Transport Sector, China and Asia-focused Research

Charles De Trenck

Thematic (Sector/Industry)

Last week in my notes I pointed to the investment world being upside down and there being too much risk to be fully invested.Let’s set aside whether Banks, UK Banks or even UBS have gotten oversold and are trading buys post Brexit Vote. For my end, I am not going to trade more than 1-2% of holdings in banks. Just enough to get a feel. Not enough to do any damage. There may be some opportunities. There may be opportunities as well in names competing with WMT and in Telecoms…UK tracking device:…

Last week in my notes I pointed to the investment world being upside down and there being too much risk to be fully invested.Let’s set aside whether Banks, UK Banks or even UBS have gotten oversold and are trading buys post Brexit Vote. For my end, I am not going to trade more than 1-2% of holdings in banks. Just enough to get a feel. Not enough to do any damage. There may be some opportunities. There may be opportunities as well in names competing with WMT and in Telecoms…UK tracking device:…

The Dark Side of Glocalization (Even if Investment Opportunities)

Independent TMT Analyst

Edison Lee, CFA

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/179" target="_blank" data-smartkarma-citation="entities:179">Baidu Inc (ADR)</a>  announced the new leader and other senior members for its Financial Services Group (FSG). FSG is one of Baidu's big "other bets." </li>
<li>Despite these members' impressive background, the lack of critical mass in e-commerce and a large base of registered users on its payment platform continues to put Baidu in a weak position against Ant Financial and <a href="https://www.smartkarma.com/entities/26" target="_blank" data-smartkarma-citation="entities:26">Tencent Holdings Ltd</a> .</li>
<li>Everybody including Baidu wants to take advantage of big data. But big data relies on an extremely large number of…</li>
</ul>



Baidu Inc (ADR)  announced the new leader and other senior members for its Financial Services Group (FSG). FSG is one of Baidu's big "other bets." 
Despite these members' impressive background, the lack of critical mass in e-commerce and a large base of registered users on its payment platform continues to put Baidu in a weak position against Ant Financial and Tencent Holdings Ltd .
Everybody including Baidu wants to take advantage of big data. But big data relies on an extremely large number of…


Baidu - Behind the Curve on E-Commerce, Thus Internet Finance

EM PM, Ecstrat

Emad Mostaque

EM PM

Ecstrat

Ecstrat is a consultancy advising on asset allocation between global equity markets, with a focus on the intersection of governments, geopolitics, governance and markets.
 
Over the past few years and more especially since the Great Financial Crisis (GFC), investors have become more focused on short-term market movements and real-time returns and have consequently neglected the analysis of the underlying structural themes that underpin longer term performance.
​
More specifically we believe that the evolution of governance-based relationships between investors, controlling shareholders, labour and the state is one of the primary determinants of both relative and absolute performance between individual equity markets.
 
We will endeavour to provide investors with some of the context surrounding governance-related issues which encompass many different disciplines including history, economics and political science, as well as the financial metrics which are the most obvious manifestation of the structural characteristics of each market.
 
We will pay particular attention to the shifts and potential inflection points for governance in individual markets as these are often the best lead indicators for both economic and market performance.

Against market expectations the British have voted to exit the European Union, a process that could take a few years. The first order impact is being felt in the Eurozone, but the shockwaves could lead to one more leg down in Emerging Markets and potentially the US this year.

Against market expectations the British have voted to exit the European Union, a process that could take a few years. The first order impact is being felt in the Eurozone, but the shockwaves could lead to one more leg down in Emerging Markets and potentially the US this year.

Information Technology Consultant

Ishita Jain

Euroclear and itBit have announced a partnership to explore the development of a clearing and settlement system for the London unallocated gold market. The two companies are talking to banks and broker dealers to create a blockchain network that clears, tracks and settles trades in close to real time.itBit is a financial services company that offers a blockchain-based clearing and settlement network, called Bankchain. ItBit has opened a new London operation as it turns its focus to trading and…

Euroclear and itBit have announced a partnership to explore the development of a clearing and settlement system for the London unallocated gold market. The two companies are talking to banks and broker dealers to create a blockchain network that clears, tracks and settles trades in close to real time.itBit is a financial services company that offers a blockchain-based clearing and settlement network, called Bankchain. ItBit has opened a new London operation as it turns its focus to trading and…

<ul><li>This is the first of a series of articles examining major China vs US Internet stocks.</li><li>Baidu dominates the Chinese search market; Alphabet dominates the rest of the world. It is wrong to automatically assume Baidu has stronger growth potential.</li><li>China's advertising market size and growth have been inflated by illegitimate and dubious businesses. Baidu's recent problem with healthcare advertising shows the bubble can burst.</li><li>A catch-up in smartphone penetration in emerging markets will drive stronger but lower-risk growth at Alphabet.</li><li>Current stock prices imply Alphabet's equity risk premium is 225 bps higher than that of Baidu. The other way round is more reasonable.</li></ul>

This is the first of a series of articles examining major China vs US Internet stocks.Baidu dominates the Chinese search market; Alphabet dominates the rest of the world. It is wrong to automatically assume Baidu has stronger growth potential.China's advertising market size and growth have been inflated by illegitimate and dubious businesses. Baidu's recent problem with healthcare advertising shows the bubble can burst.A catch-up in smartphone penetration in emerging markets will drive stronger but lower-risk growth at Alphabet.Current stock prices imply Alphabet's equity risk premium is 225 bps higher than that of Baidu. The other way round is more reasonable.

Alphabet Beats Baidu on Risk, Growth Potential and Valuation

United States

Alphabet, Inc. operates as a holding company. The Company, through its subsidiaries, provides web-based search, advertisements, maps, software applications, mobile operating systems, consumer content, enterprise solutions, commerce, and hardware products.

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Alphabet (GOOG US)

The Dark Side of Glocalization (Even if Investment Opportunities)

Last week in my notes I pointed to the investment world being upside down and there being too much risk to be fully invested.Let’s set aside...

Charles De Trenck

Baidu - Behind the Curve on E-Commerce, Thus Internet Finance

Baidu Inc (ADR) announced the new leader and other senior members for its Financial Services Group (FSG). FSG is one of Baidu's big "other...

Edison Lee, CFA

Will Brexit Break EM's Back?

Against market expectations the British have voted to exit the European Union, a process that could take a few years. The first order impact is...

Emad Mostaque

Blockchain and Gold

Euroclear and itBit have announced a partnership to explore the development of a clearing and settlement system for the London unallocated gold...

Ishita Jain

Alphabet Beats Baidu on Risk, Growth Potential and Valuation

This is the first of a series of articles examining major China vs US Internet stocks. Baidu dominates the Chinese search market; Alphabet...

Edison Lee, CFA

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