Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

Algosun Global

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/confluent-inc" target="_blank" data-smartkarma-citation="entities:33443:1" rel="noopener">Confluent (CFLT US)</a>  is an American-based data infrastructure software company and a major contributor to the open-source project Apache Kafka. </li>
<li>Original creators of Apache Kafka founded the company in 2014. Today, Kafka has 5M+ lifetime downloads, and &gt;100,000 organizations use the successful open source project.</li>
<li>We believe <a href="https://www.smartkarma.com/entities/confluent-inc" target="_blank" data-smartkarma-citation="entities:33443:1" rel="noopener">Confluent (CFLT US)</a>  is uniquely positioned to benefit from the widespread adoption of Apache Kafka and the growing $50B+ total addressable market. </li>
</ul>



Confluent (CFLT US)  is an American-based data infrastructure software company and a major contributor to the open-source project Apache Kafka. 
Original creators of Apache Kafka founded the company in 2014. Today, Kafka has 5M+ lifetime downloads, and &gt;100,000 organizations use the successful open source project.
We believe Confluent (CFLT US)  is uniquely positioned to benefit from the widespread adoption of Apache Kafka and the growing $50B+ total addressable market. 


Confluent: Harnessing Data In Motion. Initiate At Overweight

Asian Insight Provider - Actionable ideas, CrossASEAN Research

Henry Soediarko

Asian Insight Provider - Actionable ideas

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

Far East Hospitality Trust / Equity Bottom-Up

<ul>
<li>Not all hospitality REITs in Singapore are beneficiaries of the rebound in tourism in Singapore. </li>
<li>Genting, OUE Commercial REIT, and Fraser Hospitality Trust are not exactly beneficiaries to the current tourism rebound. </li>
<li>Only Far East Hospitality Trust has a 100% exposure in hotels in Singapore while CDL Hospitality Trust has 41% of the total contribution from Singapore. </li>
</ul>


Not all hospitality REITs in Singapore are beneficiaries of the rebound in tourism in Singapore. 
Genting, OUE Commercial REIT, and Fraser Hospitality Trust are not exactly beneficiaries to the current tourism rebound. 
Only Far East Hospitality Trust has a 100% exposure in hotels in Singapore while CDL Hospitality Trust has 41% of the total contribution from Singapore. 


Southeast Asia Tourism: Who Are the Beneficiaries

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.

Equity Capital Markets

<ul><li>Alphabet reported a rare weak result with below par revenues and earnings on account of an underperformance from Youtube.</li><li>The company’s Youtube Shorts offering is growing fast and already has 30 billion daily views.</li><li>Alphabet is continuing to investing in areas such as YouTube, AI, cloud, and search and beyond.</li></ul>

Alphabet reported a rare weak result with below par revenues and earnings on account of an underperformance from Youtube.The company’s Youtube Shorts offering is growing fast and already has 30 billion daily views.Alphabet is continuing to investing in areas such as YouTube, AI, cloud, and search and beyond.

Alphabet Inc.: The YouTube Disappointment & Other Drivers

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.

<ul>
<li>Like Netflix, Spotify is increasing spend on proprietary content... at the same time rivals are, which makes the ROI on this spend worth less.</li>
<li>Promised margin inflection no where in sight. Have to wait for Analyst Day for more clarity. </li>
<li>While we could justify a share price in the $70s, we no longer think Spotify is as compelling a risk reward short as it has for the past two years.</li>
</ul>


Like Netflix, Spotify is increasing spend on proprietary content... at the same time rivals are, which makes the ROI on this spend worth less.
Promised margin inflection no where in sight. Have to wait for Analyst Day for more clarity. 
While we could justify a share price in the $70s, we no longer think Spotify is as compelling a risk reward short as it has for the past two years.


Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

<ul>
<li>Our base case valuation of OneStore is market cap of 1.3 trillion won and target price of 48,713 won per share (28% higher than the IPO mid-point price range).</li>
<li>Our valuation of the company is based on P/S multiple of 4.8x (average of the peers) using our estimated sales of 269 billion won for the company in 2022. </li>
<li>In our comparable companies valuation analysis, we have used the following four Korean companies as comps including Kakao Corp, Naver Corp (035420 KS), AfreecaTV (067160 KS), Kidari Studio (020120 KS).</li>
</ul>


Our base case valuation of OneStore is market cap of 1.3 trillion won and target price of 48,713 won per share (28% higher than the IPO mid-point price range).
Our valuation of the company is based on P/S multiple of 4.8x (average of the peers) using our estimated sales of 269 billion won for the company in 2022. 
In our comparable companies valuation analysis, we have used the following four Korean companies as comps including Kakao Corp, Naver Corp (035420 KS), AfreecaTV (067160 KS), Kidari Studio (020120 KS).


United States

Alphabet, Inc. operates as a holding company. The Company, through its subsidiaries, provides web-based search, advertisements, maps, software applications, mobile operating systems, consumer content, enterprise solutions, commerce, and hardware products.

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Alphabet (GOOG US)

Confluent: Harnessing Data In Motion. Initiate At Overweight

We are initiating coverage on Confluent with an Overweight rating and price target of $28, implying a ~50% upside. Fundamentals remain attractive,...

Andrei Zakharov

Southeast Asia Tourism: Who Are the Beneficiaries

the real beneficiaries of the Singapore rebound in tourism (ex-China) are limited to a few names only. Far East Hospitality Trust and CDL...

Henry Soediarko

Alphabet Inc.: The YouTube Disappointment & Other Drivers

Alphabet reported a rare weak result with below par revenues and earnings on account of an underperformance from Youtube. The company’s Youtube...

Baptista Research

Spotify 1Q22 Earnings: Netflix Like?

The more Daniel Ek said that Spotify is not like Netflix, the more we thought...hes right! Netflix has a less competition, more pricing power, and...

Aaron Gabin

OneStore IPO Valuation Analysis

Our base case valuation of OneStore is market cap of 1.3 trillion won and target price of 48,713 won per share (28% higher than the IPO mid-point...

Douglas Kim

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