Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

Algosun Global

Equity Bottom-Up

<ul>
<li>Total revenue jumped to $361M, 77% YoY, and the number of active merchants reached a record of ~168,000 in FY Q2 2022.</li>
<li>The number of active consumers skyrocketed by 150% YoY to 11.2 million, and GMV more than doubled year-over-year in reporting period. </li>
<li>Growth of key operating and financial metrics was driven by the strong holiday season, adoption of Shop Pay Installments, and partnership with Amazon. </li>
</ul>


Total revenue jumped to $361M, 77% YoY, and the number of active merchants reached a record of ~168,000 in FY Q2 2022.
The number of active consumers skyrocketed by 150% YoY to 11.2 million, and GMV more than doubled year-over-year in reporting period. 
Growth of key operating and financial metrics was driven by the strong holiday season, adoption of Shop Pay Installments, and partnership with Amazon. 


Affirm FY Q2 2022 Earnings Review: Leading BNPL Player Maintains Its Hyper-Growth Trajectory

Equity Analyst - Asia Consumer Sector, Investory

Devi Subhakesan

Equity Analyst - Asia Consumer Sector

ASIA CONSUMER: INSIGHTS AND INVESTMENT IDEAS

Investory

Investory is a Singapore-based boutique independent equity research firm founded in January 2017 with a primary focus on consumption themes across Asia-Pacific.

We aim to generate investible ideas based on consumption trends and outlook. We screen our ideas on several parameters - product potential, long-term growth and management commitment being the most critical.  We follow a fundamental analysis approach in our stock selection process and are not restricted by market cap.

We aspire to grow into a leading source of unbiased research, free of conflict of interest, for investors yearning for independent and disciplined analysis. 

We also undertake bespoke research mandates to support our Institutional clients’ investment needs.

Our team comprises of professionals with extensive experience in the Asian equity markets, in areas ranging from research, servicing institutional clients and investment management.

FSN E-Commerce Ventures (Nykaa) / Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/fsn-e-commerce-ventures-nykaa" target="_blank" data-smartkarma-citation="entities:33796:1" rel="noopener">FSN E-Commerce Ventures (Nykaa) (NYKAA IN)</a> announced a steady growth across all key operating metrics in both the Beauty and Fashion verticals for the quarter ending 31st December 2021.</li>
<li>Steady operating performance was helped by favorable macro (normalization in economic activity) and supportive sector-specific factors (Diwali, wedding season) as well as aggressive marketing (now 14% of revenues).</li>
<li>Despite an 83% growth in 9MFY22 GMV and a resultant 89% growth in gross profits, EBITDA grew only 11% as increased marketing spend consumed most of the margin upside.</li>
</ul>



FSN E-Commerce Ventures (Nykaa) (NYKAA IN) announced a steady growth across all key operating metrics in both the Beauty and Fashion verticals for the quarter ending 31st December 2021.
Steady operating performance was helped by favorable macro (normalization in economic activity) and supportive sector-specific factors (Diwali, wedding season) as well as aggressive marketing (now 14% of revenues).
Despite an 83% growth in 9MFY22 GMV and a resultant 89% growth in gross profits, EBITDA grew only 11% as increased marketing spend consumed most of the margin upside.


FSN E-Comm (NYKAA IN): Macro, Micro & Marketing Drive Metric Growth

Consumer Analyst / Channel Surveillance Specialist, Trudence Capital Advisors

Pranav Bhavsar

Consumer Analyst / Channel Surveillance Specialist

Trudence Capital Advisors

Trudence Capital Advisors Private Limited is a SEBI-registered Research Analyst, holding SEBI registration number INH000015747. Our firm is dedicated to providing independent and unbiased research on Indian mid to large-cap companies. Trudence Capital is known for its counter-consensus views, with a focus on forensic research and on-ground primary investigations. Our research approach is thorough, involving detailed analysis of accounting practices and governance, alongside extensive channel checks.

Independent & Unbiased Research

<ul>
<li>We interact with E-Com manager of a large restaurant chain in South India with an objective to understand key demand drivers and current ordering trends for OFD players. </li>
<li>AOV and Order volumes have seen YoY increase in Q3FY22 for both <a href="https://www.smartkarma.com/entities/zomato-media-pvt" target="_blank" data-smartkarma-citation="entities:28820:1" rel="noopener">Zomato (ZOMATO IN)</a> and Swiggy. </li>
<li>
<a href="https://www.smartkarma.com/entities/amazon-com-inc" target="_blank" data-smartkarma-citation="entities:409:1" rel="noopener">Amazon.com Inc (AMZN US)</a> has seen a jump in Food Delivery orders, but remains a pilot and is not a major threat to either Zomato or Swiggy. </li>
</ul>


We interact with E-Com manager of a large restaurant chain in South India with an objective to understand key demand drivers and current ordering trends for OFD players. 
AOV and Order volumes have seen YoY increase in Q3FY22 for both Zomato (ZOMATO IN) and Swiggy. 

Amazon.com Inc (AMZN US) has seen a jump in Food Delivery orders, but remains a pilot and is not a major threat to either Zomato or Swiggy. 


Beyond 280 #6 | Zomato (Zomato IN) - Conversation with a Restaurant Chain E-Com Manager

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>Prime price increased, Covid expenses starting to moderate, margins set to rise.</li>
<li>Fulfillment buildout moderates, 1-day shipping can now launch more widely, share gains will ensue, revenue growth will reaccelerate.</li>
<li>We reiterate Amazon as our Top 2022 long idea. We think its worth $6,000.</li>
</ul>


Prime price increased, Covid expenses starting to moderate, margins set to rise.
Fulfillment buildout moderates, 1-day shipping can now launch more widely, share gains will ensue, revenue growth will reaccelerate.
We reiterate Amazon as our Top 2022 long idea. We think its worth $6,000.


Amazon 4Q21: Don’t Call It a Comeback, We’ve Been Here (Investing) For Years

<ul>
<li>Snapchat largely dispelled the Apple bear case, and should return to the mid $60s.</li>
<li>Actual competitive differentiation vs. TikTok and Facebook means Snapchat's user growth and engagement remain strong.</li>
<li>Revenue growth will reaccelerate as it works through IDFA, but international monetization is the kicker.</li>
</ul>


Snapchat largely dispelled the Apple bear case, and should return to the mid $60s.
Actual competitive differentiation vs. TikTok and Facebook means Snapchat's user growth and engagement remain strong.
Revenue growth will reaccelerate as it works through IDFA, but international monetization is the kicker.


Snapchat 4Q21: A Quick Turnaround…And Why Facebook Didn’t Snapback

United States

Amazon.com, Inc. is an online retailer that offers a wide range of products. The Company's products include books, music, videotapes, computers, electronics, home and garden, and numerous other products.  Amazon offers personalized shopping services, Web-based credit card payment, and direct shipping to customers.

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Amazon (AMZN US)

Affirm FY Q2 2022 Earnings Review: Leading BNPL Player Maintains Its Hyper-Growth Trajectory

Affirm’s valuation looks attractive after market sell-off. Leading BNPL player continues to grow rapidly and maintains its hyper-growth trajectory.

Andrei Zakharov

FSN E-Comm (NYKAA IN): Macro, Micro & Marketing Drive Metric Growth

Nykaa's 9MFY22 operating performance is in line with expectations but helped by strong marketing expenses. Valuations appear stretched beyond...

Devi Subhakesan

Beyond 280 #6 | Zomato (Zomato IN) - Conversation with a Restaurant Chain E-Com Manager

We interact with E-Com manager of a large restaurant chain in South India with an objective to understand key demand drivers and current ordering...

Pranav Bhavsar

Amazon 4Q21: Don’t Call It a Comeback, We’ve Been Here (Investing) For Years

Reaccelerating growth, better than expected margins and FCF in 2022-2023, and a catchup trade on the come. We reiterate Amazon as our Top 2022 long...

Aaron Gabin

Snapchat 4Q21: A Quick Turnaround…And Why Facebook Didn’t Snapback

With Snapchat's LT thesis restored, we would buy the stock even up 50%. A return to its 5 yr P/S average of 14x would equate to $66 on 2023 revenues.

Aaron Gabin

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