Japan Specialist

Mark Chadwick

Equity Bottom-Up

<ul style="list-style-type: disc;" role="list">
<li role="listitem" data-leveltext="" data-font="Symbol" data-listid="1" aria-setsize="-1" data-aria-posinset="1" data-aria-level="1"><p><span xml:lang="EN-US" data-contrast="auto"><a href="https://www.smartkarma.com/entities/chatwork-co-ltd" target="_blank" data-smartkarma-citation="entities:28295:1" rel="noopener">Chatwork Co Ltd (4448 JP)</a>  is Japan’s </span><span xml:lang="EN-US" data-contrast="auto">leading business chat app provider with</span><span xml:lang="EN-US" data-contrast="auto"> a ¥</span><span xml:lang="EN-US" data-contrast="auto">50bn market capitalization. </span><span data-ccp-props='{"201341983":0,"335559739":160,"335559740":259,"335559795":0}'> </span></p></li>
<li role="listitem" data-leveltext="" data-font="Symbol" data-listid="1" aria-setsize="-1" data-aria-posinset="2" data-aria-level="1"><p><span xml:lang="EN-US" data-contrast="auto">With 35% topline growth, the company's future lies in conquering the SME market and then using that as a platform to launch </span><span xml:lang="EN-US" data-contrast="auto">additional</span><span xml:lang="EN-US" data-contrast="auto"> value-added services. </span><span data-ccp-props='{"201341983":0,"335559739":160,"335559740":259,"335559795":0}'> </span></p></li>
<li role="listitem" data-leveltext="" data-font="Symbol" data-listid="1" aria-setsize="-1" data-aria-posinset="3" data-aria-level="1"><p><span xml:lang="EN-US" data-contrast="auto">Chatwork</span><span xml:lang="EN-US" data-contrast="auto"> dominates within the SME chat market and competes head to head with <a href="https://www.smartkarma.com/entities/slack-technologies-inc" target="_blank" data-smartkarma-citation="entities:27904:1" rel="noopener">Slack Technologies Inc (WORK US)</a>  in Japan. </span><span data-ccp-props='{"201341983":0,"335551550":1,"335551620":1,"335559685":420,"335559739":160,"335559740":259,"335559796":0,"335559991":420}'> </span></p></li>
</ul>


Chatwork Co Ltd (4448 JP)  is Japan’s leading business chat app provider with a ¥50bn market capitalization.  
With 35% topline growth, the company's future lies in conquering the SME market and then using that as a platform to launch additional value-added services.  
Chatwork dominates within the SME chat market and competes head to head with Slack Technologies Inc (WORK US)  in Japan.  


Small Cap Growth: Chatwork (4448) – It’s Good to Chat.

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>We have been pitching Coupa as a long since the March bottom, and have been blown away by the surge in its stock and multiple...it went from 15x forward sales to 25x last quarter and stands at 35x forward sales today. <span>A lack of disclosure around Coupa Pay progress and a potentially "conservative" 3Q21 billings guidance says to us its time to move to the sidelines on Coupa and await a better re-entry point</span>. </p><p></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 have been pitching Coupa as a long since the March bottom, and have been blown away by the surge in its stock and multiple...it went from 15x forward sales to 25x last quarter and stands at 35x forward sales today. A lack of disclosure around Coupa Pay progress and a potentially "conservative" 3Q21 billings guidance says to us its time to move to the sidelines on Coupa and await a better re-entry point. 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.

Slack Technologies Inc / Equity Bottom-Up

<p>If all other work from home beneficiaries used by SMBs continue to see explosive growth <a href="https://www.smartkarma.com/entities/zoom-video-communications-inc" target="_blank" data-smartkarma-citation="entities:28029:1" rel="noopener">Zoom Video Communications Inc (ZM US)</a> , <a href="https://www.smartkarma.com/entities/docusign-inc" target="_blank" data-smartkarma-citation="entities:27060:1" rel="noopener">DocuSign Inc (DOCU US)</a> , <a href="https://www.smartkarma.com/entities/crowdstrike-holdings-inc" target="_blank" data-smartkarma-citation="entities:28117:1" rel="noopener">Crowdstrike Holdings Inc (CRWD US)</a> , but you see sharp deceleration, you may have a competition issue.</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>

If all other work from home beneficiaries used by SMBs continue to see explosive growth Zoom Video Communications Inc (ZM US) , DocuSign Inc (DOCU US) , Crowdstrike Holdings Inc (CRWD US) , but you see sharp deceleration, you may have a competition issue.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.

Slack 2Q21 Earnings Recap: Too Much Slack in Billings

<div><p>This week we highlight the coming video game price hike, Slack's new acquisition strategy, Walmart's attempt to counter Amazon Prime, and a quick revisit on the Twitter subscription saga.</p></div><div><div><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></div></div>

This week we highlight the coming video game price hike, Slack's new acquisition strategy, Walmart's attempt to counter Amazon Prime, and a quick revisit on the Twitter subscription 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 7/​10/​​​​​2020

<div><p>This week we highlight Shopify's compelling aggregation strategy, along with some thoughts on Instacart, Walmart, Oracle, and Slack. </p></div><div><div><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></div></div>

This week we highlight Shopify's compelling aggregation strategy, along with some thoughts on Instacart, Walmart, Oracle, and Slack. 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/​​​19/​​​2020

United States

Slack Technologies, Inc. operates as a software company. The Company designs and develops communication platform that provide real-time messaging, archiving, and searching services for teams. Slack Technologies serves clients worldwide.

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Slack Technologies Inc (WORK US)

Small Cap Growth: Chatwork (4448) – It’s Good to Chat.

$4448 is Japan’s leading business chat app provider with a ¥50bn market capitalization. With 35% topline growth, the company's future lies in...

Mark Chadwick

Coupa 2Q21: P/S Multiples Are Coup-Ed Up

We have been pitching Coupa as a long since the March bottom, and have been Obex’s fundamental research process is focused on secular change in...

Aaron Gabin

Slack 2Q21 Earnings Recap: Too Much Slack in Billings

If all other work

Aaron Gabin

TMT Weekly: 3 Things that Stood Out The Week of 7/10/2020

This week we highlight the coming video game price hike, Slack's new acquisition strategy, Walmart's attempt to counter Amazon Prime, and a quick...

Aaron Gabin

TMT Weekly: 3 Things that Stood Out The Week of 6/19/2020

This week we highlight Shopify's compelling aggregation strategy, along with some thoughts on Instacart, Walmart, Oracle, and Slack. Obex’s...

Aaron Gabin

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Small Cap Growth: Chatwork (4448) – It’s Good to Chat.

$4448 is Japan’s leading business chat app provider with a ¥50bn market capitalization. With 35% topline growth, the company's future lies in...

Mark Chadwick

Coupa 2Q21: P/S Multiples Are Coup-Ed Up

We have been pitching Coupa as a long since the March bottom, and have been Obex’s fundamental research process is focused on secular change in...

Aaron Gabin

Slack 2Q21 Earnings Recap: Too Much Slack in Billings

If all other work

Aaron Gabin

TMT Weekly: 3 Things that Stood Out The Week of 7/​10/​​​​​2020

This week we highlight the coming video game price hike, Slack's new acquisition strategy, Walmart's attempt to counter Amazon Prime, and a quick...

Aaron Gabin

TMT Weekly: 3 Things that Stood Out The Week of 6/​​​19/​​​2020

This week we highlight Shopify's compelling aggregation strategy, along with some thoughts on Instacart, Walmart, Oracle, and Slack. Obex’s...

Aaron Gabin

TMT Weekly: 3 Things that Stood Out The Week of 7/10/2020

TMT Weekly: 3 Things that Stood Out The Week of 6/19/2020