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>Prime price increased, Covid expenses starting to moderate, margins set to rise.</li>
<li>Fulfillment buildout moderates, 1-day shipping can now launch more widely, share gains will ensue, revenue growth will reaccelerate.</li>
<li>We reiterate Amazon as our Top 2022 long idea. We think its worth $6,000.</li>
</ul>


Prime price increased, Covid expenses starting to moderate, margins set to rise.
Fulfillment buildout moderates, 1-day shipping can now launch more widely, share gains will ensue, revenue growth will reaccelerate.
We reiterate Amazon as our Top 2022 long idea. We think its worth $6,000.


Amazon 4Q21: Don’t Call It a Comeback, We’ve Been Here (Investing) For Years

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.

<ul>
<li>Our initial thoughts on Microsoft’s bid for Activision Blizzard were on the sceptical side given various signs of trouble at the company. </li>
<li>In contrast the majority of commentary on the deal has been somewhere between positive and euphoric though there are monopoly concerns from customers. </li>
<li>Yet the more we examine the implications the less we like this deal for Microsoft.</li>
</ul>


Our initial thoughts on Microsoft’s bid for Activision Blizzard were on the sceptical side given various signs of trouble at the company. 
In contrast the majority of commentary on the deal has been somewhere between positive and euphoric though there are monopoly concerns from customers. 
Yet the more we examine the implications the less we like this deal for Microsoft.


Microsoft – Thinking Through the ATVI Acquisition Further

Research on Tech Companies

Evelyn Zhang

Thematic (Sector/Industry)

<ul>
<li>It'll take another 3-5 years of further development for VR and AR products to reach the level of user experience and reduction in cost necessary for wide commercial adoption. </li>
<li>The emergence of blockbuster AAA content will aid the large-scale adoption of Metaverse hardware, user generated contents are much lower in development cost,  a trend pioneered by Roblox &amp;Epic Games.</li>
<li>A-Share listed companies mainly focus on hardware value chain. China's video game regulator hasn't approved any new titles since July 2021. Leading Chinese companies are focusing on the commercial application.  </li>
</ul>


It'll take another 3-5 years of further development for VR and AR products to reach the level of user experience and reduction in cost necessary for wide commercial adoption. 
The emergence of blockbuster AAA content will aid the large-scale adoption of Metaverse hardware, user generated contents are much lower in development cost,  a trend pioneered by Roblox &amp;Epic Games.
A-Share listed companies mainly focus on hardware value chain. China's video game regulator hasn't approved any new titles since July 2021. Leading Chinese companies are focusing on the commercial application.  


Virtual Smoke and Mirror—Vision to Reality

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.

Equity Capital Markets

<ul><li>Alphabet and Microsoft have traditionally been two of the most reliable tech blue-chips that most technology investors have in their long-term portfolios.</li><li>Both companies are also pushing their respective UCaaS (Unified Communications as a Service) offerings, Teams and Meet respectively and challenge Zoom.</li><li>At the current juncture, it would be interesting to compare them side-by-side from a financial perspective and evaluate their robustness.</li></ul>

Alphabet and Microsoft have traditionally been two of the most reliable tech blue-chips that most technology investors have in their long-term portfolios.Both companies are also pushing their respective UCaaS (Unified Communications as a Service) offerings, Teams and Meet respectively and challenge Zoom.At the current juncture, it would be interesting to compare them side-by-side from a financial perspective and evaluate their robustness.

Alphabet vs Microsoft - A Comparative Analysis Of The Public Cloud Battle & Key Financial Metrics (12/2021)

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

<ul>
<li>On 22 December, there there were four global metaverse ETFs launched by the local asset management companies in Korea.</li>
<li>Two days after the launch, the combined market caps of these four ETFs have already reached 163 billion won.</li>
<li>These four ETFs have different components, they all have the following four stocks in common (AMD, Microsoft, Unity Software, and Nvidia). </li>
</ul>


On 22 December, there there were four global metaverse ETFs launched by the local asset management companies in Korea.
Two days after the launch, the combined market caps of these four ETFs have already reached 163 billion won.
These four ETFs have different components, they all have the following four stocks in common (AMD, Microsoft, Unity Software, and Nvidia). 


Launch of Global Metaverse ETFs by Local Asset Mgmt Companies & Update of Korean Metaverse ETFs

United States

Microsoft Corporation operates as a software company. The Company offers applications, extra cloud storage, and advanced security solutions. Microsoft serves customers worldwide.

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Microsoft Corp (MSFT US)

Amazon 4Q21: Don’t Call It a Comeback, We’ve Been Here (Investing) For Years

Reaccelerating growth, better than expected margins and FCF in 2022-2023, and a catchup trade on the come. We reiterate Amazon as our Top 2022 long...

Aaron Gabin

Microsoft – Thinking Through the ATVI Acquisition Further

Our initial thoughts on Microsoft’s bid for Activision Blizzard were sceptical in contrast to the majority of commentary on the deal. The more we...

Mio Kato

Virtual Smoke and Mirror—Vision to Reality

The recent surge in Metaverse have brought VR & AR back into the focus of the market. So is the Metaverse finally ready for prime time or still a...

Evelyn Zhang

Alphabet vs Microsoft - A Comparative Analysis Of The Public Cloud Battle & Key Financial Metrics (12/2021)

Alphabet and Microsoft have traditionally been two of the most reliable tech blue-chips that most technology investors have in their long-term...

Baptista Research

Launch of Global Metaverse ETFs by Local Asset Mgmt Companies & Update of Korean Metaverse ETFs

On 22 December, there there were four global metaverse ETFs launched by the local asset management companies in Korea. The combined market caps of...

Douglas Kim

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