analysis, a record 15.1% now have exposure to the stock.
GARP managers are the most aggressively allocated, with a 0.42% holding on average, though the larger individual positions are held by Growth and Aggressive Growth strategies.
Despite this record, Tesla remains under-owned by Global active managers compared to large cap peers, and is the second largest underweight in the World


Tesla Motors: Record Exposure, But Still Under-Owned

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/razer-inc" target="_blank" data-smartkarma-citation="entities:24380:1" rel="noopener">Razer Inc (1337 HK)</a>’s scheme was approved at today’s court meeting. The value test passed with 94.74% of the total disinterested shareholders voting in favour of the scheme.</li>
<li>Despite our reservations about the headcount test, the scheme comfortably passed the headcount test with 465 for and just 16 against the scheme. </li>
<li>At the last close and for the 20 May payment date, the gross and annualised spread to the offer is 3.7% and 56.1%, respectively.</li>
</ul>



Razer Inc (1337 HK)’s scheme was approved at today’s court meeting. The value test passed with 94.74% of the total disinterested shareholders voting in favour of the scheme.
Despite our reservations about the headcount test, the scheme comfortably passed the headcount test with 465 for and just 16 against the scheme. 
At the last close and for the 20 May payment date, the gross and annualised spread to the offer is 3.7% and 56.1%, respectively.


Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Equity Capital Markets

<ul>
<li>One Store revised its IPO filings, changing the comps but maintaining the same price range of 34,300 won to 41,700 won.</li>
<li>The bankers used new comps in the valuation analysis (Tencent, Naver, Kakao Corp, and Nexon). The P/S multiple is slightly higher than previously but IPO discount range is also higher.</li>
<li>Our target price of 48,713 won is 28% higher than the mid-point of the IPO price range of 38,000 won. </li>
</ul>


One Store revised its IPO filings, changing the comps but maintaining the same price range of 34,300 won to 41,700 won.
The bankers used new comps in the valuation analysis (Tencent, Naver, Kakao Corp, and Nexon). The P/S multiple is slightly higher than previously but IPO discount range is also higher.
Our target price of 48,713 won is 28% higher than the mid-point of the IPO price range of 38,000 won. 


One Store IPO: Changes Comps But Maintains Same IPO Price Range

APAC IPOs & Placements, Aequitas Research

Clarence Chu

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.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/one-store-4672b817-5076-408e-bcad-1a3e48b03c2a" target="_blank" data-smartkarma-citation="entities:35800:1" rel="noopener">ONE Store (ONE KS)</a> is looking to raise up to US$228m in its Korean IPO.</li>
<li>One Store delayed its bookbuild by two weeks, with book building slated to run between 9th-10th May 2022. Listing, as well, has been pushed back to end May.</li>
<li>Peers have slightly corrected since our last note and in our view, from a historical perspective, the low end seems justified.</li>
</ul>



ONE Store (ONE KS) is looking to raise up to US$228m in its Korean IPO.
One Store delayed its bookbuild by two weeks, with book building slated to run between 9th-10th May 2022. Listing, as well, has been pushed back to end May.
Peers have slightly corrected since our last note and in our view, from a historical perspective, the low end seems justified.


One Store IPO - Refiling Updates, No Change to Price Tag

United States

Apple Inc. designs, manufactures, and markets smartphones, personal computers, tablets, wearables and accessories, and sells a variety of related accessories. The Company also offers payment, digital content, cloud and advertising services. Apple Inc.'s customers are primarily in consumer, small & mid-sized business, education, enterprise and government markets worldwide.

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Apple (AAPL US)

Spotify 1Q22 Earnings: Netflix Like?

The more Daniel Ek said that Spotify is not like Netflix, the more we thought...hes right! Netflix has a less competition, more pricing power, and...

Aaron Gabin

Tesla Motors: Record Exposure, But Still Under-Owned

Ownership in Tesla hits record levels among Global managers. Of the 371 Global equity funds in our analysis, a record 15.1% now have exposure to...

Steven Holden

Razer’s Scheme: And that Is a Pass

Despite our reservations, the scheme comfortably passed the headcount test with 465 for and just 16 against. At the last close and for the 20 May...

Arun George

One Store IPO: Changes Comps But Maintains Same IPO Price Range

The bankers used new comps in the OneStore IPO valuation analysis (Tencent, Naver, Kakao Corp, and Nexon). The P/S multiple is slightly higher than...

Douglas Kim

One Store IPO - Refiling Updates, No Change to Price Tag

ONE Store (ONE KS) is looking to raise up to US$228m in its Korean IPO. One Store delayed its bookbuild by two weeks, with book building slated to...

Clarence Chu

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