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

Why Roblox’s September Metrics Are Even Better Than They Appear

Roblox 4Q21: Metaverse or Optical Illusion?

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>Management expected growth to bottom in April, wbut ended up bottoming in March, beginning a reacceleration expected to last into Q3. But how much acceleration?</li>
<li>Usage and engagement still strong: DAUs of 54.1M grew 30% YoY, a touch below of consensus. Hours Engaged were up 22% YoY to 11.8B, inline ahead of consensus.</li>
<li>Spending on brand safety, engineers, and developer fees set to continue - unclear how much earnings leverage to expect near term...tough for this market environment.</li>
</ul>


Management expected growth to bottom in April, wbut ended up bottoming in March, beginning a reacceleration expected to last into Q3. But how much acceleration?
Usage and engagement still strong: DAUs of 54.1M grew 30% YoY, a touch below of consensus. Hours Engaged were up 22% YoY to 11.8B, inline ahead of consensus.
Spending on brand safety, engineers, and developer fees set to continue - unclear how much earnings leverage to expect near term...tough for this market environment.


Roblox 1Q22: Acceleration Coming, But How Much?

ROBLOX

Roblox 1Q22: Acceleration Coming, But How Much?