Thematic Investing in Tech and Media, CM Research

Cyrus Mewawalla

Thematic Investing in Tech and Media

Thematic TMT investing

CM Research

CM Research is an independent research house based in London, England. We provide global thematic research in the Technology, Media and Telecoms (TMT) sectors. 

Our focus is on disruptive technologies: how will they unfold; which industries will be impacted; and who will be the ultimate winners and losers. 

Our aim is to help investors predict share prices and corporate executives stay one step ahead of the technology trends that are shaping their industry. 

We research technology investment themes in detail and then feed the results into a scorecard system to quantify the impact of several conflicting themes on individual stocks. 

Recent themes covered include internet TV, the Internet of Things, Big Data, Mobile payments, crowdfunding, artificial intelligence, the cloud, software defined networking and Generation Hashtag.

We cover the top 500 global TMT stocks by market capitalisation and several technology start-ups and pre-IPO companies too. 

In 2015, CM Research analysts outperformed the Bloomberg Benchmark Analyst Index - which measures how good analysts are at predicting stock prices - by 7.1%.

Thematic (Sector/Industry)

Genomics as an investment theme<ul><li>Costs of sequencing a human genome have fallen to less than $1,000</li><li>China leads the world in gene sequencing</li><li>The private sector is where the most interesting MedTech companies can be found</li></ul>

Genomics as an investment themeCosts of sequencing a human genome have fallen to less than $1,000China leads the world in gene sequencingThe private sector is where the most interesting MedTech companies can be found

Founder

Kemp Dolliver, CFA

Cherrystone Hill Research

Equity Bottom-Up

This Insight uses the biosimilar market model discussed in <a href="https://www.smartkarma.com/insights/surveying-the-biosimilar-battlefield" target="_blank" data-smartkarma-citation="insights:13280">Surveying The Biosimilar Battlefield</a> to build a long-term revenue forecast for the Celltrion entities <a href="https://www.smartkarma.com/entities/991" target="_blank" data-smartkarma-citation="entities:991:1">Celltrion Inc (068270 KS)</a> , <a href="https://www.smartkarma.com/entities/23641" target="_blank" data-smartkarma-citation="entities:23641:1">Celltrion Healthcare (091990 KS)</a> . We have long held a negative view of the companies' financials (bloated inventory levels; related party sales) despite their strong competitive position. We expect that the maturation of the market in the next 2-3 years will make it harder for management to continue to inflate the companies' financial performance.

This Insight uses the biosimilar market model discussed in Surveying The Biosimilar Battlefield to build a long-term revenue forecast for the Celltrion entities Celltrion Inc (068270 KS) , Celltrion Healthcare (091990 KS) . We have long held a negative view of the companies' financials (bloated inventory levels; related party sales) despite their strong competitive position. We expect that the maturation of the market in the next 2-3 years will make it harder for management to continue to inflate the companies' financial performance.   

Biosimilar Battlefield: Celltrion Forecasts

Japan TMT Analyst

Pelham Smithers

Market Intel on Asian Tech with a Japan focus

Pelham Smithers Associates

Founded in 2009, Pelham Smithers Associates (PSA) provides market intelligence on Asian technology, focusing in particular on Japan. The industries covered by our team of specialists are: consumer electronics, telecomms, pharmaceuticals, internet, electronic parts and materials, automotive technology, retail and capital goods. 

Research is provided by the following:
Pelham Smithers: Macro, consumer electronics, telecoms & pharma
Joel Scheiman: Electronics materials / components
Julie Boote: Autos
Will Nestuk: Capital goods, machinery & transportation equipment parts
Thao Nguyen: eCommerce, internet content, marketing & advertising

For a drug that was targeted to hit US$6~8bil in sales, last year’s US$2.3bil revenue figure for Xtandi was decidedly below par. With the start of 2017 seeing sales decline, this situation was worrying for both <a href="https://www.smartkarma.com/entities/6091" target="_blank" data-smartkarma-citation="entities:6091:1">Astellas Pharma Inc (4503 JP)</a> and its new US partner <a href="https://www.smartkarma.com/entities/1131" target="_blank" data-smartkarma-citation="entities:1131:1">Pfizer (PFE US)</a>, which had only recently spent US$11 billion on buying Medivation, to get access to Xtandi. More recently, Xtandi’s big rival – <a href="https://www.smartkarma.com/entities/1132" target="_blank" data-smartkarma-citation="entities:1132:1">Johnson &amp; Johnson's (JNJ US)</a>Zytiga – had also performed well in data presented at ASCO in…

For a drug that was targeted to hit US$6~8bil in sales, last year’s US$2.3bil revenue figure for Xtandi was decidedly below par. With the start of 2017 seeing sales decline, this situation was worrying for both Astellas Pharma Inc (4503 JP) and its new US partner Pfizer (PFE US), which had only recently spent US$11 billion on buying Medivation, to get access to Xtandi. More recently, Xtandi’s big rival – Johnson &amp; Johnson's (JNJ US)Zytiga – had also performed well in data presented at ASCO in…

Astellas (4503) - PROSPER Data Revives Value Story

News that gilteritinib has received orphan drug status for acute myeloid leukaemia (AML) would be rather more exciting for <a href="https://www.smartkarma.com/entities/6091" target="_blank" data-smartkarma-citation="entities:6091:1">Astellas (4503 JP)</a> but for the fact that AML is the new favourite treatment area for the FDA. In December 2016, Escend received a similar designation for ES-3000, while Boehringer Ingelheim’s volasertib and <a href="https://www.smartkarma.com/entities/16469" target="_blank" data-smartkarma-citation="entities:16469:1">Prescient Therapeutics' (PTX AU)</a> PTX-200 both gained orphan status this May. AML is a ¥100bil/yr market, so it is on the large side for orphan status.AML has proven…

News that gilteritinib has received orphan drug status for acute myeloid leukaemia (AML) would be rather more exciting for Astellas (4503 JP) but for the fact that AML is the new favourite treatment area for the FDA. In December 2016, Escend received a similar designation for ES-3000, while Boehringer Ingelheim’s volasertib and Prescient Therapeutics' (PTX AU) PTX-200 both gained orphan status this May. AML is a ¥100bil/yr market, so it is on the large side for orphan status.AML has proven…

Update on Astellas (4503) As It Gets Orphan Drug Status for Gilteritinib

<a href="https://www.smartkarma.com/entities/1132" target="_blank" data-smartkarma-citation="entities:1132:1">Johnson &amp; Johnson (JNJ US)</a> reported Q2 2017 results today (quotes from earnings call are below). US revenue for REMICADE (reference product for Inflectra/Remsima from <a href="https://www.smartkarma.com/entities/991" target="_blank" data-smartkarma-citation="entities:991:1">Celltrion Inc (068270 KS)</a> and <a href="https://www.smartkarma.com/entities/23641" target="_blank" data-smartkarma-citation="entities:23641:1">Celltrion Healthcare (091990 KS)</a> ) declined by 14% Y/Y, but management noted that the decline was only 5% after adjusting for a positive rebate accrual in last year's quarter. The conversion of some patients to JNJ's STELARA also contributed to REMICADE's decline.  Note that <a href="https://www.smartkarma.com/entities/1131" target="_blank" data-smartkarma-citation="entities:1131:1">Pfizer Inc (PFE US)</a>…

Johnson &amp; Johnson (JNJ US) reported Q2 2017 results today (quotes from earnings call are below). US revenue for REMICADE (reference product for Inflectra/Remsima from Celltrion Inc (068270 KS) and Celltrion Healthcare (091990 KS) ) declined by 14% Y/Y, but management noted that the decline was only 5% after adjusting for a positive rebate accrual in last year's quarter. The conversion of some patients to JNJ's STELARA also contributed to REMICADE's decline.  Note that Pfizer Inc (PFE US)…

JNJ's REMICADE Holds: PFE's Results To Confirm

United States

Johnson & Johnson manufactures health care products and provides related services for the consumer, pharmaceutical, and medical devices and diagnostics markets.  The Company sells products such as skin and hair care products, acetaminophen products, pharmaceuticals, diagnostic equipment, and surgical equipment in countries located around the world.

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Johnson & Johnson (JNJ US)

Genomics as an Investment Theme

Genomics as an investment theme Costs of sequencing a human genome have fallen to less than $1,000 China leads the world in gene sequencing The...

CM Research

Biosimilar Battlefield: Celltrion Forecasts

This Insight uses the biosimilar market model discussed in Surveying The Biosimilar Battlefield to build a long-term revenue forecast for the...

Kemp Dolliver, CFA

Astellas (4503) - PROSPER Data Revives Value Story

For a drug that was targeted to hit US$6~8bil in sales, last year’s US$2.3bil revenue figure for Xtandi was decidedly below par. With the start of...

Pelham Smithers Associates

Update on Astellas (4503) As It Gets Orphan Drug Status for Gilteritinib

News that gilteritinib has received orphan drug status for acute myeloid leukaemia (AML) would be rather more exciting for Astellas (4503 JP) but...

Pelham Smithers Associates

JNJ's REMICADE Holds: PFE's Results To Confirm

Johnson & Johnson (JNJ US) reported Q2 2017 results today (quotes from earnings call are below). US revenue for REMICADE (reference product for...

Kemp Dolliver, CFA

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