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>A blizzard of cost synergies we conservatively estimate at $500MM from lower distribution commissions, hosting costs, and cutting ATVI's highly paid C-Suite.</li>
<li>Multiple strategic benefits: Catalyzes Microsoft's XCloud streaming game service and Game Pass subscription offering....potentially offers greater leverage for app store negotiations with Apple and Google.</li>
<li>Accretive on valuation alone...MSFT is paying a 10% discount to ATVI's 23x average forward PE from last few years. MSFT's 11x forward P/S vs. ATVI's 5.5x revalues ATVI's revenues 2x.</li>
</ul>


A blizzard of cost synergies we conservatively estimate at $500MM from lower distribution commissions, hosting costs, and cutting ATVI's highly paid C-Suite.
Multiple strategic benefits: Catalyzes Microsoft's XCloud streaming game service and Game Pass subscription offering....potentially offers greater leverage for app store negotiations with Apple and Google.
Accretive on valuation alone...MSFT is paying a 10% discount to ATVI's 23x average forward PE from last few years. MSFT's 11x forward P/S vs. ATVI's 5.5x revalues ATVI's revenues 2x.


Microsoft’s Activision Acquisition Is a Stupendous Deal

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

LG Energy Solution / Equity Capital Markets

<ul>
<li>We take a look at the Asia Pacific IPO pipeline for 2022. This list has been compiled on a best effort basis from tracking company filings and other sources.</li>
<li>For readers who aren't familiar with our coverage, we aim to cover all IPOs and placements with a minimum deal size of US$100m across Asia-Pacific (ex A-shares), including China ADRs. </li>
<li>The deals you see in this note are only a part of our full IPO pipeline tracker. Feel free to drop us a message for additional information on these IPOs.</li>
</ul>


We take a look at the Asia Pacific IPO pipeline for 2022. This list has been compiled on a best effort basis from tracking company filings and other sources.
For readers who aren't familiar with our coverage, we aim to cover all IPOs and placements with a minimum deal size of US$100m across Asia-Pacific (ex A-shares), including China ADRs. 
The deals you see in this note are only a part of our full IPO pipeline tracker. Feel free to drop us a message for additional information on these IPOs.


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.

<ul><li>Alphabet and Microsoft have traditionally been two of the most reliable tech blue-chips that most technology investors have in their long-term portfolios.</li><li>Both companies are also pushing their respective UCaaS (Unified Communications as a Service) offerings, Teams and Meet respectively and challenge Zoom.</li><li>At the current juncture, it would be interesting to compare them side-by-side from a financial perspective and evaluate their robustness.</li></ul>

Alphabet and Microsoft have traditionally been two of the most reliable tech blue-chips that most technology investors have in their long-term portfolios.Both companies are also pushing their respective UCaaS (Unified Communications as a Service) offerings, Teams and Meet respectively and challenge Zoom.At the current juncture, it would be interesting to compare them side-by-side from a financial perspective and evaluate their robustness.

Alphabet vs Microsoft - A Comparative Analysis Of The Public Cloud Battle & Key Financial Metrics (12/2021)

Founder, BWS Financial Inc

Hamed Khorsand

Founder

Independent Stock Specific Research

BWS Financial Inc

BWS provides independent stock specific research focused on companies with distinct value that are going through a special situation where there is a tangible catalyst not priced in. The catalyst can be anything from new product, restructuring, M&A, management change, change in business strategy, etc. BWS’s focus is to understand the change and evaluate the potential return for investors.

BWS utilizes a self formed proprietary approach in discovering stocks by putting great emphasis on deep research. BWS does generate short recommendations following a similar criteria.

<ul>
<li>NTGR used its annual investor day to describe the current state of the business and why management has chosen to focus on the premium and super premium</li>
<li>The high end of the market consists of customers who are willing to pay for the best quality wireless networks and it is where NTGR is turning its attention to</li>
<li>NTGR’s objective from the new strategy is to generate greater gross margin than prior years from customers who would be loyal and willing to purchase higher end devices and service</li>
</ul>


NTGR used its annual investor day to describe the current state of the business and why management has chosen to focus on the premium and super premium
The high end of the market consists of customers who are willing to pay for the best quality wireless networks and it is where NTGR is turning its attention to
NTGR’s objective from the new strategy is to generate greater gross margin than prior years from customers who would be loyal and willing to purchase higher end devices and service


Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Index Rebalance

<ul>
<li>There are 6 inclusions and 6 exclusions for the <a href="https://www.smartkarma.com/entities/nasdaq-100-stock-index" target="_blank" data-smartkarma-citation="entities:26197:1" rel="noopener">Nasdaq-100 Stock Index (NDX INDEX)</a> at the annual December reconstitution. The estimated one-way trade is US$11.05bn.</li>
<li>Impact on the inclusions ranges from 0.25-2.22 days of ADV to buy, while the impact on the deletions varies from 1.4-3.38 days of ADV to sell.</li>
<li>There will be large inflows on <a href="https://www.smartkarma.com/entities/meta-platforms-inc-class-a-facebook" target="_blank" data-smartkarma-citation="entities:665:1" rel="noopener">Meta Platforms (FB US)</a> and large outflows on Tesla, Apple, NVidia, Amazon and Google.</li>
</ul>


There are 6 inclusions and 6 exclusions for the Nasdaq-100 Stock Index (NDX INDEX) at the annual December reconstitution. The estimated one-way trade is US$11.05bn.
Impact on the inclusions ranges from 0.25-2.22 days of ADV to buy, while the impact on the deletions varies from 1.4-3.38 days of ADV to sell.
There will be large inflows on Meta Platforms (FB US) and large outflows on Tesla, Apple, NVidia, Amazon and Google.


NASDAQ 100 Index Rebalance: Six Changes at the Annual Reconstitution

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)

Microsoft’s Activision Acquisition Is a Stupendous Deal

Microsoft's acquisition of Activision is a homerun by any measure: strategically, financially, and on valuation. We expect the level of synergies...

Aaron Gabin

Aequitas 2022 Asia IPO Pipeline

We take a look at the Asia Pacific IPO pipeline for 2022. This list has been compiled on a best effort basis from tracking company filings and...

Sumeet Singh

Alphabet vs Microsoft - A Comparative Analysis Of The Public Cloud Battle & Key Financial Metrics (12/2021)

Alphabet and Microsoft have traditionally been two of the most reliable tech blue-chips that most technology investors have in their long-term...

Baptista Research

NTGR: Transitioning Thru Investor Day

NTGR is introducing new price points for premium and super premium Wi-Fi routers and systems incorporating a strategy to move up market and away...

BWS Financial Inc

NASDAQ 100 Index Rebalance: Six Changes at the Annual Reconstitution

There are 6 changes for the NASDAQ-100 index at the annual December reconstitution. Apart from the flows on the adds and deletes, there will be...

Brian Freitas

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