Aaron Gabin

TMT & Consumer Independent Equity Research Analyst

Obex Capital Research

Equity Bottom-Up

<ul>
<li>How long until SNAP gets back to Zuck's original $3B buyout offer?!</li>
<li>Key negative point: US engagement dropped 5% despite user growth +4%...we think its BeReal as much as TikTok.</li>
<li>Uninvestable or Long Time Horizon? Least visibility of any major public company we've ever followed. Don't know the answer!</li>
</ul>

Baptista Research

Independent research on the U.S. markets

Equity Capital Markets

<ul><li>Snap has undergone a massive correction off-late and there is not much in the form of recovery especially in the recent financial results.</li><li>Snap failed to meet revenue expectations as well as earnings expectations of Wall Street analysts.</li><li>Snap 3D Asset Manager has also been introduced which facilitates the process of AR Lens creation and manages the 3D product catalog of the businesses.</li></ul>

<ul>
<li>Snap had yet another earnings related meltdown as management has lost all credibility in forecasting its business. </li>
<li>Because co-founders Spiegel and Murphy have 99.5% voting shares, there is not an opportunity for an activist to fix the situation like Pinterest and Twitter.</li>
<li>The issues plaguing Snap are likely not hurting META as much given a broader ad base, better ROI on its ads, and a mgmt team that has already guided down.</li>
</ul>

<ul>
<li>This is our first report on social media giant, Snap.</li>
<li>Its user base increased by 18% year over year to 332 million daily active users in the last quarter and its revenue increased by 38% year over year to $1.06 billion.</li>
<li>The management recently launched Snapchat+, a paid version of the widely used social media platform offering exclusive and experimental features.</li>
</ul>

Sumeet Singh

Head of Research, IPOs & Placements

Aequitas Research

IPOs and Placements coverage across Asia Pacific

Event-Driven

<ul>
<li>Multiple new agencies have been reporting that <a href="https://www.smartkarma.com/entities/tencent-holdings-ltd" target="_blank" data-smartkarma-citation="entities:26:1" rel="noopener">Tencent (700 HK)</a> plans to trim its investment portfolio over the remainder of the year. </li>
<li>The reports have been coming in since the second half of the year and the company has been duly denying these rumors.</li>
<li>In this note, we look at Tencent’s shareholding in various companies to try and gauge which ones it could sell out of and how.</li>
</ul>

United States

Snap Inc. provides technology and social media services. The Company develops mobile camera application products and services that allow users to send and receive photos, drawings, text, and videos. Snap serves customers worldwide.

Snap Inc - SNAP US

Description