TMT & Consumer Independent Equity Research Analyst, Obex Capital Research

Aaron Gabin

I have over 20 years’ experience investing in the TMT and Consumer sectors, almost entirely on the buyside. Started at Bernstein covering software in 2001, moved to the buyside at Government of Singapore Investment Corporation (GIC) in 2003, covering hardware, software, and media. 

After getting an MBA at NYU in 2008 and a CFA, I spent 8 years at Coburn Ventures (a market neutral TMT/Consumer hedge fund). In 2015, I joined Deimos Asset Management, a low net multi-strat, where I managed a  TMT/Consumer portfolio.

I've spent the past few years at Obex Capital Management providing independent investment research to TMT and Consumer investors.

TMT & Consumer Independent Equity Research Analyst

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

Amazon 1Q22: (Some) Cost Inflation Is Transitory, The Moat Is Not

Amazon 3Q21: 4Q’s $9 Billion Consumer Shock Absorber

Battle Lines Drawn As BABA Builds Out First/Last-Mile Capacity; But Who Will Fund 75+ Bn CNY CapEx?

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>Profitability ready to kick in again as Amazon grows into the overbuilt warehouse capacity and headcount from the past few quarters. 3Q22's guidance clearly conservative based on 2Q22's outperformance.</li>
<li>Revenue reacceleration beginning to play out. 2Q22's 7% leading to 3Q22's 15%, and back to the 20%s by 2023.</li>
<li>AWS continues its indomitable run. $79B TTM revenues are growing 37% with 31% margins.</li>
</ul>


Profitability ready to kick in again as Amazon grows into the overbuilt warehouse capacity and headcount from the past few quarters. 3Q22's guidance clearly conservative based on 2Q22's outperformance.
Revenue reacceleration beginning to play out. 2Q22's 7% leading to 3Q22's 15%, and back to the 20%s by 2023.
AWS continues its indomitable run. $79B TTM revenues are growing 37% with 31% margins.


Amazon 2Q22: Delivering an Inflection Point

Amazon.com Inc

Amazon 2Q22: Delivering an Inflection Point