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Granite Bay Capital

An innovation focussed investment company

Granite Bay Capital is an innovation focussed investment company with a deep focus on the companies at the leading edge of innovation across major themes such as AI, ubiquitous computing, sustainability, automation and longevity.

Thematic (Sector/Industry)

<p>Headline Developments Coinbase (COIN) is under scrutiny from the SEC, receiving a subpoena from the regulator relating to its yield-generating product dubbed Lend (allowing users to earn double-digit yields on deposits of USDC on its platform).  According to a series of tweets from Coinbase CEO and co-founder Brian Armstrong (outlined below), he says that the SEC has refused to meet with the company, that they have complied with all requests and that the company’s door remains open for constructive discussions.</p>

Headline Developments Coinbase (COIN) is under scrutiny from the SEC, receiving a subpoena from the regulator relating to its yield-generating product dubbed Lend (allowing users to earn double-digit yields on deposits of USDC on its platform).  According to a series of tweets from Coinbase CEO and co-founder Brian Armstrong (outlined below), he says that the SEC has refused to meet with the company, that they have complied with all requests and that the company’s door remains open for constructive discussions.

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

Equity Bottom-Up

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<p><a href="https://www.smartkarma.com/entities/media-nusantara-citra-tbk-pt" target="_blank" data-smartkarma-citation="entities:6881:1" rel="noopener">Media Nusantara Citra (MNCN IJ)</a> released a strong set of 1H2021 results with overall revenues up by +23% YoY to IDR4,863,1bn, driven by advertising revenue growth of +27% YoY. Free-to-Air Television advertising revenues grew by +16% YoY to IDR4,595.1bn, whilst digital advertising revenues grew by +117% YoY to IDR889.2bn.</p>
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<p>There was also a strong performance from e-commerce players such as <a href="https://www.smartkarma.com/entities/lazada-group" target="_blank" data-smartkarma-citation="entities:26148:1" rel="noopener">Lazada Group</a>, Shopee (<a href="https://www.smartkarma.com/entities/sea-ltd" target="_blank" data-smartkarma-citation="entities:8509:1" rel="noopener">Sea Ltd (SE US)</a>, <a href="https://www.smartkarma.com/entities/gojek" target="_blank" data-smartkarma-citation="entities:25976:1" rel="noopener">Gojek</a> &amp; <a href="https://www.smartkarma.com/entities/tokopedia-pt" target="_blank" data-smartkarma-citation="entities:24239:1" rel="noopener">Tokopedia</a>, and BliBli.com, which block-booked primetime slots for entertainment variety shows and promotional events. <a href="https://www.smartkarma.com/entities/media-nusantara-citra-tbk-pt" target="_blank" data-smartkarma-citation="entities:6881:1" rel="noopener"></a>Content is King</p>
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<p><a href="https://www.smartkarma.com/entities/media-nusantara-citra-tbk-pt" target="_blank" data-smartkarma-citation="entities:6881:1" rel="noopener">Media Nusantara Citra (MNCN IJ)</a> continues to see strong performance from its prime-time blocking programs, which are predominantly for e-commerce companies but also players such as Telkomsel. </p>
<p><a href="https://www.smartkarma.com/entities/media-nusantara-citra-tbk-pt" target="_blank" data-smartkarma-citation="entities:6881:1" rel="noopener">Media Nusantara Citra (MNCN IJ)</a> continues to see explosive growth from its digital adverting efforts, which saw revenues rise +117% in 1H2021.</p>
<p>Management is also very excited about the prospects for the company's RCTI+ super app, which had 39.8m MAUs at the end of 1H2021 versus 9.5m a year ago, and already hit 50m MAUs in August, with expectations of 60-70m by year-end.</p>
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<p>Management is optimistic that 2H2021 can see even stronger growth and the lack of European Cup costs should see better margins at the same time. <a href="https://www.smartkarma.com/entities/media-nusantara-citra-tbk-pt" target="_blank" data-smartkarma-citation="entities:6881:1" rel="noopener">Media Nusantara Citra (MNCN IJ)</a> looks very attractive from a valuation perspective trading on 5.3x FY21E PER and 4.4x FY22E PER versus a 5-year average of 9.3x forward PER.</p>
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Media Nusantara Citra (MNCN IJ) released a strong set of 1H2021 results with overall revenues up by +23% YoY to IDR4,863,1bn, driven by advertising revenue growth of +27% YoY. Free-to-Air Television advertising revenues grew by +16% YoY to IDR4,595.1bn, whilst digital advertising revenues grew by +117% YoY to IDR889.2bn.

There was also a strong performance from e-commerce players such as Lazada Group, Shopee (Sea Ltd (SE US), Gojek &amp; Tokopedia, and BliBli.com, which block-booked primetime slots for entertainment variety shows and promotional events. Content is King

Media Nusantara Citra (MNCN IJ) continues to see strong performance from its prime-time blocking programs, which are predominantly for e-commerce companies but also players such as Telkomsel. 
Media Nusantara Citra (MNCN IJ) continues to see explosive growth from its digital adverting efforts, which saw revenues rise +117% in 1H2021.
Management is also very excited about the prospects for the company's RCTI+ super app, which had 39.8m MAUs at the end of 1H2021 versus 9.5m a year ago, and already hit 50m MAUs in August, with expectations of 60-70m by year-end.




Management is optimistic that 2H2021 can see even stronger growth and the lack of European Cup costs should see better margins at the same time. Media Nusantara Citra (MNCN IJ) looks very attractive from a valuation perspective trading on 5.3x FY21E PER and 4.4x FY22E PER versus a 5-year average of 9.3x forward PER.










Media Nusantara Citra (MNCN IJ) - Increasingly Digital with Gaming to Boot

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

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Index Rebalance

<p>On Friday post market close, S&amp;P Dow Jones announced the results of the September review for the <a href="https://www.smartkarma.com/entities/s-p-500" target="_blank" data-smartkarma-citation="entities:22886:1" rel="noopener">S&amp;P 500 (SPX INDEX)</a> that will be effective after the close of trading on 17 September.</p><p>There are 3 inclusion -  <a href="https://www.smartkarma.com/entities/match-group-inc" target="_blank" data-smartkarma-citation="entities:25903:1" rel="noopener">Match Group Inc (MTCH US)</a>, <a href="https://www.smartkarma.com/entities/ceridian-hcm-holding-inc" target="_blank" data-smartkarma-citation="entities:27122:1" rel="noopener">Ceridian HCM Holding Inc (CDAY US)</a> and <a href="https://www.smartkarma.com/entities/brown-brown-inc" target="_blank" data-smartkarma-citation="entities:19532:1" rel="noopener">Brown &amp; Brown (BRO US)</a>, while the exclusions are <a href="https://www.smartkarma.com/entities/unum-group" target="_blank" data-smartkarma-citation="entities:2521:1" rel="noopener">Unum Group (UNM US)</a>, <a href="https://www.smartkarma.com/entities/national-oilwell-varco-inc" target="_blank" data-smartkarma-citation="entities:3046:1" rel="noopener">National Oilwell Varco (NOV US)</a> and <a href="https://www.smartkarma.com/entities/perrigo-co-plc" target="_blank" data-smartkarma-citation="entities:869:1" rel="noopener">Perrigo Co Plc (PRGO US)</a>.</p><p>There are inclusions/exclusions to the S&amp;P MidCap 400 and the S&amp;P SmallCap 600 as well.</p><p>The stocks with the largest impact from passive buying are <a href="https://www.smartkarma.com/entities/match-group-inc" target="_blank" data-smartkarma-citation="entities:25903:1" rel="noopener">Match Group Inc (MTCH US)</a>, <a href="https://www.smartkarma.com/entities/tandem-diabetes-care-inc" target="_blank" data-smartkarma-citation="entities:20893:1" rel="noopener">Tandem Diabetes Care (TNDM US)</a>, <a href="https://www.smartkarma.com/entities/brown-brown-inc" target="_blank" data-smartkarma-citation="entities:19532:1" rel="noopener">Brown &amp; Brown (BRO US)</a>, UniqureNV (QURE US) and <a href="https://www.smartkarma.com/entities/ceridian-hcm-holding-inc" target="_blank" data-smartkarma-citation="entities:27122:1" rel="noopener">Ceridian HCM Holding Inc (CDAY US)</a>.</p><p>The stocks with the largest impact from passive selling are <a href="https://www.smartkarma.com/entities/united-insurance-holdings-corp" target="_blank" data-smartkarma-citation="entities:19222:1" rel="noopener">United Insurance Holdings (UIHC US)</a>, <a href="https://www.smartkarma.com/entities/team-inc" target="_blank" data-smartkarma-citation="entities:6811:1" rel="noopener">Team Inc (TISI US)</a>, <a href="https://www.smartkarma.com/entities/unum-group" target="_blank" data-smartkarma-citation="entities:2521:1" rel="noopener">Unum Group (UNM US)</a>, <a href="https://www.smartkarma.com/entities/perrigo-co-plc" target="_blank" data-smartkarma-citation="entities:869:1" rel="noopener">Perrigo Co Plc (PRGO US)</a> and <a href="https://www.smartkarma.com/entities/national-oilwell-varco-inc" target="_blank" data-smartkarma-citation="entities:3046:1" rel="noopener">National Oilwell Varco (NOV US)</a>.</p><p>There are a lot of other stocks that will have a lot to buy/sell from passive funds due to changes in the number of shares and free float and due to funding flows.</p>

On Friday post market close, S&amp;P Dow Jones announced the results of the September review for the S&amp;P 500 (SPX INDEX) that will be effective after the close of trading on 17 September.There are 3 inclusion -  Match Group Inc (MTCH US), Ceridian HCM Holding Inc (CDAY US) and Brown &amp; Brown (BRO US), while the exclusions are Unum Group (UNM US), National Oilwell Varco (NOV US) and Perrigo Co Plc (PRGO US).There are inclusions/exclusions to the S&amp;P MidCap 400 and the S&amp;P SmallCap 600 as well.The stocks with the largest impact from passive buying are Match Group Inc (MTCH US), Tandem Diabetes Care (TNDM US), Brown &amp; Brown (BRO US), UniqureNV (QURE US) and Ceridian HCM Holding Inc (CDAY US).The stocks with the largest impact from passive selling are United Insurance Holdings (UIHC US), Team Inc (TISI US), Unum Group (UNM US), Perrigo Co Plc (PRGO US) and National Oilwell Varco (NOV US).There are a lot of other stocks that will have a lot to buy/sell from passive funds due to changes in the number of shares and free float and due to funding flows.

S&P500 Index Rebalance: Swiping Right on Match

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.

<p>So much attention from Facebook’s call was about Zuckerberg declaring it the “metaverse” company. Roblox seems to be doing just fine, the platform is aging up, monetization continues apace, and our long term thesis is very much intact.</p><p>The company began reporting monthly metrics in the Spring as the COVID comp period began (transparency is good!) which has thrown in a bit showing acceleration MoM vs. (bookings/DAUs/engagement up 10%/8%/16% sequentially) is what will drive the stock near term.</p><div class="content-highlight"><p>Obex’s fundamental research process is focused on secular change in the TMT and Consumer sectors. We seek to differentiate between fundamental business analysis and security analysis. Before deciding if a security’s pricing and positioning merit a long or short position, we analyze the four pillars of business fundamentals (Secular Factors, TAM, Competitive Advantage, Business Model) in order to determine if this is a “good” or “not so good” opportunity.</p></div>

So much attention from Facebook’s call was about Zuckerberg declaring it the “metaverse” company. Roblox seems to be doing just fine, the platform is aging up, monetization continues apace, and our long term thesis is very much intact.The company began reporting monthly metrics in the Spring as the COVID comp period began (transparency is good!) which has thrown in a bit showing acceleration MoM vs. (bookings/DAUs/engagement up 10%/8%/16% sequentially) is what will drive the stock near term.Obex’s fundamental research process is focused on secular change in the TMT and Consumer sectors. We seek to differentiate between fundamental business analysis and security analysis. Before deciding if a security’s pricing and positioning merit a long or short position, we analyze the four pillars of business fundamentals (Secular Factors, TAM, Competitive Advantage, Business Model) in order to determine if this is a “good” or “not so good” opportunity.

Roblox 2Q21: The “Other Metaverse” Company

<p>Headline Developments Every week there’s a new deal (or regulation) in gaming.  The Steam Deck, the Epic vs Apple case, China’s regulatory crackdowns (triggering a Tencent and Netease collapse).  Acquisitions ramp up every week (this week alone saw Roblox buy Discord competitor Guilded and Swedish game Holdco Embracer Group snap up three new developers).</p>

Headline Developments Every week there’s a new deal (or regulation) in gaming.  The Steam Deck, the Epic vs Apple case, China’s regulatory crackdowns (triggering a Tencent and Netease collapse).  Acquisitions ramp up every week (this week alone saw Roblox buy Discord competitor Guilded and Swedish game Holdco Embracer Group snap up three new developers).

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)

Weekly Innovation Review (WIRE) #48

Headline Developments Coinbase (COIN) is under scrutiny from the SEC, receiving a subpoena from the regulator relating to its yield-generating...

Granite Bay Capital

Media Nusantara Citra (MNCN IJ) - Increasingly Digital with Gaming to Boot

MNCN continues to dominate audience share in FTA TV in Indonesia, which is yielding positive advertising returns but it is also growing its digital...

Angus Mackintosh

S&P500 Index Rebalance: Swiping Right on Match

There are 3 changes to the S&P500 that will be implemented at the close on 17 Sep. There are changes to the S&P400 & S&P600 as well. There will be...

Brian Freitas

Roblox 2Q21: The “Other Metaverse” Company

So much attention from Facebook’s call was about Zuckerberg declaring it the “metaverse” company. Roblox's platform is aging up, monetization...

Aaron Gabin

Weekly Innovation Review (WIRE) #45

Headline Developments Every week there’s a new deal (or regulation) in gaming. The Steam Deck, the Epic vs Apple case, China’s regulatory...

Granite Bay Capital

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