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>Snap had yet another earnings related meltdown as management has lost all credibility in forecasting its business. </li>
<li>Because co-founders Spiegel and Murphy have 99.5% voting shares, there is not an opportunity for an activist to fix the situation like Pinterest and Twitter.</li>
<li>The issues plaguing Snap are likely not hurting META as much given a broader ad base, better ROI on its ads, and a mgmt team that has already guided down.</li>
</ul>


Snap had yet another earnings related meltdown as management has lost all credibility in forecasting its business. 
Because co-founders Spiegel and Murphy have 99.5% voting shares, there is not an opportunity for an activist to fix the situation like Pinterest and Twitter.
The issues plaguing Snap are likely not hurting META as much given a broader ad base, better ROI on its ads, and a mgmt team that has already guided down.


High Quality Stock Setups, Weekly Stock Bull Finder

Weekly Stock Bull Finder

High Quality Stock Setups

Finding high potential stock setups on quality companies

Thematic (Sector/Industry)

<ul><li>The second quarter earnings season officially kicked off last week with financials getting things started. </li><li>Earnings season will pick up this upcoming week with key reports expected from notable names like Bank of America, Tesla, Netflix, Johnson &amp; Johnson, and Capital One. </li><li>We already know that inflation in the form of rising input costs like energy and labor will eat into profit margins and earnings. </li></ul>

The second quarter earnings season officially kicked off last week with financials getting things started. Earnings season will pick up this upcoming week with key reports expected from notable names like Bank of America, Tesla, Netflix, Johnson &amp; Johnson, and Capital One. We already know that inflation in the form of rising input costs like energy and labor will eat into profit margins and earnings. 

President, Vision Research

Robert C Prather Jr

President

Vision Research

Vision Research was formed in 2004 with the vision of generating the best possible fundamental analysis and investment research for smid cap US equities. In 2008, we broadened our coverage to include mid/large cap US stocks.  After researching a  few ideas outside the US each year for a number of years, we launched a dedicated non-US equity product at the end of 2015.  This was followed by the introduction of a product focused on IPOs in mid-2017.

Fundamental Insight

<ul>
<li>Enterprise storage hardware market faces numerous headwinds and increasing commoditization</li>
<li>STaaS is cannibalistic, facing increasing competition, and decelerated in the MRQ</li>
<li>Each of the last 2 quarters have seen some meaningful, non-recurring revenues lead to PSTG beating estimates</li>
</ul>


Enterprise storage hardware market faces numerous headwinds and increasing commoditization
STaaS is cannibalistic, facing increasing competition, and decelerated in the MRQ
Each of the last 2 quarters have seen some meaningful, non-recurring revenues lead to PSTG beating estimates


Pure Storage (PSTG): Market Leader Facing Commoditization of Its Products

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>SenseTime Group (STG) raised US$741m in its Hong Kong IPO in Dec 21. The IPO barely made it through and was priced at the bottom of its IPO price range.</li>
<li>STG is a leading AI software company. STG was the largest AI software company in Asia in terms of 2020 revenue, as per Frost &amp; Sullivan (F&amp;S).</li>
<li>In this note, we will talk about the lock-up dynamics and updates since our last note.</li>
</ul>


SenseTime Group (STG) raised US$741m in its Hong Kong IPO in Dec 21. The IPO barely made it through and was priced at the bottom of its IPO price range.
STG is a leading AI software company. STG was the largest AI software company in Asia in terms of 2020 revenue, as per Frost &amp; Sullivan (F&amp;S).
In this note, we will talk about the lock-up dynamics and updates since our last note.


SenseTime Lock-Up -Investment Blacklist Will Further Pressurize the Upcoming US$18bn Lock-Up Release

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.

<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

United States

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.

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Meta Platforms (Facebook) (META US)

Snap 2Q22: Why We Buy Meta

Snap caught 14 downgrades. Astonishing, but deserved for a management team that has no handle on its business. Snap still has a healthy user base...

Aaron Gabin

Weekly Stock Bullfinder - Week of 7/18

Earnings season will pick up this upcoming week with key reports expected from notable names like Bank of America, Tesla, Netflix, Johnson &...

Weekly Stock Bull Finder

Pure Storage (PSTG): Market Leader Facing Commoditization of Its Products

Market share losses are likely occurring and the "recurring revenue STaaS" story may be decelerating amidst competition, pricing pressure, and...

Robert C Prather Jr

SenseTime Lock-Up -Investment Blacklist Will Further Pressurize the Upcoming US$18bn Lock-Up Release

SenseTime Group (STG) raised US$741m in its Hong Kong IPO in Dec 21. The lockup on the pre-IPO and cornerstone investors will expire later this month.

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

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