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.

Thematic (Sector/Industry)

<p><strong>This week we highlight Snapchat's platform ambitions, the rebound in social media ad dollars, and the conclusion (?) of the Grubhub deal saga.</strong></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>

This week we highlight Snapchat's platform ambitions, the rebound in social media ad dollars, and the conclusion (?) of the Grubhub deal saga.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.

TMT Weekly: 3 Things that Stood Out The Week of 6/​​12/​​2020

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

<p>Developed international equities (MSCI EAFE) have been underperforming relative to global equities (MSCI ACWI). However, within EAFE, SMID-caps tell a different story and are a great source of investment ideas within the EAFE region. In today’s report we use a bottom-up approach to highlight actionable charts, sorted by market cap (all buys at current levels).</p>

Developed international equities (MSCI EAFE) have been underperforming relative to global equities (MSCI ACWI). However, within EAFE, SMID-caps tell a different story and are a great source of investment ideas within the EAFE region. In today’s report we use a bottom-up approach to highlight actionable charts, sorted by market cap (all buys at current levels).

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/swiggy-limited" target="_blank" data-smartkarma-citation="entities:35630:1" rel="noopener">Swiggy (SWIGGY IN)</a> raised around US$1.35bn in its India IPO in Nov 2024. The company now plans to raise another US$1bn worth of fresh funds.</li>
<li>Swiggy is a business to commerce marketplace company offering users a platform for ordering grocery and household items and food delivery, through its on-demand delivery network</li>
<li>In this note, we will talk about the deal dynamics and possible placement.</li>
</ul>



Swiggy (SWIGGY IN) raised around US$1.35bn in its India IPO in Nov 2024. The company now plans to raise another US$1bn worth of fresh funds.
Swiggy is a business to commerce marketplace company offering users a platform for ordering grocery and household items and food delivery, through its on-demand delivery network
In this note, we will talk about the deal dynamics and possible placement.


Swiggy Possible Placement - US$1bn Raising, Will Be Well Flagged, Might Not Be Well Liked

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/swiggy-limited" target="_blank" data-smartkarma-citation="entities:35630:1" rel="noopener">Swiggy (SWIGGY IN)</a> raised around US$1.35bn in its India IPO in Nov 2024. The lockup on its pre-IPO investors is set to expire soon.</li>
<li>Swiggy is a business to commerce marketplace company offering users a platform for ordering grocery and household items and food delivery, through its on-demand delivery network</li>
<li>In this note, we will talk about the lockup dynamics and possible placement.</li>
</ul>



Swiggy (SWIGGY IN) raised around US$1.35bn in its India IPO in Nov 2024. The lockup on its pre-IPO investors is set to expire soon.
Swiggy is a business to commerce marketplace company offering users a platform for ordering grocery and household items and food delivery, through its on-demand delivery network
In this note, we will talk about the lockup dynamics and possible placement.


Swiggy IPO Lockup - US$7.9bn Lockup Release

Equity Bottom-Up

<p>DoorDash’s had a fairly impressive 2Q21 after a solid 1Q21…the company even raised full year guidance by more than then the second quarter beat. However, they are guiding to deceleration in the backhalf of the year as reopenings pick up and normal seasonality sets in…. the question is when does that happen given how much the delta variant is preventing normalization.  We don’t usually short on valuation alone, you need a fundamental competitive flaw. We think DoorDash appears to be well run and is executing, buts its valuation is nonsensical at 12x forward sales vs. a peer group average of 4x. Grubhub and Postmates get acquired at 6x forward sales a year ago. With limited disclosures on international progress or non-food delivery or its Dashpass subscriber base, we don’t understand how investors can underwrite the valuation. We’d pair a Dash short with a Match long for COVID reopening.</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>

DoorDash’s had a fairly impressive 2Q21 after a solid 1Q21…the company even raised full year guidance by more than then the second quarter beat. However, they are guiding to deceleration in the backhalf of the year as reopenings pick up and normal seasonality sets in…. the question is when does that happen given how much the delta variant is preventing normalization.  We don’t usually short on valuation alone, you need a fundamental competitive flaw. We think DoorDash appears to be well run and is executing, buts its valuation is nonsensical at 12x forward sales vs. a peer group average of 4x. Grubhub and Postmates get acquired at 6x forward sales a year ago. With limited disclosures on international progress or non-food delivery or its Dashpass subscriber base, we don’t understand how investors can underwrite the valuation. We’d pair a Dash short with a Match long for COVID reopening.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.  

DoorDash 2Q21 Earnings: Awaiting Deceleration

United Kingdom

Just Eat is an online food order and delivery platform that acts as an intermediary between independent takeaway food outlets and customers. The service enables customers to search for local restaurants, place orders, and pay online for pick-up or delivery. It was founded in 2001 in Kolding, Denmark, and was headquartered in London, United Kingdom, until its acquisition by Takeaway.com in 2020.

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Just Eat (JE/ LN)

TMT Weekly: 3 Things that Stood Out The Week of 6/12/2020

This week we highlight Snapchat's platform ambitions, the rebound in social media ad dollars, and the conclusion (?) of the Grubhub deal...

Aaron Gabin

Focus on Outperforming EAFE SMID-Caps

Developed international equities (MSCI EAFE) have been underperforming relative to global equities (MSCI ACWI). However, within EAFE, SMID-caps...

Vermilion Research

Swiggy Possible Placement - US$1bn Raising, Will Be Well Flagged, Might Not Be Well Liked

Swiggy received its shareholders approval for the fund raising last night. The deal is likely to be launched today or later in the week.

Sumeet Singh

Swiggy IPO Lockup - US$7.9bn Lockup Release

Swiggy (SWIGGY IN) raised around US$1.35bn in its India IPO in Nov 2024. The lockup on its pre-IPO investors is set to expire soon.

Sumeet Singh

DoorDash 2Q21 Earnings: Awaiting Deceleration

DoorDash appears to be well run and is executing, buts its valuation is nonsensical at 12x forward sales vs. a peer group average of 4x. We’d pair...

Aaron Gabin

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

TMT Weekly: 3 Things that Stood Out The Week of 6/​​12/​​2020

This week we highlight Snapchat's platform ambitions, the rebound in social media ad dollars, and the conclusion (?) of the Grubhub deal...

Aaron Gabin

Focus on Outperforming EAFE SMID-Caps

Developed international equities (MSCI EAFE) have been underperforming relative to global equities (MSCI ACWI). However, within EAFE, SMID-caps...

Vermilion Research

Swiggy Possible Placement - US$1bn Raising, Will Be Well Flagged, Might Not Be Well Liked

Swiggy received its shareholders approval for the fund raising last night. The deal is likely to be launched today or later in the week.

Sumeet Singh

Swiggy IPO Lockup - US$7.9bn Lockup Release

Swiggy (SWIGGY IN) raised around US$1.35bn in its India IPO in Nov 2024. The lockup on its pre-IPO investors is set to expire soon.

Sumeet Singh

DoorDash 2Q21 Earnings: Awaiting Deceleration

DoorDash appears to be well run and is executing, buts its valuation is nonsensical at 12x forward sales vs. a peer group average of 4x. We’d pair...

Aaron Gabin

TMT Weekly: 3 Things that Stood Out The Week of 6/12/2020