In today’s briefing:
- Alibaba (BABA): 3Q22, Transforming Missions Going Under Slow Quarter
- Byju’s Tearsheet – India’s Largest Edtech Company
- Playtech (PTEC LN): A Nuanced Flutter
- NetEase (NTES): 4Q21, Better than Expectation
- LG Energy Solution: End of the One Month Lock Up Period & More Selling Likely Ahead
- Intel Analyst Day: Still a Top (Funding) Short
- YC-Backed Fazz Financial Eyes Series C Funding
- Optimising and monetising user funnel to drive customer lifetime value
Alibaba (BABA): 3Q22, Transforming Missions Going Under Slow Quarter
- BABA’s app, SDTao, has been taking active users from Pinduoduo.
- We believe BABA’s physical store chain, Freshippo, will go public.
- We believe BABA will stop investing in unprofitable Ele.me as it underperforms Meituan.
Byju’s Tearsheet – India’s Largest Edtech Company
- Byju’s (Byju) is the largest edtech company in India. It offers online and offline courses.
- As per media reports, its latest funding round on Nov 21 was done at a valuation of US$21bn.
- Byju is rumored to be in talks with Churchill Capital VII SPAC to go public in the US.
Playtech (PTEC LN): A Nuanced Flutter
- On the 2 February, Playtech Plc (PTEC LN)‘s shareholders voted down Aristocrat Leisure (ALL AU)‘s £2.1 billion Offer.
- The Offer failed after Playtech was unable to engage with a block of Asia-based investors who owned ~28% of the company.
- As a developer of online casino games, Playtech is an obvious target. Reportedly its second-largest investor and two Playtech CEOs – former and current – are piecing together a deal.
NetEase (NTES): 4Q21, Better than Expectation
- Revenue grew strongly due to the new game, Harry Potter.
- We believe NTES has confidence in the growth of cloud music.
- We believe the stock has an upside of 32% for the year end 2022.
LG Energy Solution: End of the One Month Lock Up Period & More Selling Likely Ahead
- In this insight, we discuss the end of the one month lock up period and more block selling ahead by major investors for LG Energy Solution in the weeks ahead.
- There are 1.75 million shares under the one month lock-up period, representing 0.7% of outstanding shares.
- At current price of 416,500 won, we believe there is an additional 11% downside risk to LG Energy Solution shares over the next 3-6 months (using the base case valuation).
Intel Analyst Day: Still a Top (Funding) Short
- Intel’s Analyst Day last week set forth unhittable revenue growth targets
- Capex and Gross Margin guidance make no sense…Intel should’ve reset gross margin expectations…why it is still a good short.
- Neutral (meaning 0) FCF through 2025 is a BS…if Western governments don’t cover capex, FCF will be negative, potentially hitting the dividend since buybacks are eliminated for the near future.
YC-Backed Fazz Financial Eyes Series C Funding
- Fazz Financial Group is looking to raise a series C funding round this year, and it has already drawn the interest of several “top-tier US tech investors.”
- The Southeast Asian fintech firm also said that its monthly revenue jumped 2x to US$2.6 million in December 2021
- Its monthly transactions also hit over US$800 million, a threefold increase from the same period the previous year.
Optimising and monetising user funnel to drive customer lifetime value
- One 97 Communications’ (OCL or Paytm used interchangeably in the report) two-sided digital ecosystem of 64.4mn average monthly transacting users (MTUs) (as at Dec’21) from >350mn consumer base and over 24.9mn merchants is core to its unit economics.
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