Equity Analyst, Investi Analyst

Investi Analyst

Equity Analyst

Investment Entrepreneur / Equity Analyst.

Equity Bottom-Up

<ul>
<li>Toast (<span class="ticker-hover-wrapper">NYSE:<a href="https://www.smartkarma.com/search?q=TOST" target="_blank" rel="noopener">TOST</a></span>) offers a cloud-based end-to-end POS tech platform primarily focused on restaurant and food services.</li>
<li>They offer a broad portfolio of software and payment solutions that help to solve the needs of restaurants.</li>
<li>The company's<span class="paywall-full-content"> payment processing offerings are built on charging transaction fees for its restaurant clients for debit and credit card payments on restaurant sales.</span>
</li>
</ul>


Toast (NYSE:TOST) offers a cloud-based end-to-end POS tech platform primarily focused on restaurant and food services.
They offer a broad portfolio of software and payment solutions that help to solve the needs of restaurants.
The company's payment processing offerings are built on charging transaction fees for its restaurant clients for debit and credit card payments on restaurant sales.



Toast: A Deep-Dive Into A Category Leader In Vertical Software

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>Net Protections Holdings, a buy now pay later service provider, raised around US$570m via selling a mix of primary and secondary shares in its Japan IPO in Dec 2021.</li>
<li>As per Yano Research, it had 40% market share in the domestic BNPL market for B2C transactions.</li>
<li>In this note, we will talk about the upcoming lock-up expiry on 12th Jun 2022.</li>
</ul>


Net Protections Holdings, a buy now pay later service provider, raised around US$570m via selling a mix of primary and secondary shares in its Japan IPO in Dec 2021.
As per Yano Research, it had 40% market share in the domestic BNPL market for B2C transactions.
In this note, we will talk about the upcoming lock-up expiry on 12th Jun 2022.


Net Protections Holding IPO Lock-Up - Small Expiry Now, Before 20% Is Released Later in the Year

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>In response to media reports, <a href="https://www.smartkarma.com/entities/appen-ltd" target="_blank" data-smartkarma-citation="entities:15825:1" rel="noopener">Appen Ltd (APX AU)</a> disclosed a non-binding indicative proposal from <a href="https://www.smartkarma.com/entities/telus-international-cda-inc" target="_blank" data-smartkarma-citation="entities:35398:1" rel="noopener">Telus International (TIXT US)</a> at A$9.50, a 48.4% premium to the undisturbed price of A$6.40.</li>
<li>Appen also announced a weak trading update. The 1HFY22 EBITDA is expected to be materially lower than the comparable period due to the lower revenue and the ongoing investment. </li>
<li>Subsequently, Appen noted that Telus revoked its indicative proposal. No reason was given for the decision. Nevertheless, Appen’s depressed share price will continue to attract suitors. </li>
</ul>


In response to media reports, Appen Ltd (APX AU) disclosed a non-binding indicative proposal from Telus International (TIXT US) at A$9.50, a 48.4% premium to the undisturbed price of A$6.40.
Appen also announced a weak trading update. The 1HFY22 EBITDA is expected to be materially lower than the comparable period due to the lower revenue and the ongoing investment. 
Subsequently, Appen noted that Telus revoked its indicative proposal. No reason was given for the decision. Nevertheless, Appen’s depressed share price will continue to attract suitors. 


Telus Revokes It’s A$9.50 Bid for Appen

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.

<ul><li>Block delivered a decent financial result despite being hammered like the broader markets.</li><li>The company has decided to split 50% of Afterpay revenue and gross profit between Square and Cash App.</li><li>In the first quarter, Cash App generated $624 million in gross profit, up 26% year over year and 94% on a three-year CAGR basis.</li></ul>

Block delivered a decent financial result despite being hammered like the broader markets.The company has decided to split 50% of Afterpay revenue and gross profit between Square and Cash App.In the first quarter, Cash App generated $624 million in gross profit, up 26% year over year and 94% on a three-year CAGR basis.

Block Inc. (formerly Square Inc.): Financial & Price Forecasts

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.

<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. 


United States

Block, Inc. operates as a financial services and digital payments company. The Company develops a payments platform aimed at small and medium businesses that allows them to accept credit card payments and use tablet computers as payment registers for a point-of-sale system. Block also provides financial and marketing services.

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Block (SQ US)

Toast: A Deep-Dive Into A Category Leader In Vertical Software

The company's payment processing offerings are built on charging transaction fees for its restaurant clients for debit and credit card payments on...

Investi Analyst

Net Protections Holding IPO Lock-Up - Small Expiry Now, Before 20% Is Released Later in the Year

Net Protections Holdings, a buy now pay later service provider, raised around US$570m in its Japan IPO in Dec 2021. The lockup on one set of...

Sumeet Singh

Telus Revokes It’s A$9.50 Bid for Appen

Telus pulled its A$9.50 indicative offer likely due to the weak trading update. Nevertheless, Appen’s depressed share price will continue to...

Arun George

Block Inc. (formerly Square Inc.): Financial & Price Forecasts

Block delivered a decent financial result despite being hammered like the broader markets. The company has decided to split 50% of Afterpay...

Baptista Research

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

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