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.

Equity Bottom-Up

<ul>
<li>Pinterest co-founder/CEO Ben Silbermann is replaced by Google exec Bill Ready.</li>
<li>Ready is a payments industry veteran and is perfectly suited to drive commerce adoption at Pinterest. </li>
<li>Unique pay package incentivizes Ready to succesfully pivot the business. </li>
</ul>


Pinterest co-founder/CEO Ben Silbermann is replaced by Google exec Bill Ready.
Ready is a payments industry veteran and is perfectly suited to drive commerce adoption at Pinterest. 
Unique pay package incentivizes Ready to succesfully pivot the business. 


<ul>
<li>Indian Premiere League cricket auction has brought in $6.6B thus far, up 3x from the 2018-2022 package, though the per game increase is closer to 2.3x.</li>
<li>Disney was smart to relinquish the digital rights, saving itself $3.6B in cash (~$2/share) rather than spending to drive worthless Hotstar+ subs (~$0.26/share).</li>
<li>Google may open up YouTube advertising to 3rd party platforms to settle EU antitrust...a potential boon for The Trade Desk.</li>
</ul>


Indian Premiere League cricket auction has brought in $6.6B thus far, up 3x from the 2018-2022 package, though the per game increase is closer to 2.3x.
Disney was smart to relinquish the digital rights, saving itself $3.6B in cash (~$2/share) rather than spending to drive worthless Hotstar+ subs (~$0.26/share).
Google may open up YouTube advertising to 3rd party platforms to settle EU antitrust...a potential boon for The Trade Desk.


TMT Quick Hits: DIS/Cricket Rights, GOOGL/TTD/EU

Global Emerging Market Equities, Propitious Research

Wium Malan, CFA

Global Emerging Market Equities

Independent, Fundamental Quantitative Research

Propitious Research

Fully independent, fundamental and quantitative equity research, focused on companies in the Telecommunication, Media, Technology, Internet and Healthcare sectors in the Global Emerging Markets. Idea generation focused on Quality stocks, trading below their intrinsic Value, with sound Corporate Governance.

<ul>
<li>Chinese digital advertising revenue growth has slowed down considerably over the past 4 quarters and Baidu has continued to consistently lose market share to the broader industry.</li>
<li>Non-Marketing revenue has led the growth for Baidu over the past 2 years and now contributes roughly 26% to Baidu Core (excludes iQiyi) revenue.</li>
<li>On a PE basis, Baidu is trading at only a slight discount to global giant, Alphabet, which testifies to the negative impact on earnings expectations from Baidu’s growth engines.</li>
</ul>


Chinese digital advertising revenue growth has slowed down considerably over the past 4 quarters and Baidu has continued to consistently lose market share to the broader industry.
Non-Marketing revenue has led the growth for Baidu over the past 2 years and now contributes roughly 26% to Baidu Core (excludes iQiyi) revenue.
On a PE basis, Baidu is trading at only a slight discount to global giant, Alphabet, which testifies to the negative impact on earnings expectations from Baidu’s growth engines.


Baidu: Can AI Cloud, Intelligent Driving Save the Day as Marketing Continues to Lose Market Share?

<ul>
<li>Snapchat's guidedown resulting in a 30% drawdown is fantastical.  6x sales is now 4x sales, near alltime lows.</li>
<li>Was guide down worth 30% drawdown given already valuation compression and  volatility of Snap guidance? Sour grapes here.</li>
<li>Of course macro deteriorated. Who is doing Snap's forecasting? We think forecasting easier to fix than LT competitive moat. We'd buy SNAP...but buy FB first!</li>
</ul>


Snapchat's guidedown resulting in a 30% drawdown is fantastical.  6x sales is now 4x sales, near alltime lows.
Was guide down worth 30% drawdown given already valuation compression and  volatility of Snap guidance? Sour grapes here.
Of course macro deteriorated. Who is doing Snap's forecasting? We think forecasting easier to fix than LT competitive moat. We'd buy SNAP...but buy FB first!


Snapchat Guidedown: Overdone, But Buy FB/AMZN First

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

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 (GOOGL US)

Pinterest "Ready" For Commerce

We think Pinterest's hiring of Google Exec Bill Ready is an excellent choice. He scaled Braintree and Venmo and has run Google's commerce...he...

Aaron Gabin

TMT Quick Hits: DIS/Cricket Rights, GOOGL/TTD/EU

Disney was smart to relinquish IPL digital rights, the $3.6B in cash is worth more than the value of low ARPU Hotstar+ subs. Google opening up...

Aaron Gabin

Snapchat Guidedown: Overdone, But Buy FB/AMZN First

Snapchat guidedown costs 30% on its already massacred share price. We think this is overdone. SNAP has a bad history of volatile financial...

Aaron Gabin

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

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Pinterest "Ready" For Commerce

We think Pinterest's hiring of Google Exec Bill Ready is an excellent choice. He scaled Braintree and Venmo and has run Google's commerce...he...

Aaron Gabin

TMT Quick Hits: DIS/Cricket Rights, GOOGL/TTD/EU

Disney was smart to relinquish IPL digital rights, the $3.6B in cash is worth more than the value of low ARPU Hotstar+ subs. Google opening up...

Aaron Gabin

Baidu: Can AI Cloud, Intelligent Driving Save the Day as Marketing Continues to Lose Market Share?

In this insight, we look at the Chinese digital ad market, Baidu’s market share loss, and analyse whether AI Cloud and Intelligent Driving could...

Wium Malan, CFA

Snapchat Guidedown: Overdone, But Buy FB/AMZN First

Snapchat guidedown costs 30% on its already massacred share price. We think this is overdone. SNAP has a bad history of volatile financial...

Aaron Gabin

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