Asia and Global Semiconductor and Tech Research

Andrew Lu

Thematic (Sector/Industry)

In July 2017, Gartner updated its annual report "Hype Cycle for Emerging Technologies, 2017" and revealed three distinct technology trends- AI Everywhere, Transparently Immersive Experiences, and Digital Platforms. In the chart, we expect "Plateau will be reached in 5-10 years" ones more relevant to our investment society. Among these 5-10 years technologies, we are focusing on the cognitive computing, nanotube electronics, connected home, smart workspace, digital twin, and deep reinforcement learning, and enterprise taxonomy/ontology management. Also, we would recommend investors to follow the industry leaders of these emerging technologies closely.

In July 2017, Gartner updated its annual report "Hype Cycle for Emerging Technologies, 2017" and revealed three distinct technology trends- AI Everywhere, Transparently Immersive Experiences, and Digital Platforms. In the chart, we expect "Plateau will be reached in 5-10 years" ones more relevant to our investment society. Among these 5-10 years technologies, we are focusing on the cognitive computing, nanotube electronics, connected home, smart workspace, digital twin, and deep reinforcement learning, and enterprise taxonomy/ontology management. Also, we would recommend investors to follow the industry leaders of these emerging technologies closely.

Andrew on Tech: Our View on Gartner's Hype Cycle for Emerging Technologies, 2017

Making sense of the Global Market, Euromonitor International Ltd.

Yu Mitsuhashi

Making sense of the Global Market

Euromonitor International Ltd.

We are a global market research company focused on industries, countries, economies and consumers worldwide. Our cross-country comparable research helps your organisation identify opportunities and develop growth strategies in countries and regions across the globe. With offices around the world, 1,200 analysts in 100 countries and market research on every key trend and driver, we give you powerful access to the real story behind consumer change.

<ul class=""><li>Smart wearables registers retail volume growth of 25% to reach 206,000 units in 2017　(This is a fixed figure for 2017 released by us)</li><li>Larger screens, richer features and better integration with smartphones drive demand for smartwatches</li><li>Activity bands grows by 83% in retail volume terms</li><li>The appeal of pure and simple activity bands helps spur its rapid adoption in 2017</li><li>Activity watch (analogue) posts retail volume growth of 175% to reach 29,000 units</li><li>Wearable electronics is expected to register a retail volume CAGR of 25% over the forecast period to reach one million units in 2022</li></ul>

Smart wearables registers retail volume growth of 25% to reach 206,000 units in 2017　(This is a fixed figure for 2017 released by us)Larger screens, richer features and better integration with smartphones drive demand for smartwatchesActivity bands grows by 83% in retail volume termsThe appeal of pure and simple activity bands helps spur its rapid adoption in 2017Activity watch (analogue) posts retail volume growth of 175% to reach 29,000 unitsWearable electronics is expected to register a retail volume CAGR of 25% over the forecast period to reach one million units in 2022

Sector Capsule: Wearable Electronics in Hong Kong, China

Director | Exposing Creative Accounting, Bucephalus Research Partnership

Robert Medd

Director | Exposing Creative Accounting

Exposing Creative Accounting

Bucephalus Research Partnership

Bucephalus Research Partnership Limited. Exposing Creative Accounting.

At the Bucephalus Research Partnership (BRP) we analyse financial statements using our accountant's practical experience and our own quantitative algorithms for corporate governance, accounting risk and peer performance.

Our thematic research refines our unique algorithms while our single stock research focuses on examples where we discover a significant gap between published accounts and business reality.

​Bucephalus Research Partnership:
- Is an independent fee-based research service
- Does not take proprietary positions, long or short
- Does not solicit business or fees from the corporates we review

Forensic Accounting

Their first quarter numbers reaffirm our thesis that they are drowning in debt. They are manipulating working capital, factoring receivables and not paying payables to produce cash. Inventory is rising, not good in a short inventory lifecycle business and debt is rising. We think there is a good chance that the perpetual notes are being bought by connected parties and are effectively support through the back door.There is no good news. We have annotated the results, see the attached note. The…

Their first quarter numbers reaffirm our thesis that they are drowning in debt. They are manipulating working capital, factoring receivables and not paying payables to produce cash. Inventory is rising, not good in a short inventory lifecycle business and debt is rising. We think there is a good chance that the perpetual notes are being bought by connected parties and are effectively support through the back door.There is no good news. We have annotated the results, see the attached note. The…

Lenovo 992 HK, The Water Continues to Rise

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

Equity Bottom-Up

We are getting positive feedback from our sources at <a href="https://www.smartkarma.com/entities/15003" target="_blank" data-smartkarma-citation="entities:15003:1">Square Enix (9684 JP)</a> and <a href="https://www.smartkarma.com/entities/8197" target="_blank" data-smartkarma-citation="entities:8197:1">Cyberagent (4751 JP)</a> on <a href="https://www.smartkarma.com/entities/19603" target="_blank" data-smartkarma-citation="entities:19603:1">Yahoo Japan's (4689 JP)</a> new game platform for HTML5 games. Although YJ was not the first to enter this market and <a href="https://www.smartkarma.com/entities/31" target="_blank" data-smartkarma-citation="entities:31:1">Rakuten (4755 JP)</a> launched a similar platform last year, Rakuten’s RGames focus on casual games and doesn’t utilise cloud infrastructure, while YJ’s Game Plus targets mid- and hardcore gamers, but it also offers cloud infrastructure. This is important as utilising cloud…

We are getting positive feedback from our sources at Square Enix (9684 JP) and Cyberagent (4751 JP) on Yahoo Japan's (4689 JP) new game platform for HTML5 games. Although YJ was not the first to enter this market and Rakuten (4755 JP) launched a similar platform last year, Rakuten’s RGames focus on casual games and doesn’t utilise cloud infrastructure, while YJ’s Game Plus targets mid- and hardcore gamers, but it also offers cloud infrastructure. This is important as utilising cloud…

Yahoo Japan (4689) - Game On for HTML 5 Portal

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%.

Voice is set to become the next big computing platform Many of us will be talking increasingly to machines. Products such as smartphones, in-car infotainment systems, biometric ID systems, home speakers, games consoles, televisions, doors, fridges and industrial machines are already, or will soon become, “conversational”.Speech recognition technology is currently about 90% accurate. In order for voice-activated products to go mainstream, speech recognition needs to reach 99% accuracy. This may take until 2030.But, in the meantime, investors need now to factor voice-driven AI into their thinking and into the way they assess the future prospects of many of their mid-term investments.

Voice is set to become the next big computing platform Many of us will be talking increasingly to machines. Products such as smartphones, in-car infotainment systems, biometric ID systems, home speakers, games consoles, televisions, doors, fridges and industrial machines are already, or will soon become, “conversational”.Speech recognition technology is currently about 90% accurate. In order for voice-activated products to go mainstream, speech recognition needs to reach 99% accuracy. This may take until 2030.But, in the meantime, investors need now to factor voice-driven AI into their thinking and into the way they assess the future prospects of many of their mid-term investments.

United States

Apple Inc. designs, manufactures, and markets smartphones, personal computers, tablets, wearables and accessories, and sells a variety of related accessories. The Company also offers payment, digital content, cloud and advertising services. Apple Inc.'s customers are primarily in consumer, small & mid-sized business, education, enterprise and government markets worldwide.

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Apple (AAPL US)

Andrew on Tech: Our View on Gartner's Hype Cycle for Emerging Technologies, 2017

In July 2017, Gartner updated its annual report "Hype Cycle for Emerging Technologies, 2017" and revealed three distinct technology trends- AI...

Andrew Lu

Sector Capsule: Wearable Electronics in Hong Kong, China

Smart wearables registers retail volume growth of 25% to reach 206,000 units in 2017　(This is a fixed figure for 2017 released by us) Larger...

Euromonitor International Ltd.

Lenovo 992 HK, The Water Continues to Rise

Their first quarter numbers reaffirm our thesis that they are drowning in debt. They are manipulating working capital, factoring receivables and...

Bucephalus Research Partnership

Yahoo Japan (4689) - Game On for HTML 5 Portal

We are getting positive feedback from our sources at Square Enix (9684 JP) and Cyberagent (4751 JP) on Yahoo Japan's (4689 JP) new game platform...

Pelham Smithers Associates

Voice - The Next Big Computing Platform

Voice is set to become the next big computing platformMany of us will be talking increasingly to machines. Products such as smartphones, in-car...

CM Research

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Andrew on Tech: Our View on Gartner's Hype Cycle for Emerging Technologies, 2017

In July 2017, Gartner updated its annual report "Hype Cycle for Emerging Technologies, 2017" and revealed three distinct technology trends- AI...

Andrew Lu

Sector Capsule: Wearable Electronics in Hong Kong, China

Smart wearables registers retail volume growth of 25% to reach 206,000 units in 2017 (This is a fixed figure for 2017 released by us) Larger...

Euromonitor International Ltd.

Lenovo 992 HK, The Water Continues to Rise

Their first quarter numbers reaffirm our thesis that they are drowning in debt. They are manipulating working capital, factoring receivables and...

Bucephalus Research Partnership

Yahoo Japan (4689) - Game On for HTML 5 Portal

We are getting positive feedback from our sources at Square Enix (9684 JP) and Cyberagent (4751 JP) on Yahoo Japan's (4689 JP) new game platform...

Pelham Smithers Associates

Voice - The Next Big Computing Platform

Voice is set to become the next big computing platformMany of us will be talking increasingly to machines. Products such as smartphones, in-car...

CM Research

Smart wearables registers retail volume growth of 25% to reach 206,000 units in 2017　(This is a fixed figure for 2017 released by us) Larger...