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>Intel's Analyst Day last week set forth unhittable revenue growth targets</li>
<li>Capex and Gross Margin guidance make no sense...Intel should've reset gross margin expectations...why it is still a good short.</li>
<li>Neutral (meaning 0) FCF through 2025 is a BS...if Western governments don't cover capex, FCF will be negative, potentially hitting the dividend since buybacks are eliminated for the near future. </li>
</ul>


Intel's Analyst Day last week set forth unhittable revenue growth targets
Capex and Gross Margin guidance make no sense...Intel should've reset gross margin expectations...why it is still a good short.
Neutral (meaning 0) FCF through 2025 is a BS...if Western governments don't cover capex, FCF will be negative, potentially hitting the dividend since buybacks are eliminated for the near future. 


Intel Analyst Day: Still a Top (Funding) Short

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.

Equity Capital Markets

International Business Machines / Equity Capital Markets

<ul><li>IBM's ecosystem continues to gain traction and its core Consulting usiness saw double-digit revenue growth once again.</li><li>The company generated $16.7 billion in revenue, a 58% operating gross margin, and $3.35 in operating earnings per share.</li><li>The strength of Red Hat and its automation offerings is reflected in its software revenue growth.</li></ul>

IBM's ecosystem continues to gain traction and its core Consulting usiness saw double-digit revenue growth once again.The company generated $16.7 billion in revenue, a 58% operating gross margin, and $3.35 in operating earnings per share.The strength of Red Hat and its automation offerings is reflected in its software revenue growth.

International Business Machines (IBM) - Investment Thesis

Value Investing

Vladimir Dimitrov, CFA

International Business Machines / Equity Bottom-Up

<ul>
<li>Even though IBM shares ended 2021 in the green, total return was very disappointing on a risk-adjusted basis.</li>
<li>Kyndryl shareholders were severely punished, and prospects for the company remain rather bleak.</li>
<li>2022 will be a critical year for IBM's management to prove that it could turn the business around.</li>
</ul>


Even though IBM shares ended 2021 in the green, total return was very disappointing on a risk-adjusted basis.
Kyndryl shareholders were severely punished, and prospects for the company remain rather bleak.
2022 will be a critical year for IBM's management to prove that it could turn the business around.


Equity Long-Short Analyst

Pyari Menon

Thematic (Sector/Industry)

<ul>
<li>The companies that are best positioned to take advantage of the 5G growth are a mix of equipment vendors, chipset companies, device makers, and enterprise solution providers. </li>
<li>The top ten companies to benefit from 5G rollout based on innovation and citation count are <strong>Samsung Electronics, Qualcomm, LG Electronics, AT&amp;T, Huawei, Intel, Google, Ericsson, Apple,</strong> and <strong>Nokia </strong>
</li>
<li>A stand-out in 5G technology rankings is <a href="https://www.smartkarma.com/entities/lg-electronics-inc" target="_blank" data-smartkarma-citation="entities:8814:1" rel="noopener">LG Electronics (066570 KS)</a> which is punching well above its current market share in the industry. </li>
</ul>


The companies that are best positioned to take advantage of the 5G growth are a mix of equipment vendors, chipset companies, device makers, and enterprise solution providers. 
The top ten companies to benefit from 5G rollout based on innovation and citation count are Samsung Electronics, Qualcomm, LG Electronics, AT&amp;T, Huawei, Intel, Google, Ericsson, Apple, and Nokia 

A stand-out in 5G technology rankings is LG Electronics (066570 KS) which is punching well above its current market share in the industry. 


Stock Ideas from Data Mining Technical Publications: A Look at 5G

<ul><li>The unprecedented amount of liquidity is having profound implications for high growth tech companies.</li><li>Expected topline growth rate has become the number one business valuation driver in the cloud space.</li><li>The hidden risk of rising interest rates and fading momentum trade is often left unaccounted for, which could soon create serious problems.</li></ul>

The unprecedented amount of liquidity is having profound implications for high growth tech companies.Expected topline growth rate has become the number one business valuation driver in the cloud space.The hidden risk of rising interest rates and fading momentum trade is often left unaccounted for, which could soon create serious problems.

The Cloud Space In Numbers: What Matters The Most

United States

International Business Machines Corporation (IBM) provides computer solutions through the use of advanced information technology. The Company's solutions include technologies, systems, products, services, software, and financing. IBM offers its products through its global sales and distribution organization, as well as through a variety of third party distributors and resellers.

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International Business Machines (IBM US)

Intel Analyst Day: Still a Top (Funding) Short

Intel's recent analyst day was confirmatory that it has entered the IBM zone - an inability to reset long term expectations makes it a perma...

Aaron Gabin

International Business Machines (IBM) - Investment Thesis

IBM's ecosystem continues to gain traction and its core Consulting usiness saw double-digit revenue growth once again. The company generated $16.7...

Baptista Research

IBM: A Rising Tide Lifts All Boats

Even though IBM shares ended 2021 in the green, total return was very disappointing on a risk-adjusted basis. Kyndryl shareholders were severely...

Vladimir Dimitrov, CFA

Stock Ideas from Data Mining Technical Publications: A Look at 5G

5G connectivity is expected to spawn new business and services across sectors. We review the technological positioning of companies competing in...

Pyari Menon

The Cloud Space In Numbers: What Matters The Most

The unprecedented amount of liquidity is having profound implications for high growth tech companies. Expected topline growth rate has become the...

Vladimir Dimitrov, CFA

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