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>Tesla is a short. We know. You can't short it. But it is a short.</li>
<li>We continue to look for businesses that overearned and pulled in growth during the pandemic...some more recently identified examples: CHWY, ROKU</li>
<li>Spotify remains one of our top short ideas, bad business model, and now increasing competition from alternative listening services. </li>
</ul>


Tesla is a short. We know. You can't short it. But it is a short.
We continue to look for businesses that overearned and pulled in growth during the pandemic...some more recently identified examples: CHWY, ROKU
Spotify remains one of our top short ideas, bad business model, and now increasing competition from alternative listening services. 


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.

Palantir Technologies  / Equity Bottom-Up

<ul>
<li>Palantir has established itself as a key investor in SPAC deals over the last year, which is a relief for companies that are scrambling to secure enough cash</li>
<li>Palantir has agreed to invest over $400 million into nearly two dozen SPAC deals</li>
<li>Palantir's strategy of buying revenues by investing in SPACs would be unsustainable in the long term, but there is more going on behind the scenes than first meets the eye.</li>
</ul>


Palantir has established itself as a key investor in SPAC deals over the last year, which is a relief for companies that are scrambling to secure enough cash
Palantir has agreed to invest over $400 million into nearly two dozen SPAC deals
Palantir's strategy of buying revenues by investing in SPACs would be unsustainable in the long term, but there is more going on behind the scenes than first meets the eye.


There’s More to Palantir’s SPAC Investments Than Just Revenue

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

SenseTime Group  / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sensetime-group" target="_blank" data-smartkarma-citation="entities:34319:1" rel="noopener">SenseTime Group (1475539D HK)</a>  is looking to raise about US$2bn in its upcoming Hong Kong IPO. </li>
<li>STG was the market leading computer vision software provider in China for various industries in FY2020. But we estimate that the company has been losing market share.</li>
<li>We think that it is the price to pay for STG’s blanket approach to growth; trying its hands in everything and anything.</li>
</ul>



SenseTime Group (1475539D HK)  is looking to raise about US$2bn in its upcoming Hong Kong IPO. 
STG was the market leading computer vision software provider in China for various industries in FY2020. But we estimate that the company has been losing market share.
We think that it is the price to pay for STG’s blanket approach to growth; trying its hands in everything and anything.


SenseTime Group (商汤集团) Pre-IPO - Peer Comparison & Industry - Paying the Price of Diversification

<p>We continue to be baffled by Palantir. Rampant obfuscation in conference call answers, investor presentations, and the 10Q. The company is targeting $400MM in "adjusted free cash flow this year"...we have it about $530MM lower.</p><p>We remain short.</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>

We continue to be baffled by Palantir. Rampant obfuscation in conference call answers, investor presentations, and the 10Q. The company is targeting $400MM in "adjusted free cash flow this year"...we have it about $530MM lower.We remain short.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.

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.

Palantir Technologies  / Equity Capital Markets

<ul><li>Palantir Technologies has been one of the hottest meme stocks which has seen a phenomenal growth trajectory over the past few quarters.</li><li>Its biggest customer is the U.S. government itself who isusing its technology to deal with terrorism, respond to natural disasters, and safeguard the country's borders.</li><li>The management is also expanding its business with private players and has also invested SPACs in order to develop future customers.</li></ul>

Palantir Technologies has been one of the hottest meme stocks which has seen a phenomenal growth trajectory over the past few quarters.Its biggest customer is the U.S. government itself who isusing its technology to deal with terrorism, respond to natural disasters, and safeguard the country's borders.The management is also expanding its business with private players and has also invested SPACs in order to develop future customers.

Palantir Technologies Inc. - Investment Thesis

United States

Palantir Technologies Inc. develops software to analyze information. The Company offers solutions support many kinds of data including structured, unstructured, relational, temporal, and geospatial. Palantir Technologies serves customers worldwide.

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Palantir Technologies (PLTR US)

1H22 Obex Research Short Portfolio

Our top short ideas for 2022: Tesla, Roku, Palantir, Spotify, Doordash, Expensify, AMC, and Teradata. Continue to like pandemic related...

Aaron Gabin

There’s More to Palantir’s SPAC Investments Than Just Revenue

Palantir has established itself as a key investor in SPAC deals over the last year, which is a relief for companies that are scrambling to secure...

subSPAC

SenseTime Group (商汤集团) Pre-IPO - Peer Comparison & Industry - Paying the Price of Diversification

SenseTime Group (1475539D HK) is looking to raise about US$2bn in its upcoming Hong Kong IPO. We estimate that the company has been losing market...

Sumeet Singh

Palantir 3Q21 Earnings: We Buy Growth

We continue to be baffled by Palantir. The company is targeting $400MM in "adjusted free cash flow this year"...we have it about $530MM lower. We...

Aaron Gabin

Palantir Technologies Inc. - Investment Thesis

Palantir Technologies has been one of the hottest meme stocks which has seen a phenomenal growth trajectory over the past few quarters. Its...

Baptista Research

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