Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>SPACs - remember them? US offerings in 2021 topped ~US$150bn, falling to US$13bn in 2022. Singapore joined the bandwagon in January 2022  and Hong Kong two months later.</li>
<li>That Hong Kong stock is <strong><a href="https://www.smartkarma.com/entities/aquila-acquisition-corporation" target="_blank" data-smartkarma-citation="entities:35435:1" rel="noopener">Aquila Acquisition Corporation (7836 HK)</a></strong>, and it recently announced a merger with <strong>ZG Group</strong>, a Chinese steel trading website.</li>
<li>That's positive. Less positive is how de-SPACed shares tend to trade in the US. </li>
</ul>


SPACs - remember them? US offerings in 2021 topped ~US$150bn, falling to US$13bn in 2022. Singapore joined the bandwagon in January 2022  and Hong Kong two months later.
That Hong Kong stock is Aquila Acquisition Corporation (7836 HK), and it recently announced a merger with ZG Group, a Chinese steel trading website.
That's positive. Less positive is how de-SPACed shares tend to trade in the US. 


SPAC Deep Dive, subSPAC

subSPAC

SPAC Deep Dive

Each week we’ll identify and break down for you SPACs that are capturing market share and making an impact.

Equity Bottom-Up

<ul><li>iBuying giant Opendoor has benefited significantly from soaring home prices over the last eighteen months, as revenues have tripled and its asset portfolio has skyrocketed in value.</li><li>However, surging mortgage rates coupled with sky-high prices are leading to a steep decline in sales.</li><li>Potential buyers are now waiting on the sidelines for lower rates/prices, while sellers are now pulling listings until prices start climbing again.</li></ul>

iBuying giant Opendoor has benefited significantly from soaring home prices over the last eighteen months, as revenues have tripled and its asset portfolio has skyrocketed in value.However, surging mortgage rates coupled with sky-high prices are leading to a steep decline in sales.Potential buyers are now waiting on the sidelines for lower rates/prices, while sellers are now pulling listings until prices start climbing again.

US Tech Company Research, MT Capital

MT Capital

US Tech Company Research

I demystify the world's most interesting tech companies, providing in-depth, no-nonsense, un-biased analysis on the most interesting Tech Companies available for investment today. I am a Mechanical Engineer by education, Software Engineer by trade and a self-trained Financial Analyst.

<ul><li>Today I will be completing an in-depth analysis on Opendoor.</li><li>Within, I will break down the company’s backstory in relation to technological innovation as a whole, outline the opportunity they have in front of them and explain the significance of their mission.</li><li>In addition, I will provide an overview of their technological functionality, delve deep into their financials and most recent earnings report, provide some projections for the end of the upcoming quarter, and discuss some positive developments and risk-based factors alike that I’ve considered while analyzing this company.</li></ul>

Today I will be completing an in-depth analysis on Opendoor.Within, I will break down the company’s backstory in relation to technological innovation as a whole, outline the opportunity they have in front of them and explain the significance of their mission.In addition, I will provide an overview of their technological functionality, delve deep into their financials and most recent earnings report, provide some projections for the end of the upcoming quarter, and discuss some positive developments and risk-based factors alike that I’ve considered while analyzing this company.

Equity Capital Markets

Opendoor Technologies / Equity Capital Markets

<ul>
<li>After a Boom that lasted nearly 18-month, SPACs are now finding themselves under fire.</li>
<li>Increasing amounts of Scrutiny from regulators, A Mismatch in Incentives towards Sponsors, and Burnout in new deals by Investors have all contributed to the recent slump.</li>
<li>A majority of the high-growth De-SPACs have already seen a sharp selloff, leading to a drop of between 40-60%.</li>
</ul>


After a Boom that lasted nearly 18-month, SPACs are now finding themselves under fire.
Increasing amounts of Scrutiny from regulators, A Mismatch in Incentives towards Sponsors, and Burnout in new deals by Investors have all contributed to the recent slump.
A majority of the high-growth De-SPACs have already seen a sharp selloff, leading to a drop of between 40-60%.


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>Today we want to address Zillow’s decision to exit iBuying and whether or not the 25% share price drop gets us interested in owning Zillow. We will do a followup note later in the week about the overall prospects for iBuying and if we would be buyers of Opendoor or Offerpad. Spoiler alert: We’d buy Opendoor.</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>

Today we want to address Zillow’s decision to exit iBuying and whether or not the 25% share price drop gets us interested in owning Zillow. We will do a followup note later in the week about the overall prospects for iBuying and if we would be buyers of Opendoor or Offerpad. Spoiler alert: We’d buy Opendoor.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.

Zillow: What Data Driven Competitive Advantage?

United States

Opendoor Technologies Inc. provides digital platform for residential real estates. The Company develops service model for real estate buying and selling on a mobile device. Opendoor Technologies serves customers in the United States.

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Opendoor Technologies (OPEN US)

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Today I will be completing an in-depth analysis on Opendoor. Within, I will break down the company’s backstory in relation to technological...

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We are puzzled by Zillow's sudden exit from iBuying given its supposed data driven competitive advantages. While the remaining IMT biz is...

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