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 1Q22: Acceleration Coming, But How Much?

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>Roblox initially fell 17% on earnings, but ended the week up 8%... why? Third party data is driving stock price action.</li>
<li>Reacceleration of DAUs, engagement, and bookings is beginning to play out...bullish ST.</li>
<li>LT EBITDA margins are anyone's guess right now, which makes the coming 9/9 Analyst Day an important catalyst to frame up the size and margin impact of TAM extensions.</li>
</ul>


Roblox initially fell 17% on earnings, but ended the week up 8%... why? Third party data is driving stock price action.
Reacceleration of DAUs, engagement, and bookings is beginning to play out...bullish ST.
LT EBITDA margins are anyone's guess right now, which makes the coming 9/9 Analyst Day an important catalyst to frame up the size and margin impact of TAM extensions.


Take Two Interactive Software, Inc (TTWO US)

ROBLOX

Roblox 2Q22: 15% or 35% EBITDA Margins?