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.

Thematic (Sector/Industry)

Covid 19 is an accelerator of secular shifts in consumer and corporate preferences that is magnifying (or will magnify) those business models most equipped to benefit from them. Key Point: Secular Accelerator beneficiaries are different than the “work from home” beneficiaries, however secular accelerator beneficiaries may also be work from home beneficiaries.<div class="content-highlight">Obex’s fundamental research process is focused on secular change in the TMT and Consumer sectors. We seek to differentiate between fundamental business analysis and security analysis. Before deciding if a security’s pricing and positioning merit a long or short position, we analyze the four pillars of business fundamentals (Secular Factors, TAM, Competitive Advantage, Business Model) in order to determine if this is a “good” or “not so good” opportunity.</div>

Covid 19 is an accelerator of secular shifts in consumer and corporate preferences that is magnifying (or will magnify) those business models most equipped to benefit from them. Key Point: Secular Accelerator beneficiaries are different than the “work from home” beneficiaries, however secular accelerator beneficiaries may also be work from home beneficiaries.Obex’s fundamental research process is focused on secular change in the TMT and Consumer sectors. We seek to differentiate between fundamental business analysis and security analysis. Before deciding if a security’s pricing and positioning merit a long or short position, we analyze the four pillars of business fundamentals (Secular Factors, TAM, Competitive Advantage, Business Model) in order to determine if this is a “good” or “not so good” opportunity.

Coronavirus as Secular Accelerator III: Fintech / Software Edition

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

The global rally appears to be losing steam as the bearish rising wedge patterns we highlighted last week in the MSCI ACWI, ACWI ex-US, EM, and EAFE indexes ended up breaking down. Additionally, the aforementioned indexes and major indexes in Europe, Japan, and Hong Kong have been unable to break above longer-term resistance. While we believe global equities remain vulnerable to a pullback, some near-term consolidation is another possibility. For now we believe some consolidation makes sense as we remain in a sort of wait-and-see period as it relates to what will happen as countries and states aim to re-open.

The global rally appears to be losing steam as the bearish rising wedge patterns we highlighted last week in the MSCI ACWI, ACWI ex-US, EM, and EAFE indexes ended up breaking down. Additionally, the aforementioned indexes and major indexes in Europe, Japan, and Hong Kong have been unable to break above longer-term resistance. While we believe global equities remain vulnerable to a pullback, some near-term consolidation is another possibility. For now we believe some consolidation makes sense as we remain in a sort of wait-and-see period as it relates to what will happen as countries and states aim to re-open.

Global Equity Rally Losing Upside Momentum

Independent Investment Research, The IDEA!

The IDEA!

Independent Investment Research

The Idea-Driven Equities Analyses company (the IDEA!) is an employee-owned boutique providing independent investment research and financial consultancy services with a clear focus on the Benelux countries. The company was founded in the summer of 2007 by Henk Slotboom and Maarten Verbeek, both with more than 35 years of professional experience in the financial sector. The IDEA! differentiates itself by focusing on adding value through self-initiated in-depth, idea-driven investment research, as well as by bespoke research assignments for institutional investors, hedge funds and private equity. In addition, we provide market intelligence, strategic research and – together with our business partners – consultancy services to businesses. In case you are interested in receiving more information, a sample of our products or an introductory meeting, please send a message to info@theidea.nl.

Equity Bottom-Up

<ul><li>In this edition: • Adyen | launches Adyen Agentic • Alfen | signs multi-year partnership agreement with TotalEnergies Charging Services • Acomo | to acquire Citromil in Spain • NX Filtration | awarded (largest) order supplying HFNF technology to drinking water treatment plant in Sweden</li></ul>

In this edition: • Adyen | launches Adyen Agentic • Alfen | signs multi-year partnership agreement with TotalEnergies Charging Services • Acomo | to acquire Citromil in Spain • NX Filtration | awarded (largest) order supplying HFNF technology to drinking water treatment plant in Sweden

What's New(s) in Amsterdam - 17 June (Adyen | Alfen | Acomo | NX Filtration)

We continue to see coronavirus concerns as helping correct the excess bullish sentiment across global equity markets in the short-term. Additionally, considering the dearth of breakdowns, we continue to believe this is a bull market until proven otherwise and a “buy the dip” strategy remains warranted. We recap importat technical levels across markets and highlight opportunities within the Services, Technology, Financial Services, and Staples Sectors.

We continue to see coronavirus concerns as helping correct the excess bullish sentiment across global equity markets in the short-term. Additionally, considering the dearth of breakdowns, we continue to believe this is a bull market until proven otherwise and a “buy the dip” strategy remains warranted. We recap importat technical levels across markets and highlight opportunities within the Services, Technology, Financial Services, and Staples Sectors.

Global Equity Strategy: Growth Over Value

<ul><li>In this edition: • Adyen | acquires Orb and reiterates FY26 outlook • Ahold Delhaize / HAL Trust | Kaufland Marketplace expansion into the Netherlands • ING | reportedly interested in buying a 20% stake in Belfius • KPN | 50 Plus Mobile approaching targeted scale and pursuing convergence • E-commerce & Logistics | Joybuy to open its platform for third party sellers</li></ul>

In this edition: • Adyen | acquires Orb and reiterates FY26 outlook • Ahold Delhaize / HAL Trust | Kaufland Marketplace expansion into the Netherlands • ING | reportedly interested in buying a 20% stake in Belfius • KPN | 50 Plus Mobile approaching targeted scale and pursuing convergence • E-commerce & Logistics | Joybuy to open its platform for third party sellers

Netherlands

Adyen N.V. provides payment solutions. The Company offers a platform that enable merchants and businesses to process payments online, mobile, and point-of-sale systems with payment methods including card schemes, mobile wallets, and other local methods. Adyen serves customers worldwide.

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Adyen BV (ADYEN NA)

Coronavirus as Secular Accelerator III: Fintech / Software Edition

Covid 19 is an accelerator of secular shifts in consumer and corporate preferences that is magnifying (or will magnify) those business models most...

Aaron Gabin

Global Equity Rally Losing Upside Momentum

The global rally appears to be losing steam as the bearish rising wedge patterns we highlighted last week in the MSCI ACWI, ACWI ex-US, EM, and...

Vermilion Research

What's New(s) in Amsterdam - 17 June (Adyen | Alfen | Acomo | NX Filtration)

In this edition: • Adyen | launches Adyen Agentic • Alfen | signs multi-year partnership agreement with TotalEnergies Charging Services • Acomo |...

The IDEA!

Global Equity Strategy: Growth Over Value

We continue to see coronavirus concerns as helping correct the excess bullish sentiment across global equity markets in the short-term....

Vermilion Research

HAL Trust - What's News in Amsterdam

In this edition: • Adyen | acquires Orb and reiterates FY26 outlook • Ahold Delhaize / HAL Trust | Kaufland Marketplace expansion into the...

The IDEA!

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