Value Investing

Vladimir Dimitrov, CFA

Equity Bottom-Up

<ul>
<li>Most of the red flags that I have outlined before are now being taken care of, but I remain cautious for the time being.</li>
<li>The market continues to react negatively to what was in my view a very good quarter, says Salesforce's chief executive.</li>
<li>A lot has changed since I first covered Salesforce (<span class="ticker-hover-wrapper">NYSE:CRM</span>), back in December of 2020.</li>
</ul>


Most of the red flags that I have outlined before are now being taken care of, but I remain cautious for the time being.
The market continues to react negatively to what was in my view a very good quarter, says Salesforce's chief executive.
A lot has changed since I first covered Salesforce (NYSE:CRM), back in December of 2020.


Salesforce: The Market Is Once Again Missing The Forest For The Trees

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.

Equity Capital Markets

Alibaba Group Holding  / Equity Capital Markets

<ul>
<li>On 28th Mar 2023, <a href="https://www.smartkarma.com/entities/alibaba-group" target="_blank" data-smartkarma-citation="entities:28434:1" rel="noopener">Alibaba Group (9988 HK)</a>  announced that it would adopt a new organizational and governance structure, splitting into six major business groups and other investments.</li>
<li>Alibaba also stated that each of the business groups would be set up as an independent entity with its own board and the groups will eventually seek to list.</li>
<li>In our previous note, we highlighted which division could list. In this note, we will look at the Cloud segement.</li>
</ul>


On 28th Mar 2023, Alibaba Group (9988 HK)  announced that it would adopt a new organizational and governance structure, splitting into six major business groups and other investments.
Alibaba also stated that each of the business groups would be set up as an independent entity with its own board and the groups will eventually seek to list.
In our previous note, we highlighted which division could list. In this note, we will look at the Cloud segement.


Alibaba Potential IPOs - Part 3 - An Early Look at Cloud, Easy US$10bn+

<ul>
<li>Following the massive drop in Adobe's share price, more investors are looking favourably at the business.</li>
<li>In my view, capital allocation decisions within the company raise some red flags that are hard to overlook.</li>
<li>As a long-term shareholder, I still have a hard time rating Adobe as a buy.</li>
</ul>


Following the massive drop in Adobe's share price, more investors are looking favourably at the business.
In my view, capital allocation decisions within the company raise some red flags that are hard to overlook.
As a long-term shareholder, I still have a hard time rating Adobe as a buy.


Adobe Is A High Quality Business With Capital Allocation Problems

<ul>
<li>Oracle's strategy is being acknowledged by one of its major peers - Salesforce.</li>
<li>Oracle does not appear among the top three cloud infrastructure players, but it doesn't need to.</li>
<li>Oracle is expected to deliver another strong quarter, investors should remain focused on the long-term positioning of the business.</li>
</ul>


Oracle's strategy is being acknowledged by one of its major peers - Salesforce.
Oracle does not appear among the top three cloud infrastructure players, but it doesn't need to.
Oracle is expected to deliver another strong quarter, investors should remain focused on the long-term positioning of the business.


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.

Salesforce.Com Inc / Equity Capital Markets

<ul><li>Salesforce had another strong quarter and delivered an all-around beat.</li><li>Besides, the Data cloud became their most crucial cloud, enhancing each Salesforce cloud and enhancing the automation, intelligence, and real-time of every aspect of their Customer 360.</li><li>With native integration of Tableau and Data Cloud, they recently released Tableau plus Data Cloud.</li></ul>

Salesforce had another strong quarter and delivered an all-around beat.Besides, the Data cloud became their most crucial cloud, enhancing each Salesforce cloud and enhancing the automation, intelligence, and real-time of every aspect of their Customer 360.With native integration of Tableau and Data Cloud, they recently released Tableau plus Data Cloud.

United States

salesforce.com, inc. provides software on demand. The Company supplies a customer relationship management service to businesses worldwide providing a technology platform for customers and developers to build and run business applications. Clients use salesforce.com to manage their customer, sales and operational data.

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Salesforce.Com Inc (CRM US)

Salesforce: The Market Is Once Again Missing The Forest For The Trees

Most of the red flags that I have outlined before are now being taken care of, but I remain cautious for the time being.

Vladimir Dimitrov, CFA

Alibaba Potential IPOs - Part 3 - An Early Look at Cloud, Easy US$10bn+

On 28th Mar 2023, Alibaba Group (9988 HK) announced that it would adopt a new organizational and governance structure, splitting into six major...

Sumeet Singh

Adobe Is A High Quality Business With Capital Allocation Problems

In my view, capital allocation decisions within the company raise some red flags that are hard to overlook. As a long-term shareholder, I still...

Vladimir Dimitrov, CFA

The Oracle Playbook Goes Mainstream

Oracle's strategy is being acknowledged by one of its major peers - Salesforce. Oracle does not appear among the top three cloud infrastructure...

Vladimir Dimitrov, CFA

Salesforce Inc.: Major Drivers

Salesforce had another strong quarter and delivered an all-around beat. Besides, the Data cloud became their most crucial cloud, enhancing each...

Baptista Research

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