Articles from Caixin Global, Caixin Global

Caixin Global

Articles from Caixin Global

Caixin is a media group dedicated to providing financial and business news through periodicals, online content, mobile apps, conferences, books and TV/video programs. Caixin aims to blaze a trail that helps traditional media prosper in the new media age through integrated multimedia platforms.

News from Caixin

Equity Bottom-Up

Flowing Cloud Technology / Equity Bottom-Up

<ul>
<li>Chinese metaverse firm Flowing Cloud Technology Ltd. saw its Hong Kong shares fall on their first two days of trading as speculation on the hype around the emerging industry cools off. </li>
<li>The company’s main business is producing content and providing services to other businesses based on augmented reality (AR) and virtual reality (VR) technologies.</li>
<li>Last year, it began to operate its own metaverse platform featuring VR-powered social interactions.</li>
</ul>


Chinese metaverse firm Flowing Cloud Technology Ltd. saw its Hong Kong shares fall on their first two days of trading as speculation on the hype around the emerging industry cools off. 
The company’s main business is producing content and providing services to other businesses based on augmented reality (AR) and virtual reality (VR) technologies.
Last year, it began to operate its own metaverse platform featuring VR-powered social interactions.


Chinese Metaverse Firm Flowing Cloud Drops in Hong Kong Debut

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>Roblox is proving out management's assertion that bookings growth would reaccelerate in the back half of the year.</li>
<li>The company extended its average user life from 25 to 28 months. Signal of falling churn.</li>
<li>Roblox usage continues to dwarf all other social media; DAUs spend 2.5x more time per day than TikTok or Instagram users.</li>
</ul>


Roblox is proving out management's assertion that bookings growth would reaccelerate in the back half of the year.
The company extended its average user life from 25 to 28 months. Signal of falling churn.
Roblox usage continues to dwarf all other social media; DAUs spend 2.5x more time per day than TikTok or Instagram users.


Why Roblox’s September Metrics Are Even Better Than They Appear

Meta Platforms (Facebook) / Equity Bottom-Up

<ul>
<li>Meta now trades at 14x P/E and 6x fwd EV/EBITDA...valuation inline with Paramount and Warner Brothers Discovery. This is nuts!</li>
<li>While the drumbeat of competitive concerns and self inflicted wounds has piled up in the past month, even core Facebook is not in a death spiral of engagement.</li>
<li>META is investing in new ad tech and ad formats, and has the ability to cut significant opex from its budget that could yield 10-20% upside to current 2023 consensus.</li>
</ul>


Meta now trades at 14x P/E and 6x fwd EV/EBITDA...valuation inline with Paramount and Warner Brothers Discovery. This is nuts!
While the drumbeat of competitive concerns and self inflicted wounds has piled up in the past month, even core Facebook is not in a death spiral of engagement.
META is investing in new ad tech and ad formats, and has the ability to cut significant opex from its budget that could yield 10-20% upside to current 2023 consensus.


What Are the Prospects for a Meta Rebound?

External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

<ul><li>Meta hosted the Meta Connect 2022 on 11 Oct, launching its first high-end VR headset Meta Quest Pro.</li><li>The new VR headset will begin shipping on 25 October for US$1,499.99.</li><li>With innovative features like pancake lenses, eye tracking, natural facial expressions and colour passthrough, Meta Quest Pro will meaningfully enhance the social/gaming/work VR experience in our view.</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Meta hosted the Meta Connect 2022 on 11 Oct, launching its first high-end VR headset Meta Quest Pro.The new VR headset will begin shipping on 25 October for US$1,499.99.With innovative features like pancake lenses, eye tracking, natural facial expressions and colour passthrough, Meta Quest Pro will meaningfully enhance the social/gaming/work VR experience in our view.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

China Internet Sector – Meta Connect 2022: bridging the gap towards metaverse

SPAC Deep Dive, subSPAC

subSPAC

SPAC Deep Dive

Each week we’ll identify and break down for you SPACs that are capturing market share and making an impact.

<ul><li>Direct to Consumer and E-commerce brands benefited massively from the demand during the pandemic but have struggled in recent months due to the recent slump in demand.</li><li>Furthermore, Privacy focused changes instituted by both Apple and Google have led to poor conversion rates and soaring customer acquisition costs whiles also lowering conversion rates.</li><li>System1, which went public through a SPAC, aims to solve all these issues by matching high-intent customers with advertisers at scales, effectively sidestepping the recent changes.</li></ul>

Direct to Consumer and E-commerce brands benefited massively from the demand during the pandemic but have struggled in recent months due to the recent slump in demand.Furthermore, Privacy focused changes instituted by both Apple and Google have led to poor conversion rates and soaring customer acquisition costs whiles also lowering conversion rates.System1, which went public through a SPAC, aims to solve all these issues by matching high-intent customers with advertisers at scales, effectively sidestepping the recent changes.

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)

Chinese Metaverse Firm Flowing Cloud Drops in Hong Kong Debut

Chinese metaverse firm Flowing Cloud Technology Ltd. saw its Hong Kong shares fall on their first two days of trading as speculation on the hype...

Caixin Global

Why Roblox’s September Metrics Are Even Better Than They Appear

Roblox printed excellet September usage metrics that confirm management's claims that growth would reaccelerate in the back half of the year. On...

Aaron Gabin

What Are the Prospects for a Meta Rebound?

Meta has seen its valuation converge with structurally impaired cable network / streamers with margins 50% lower. We think it can boost EPS through...

Aaron Gabin

China Internet Sector – Meta Connect 2022: bridging the gap towards metaverse

With innovative features like pancake lenses, eye tracking, natural facial expressions and colour passthrough, Meta Quest Pro will meaningfully...

CMB International

Advertisement Apocalypse

Direct to Consumer and E-commerce brands benefited massively from the demand during the pandemic but have struggled in recent months due to the...

subSPAC

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