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>Doordash's multiple has come in from 14x to 4x, it is no longer a good standalone short, but its valuation discrepancy vs. Uber means it is a good paired short.</li>
<li>Solid quarter overall, but commentary about pushing on investments remains openended, and with little quantification of unit economics, Dash remains uninvestable to us.</li>
<li>We still prefer Uber to Dash on valuation and long term profitability.</li>
</ul>


Doordash's multiple has come in from 14x to 4x, it is no longer a good standalone short, but its valuation discrepancy vs. Uber means it is a good paired short.
Solid quarter overall, but commentary about pushing on investments remains openended, and with little quantification of unit economics, Dash remains uninvestable to us.
We still prefer Uber to Dash on valuation and long term profitability.


DoorDash 1Q22 Earnings: Are Delivery Platforms More Profitable than Ride Sharing?

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>DoorDash reported its Q4 2023 earnings, with the company's representatives including co-founder, chair, and CEO, Tony Xu, and CFO Ravi Inukonda, discussing its investment strategies, outlook and financial performance.</li><li>Notably, in international markets and new verticals, DoorDash is seeking to find product-market fit and grow efficiently.</li><li>The company sees significant potential due to lower penetration levels, with investments destined towards improving product market fit, expanding its restaurant and retailer base, and launching subscription programs.</li></ul>

DoorDash reported its Q4 2023 earnings, with the company's representatives including co-founder, chair, and CEO, Tony Xu, and CFO Ravi Inukonda, discussing its investment strategies, outlook and financial performance.Notably, in international markets and new verticals, DoorDash is seeking to find product-market fit and grow efficiently.The company sees significant potential due to lower penetration levels, with investments destined towards improving product market fit, expanding its restaurant and retailer base, and launching subscription programs.

DoorDash Inc: What Is Their Master Plan to Dominate Global Markets? - Major Drivers

<ul><li>DoorDash delivered an all-around beat in the most recent quarterly result.</li><li>Demonstrating adaptability amid dynamic market conditions, the company expanded its platform selection significantly, becoming a multibillion-dollar business with over 100,000 non-restaurant stores.</li><li>The company's global growth, investments in international markets, and partnerships, such as with Wolt, yielded positive results, and it remains optimistic about future expansion.</li></ul>

DoorDash delivered an all-around beat in the most recent quarterly result.Demonstrating adaptability amid dynamic market conditions, the company expanded its platform selection significantly, becoming a multibillion-dollar business with over 100,000 non-restaurant stores.The company's global growth, investments in international markets, and partnerships, such as with Wolt, yielded positive results, and it remains optimistic about future expansion.

DoorDash Inc.: Discover How They Are Redefining Food Delivery Amidst Global Chaos! - Major Drivers

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>In Aug 2022, <a href="https://www.smartkarma.com/entities/zomato-ltd" target="_blank" data-smartkarma-citation="entities:28820:1" rel="noopener">Zomato (ZOMATO IN)</a> completed the acquisition of 91% of Blinkit’s outstanding shares via issuing its own shares. These shares were released from their lockup in Aug 2023.</li>
<li>Leading to a selldown by <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> in the same month, followed by another selldown in Oct 2023. Softbank will once again be released from its lockup soon.</li>
<li>In this note, we will talk about the lock-up dynamics and recent updates.</li>
</ul>


In Aug 2022, Zomato (ZOMATO IN) completed the acquisition of 91% of Blinkit’s outstanding shares via issuing its own shares. These shares were released from their lockup in Aug 2023.
Leading to a selldown by Softbank Group (9984 JP) in the same month, followed by another selldown in Oct 2023. Softbank will once again be released from its lockup soon.
In this note, we will talk about the lock-up dynamics and recent updates.


Zomato Lock-Up - Last of the Softbank Selldown

ASEAN Insight Provider, CrossASEAN Research

Angus Mackintosh

ASEAN Insight Provider

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

<ul>
<li>
<a href="https://www.smartkarma.com/entities/grab-holdings-ltd" target="_blank" data-smartkarma-citation="entities:26950:1" rel="noopener">Grab</a>'s 3Q2023 results demonstrate a high degree of success in achieving a delicate balance between growth and profitability, with significant progress across all verticals, and a  broadening of product offerings.</li>
<li>The company turned adjusted EBITDA breakeven for the first time in 3Q2023, through lower incentives, cost efficiencies, and lower regional corporate costs, with further progress towards FCF breakeven in 4Q2023.</li>
<li>
<a href="https://www.smartkarma.com/entities/grab-holdings-ltd" target="_blank" data-smartkarma-citation="entities:26950:1" rel="noopener">Grab</a> remains confident about the outlook with guidance revised upwards, with the company looking at some potentially interesting M&amp;A, which should be earnings accretive and beneficial to the ecosystem. </li>
</ul>



Grab's 3Q2023 results demonstrate a high degree of success in achieving a delicate balance between growth and profitability, with significant progress across all verticals, and a  broadening of product offerings.
The company turned adjusted EBITDA breakeven for the first time in 3Q2023, through lower incentives, cost efficiencies, and lower regional corporate costs, with further progress towards FCF breakeven in 4Q2023.

Grab remains confident about the outlook with guidance revised upwards, with the company looking at some potentially interesting M&amp;A, which should be earnings accretive and beneficial to the ecosystem. 


Grab Holdings (GRAB US) - Steering and Batching Towards Profitability

United States

DoorDash, Inc. provides restaurant food delivery services. The Company develops technology to connect customers with merchants through an on-demand food delivery application. DoorDash serves customers in the United States.

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DoorDash (DASH US)

DoorDash Inc: What Is Their Master Plan to Dominate Global Markets? - Major Drivers

DoorDash reported its Q4 2023 earnings, with the company's representatives including co-founder, chair, and CEO, Tony Xu, and CFO Ravi Inukonda,...

Baptista Research

DoorDash Inc.: Discover How They Are Redefining Food Delivery Amidst Global Chaos! - Major Drivers

DoorDash delivered an all-around beat in the most recent quarterly result. Demonstrating adaptability amid dynamic market conditions, the company...

Baptista Research

Zomato Lock-Up - Last of the Softbank Selldown

In Aug 2022, Zomato completed the acquisition of 91% of Blinkit’s outstanding shares via issuing its own shares. This has led to two earlier...

Sumeet Singh

Grab Holdings (GRAB US) - Steering and Batching Towards Profitability

Grab remains confident on the outlook with guidance revised upwards, with the company looking at some potentially interesting M&A, which should be...

Angus Mackintosh

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52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

DoorDash 1Q22 Earnings: Are Delivery Platforms More Profitable than Ride Sharing?

Doordash’s valuation has come in significantly from 14x Fwd P/S to 4x , but Uber at 2x istoo cheap compared to Dash, give better LT profitability...

Aaron Gabin

DoorDash Inc: What Is Their Master Plan to Dominate Global Markets? - Major Drivers

DoorDash reported its Q4 2023 earnings, with the company's representatives including co-founder, chair, and CEO, Tony Xu, and CFO Ravi Inukonda,...

Baptista Research

DoorDash Inc.: Discover How They Are Redefining Food Delivery Amidst Global Chaos! - Major Drivers

DoorDash delivered an all-around beat in the most recent quarterly result. Demonstrating adaptability amid dynamic market conditions, the company...

Baptista Research

Zomato Lock-Up - Last of the Softbank Selldown

In Aug 2022, Zomato completed the acquisition of 91% of Blinkit’s outstanding shares via issuing its own shares. This has led to two earlier...

Sumeet Singh

Grab Holdings (GRAB US) - Steering and Batching Towards Profitability

Grab remains confident on the outlook with guidance revised upwards, with the company looking at some potentially interesting M&A, which should be...

Angus Mackintosh