IPO and L/S equity, 2015 Starmine top stock picker, Global Equity Research Ltd

Rickin Thakrar

14 years of experience in global investment research and trading. In relation to research, we focus on IPO, Event-driven and large-cap non-consensual ideas. In relation to trading, we focus on generating positive index-adjusted returns and have had several top-decile or top-quartile performances over the past three years. In terms of background, I have worked at several sell-side firms (JP, Redburn, Haitong, Mainfirst), won Starmine as top stock picker in European Food Retail in 2015 and have been voted top one to top-five by institutions and hedge funds.

IPO and L/S equity, 2015 Starmine top stock picker

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Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Equity Bottom-Up

<p>After a brutal 2Q18 downgrade, <a href="https://www.smartkarma.com/entities/665" target="_blank" data-smartkarma-citation="entities:665:1">Facebook Inc A (FB US)</a> reported a decent set of 3Q results, with revenues less than 1% below consensus alongside a 20% beat on EPS (driven by a tax beat as well an improvement vs. conservative expenses guidance in 2Q). Moreover, Facebook provided slightly less cautious guidance on its operating expense growth as well as less projected capex. On the negative side, user growth continues to slow and guidance implies further margin contraction into FY19. <strong>Big picture, </strong>Facebook has avoided another FANG disappointment which could have meaningfully weighed on market sentiment, despite a mixed picture with regards to underlying operating trends. More details below.</p>

After a brutal 2Q18 downgrade, Facebook Inc A (FB US) reported a decent set of 3Q results, with revenues less than 1% below consensus alongside a 20% beat on EPS (driven by a tax beat as well an improvement vs. conservative expenses guidance in 2Q). Moreover, Facebook provided slightly less cautious guidance on its operating expense growth as well as less projected capex. On the negative side, user growth continues to slow and guidance implies further margin contraction into FY19. Big picture, Facebook has avoided another FANG disappointment which could have meaningfully weighed on market sentiment, despite a mixed picture with regards to underlying operating trends. More details below.

Facebook 3분기 실적: FANGS는 지금으로서는 안전할까요?

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Facebook 3분기 실적: FANGS는 지금으로서는 안전할까요?