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.

Equity Capital Markets

<div><p><a href="https://www.smartkarma.com/entities/yalla-group-ltd" target="_blank" data-smartkarma-citation="entities:29286:1" rel="noopener">Yalla Group Ltd (YALA US)</a> is the largest voice-centric social networking and entertainment platform in MENA as measured by revenue in 2019, according to Frost &amp; Sullivan. Yalla has launched its IPO at a price range of $7.00-9.00 per ADS. Existing shareholder, Orchid Asia, has indicated an interest in purchasing up to $30 million of the ADSs in the offering. Yalla will raise net proceeds of $135.4 million at the mid-point of the IPO price range. </p></div><div><div><div class="content-highlight"><p>In <a href="https://www.smartkarma.com/insights/yalla-group-ipo-initiation-eat-pray-chat" target="_blank" rel="noopener">our initiation note</a>, we stated that Yalla has appealing fundamentals as it offers breakneck revenue growth with high margins and strong cash generation. Overall, we would be inclined to participate in the IPO at the proposed price range.</p></div></div></div>

Yalla Group Ltd (YALA US) is the largest voice-centric social networking and entertainment platform in MENA as measured by revenue in 2019, according to Frost &amp; Sullivan. Yalla has launched its IPO at a price range of $7.00-9.00 per ADS. Existing shareholder, Orchid Asia, has indicated an interest in purchasing up to $30 million of the ADSs in the offering. Yalla will raise net proceeds of $135.4 million at the mid-point of the IPO price range. In our initiation note, we stated that Yalla has appealing fundamentals as it offers breakneck revenue growth with high margins and strong cash generation. Overall, we would be inclined to participate in the IPO at the proposed price range.

<p><a href="https://www.smartkarma.com/entities/yalla-group-ltd" target="_blank" data-smartkarma-citation="entities:29286:1" rel="noopener">Yalla Group Ltd (YALA US)</a> is the largest voice-centric social networking and entertainment platform in MENA as measured by revenue in 2019, according to Frost &amp; Sullivan. The flagship mobile application, <em>Yalla</em>, allows users to spend their leisure time in casual chats. <em>Yalla Ludo</em> enables users to play simple board games that are highly popular in MENA, such as Ludo and Domino. Yalla has filed for an NYSE IPO to raise $100 million. </p><div class="content-highlight"><p>Yalla is a play on the significant demand-supply imbalance for online social networking and entertainment options in MENA. The imbalance is in part due to only a few online social networking and entertainment platforms localising their Arabic user interfaces for MENA culture. Localised appeal enables platforms to build a highly loyal and engaged user community. Overall, we think that Yalla has appealing fundamentals.</p></div>

Yalla Group Ltd (YALA US) is the largest voice-centric social networking and entertainment platform in MENA as measured by revenue in 2019, according to Frost &amp; Sullivan. The flagship mobile application, Yalla, allows users to spend their leisure time in casual chats. Yalla Ludo enables users to play simple board games that are highly popular in MENA, such as Ludo and Domino. Yalla has filed for an NYSE IPO to raise $100 million. Yalla is a play on the significant demand-supply imbalance for online social networking and entertainment options in MENA. The imbalance is in part due to only a few online social networking and entertainment platforms localising their Arabic user interfaces for MENA culture. Localised appeal enables platforms to build a highly loyal and engaged user community. Overall, we think that Yalla has appealing fundamentals.

Yalla Group IPO Initiation: Eat, Pray, Chat

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

<p>The TikTok saga is far from over. Heck, by the time you read this, China or Trump may have nixed the deal on national security concerns, national dignity concerns, or just on a whim. We sketch out updated thoughts on valuation and the companies affected by the deal. Hint: We like Microsoft's ZeniMax acquisition. </p><p></p><div class="content-highlight"><p>Obex’s fundamental research process is focused on secular change in the TMT and Consumer sectors. We seek to differentiate between fundamental business analysis and security analysis. Before deciding if a security’s pricing and positioning merit a long or short position, we analyze the four pillars of business fundamentals (Secular Factors, TAM, Competitive Advantage, Business Model) in order to determine if this is a “good” or “not so good” opportunity.</p></div>

The TikTok saga is far from over. Heck, by the time you read this, China or Trump may have nixed the deal on national security concerns, national dignity concerns, or just on a whim. We sketch out updated thoughts on valuation and the companies affected by the deal. Hint: We like Microsoft's ZeniMax acquisition. Obex’s fundamental research process is focused on secular change in the TMT and Consumer sectors. We seek to differentiate between fundamental business analysis and security analysis. Before deciding if a security’s pricing and positioning merit a long or short position, we analyze the four pillars of business fundamentals (Secular Factors, TAM, Competitive Advantage, Business Model) in order to determine if this is a “good” or “not so good” opportunity.

TikTok: Microsoft's "Console-Ation" Prize

<div><p>Lots of interesting things stood out this week. Chief among them is that valuation has its limits...even for Apple and Tesla.</p></div><div><div class="content-highlight"><p>Obex’s fundamental research process is focused on secular change in the TMT and Consumer sectors. We seek to differentiate between fundamental business analysis and security analysis. Before deciding if a security’s pricing and positioning merit a long or short position, we analyze the four pillars of business fundamentals (Secular Factors, TAM, Competitive Advantage, Business Model) in order to determine if this is a “good” or “not so good” opportunity.</p></div></div>

Lots of interesting things stood out this week. Chief among them is that valuation has its limits...even for Apple and Tesla.Obex’s fundamental research process is focused on secular change in the TMT and Consumer sectors. We seek to differentiate between fundamental business analysis and security analysis. Before deciding if a security’s pricing and positioning merit a long or short position, we analyze the four pillars of business fundamentals (Secular Factors, TAM, Competitive Advantage, Business Model) in order to determine if this is a “good” or “not so good” opportunity.

TMT Weekly:  3 Things that Stood Out The Week of 9/4/​​​​2020

<div><p>This week, a bunch of Apple related news caught our eye, and the many companies that would be impacted by changes to the appstore, privacy controls, and a new subscription service.</p></div><div><div><div><p>Obex’s fundamental research process is focused on secular change in the TMT and Consumer sectors. We seek to differentiate between fundamental business analysis and security analysis. Before deciding if a security’s pricing and positioning merit a long or short position, we analyze the four pillars of business fundamentals (Secular Factors, TAM, Competitive Advantage, Business Model) in order to determine if this is a “good” or “not so good” opportunity.</p></div></div></div>

This week, a bunch of Apple related news caught our eye, and the many companies that would be impacted by changes to the appstore, privacy controls, and a new subscription service.Obex’s fundamental research process is focused on secular change in the TMT and Consumer sectors. We seek to differentiate between fundamental business analysis and security analysis. Before deciding if a security’s pricing and positioning merit a long or short position, we analyze the four pillars of business fundamentals (Secular Factors, TAM, Competitive Advantage, Business Model) in order to determine if this is a “good” or “not so good” opportunity.

TMT (AAPL) Weekly:  3 Things that Stood Out The Week of 8/14/​​​​2020

United States

Snap Inc. provides technology and social media services. The Company develops mobile camera application products and services that allow users to send and receive photos, drawings, text, and videos. Snap serves customers worldwide.

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Snap (SNAP US)

Yalla Group IPO: Valuation Insights

Chindata (CD US) is a data centre operator which is backed by Bain Capital (57.17% shareholder), APG Strategic Real Estate Pool/Dutch pension...

Arun George

Yalla Group IPO Initiation: Eat, Pray, Chat

$ is the largest voice-centric social networking and entertainment platform in MENA as measured by revenue in 2019, according to the Frost &...

Arun George

TikTok: Microsoft's "Console-Ation" Prize

The TikTok saga is far from over. Heck, by the time you read this, China or Trump may have e

Aaron Gabin

TMT Weekly: 3 Things that Stood Out The Week of 9/4/2020

Lots of interesting things so Obex’s fundamental research process is focused on secular change in the TMT and Consumer sectors. We seek to...

Aaron Gabin

TMT (AAPL) Weekly: 3 Things that Stood Out The Week of 8/14/2020

This week, a bunch of Apple related news caught our eye, and the many companies that would be impacted by changes to the appstore, privacy...

Aaron Gabin

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Yalla Group IPO: Valuation Insights

Chindata (CD US) is a data centre operator which is backed by Bain Capital (57.17% shareholder), APG Strategic Real Estate Pool/Dutch pension...

Arun George

Yalla Group IPO Initiation: Eat, Pray, Chat

$ is the largest voice-centric social networking and entertainment platform in MENA as measured by revenue in 2019, according to the Frost &...

Arun George

TikTok: Microsoft's "Console-Ation" Prize

The TikTok saga is far from over. Heck, by the time you read this, China or Trump may have e

Aaron Gabin

TMT Weekly: 3 Things that Stood Out The Week of 9/4/​​​​2020

Lots of interesting things so Obex’s fundamental research process is focused on secular change in the TMT and Consumer sectors. We seek to...

Aaron Gabin

TMT (AAPL) Weekly: 3 Things that Stood Out The Week of 8/14/​​​​2020

This week, a bunch of Apple related news caught our eye, and the many companies that would be impacted by changes to the appstore, privacy...

Aaron Gabin

TMT Weekly: 3 Things that Stood Out The Week of 9/4/2020

TMT (AAPL) Weekly: 3 Things that Stood Out The Week of 8/14/2020