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

As we approach the meat of earnings season this week, we give our take on which tech stocks its worth taking earnings risk on. Yea, we still like Amazon. But Google may be poised for the most explosive earnings reaction.

As we approach the meat of earnings season this week, we give our take on which tech stocks its worth taking earnings risk on. Yea, we still like Amazon. But Google may be poised for the most explosive earnings reaction. 

Senior Credit Analyst, Lucror Analytics

Leonard Law, CFA

Senior Credit Analyst

High Yield Experts

Lucror Analytics

Lucror Analytics is a leading credit and ESG research specialist and a provider of technology solutions for differentiated fixed income strategies. Our roots are in bottom-up fundamental credit analysis with a specialization in high yield corporate credits from Europe, Asia and Latin America. We are one of few research specialists integrating ESG considerations with fundamental credit research through a dedicated ESG platform. Our ESG assessment covers five key criteria: Disclosure, E,S, & G Pillars, Controversies, ESG Impact on Credit and ESG Momentum.

Recognizing the importance and value-add of Factor Investing in fixed income, Lucror developed the Smart Quant Navigator (SQN), an intuitive platform that helps clients devise and implement factor-based strategies ranging from pure quant to active fundamental, with integrated ESG.

Our company has been at the forefront of developments in the fixed income markets, identifying opportunities and consistently delivering new products and value-adding solutions to clients. Lucror has close relationships with the largest and most reputable asset managers, family offices, hedge funds, investment and wealth managers globally.

Credit

The Europe HY Trade Book for September 2020 includes high-conviction trade ideas drawn from our European HY coverage universe, along with relative-value scatter plots and tables by industry.

  The Europe HY Trade Book for September 2020 includes high-conviction trade ideas drawn from our European HY coverage universe, along with relative-value scatter plots and tables by industry. 

Europe HY Trade Book - September 2020 - Lucror Analytics

Japan/Asia Long-Short, LightStream Research

Mio Kato

Japan/Asia Long-Short

Long-Short Analysis on Japan, Asia and the World

LightStream Research

LightStream conducts quantitatively rigorous and data-driven analysis with a focus on Japan and Asia.

We consistently cover the Tech, Consumer and Industrial sectors, and provide ECM and Events coverage more broadly.

We supplement traditional qualitative insights from company relationships with a robust quantitative foundation that examines as much historical data as is available.
We further refine the accuracy of our insights and calls through the use of alternative data to flesh out current trends, and through a valuation framework that emphasises non-superficial peer group selection and a proper attempt to understand the metrics and changes that have driven security valuations in the past.

Equity Capital Markets

Airbnb has confidentially filed for an IPO pointing to a likely raising of capital in contrast to earlier plans for a direct listing. This is probably not a surprise given the hit the company initially took when COVID occurred and the $2bn the company raised in April at an $18bn valuation and the 25% staff cuts it also announced. Despite these measures early signs point to a genuine business here and we feel this will be one of the more exciting IPOs of the year as long as pricing does not become egregious.

Airbnb has confidentially filed for an IPO pointing to a likely raising of capital in contrast to earlier plans for a direct listing. This is probably not a surprise given the hit the company initially took when COVID occurred and the $2bn the company raised in April at an $18bn valuation and the 25% staff cuts it also announced. Despite these measures early signs point to a genuine business here and we feel this will be one of the more exciting IPOs of the year as long as pricing does not become egregious.

Airbnb Pre-IPO – Travelling Down an Actual Path to Profitability

The Europe HY Trade Book for August 2020 includes a summary of high-conviction trade ideas drawn from our European HY coverage universe, along with relative-value scatter plots and tables by industry.

  The Europe HY Trade Book for August 2020 includes a summary of high-conviction trade ideas drawn from our European HY coverage universe, along with relative-value scatter plots and tables by industry. 

Europe HY Trade Book - August 2020 - Lucror Analytics

Asian Equities Analyst, Logistics & Transport, Tracking Traffic

Daniel Hellberg

Asian Equities Analyst, Logistics & Transport

Tracking Traffic

Focusing on Asian logistics, transportation, and travel companies

On July 28, several media sources speculated that <a href="https://www.smartkarma.com/entities/trip-com-group-ltd" target="_blank" data-smartkarma-citation="entities:180:1" rel="noopener">Trip.com (TCOM US)</a> was working to de-list from NASDAQ. Rising China-US political tensions and sluggish recent share performance are the likely drivers of this move.A potential acquirer could emerge from a short list of existing strategic partners. Alternatively, new strategic investors or private equity firms could potentially join the bidding. All suitors must face the same fundamental questions in developing a bid for Trip.com, namely:<ul>
<li>Can Trip.com re-ignite strong revenue growth in China's maturing online travel market?</li>
<li>Can the company generate value from the commoditized ticketing segment?</li>
<li>Can Trip.com fend off growing competition from smaller OTAs and internal efforts of airlines and hotel chains?</li>
<li>And lastly, how does Covid19 alter the company's long-term growth prospects?</li>
</ul>

On July 28, several media sources speculated that Trip.com (TCOM US) was working to de-list from NASDAQ. Rising China-US political tensions and sluggish recent share performance are the likely drivers of this move.A potential acquirer could emerge from a short list of existing strategic partners. Alternatively, new strategic investors or private equity firms could potentially join the bidding. All suitors must face the same fundamental questions in developing a bid for Trip.com, namely:
Can Trip.com re-ignite strong revenue growth in China's maturing online travel market?
Can the company generate value from the commoditized ticketing segment?
Can Trip.com fend off growing competition from smaller OTAs and internal efforts of airlines and hotel chains?
And lastly, how does Covid19 alter the company's long-term growth prospects?


In Effort to De-List from NASDAQ, Trip.com Unlikely to Find Many Eager Buyers

United States

Expedia Group, Inc. provides branded online travel services for leisure and small business travelers. The Company offers a wide range of travel shopping and reservation services, providing real-time access to schedule, pricing and availability information for airlines, hotels, and car rental companies.

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Expedia Group, Inc. (EXPE US)

3Q20 Best Bets: Mega Cap Wins

Some top of mind thinking about large cap TMT earnings heading into the thick of the meat grinder which is earnings season. We like secular...

Aaron Gabin

Europe HY Trade Book - September 2020 - Lucror Analytics

The Europe HY Trade Book for September 2020 includes high-conviction trade ideas drawn from our European HY coverage universe, along with...

Lucror Analytics

Airbnb Pre-IPO – Travelling Down an Actual Path to Profitability

Airbnb has confidentially filed for an IPO pointing to a likely raising of capital in contrast to earlier plans for a direct listing. This is...

Mio Kato

Europe HY Trade Book - August 2020 - Lucror Analytics

The Europe HY Trade Book for August 2020 includes a summary of high-conviction trade ideas drawn from our European HY coverage universe, along...

Lucror Analytics

In Effort to De-List from NASDAQ, Trip.com Unlikely to Find Many Eager Buyers

On July 28, several media sources speculated that Trip.com (TCOM US) was working to de-list from NASDAQ. Rising China-US political tensions and...

Tracking Traffic

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