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>IOT data platform meant to digitize physical operations for manufacturing, transportation, construction, utilities, healthcare, and education. </li>
<li>Excellent management team, previously co-founded Meraki, which was sold to Cisco.</li>
<li>Hypergrowth software business on par with ServiceNow and Workday at this stage in growth, but much less profitable (so far) due to hardware and bandwidth costs.</li>
</ul>


IOT data platform meant to digitize physical operations for manufacturing, transportation, construction, utilities, healthcare, and education. 
Excellent management team, previously co-founded Meraki, which was sold to Cisco.
Hypergrowth software business on par with ServiceNow and Workday at this stage in growth, but much less profitable (so far) due to hardware and bandwidth costs.


<ul>
<li>Braze is a next gen digital marketing platform that uses a differentiated streaming architecture to personalize marketing messages across different channels in real time. </li>
<li>Accelerating growth over the past four quarters as existing large customers are growing rapidly. 135% net revenue retention for &gt;$500K customers vs. 125% overall.</li>
<li>Frenemy with Twilio. Relies on Twilio to deliver much of its marketing messages...and Twilio just launched a Braze rival, Twilio Engage</li>
</ul>


Braze is a next gen digital marketing platform that uses a differentiated streaming architecture to personalize marketing messages across different channels in real time. 
Accelerating growth over the past four quarters as existing large customers are growing rapidly. 135% net revenue retention for &gt;$500K customers vs. 125% overall.
Frenemy with Twilio. Relies on Twilio to deliver much of its marketing messages...and Twilio just launched a Braze rival, Twilio Engage


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

<a href="https://www.smartkarma.com/entities/siteminder-limited" target="_blank" data-smartkarma-citation="entities:34688:1" rel="noopener">SiteMinder (1909429D AU)</a> is looking to raise about US$467m in its Australia IPO.SiteMinder is an open hotel commerce platform that empowers hotels and accommodation providers (customers) to sell, market, manage and grow their business. It is essentially Shopify for hotel and accommodation providers. The company demonstrated its resilience during COVID-19 which is a testament of its value to its customers.In this note, we will look at the company’s business model, fundamentals, deal dynamics, assumptions, and share our thoughts on valuation.

SiteMinder (1909429D AU) is looking to raise about US$467m in its Australia IPO.SiteMinder is an open hotel commerce platform that empowers hotels and accommodation providers (customers) to sell, market, manage and grow their business. It is essentially Shopify for hotel and accommodation providers. The company demonstrated its resilience during COVID-19 which is a testament of its value to its customers.In this note, we will look at the company’s business model, fundamentals, deal dynamics, assumptions, and share our thoughts on valuation.

SiteMinder IPO - An Impressive Performance During Pandemic

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.

<ul><li>Twilio Inc. is a cloud software as a service (SaaS) provider that has seen one of the most remarkable growth stories since its IPO from way back in 2016.</li><li>Twilio delivered another strong quarterly result and has been benefitting heavily from the strong macro for cloud-based communication platform providers.</li><li>While its revenue growth story has been like a dream, Twilio’s string of losses has certainly been a point of concern for shareholders.</li></ul>

Twilio Inc. is a cloud software as a service (SaaS) provider that has seen one of the most remarkable growth stories since its IPO from way back in 2016.Twilio delivered another strong quarterly result and has been benefitting heavily from the strong macro for cloud-based communication platform providers.While its revenue growth story has been like a dream, Twilio’s string of losses has certainly been a point of concern for shareholders.

Alpha-Centric ESG Research

Kyle Rudden

If you have never heard of the Long-Term Stock Exchange (LTSE), that is understandable. It is new, and still quite small; in fact, it is the second smallest in the world (for reference LTSE is larger than the Armenia Securities Exchange and considerably smaller than the Bermuda Stock Exchange).But this is about strategy, not size.As the world's first and one-of-a-kind "ESG stock exchange," LTSE's evolution is worth watching. One big milestone came last week when Asana (ASAN US) and <a href="https://www.smartkarma.com/entities/twilio-inc" target="_blank" data-smartkarma-citation="entities:26473:1" rel="noopener">Twilio (TWLO US)</a> began trading; LTSE's first two listings, and solid "anchors" that should give other issuers confidence in LTSE.This Insight provides an overview of LTSE – its ESG business model, history, funding, expertise, and outlook including potential future listings. Not just from the perspective of LTSE, but also in terms of the broader implications for sustainable/ESG investing and capital markets.

If you have never heard of the Long-Term Stock Exchange (LTSE), that is understandable. It is new, and still quite small; in fact, it is the second smallest in the world (for reference LTSE is larger than the Armenia Securities Exchange and considerably smaller than the Bermuda Stock Exchange).But this is about strategy, not size.As the world's first and one-of-a-kind "ESG stock exchange," LTSE's evolution is worth watching. One big milestone came last week when Asana (ASAN US) and Twilio (TWLO US) began trading; LTSE's first two listings, and solid "anchors" that should give other issuers confidence in LTSE.This Insight provides an overview of LTSE – its ESG business model, history, funding, expertise, and outlook including potential future listings. Not just from the perspective of LTSE, but also in terms of the broader implications for sustainable/ESG investing and capital markets.

Asana and Twilio Are First Listings for ESG-Focused Long-Term Stock Exchange (LTSE)

United States

Twilio Inc. develops and publishes Internet infrastructure solutions. The Company offers cloud computing platform that allow web developers to integrate phone calls, Internet protocol voice communications, and text messages into web, mobile, and phone applications. Twilio serves customers worldwide.

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Twilio (TWLO US)

Recent IPO Insights: Samsara

Hypergrowth IOT data platform meant to digitize physical operations for manufacturing, transportation, construction, etc. Key dynamic is high FCF...

Aaron Gabin

Recent IPO Insights: Braze

Braze is a next gen digital marketing platform with accelerating growth as existing large customers are growing rapidly. 135% net revenue retention...

Aaron Gabin

SiteMinder IPO - An Impressive Performance During Pandemic

SiteMinder is looking to raise about US$467m in its Australia IPO. It is an open hotel commerce platform that empowers hotels & accommodation...

Sumeet Singh

Twilio Inc. - Investment Thesis

Twilio Inc. is a cloud software as a service (SaaS) provider that has seen one of the most remarkable growth stories since its IPO from way back...

Baptista Research

Asana and Twilio Are First Listings for ESG-Focused Long-Term Stock Exchange (LTSE)

Long-Term Stock Exchange just landed its first two listings, Asana and Twilio. It's a major milestone for this new ESG-focused exchange.

Kyle Rudden

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