Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

Algosun Global

Equity Bottom-Up

<ul>
<li>During the #1 product and growth conference Amplify 2022 in Las Vegas, <a href="https://www.smartkarma.com/entities/amplitude-inc" target="_blank" data-smartkarma-citation="entities:34148:1" rel="noopener">Amplitude (AMPL US)</a>  introduced the Customer Data Platform (CDP) with integrated product analytics.  </li>
<li>The company expanded partner integration with <a href="https://www.smartkarma.com/entities/snowflake-inc" target="_blank" data-smartkarma-citation="entities:29254:1" rel="noopener">Snowflake Inc (SNOW US)</a>  to improve data connectivity while Amplitude Experiment sees strong traction with customers. </li>
<li>With shares down ~65% YTD, Amplitude has underperformed the Nasdaq Composite (-23%). Our PT is $28.00, implying ~14x EV/2022E revenue and ~10x EV/2023E revenue. </li>
</ul>


During the #1 product and growth conference Amplify 2022 in Las Vegas, Amplitude (AMPL US)  introduced the Customer Data Platform (CDP) with integrated product analytics.  
The company expanded partner integration with Snowflake Inc (SNOW US)  to improve data connectivity while Amplitude Experiment sees strong traction with customers. 
With shares down ~65% YTD, Amplitude has underperformed the Nasdaq Composite (-23%). Our PT is $28.00, implying ~14x EV/2022E revenue and ~10x EV/2023E revenue. 


Amplitude: Valuations Look Attractive and Growth Catalysts May Materialize in CY22

ASEAN Insight Provider, CrossASEAN Research

Angus Mackintosh

ASEAN Insight Provider

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

<ul>
<li>
<a href="https://www.smartkarma.com/entities/goto-gojek-tokopedia" target="_blank" data-smartkarma-citation="entities:25976:1" rel="noopener">GoTo</a> announced its much-anticipated FY2021 and 1Q2022 results, which did not disappoint, with improvements in a number of different metrics across its main verticals.  </li>
<li>1Q2022 saw a QoQ increase for on-demand, e-commerce, and fintech versus a seasonally strong 4Q plus the group improved take rates and contribution margin in 1Q2022 versus 4Q2021.</li>
<li>
<a href="https://www.smartkarma.com/entities/goto-gojek-tokopedia" target="_blank" data-smartkarma-citation="entities:25976:1" rel="noopener">GoTo</a>'s guidance for 2Q2022 is positive and it should be boosted by higher commission rates plus continuing synergies across the group, helping to improve profitability and growth.</li>
</ul>



GoTo announced its much-anticipated FY2021 and 1Q2022 results, which did not disappoint, with improvements in a number of different metrics across its main verticals.  
1Q2022 saw a QoQ increase for on-demand, e-commerce, and fintech versus a seasonally strong 4Q plus the group improved take rates and contribution margin in 1Q2022 versus 4Q2021.

GoTo's guidance for 2Q2022 is positive and it should be boosted by higher commission rates plus continuing synergies across the group, helping to improve profitability and growth.


GoTo (GOTO IJ) - Ploughing a Path to Profitability

<ul>
<li>
<a href="https://www.smartkarma.com/entities/grab-holdings-inc" target="_blank" data-smartkarma-citation="entities:26950:1" rel="noopener">Grab</a>'s latest results sent a mixed message and if looked at YoY the picture looks gloomy but there is a strong sequential recovery with declining incentives for deliveries.</li>
<li>Mobility is seeing recovery with higher incentives to bring on drivers and consumers but these should start to decline in 2H2022, with company guidance for revenues reflecting this. </li>
<li>
<a href="https://www.smartkarma.com/entities/grab-holdings-inc" target="_blank" data-smartkarma-citation="entities:26950:1" rel="noopener">Grab</a> continues to build its financial services offering through digital payments coupled with BNPL, and growing a digital banking footprint. Valuations are attractive and it has US$8.2bn in cash liquidity.</li>
</ul>



Grab's latest results sent a mixed message and if looked at YoY the picture looks gloomy but there is a strong sequential recovery with declining incentives for deliveries.
Mobility is seeing recovery with higher incentives to bring on drivers and consumers but these should start to decline in 2H2022, with company guidance for revenues reflecting this. 

Grab continues to build its financial services offering through digital payments coupled with BNPL, and growing a digital banking footprint. Valuations are attractive and it has US$8.2bn in cash liquidity.


Grab (GRAB US) - Rolling Recovery in Motion

Equity Analyst, LightStream Research

Shifara Samsudeen, FCMA, CGMA

Equity Analyst

Long-Short Analysis on Japan, Asia and the World

LightStream Research

LightStream conducts quantitatively rigorous and data-driven analysis with a focus on Japan and Asia.

We consistently cover the Tech, Consumer and Industrial sectors, and provide ECM and Events coverage more broadly.

We supplement traditional qualitative insights from company relationships with a robust quantitative foundation that examines as much historical data as is available.
We further refine the accuracy of our insights and calls through the use of alternative data to flesh out current trends, and through a valuation framework that emphasises non-superficial peer group selection and a proper attempt to understand the metrics and changes that have driven security valuations in the past.

Private Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sift-science-inc" target="_blank" data-smartkarma-citation="entities:35958:1" rel="noopener">Sift Science (0747031D US)</a> uses machine learning to help companies with detecting fraud, fake accounts and money laundering.  </li>
<li>The company’s business is claimed to have tripled since 2018.</li>
<li>The growth of internet crime and increasing account takeover fraud will act as drivers for the company.</li>
</ul>



Sift Science (0747031D US) uses machine learning to help companies with detecting fraud, fake accounts and money laundering.  
The company’s business is claimed to have tripled since 2018.
The growth of internet crime and increasing account takeover fraud will act as drivers for the company.


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>Doordash's multiple has come in from 14x to 4x, it is no longer a good standalone short, but its valuation discrepancy vs. Uber means it is a good paired short.</li>
<li>Solid quarter overall, but commentary about pushing on investments remains openended, and with little quantification of unit economics, Dash remains uninvestable to us.</li>
<li>We still prefer Uber to Dash on valuation and long term profitability.</li>
</ul>


Doordash's multiple has come in from 14x to 4x, it is no longer a good standalone short, but its valuation discrepancy vs. Uber means it is a good paired short.
Solid quarter overall, but commentary about pushing on investments remains openended, and with little quantification of unit economics, Dash remains uninvestable to us.
We still prefer Uber to Dash on valuation and long term profitability.


DoorDash 1Q22 Earnings: Are Delivery Platforms More Profitable than Ride Sharing?

United States

DoorDash, Inc. provides restaurant food delivery services. The Company develops technology to connect customers with merchants through an on-demand food delivery application. DoorDash serves customers in the United States.

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DoorDash (DASH US)

Amplitude: Valuations Look Attractive and Growth Catalysts May Materialize in CY22

Amplitude remains well-positioned as one of the leaders in product analytics with an opportunity to convert more GA enterprise customers to...

Andrei Zakharov

GoTo (GOTO IJ) - Ploughing a Path to Profitability

GoTo's guidance for 2Q2022 is positive and it should be boosted by higher commission rates plus continuing synergies across the group, helping to...

Angus Mackintosh

Grab (GRAB US) - Rolling Recovery in Motion

Grab's most recent results saw a sequential improvement in revenues QoQ with incentives for deliveries coming down. Mobility incentives should come...

Angus Mackintosh

Sift: Machine Learning to Prevent Fraud

Sift uses machine learning to help companies with detecting fraud, fake accounts and money laundering. Its large client base and a global data...

Shifara Samsudeen, FCMA, CGMA

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52-week Range

Market Cap (USDm)

P/E

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Amplitude: Valuations Look Attractive and Growth Catalysts May Materialize in CY22

Amplitude remains well-positioned as one of the leaders in product analytics with an opportunity to convert more GA enterprise customers to...

Andrei Zakharov

GoTo (GOTO IJ) - Ploughing a Path to Profitability

GoTo's guidance for 2Q2022 is positive and it should be boosted by higher commission rates plus continuing synergies across the group, helping to...

Angus Mackintosh

Grab (GRAB US) - Rolling Recovery in Motion

Grab's most recent results saw a sequential improvement in revenues QoQ with incentives for deliveries coming down. Mobility incentives should come...

Angus Mackintosh

Sift: Machine Learning to Prevent Fraud

Sift uses machine learning to help companies with detecting fraud, fake accounts and money laundering. Its large client base and a global data...

Shifara Samsudeen, FCMA, CGMA

DoorDash 1Q22 Earnings: Are Delivery Platforms More Profitable than Ride Sharing?

Doordash’s valuation has come in significantly from 14x Fwd P/S to 4x , but Uber at 2x istoo cheap compared to Dash, give better LT profitability...

Aaron Gabin