Quality-first, Business-perspective, Long-term, Urbem (HK) Limited

Urbem Capital

Quality-first, Business-perspective, Long-term

Quality-first, Business-perspective Strategy

Urbem (HK) Limited

Equity Bottom-Up

<ul>
<li>Since our July 2021 Top Pick, Kaspi.kz more than tripled net income in US dollars and deepened engagement, confirming our view of the franchise.</li>
<li>Shareholders earned only about 1% a year because the multiple fell from 34x to 7.4x, a valuation risk our 2021 piece never quantified.</li>
<li>At today’s price, our base case returns about 16% a year in dollars, our tenge-risk hurdle; if Türkiye works, rates fall and the tenge holds, returns could exceed 30%.</li>
</ul>


Since our July 2021 Top Pick, Kaspi.kz more than tripled net income in US dollars and deepened engagement, confirming our view of the franchise.
Shareholders earned only about 1% a year because the multiple fell from 34x to 7.4x, a valuation risk our 2021 piece never quantified.
At today’s price, our base case returns about 16% a year in dollars, our tenge-risk hurdle; if Türkiye works, rates fall and the tenge holds, returns could exceed 30%.


Kaspi.kz Five Years On: We Overpaid in 2021; at 7.4x, the Price Now Works

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>Meta Platforms may be preparing to turn one of corporate America’s largest spending programs into an entirely new source of revenue.</li><li>The company is reportedly considering renting artificial intelligence computing capacity to Anthropic in an agreement that could be worth as much as $10 billion over two years.</li><li>Such a transaction would mark a significant departure for Meta, which has historically built data centers to support Facebook, Instagram, WhatsApp, advertising systems, and its own AI models rather than external customers.</li></ul>

Meta Platforms may be preparing to turn one of corporate America’s largest spending programs into an entirely new source of revenue.The company is reportedly considering renting artificial intelligence computing capacity to Anthropic in an agreement that could be worth as much as $10 billion over two years.Such a transaction would mark a significant departure for Meta, which has historically built data centers to support Facebook, Instagram, WhatsApp, advertising systems, and its own AI models rather than external customers.

Meta’s $10 Billion AI Side Hustle: Genius Or Red Flag?

<ul><li>Meta Platforms is trying to turn AI-enabled smartglasses from a niche gadget into the next mainstream computing platform.</li><li>Its expanding lineup now includes Ray-Ban lifestyle frames, Oakley sports models and lower-priced alternatives, supported by celebrity partnerships, creator promotions and large-scale distribution.</li><li>The commercial momentum is becoming harder to dismiss: Meta reportedly sold seven million pairs in 2025, while management said the number of people using its AI glasses daily tripled year over year during the first quarter of 2026.</li></ul>

Meta Platforms is trying to turn AI-enabled smartglasses from a niche gadget into the next mainstream computing platform.Its expanding lineup now includes Ray-Ban lifestyle frames, Oakley sports models and lower-priced alternatives, supported by celebrity partnerships, creator promotions and large-scale distribution.The commercial momentum is becoming harder to dismiss: Meta reportedly sold seven million pairs in 2025, while management said the number of people using its AI glasses daily tripled year over year during the first quarter of 2026.

Meta’s Smartglasses Revolution Has A Creepy Privacy Problem!

Research and consultancy, Tabbush Report

Daniel Tabbush

Research and consultancy

Tabbush Report

We provide research and consultancy on Asian banks. Our focus is on what we call “Asian bank research, without the noise.” We are interested in the most critical swing-factors for banks, the NPL and credit cycle, and where we believe there is a gap between perception and reality. We often focus on the less studied components of bank financial statements.  Our research is highly thematic, sometimes examining unlisted banks and companies as a window on mainstream banks. 

Being independent allows us to look at smaller banks, often overlooked by others. Analysis of BIS bank guidelines in the context of Asia, is also a focal point, while we also analyze global banks operating in the region. We use what we believe is the most comprehensive, reliable financials database, SNL Financial. S&P Capital IQ augments our database, with corporate data and CEIC, with economics. 

Asian bank research, without the noise.

Thematic (Sector/Industry)

<ul>
<li>There are significant deposits at banks in the US, near all time high levels, at USD17.9 trillion in the most recent week's data</li>
<li>With lower interest rates, there is less propensity to save in bank deposits, we are seeing this well with Jumbo Time Deposits</li>
<li>Against a volatile stock market it is worth keeping in mind, the incredibly high level of deposits at US banks</li>
</ul>


There are significant deposits at banks in the US, near all time high levels, at USD17.9 trillion in the most recent week's data
With lower interest rates, there is less propensity to save in bank deposits, we are seeing this well with Jumbo Time Deposits
Against a volatile stock market it is worth keeping in mind, the incredibly high level of deposits at US banks


US Stock Market - Deposits of USD17,948billion Sit in US Banks. Potential Flow to Markets.

Semiconductors, Memory and SSDs Specialist, Objective Analysis

Jim Handy

Semiconductors, Memory and SSDs Specialist

Objective Analysis

Objective Analysis offers third-party independent market research and data for the semiconductor industry and investors in the semiconductor industry.

Semiconductors, Memory and SSDs

<ul>
<li>Hyperscaler CapEx could be slowing down, based on 4Q24 spending</li>
<li>Microsoft made a significant cut in Q4, but Amazon, Facebook, and Alibaba all made big increases</li>
<li>Industry CapEx as a percent of revenue has slowed its growth</li>
</ul>


Hyperscaler CapEx could be slowing down, based on 4Q24 spending
Microsoft made a significant cut in Q4, but Amazon, Facebook, and Alibaba all made big increases
Industry CapEx as a percent of revenue has slowed its growth


United States

Meta Platforms Inc. operates as a social technology company. The Company builds applications and technologies that help people connect, find communities, and grow businesses. meta Platform is also involved in advertisements, augmented and virtual reality.

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Meta (META US)

Kaspi.kz Five Years On: We Overpaid in 2021; at 7.4x, the Price Now Works

Earnings more than tripled in dollars after our 2021 Top Pick, yet the stock barely moved. At 7.4x earnings, the next five years can look very...

Urbem Capital

Meta’s $10 Billion AI Side Hustle: Genius Or Red Flag?

Meta Platforms may be preparing to turn one of corporate America’s largest spending programs into an entirely new source of revenue. The company...

Baptista Research

Meta’s Smartglasses Revolution Has A Creepy Privacy Problem!

Meta Platforms is trying to turn AI-enabled smartglasses from a niche gadget into the next mainstream computing platform. Its expanding lineup now...

Baptista Research

US Stock Market - Deposits of USD17,948billion Sit in US Banks. Potential Flow to Markets.

Deposits in US banks are now $18.4trillion. Never has it been higher. In past week these are up $122bn to 3 Sept WoW. The magnitude of this ultra...

Daniel Tabbush

IS AI Spending Poised to Fall?

Hyperscaler CapEx growth may be slowing as Microsoft cuts spending in Q4 while Amazon, Facebook, and Alibaba increase theirs, leading to a...

Jim Handy

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52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Kaspi.kz Five Years On: We Overpaid in 2021; at 7.4x, the Price Now Works

Earnings more than tripled in dollars after our 2021 Top Pick, yet the stock barely moved. At 7.4x earnings, the next five years can look very...

Urbem Capital

Meta’s $10 Billion AI Side Hustle: Genius Or Red Flag?

Meta Platforms may be preparing to turn one of corporate America’s largest spending programs into an entirely new source of revenue. The company...

Baptista Research

Meta’s Smartglasses Revolution Has A Creepy Privacy Problem!

Meta Platforms is trying to turn AI-enabled smartglasses from a niche gadget into the next mainstream computing platform. Its expanding lineup now...

Baptista Research

US Stock Market - Deposits of USD17,948billion Sit in US Banks. Potential Flow to Markets.

Deposits in US banks are now $18.4trillion. Never has it been higher. In past week these are up $122bn to 3 Sept WoW. The magnitude of this ultra...

Daniel Tabbush

IS AI Spending Poised to Fall?

​Hyperscaler CapEx growth may be slowing as Microsoft cuts spending in Q4 while Amazon, Facebook, and Alibaba increase theirs, leading to a...

Jim Handy

Hyperscaler CapEx growth may be slowing as Microsoft cuts spending in Q4 while Amazon, Facebook, and Alibaba increase theirs, leading to a...