Mostly Borrowed Ideas Deep Dives, MBI Deep Dives

MBI Deep Dives

Mostly Borrowed Ideas Deep Dives

MBI is the abbreviation for “Mostly Borrowed Ideas”. Why “Mostly Borrowed Ideas?” As a generalist, I do not have a background in any particular sector. I enjoy navigating across industries, businesses, and countries to learn, understand, and connect the dots. In any case, most ideas and innovations are incremental in nature. Very few of us are smart enough to come up with truly original or groundbreaking ideas. I am Abdullah Al-Rezwan. I was born and brought up in Bangladesh. I went to University of Dhaka for my undergrad and majored in Finance. After working three and half years in Equity Research (Sell-side) covering Financial Sector in Bangladesh, I left Bangladesh to pursue my MBA in the US. I graduated within top 10% of the class from Cornell University's two-year MBA program and worked on the buy-side following my graduation. During my time at Cornell, I won two stock pitch competitions and also became finalists in four other competitions. I thoroughly enjoyed my stint as a generalist in the US large cap team at Madison Investments and covered a wide range of companies from UnitedHealth to Amazon and Boeing before US immigration reality paused my career in investment management. As my work authorization expired, I moved to Canada in January, 2021. Then in early 2022, I was able to return to the US.

Equity Bottom-Up

Meta Platforms (Facebook) / Equity Bottom-Up

<ul><li>So I took this weekend to update my models on Meta and Amazon. I just wanted to leave some brisk thoughts on these updated models.</li><li>I will start with Meta today and will share my thoughts on Amazon tomorrow.</li><li>You can find the updated model on Meta here which I encourage you to download to play around with your own narrative as you see fit.</li></ul>

So I took this weekend to update my models on Meta and Amazon. I just wanted to leave some brisk thoughts on these updated models.I will start with Meta today and will share my thoughts on Amazon tomorrow.You can find the updated model on Meta here which I encourage you to download to play around with your own narrative as you see fit.

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.

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/amer-sports-inc" target="_blank" data-smartkarma-citation="entities:21751:1" rel="noopener">Amer Sports (AS US)</a> raised around US$1.3bn in its US IPO, after pricing its IPO below its initial range, as per media reports.</li>
<li>Amer Sports is a sports and outdoor brands company making clothing and other sporting equipment for use in snow sports, running, climbing, baseball, american football, tennis and other sports.</li>
<li>We have looked at the company’s performance and valuation in our past note. In this note, we talk about the trading dynamics.</li>
</ul>



Amer Sports (AS US) raised around US$1.3bn in its US IPO, after pricing its IPO below its initial range, as per media reports.
Amer Sports is a sports and outdoor brands company making clothing and other sporting equipment for use in snow sports, running, climbing, baseball, american football, tennis and other sports.
We have looked at the company’s performance and valuation in our past note. In this note, we talk about the trading dynamics.


Amer Sports IPO Trading - Downsized and Cornered, Close to Optimistic Fair Value

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.

BrainBees Solutions / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/brainbees-solutions" target="_blank" data-smartkarma-citation="entities:36115:1" rel="noopener">FirstCry (0172540D IN)</a>, India’s largest multi-channel retailing platform for mothers’, babies’ and kids’ products, has filed for a US$700 million IPO. </li>
<li>In <em><strong><a href="https://www.smartkarma.com/insights/brainbees-solutions-firstcry-ipo-the-bull-case" target="_blank" data-smartkarma-citation="insights:125537" rel="noopener">Brainbees Solutions (FirstCry) IPO: The Bull Case</a></strong></em>, we highlighted the key elements of the bull case. In this note, we outline the bear case.</li>
<li>The bear case rests on the worrying trend of India's KPIs, margin pressures, cash burn, and deteriorating balance sheet strength. </li>
</ul>



FirstCry (0172540D IN), India’s largest multi-channel retailing platform for mothers’, babies’ and kids’ products, has filed for a US$700 million IPO. 
In Brainbees Solutions (FirstCry) IPO: The Bull Case, we highlighted the key elements of the bull case. In this note, we outline the bear case.
The bear case rests on the worrying trend of India's KPIs, margin pressures, cash burn, and deteriorating balance sheet strength. 


Brainbees Solutions (FirstCry) IPO: The Bear Case

Blue Lotus Non US Internet research, Blue Lotus Research Institute

Ying Pan

Blue Lotus Non US Internet research

China growth and global non-US Internet equities

Blue Lotus Research Institute

Blue Lotus Research is a Hong Kong Type 4 Licensed investment advisory firm focusing on Chinese growth equities and global non-US Internet equities

Thematic (Sector/Industry)

<ul>
<li>Gaming sector: NPPA deleted the page of &lt;Online Games Governing Measure (Opinion Seeking Draft)&gt;(/)</li>
<li>JD/BABA/PDD: JD to be exclusive platform for CCTV 2024 Spring Festival Gala (+/-/-)</li>
<li>PDD/BABA/AMZN : Temu to launch semi-managed model in March (+/-/-)</li>
</ul>


Gaming sector: NPPA deleted the page of &lt;Online Games Governing Measure (Opinion Seeking Draft)&gt;(/)
JD/BABA/PDD: JD to be exclusive platform for CCTV 2024 Spring Festival Gala (+/-/-)
PDD/BABA/AMZN : Temu to launch semi-managed model in March (+/-/-)


[Blue Lotus Daily - TMT Update]:Gaming Sector/JD/BABA/PDD/BABA/AMZN

<ul>
<li>
<a href="https://www.smartkarma.com/entities/brainbees-solutions" target="_blank" data-smartkarma-citation="entities:36115:1" rel="noopener">FirstCry (0172540D IN)</a>, India’s largest multi-channel retailing platform for mothers’, babies’ and kids’ products, has filed for a US$700 million IPO. </li>
<li>The substantial shareholders are <a href="https://www.smartkarma.com/entities/softbank-group-corp" target="_blank" data-smartkarma-citation="entities:315:1" rel="noopener">Softbank Group (9984 JP)</a> Vision Fund (25.55% of shares), <a href="https://www.smartkarma.com/entities/mahindra-mahindra-ltd" target="_blank" data-smartkarma-citation="entities:16441:1" rel="noopener">Mahindra &amp; Mahindra (MM IN)</a> (10.98%), Premji Invest (10.36%) and Supam Maheshwari - founder and CEO (5.95%).</li>
<li>The bull case rests on growing addressable markets, strong market positioning, robust GMV growth and strong organic growth.   </li>
</ul>



FirstCry (0172540D IN), India’s largest multi-channel retailing platform for mothers’, babies’ and kids’ products, has filed for a US$700 million IPO. 
The substantial shareholders are Softbank Group (9984 JP) Vision Fund (25.55% of shares), Mahindra &amp; Mahindra (MM IN) (10.98%), Premji Invest (10.36%) and Supam Maheshwari - founder and CEO (5.95%).
The bull case rests on growing addressable markets, strong market positioning, robust GMV growth and strong organic growth.   


Brainbees Solutions (FirstCry) IPO: The Bull Case

United States

Makemytrip Ltd. offers travel services over the Internet.  The Company operates websites that allow travelers to research and plan trips and book airline tickets, hotels, packages, rail tickets, bus tickets, and rental cars. Makemytrip also offers access to travel insurance.

The RealReal, Inc. owns and operates a members-only consignment marketplace for luxury goods. The Company specializes in curating and authenticating a full range of previously owned luxury products such as clothing, shoes, accessories, and jewelry that are sold on consignment. The RealReal markets its products and services throughout the United States.

Applied Materials, Inc. develops, manufactures, markets, and services semiconductor wafer fabrication equipment and related spare parts for the worldwide semiconductor industry.  The Company's customers include semiconductor wafer and integrated circuit manufacturers, flat panel liquid crystal displays, solar photovoltaic cells and modules and other electronic devices manufacturers.

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.

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.

VMware, Inc. provides virtualization solutions from the desktop to the data center. The Company's solution products addresses a range of IT problems, which includes cost and operational inefficiencies, business continuity, software lifecycle management and desktop management.

QUALCOMM, Inc . manufactures digital wireless communications equipment.  The Company licenses its code division multiple access (CDMA) and orthogonal frequency division multiplexing access intellectual property to other companies, and produces CDMA-based integrated circuits; and produces equipment and software used to track workers and assets; and software for wireless content enablement.

Broadcom Inc. designs, develops, and supplies semiconductor and infrastructure software solutions. The Company offers storage adapters, controllers, networking processors, motion control encoders, and optical sensors, as well as infrastructure and security software to modernize, optimize, and secure the most complex hybrid environments. Broadcom serves customers worldwide.

Cisco Systems, Inc. designs, manufactures, and sells Internet Protocol (IP)-based networking and other products related to the communications and information technology (IT) industry and provide services associated with these products and their use. The Company provides products for transporting data, voice, and video within buildings, across campuses, and globally.

International Business Machines Corporation (IBM) provides computer solutions through the use of advanced information technology. The Company's solutions include technologies, systems, products, services, software, and financing. IBM offers its products through its global sales and distribution organization, as well as through a variety of third party distributors and resellers.

Besttone Holdings Co Ltd is involved in hotel management, catering and travel arrangement.  The Company is based in China.

Canon Inc. is a professional and consumer imaging solutions company and patent-holder of digital imaging technologies. The Company's products include networked multifunction devices, digital and analog copiers, computer peripherals, facsimile machines, image filing systems, camcorders, cameras and lenses, semiconductor, and broadcast and medical equipment.

Tencent Holdings Limited operates as an investment holding company. The Company, through its subsidiaries, provides Internet and mobile value-added services (VAS), online advertising, and e-commerce transactions. Tencent Holdings offers services to users worldwide.

Baidu, Inc. operates an Internet search engine. The Company offers algorithmic search, enterprise search, news, MP3, and image searches, voice assistance, online storage, and navigation services. Baidu serves clients globally.

Samsung Electronics Co., Ltd. manufactures a wide range of consumer and industrial electronic equipment and products such as semiconductors, personal computers, peripherals, monitors, televisions, and home appliances including air conditioners and microwave ovens. The Company also produces Internet access network systems and telecommunications equipment including mobile phones.

Infosys Limited provides IT consulting and software services, including e-business, program management and supply chain solutions. The Group's services include application development, product co-development, and system implementation and system engineering. Infosys targets businesses specializing in the insurance, banking, telecommunication and manufacturing sectors.

Tokyo Electron Limited manufactures and sells industrial electronics products, such as semiconductor manufacturing machines, computer system, and electronic components.  The Company products are sold in US, Taiwan, and others as well as in Japan.

ASE Technology Holding Co., Ltd. offers assembly and testing services. The Company provides outsourced assembly, semiconductor testing, semiconductor packaging, and other related services. ASE Technology Holding operates in Taiwan.

Hon Hai Precision Industry Co., Ltd. provides electronic manufacturing services for computers, communications, and consumer electronic products.  The Company's business operations include desktop and notebook PC assembly, connector production, cable assembly, PCB assembly, handset manufacturing, networking equipment, and other consumer electronic devices manufacturing.

MediaTek Inc. is a fabless semiconductor company for wireless communications and digital multimedia solutions. The company provides SOC system solutions for wireless communications, high-definition TV, optical storage, DVD and Blu-ray products.

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)

Meta Platforms: Model Update

So I took this weekend to update my models on Meta and Amazon. I just wanted to leave some brisk thoughts on these updated models.

MBI Deep Dives

Amer Sports IPO Trading - Downsized and Cornered, Close to Optimistic Fair Value

Amer Sports (AS US) raised around US$1.3bn in its US IPO, after pricing its IPO below its initial range, as per media reports.

Sumeet Singh

Brainbees Solutions (FirstCry) IPO: The Bear Case

The bear case rests on the worrying trend of India's KPIs, margin pressures, cash burn, and deteriorating balance sheet strength.

Arun George

[Blue Lotus Daily - TMT Update]:Gaming Sector/JD/BABA/PDD/BABA/AMZN

NPPA deletes online gaming measure page; JD becomes exclusive platform for CCTV Gala; Temu to launch semi-managed model in March.

Blue Lotus Research Institute

Brainbees Solutions (FirstCry) IPO: The Bull Case

The bull case rests on growing addressable markets, strong market positioning, robust GMV growth and strong organic growth.

Arun George

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Meta Platforms: Model Update

So I took this weekend to update my models on Meta and Amazon. I just wanted to leave some brisk thoughts on these updated models.

MBI Deep Dives

Amer Sports IPO Trading - Downsized and Cornered, Close to Optimistic Fair Value

Amer Sports (AS US) raised around US$1.3bn in its US IPO, after pricing its IPO below its initial range, as per media reports.

Sumeet Singh

Brainbees Solutions (FirstCry) IPO: The Bear Case

The bear case rests on the worrying trend of India's KPIs, margin pressures, cash burn, and deteriorating balance sheet strength.

Arun George

[Blue Lotus Daily - TMT Update]:Gaming Sector/JD/BABA/PDD/BABA/AMZN

​NPPA deletes online gaming measure page; JD becomes exclusive platform for CCTV Gala; Temu to launch semi-managed model in March.

Blue Lotus Research Institute

Brainbees Solutions (FirstCry) IPO: The Bull Case

The bull case rests on growing addressable markets, strong market positioning, robust GMV growth and strong organic growth.

Arun George

NPPA deletes online gaming measure page; JD becomes exclusive platform for CCTV Gala; Temu to launch semi-managed model in March.