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

What Are the Prospects for a Meta Rebound?

META Platforms 3Q22: You Got to Keep ‘em Separated

Meta Platforms 4Q22: Zuckerberg Got Religion?

Facebook 4Q21: Trending on TikTok ‘How to Lose $200B in Market Cap’

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

Meta Platforms (Facebook) / Equity Bottom-Up

<ul>
<li>Optically weak earnings and guidance due to FX and macro headwinds aren't as bad as it seems... Meta's ad business grew faster QoQ than Google's Search.</li>
<li>Zuckerberg downplayed the social graph as core to Meta's LT competitive advantage. AI is the future.</li>
<li>At $160, we think Meta is preposterously undervalued. 2023 revenue acceleration and margin expansion means the stock is trading 9x forward P/E ex-cash. </li>
</ul>


Optically weak earnings and guidance due to FX and macro headwinds aren't as bad as it seems... Meta's ad business grew faster QoQ than Google's Search.
Zuckerberg downplayed the social graph as core to Meta's LT competitive advantage. AI is the future.
At $160, we think Meta is preposterously undervalued. 2023 revenue acceleration and margin expansion means the stock is trading 9x forward P/E ex-cash. 


Facebook 2Q22: Network Effects Are Yesterday’s News, AI Is the Future