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)

<p>Imagine a world where an airplane can detect a fault in one of its engines in mid-flight and radio ahead to order spare parts without any pilot intervention. Or where your fridge can detect you are running out of milk and order it for you while you are asleep. Or where your home thermostat automatically lowers the temperature when you leave the house and raises it the moment you return. Or where a patient can be forewarned of an imminent heart attack by his smartphone without any kind of medical examination by a doctor.</p><p>The “Internet of Things” (IoT) refers to a world where aircraft engines, fridges, thermostats and medical devices are connected to the internet with a view to automating more of our lives, saving energy or making industrial processes run more efficiently.</p><p>We are very early in this technology cycle. As yet, there are no common standards, so it is difficult to predict winners and losers. However, investors need to understand the Internet of Things because it will soon morph into a mega theme. Our analysis offers a framework in which to look at the Internet of Things, summarises the important trends and identifies the key players.</p>

Imagine a world where an airplane can detect a fault in one of its engines in mid-flight and radio ahead to order spare parts without any pilot intervention. Or where your fridge can detect you are running out of milk and order it for you while you are asleep. Or where your home thermostat automatically lowers the temperature when you leave the house and raises it the moment you return. Or where a patient can be forewarned of an imminent heart attack by his smartphone without any kind of medical examination by a doctor.The “Internet of Things” (IoT) refers to a world where aircraft engines, fridges, thermostats and medical devices are connected to the internet with a view to automating more of our lives, saving energy or making industrial processes run more efficiently.We are very early in this technology cycle. As yet, there are no common standards, so it is difficult to predict winners and losers. However, investors need to understand the Internet of Things because it will soon morph into a mega theme. Our analysis offers a framework in which to look at the Internet of Things, summarises the important trends and identifies the key players.

Internet of Things as an Investment Theme

Global Head of Research, Smartkarma

Mark Artherton

Global Head of Research

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.
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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.

Macroeconomics

<p style="text-align: justify;">Ecstrat were amongst the first to highlight the explosive growth of working capital in non-financial companies in China. We monitor over 3,000 listed Chinese corporates and with 20% of those having now reported for 2015 we can start to draw some conclusions.</p><div class="content-highlight"><ul><li><em><strong>The 'cash flow recession' in corporate China continues.</strong></em></li></ul></div><div class="content-highlight"><ul><li><em><strong>Almost all sectors have experienced a rise in receivable days when comparing 2015 to 2014.</strong></em></li></ul></div><div class="content-highlight"><p><em><strong>Almost all sectors have seen an even larger increase in payable days, suggesting that the listed</strong></em>…</p></div>

Ecstrat were amongst the first to highlight the explosive growth of working capital in non-financial companies in China. We monitor over 3,000 listed Chinese corporates and with 20% of those having now reported for 2015 we can start to draw some conclusions.The 'cash flow recession' in corporate China continues.Almost all sectors have experienced a rise in receivable days when comparing 2015 to 2014.Almost all sectors have seen an even larger increase in payable days, suggesting that the listed…

Large Caps Squeezing SMEs in Early Reading of FY2015 Chinese Working Capital

Chart based progressive global trading strategies, Chart Partners

Thomas Schroeder

Chart based progressive global trading strategies

Chart Partners

Chart Partners objective is to discover medium-term cycle turns and profit opportunities before they unfold, within structural trends while preserving capital with clear degrees of risk. We have real return ideas. 

Markets are dynamic and trading systems must reflect this. It is crucial to determine underlying correlations and lead-lag relationships within global markets and the impact on linked instruments. Our weekly Chartonics product gives you short-term trading strategies that can be applied within the medium and longer term macro trends that are mapped out in our strategy updates. 

Our methodology fuses global market variables and isolates drivers in trends. We specialize in FX, index trade in NY and Asia with a focus on Asian stocks. 

Technical Analysis

<p><strong>Chartonics webcast </strong>Wednesday 23 March 2016 </p><div><strong>Risk on to off transition</strong></div><p>To view click on this link: <strong><a href="http://www.screencast.com/t/Y2Eeop9P3Yad" target="_blank">http://www.screencast.com/t/Y2Eeop9P3Yad</a> </strong>5:08 min.</p><div>We thought bundling maturing chart rally patterns would be useful to give you a thematic view of the early warning signs of our risk transition to a more negative cycle starting in April and running into late June.</div><div>Compelling chart patterns are featured in the following:</div><div>
<strong>T Note</strong> bullish wedge (bearish equity correlation).</div><div>
<strong>CNH</strong> bullish wedge favoring a major…</div>

Chartonics webcast Wednesday 23 March 2016 Risk on to off transitionTo view click on this link: http://www.screencast.com/t/Y2Eeop9P3Yad 5:08 min.We thought bundling maturing chart rally patterns would be useful to give you a thematic view of the early warning signs of our risk transition to a more negative cycle starting in April and running into late June.Compelling chart patterns are featured in the following:
T Note bullish wedge (bearish equity correlation).
CNH bullish wedge favoring a major…

Differentiated global TMT & Internet Research

New Street Research Insights

New Street Research

Research is provided by our team of experienced analysts. Our work is idea driven, based on independence of thought, sector expertise, and firmly focused on fundamentals and valuation of telecoms and internet names globally. New Street is headquartered in London with offices in New York, Singapore and Australia. 

New Street Research is an independent, partner-owned, research firm specialising in equity and debt research. Our equity research embraces the following sectors:

Pan European Telecom Services and Cable
US Telecoms, Cable, Satellite and Towers
Global Emerging Market Telecoms
Japan Telecoms
Asian Internet
Pan European Healthcare
US Healthcare
Japanese Healthcare

We also provide debt research on:
Pan European Telecom Services and Cable

Equity Bottom-Up

<p>Continuing a pattern, <a href="https://www.smartkarma.com/entities/26" target="_blank" data-smartkarma-citation="entities:26">Tencent Holdings Ltd</a> (Tencent) again delivered strong numbers. That strength is being seen across its business lines and margins are also rising. Net Income missed expectations on losses from investments / associates and higher taxes but we would stress the positive operating performance in these results.</p><p>Tencent remains New Street Research's top thematic pick in the China internet space. The 4Q15 results show the power of its platform. It dominates mobile engagement through…</p>

Continuing a pattern, Tencent Holdings Ltd (Tencent) again delivered strong numbers. That strength is being seen across its business lines and margins are also rising. Net Income missed expectations on losses from investments / associates and higher taxes but we would stress the positive operating performance in these results.Tencent remains New Street Research's top thematic pick in the China internet space. The 4Q15 results show the power of its platform. It dominates mobile engagement through…

Tencent Retains Financial Leadership in Chinese Internet with Strong 4Q15 Results

Leading Independent Investment Research, Morningstar, Inc.

Morningstar

Leading Independent Investment Research

Morningstar, Inc.

Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. We offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors. 

Morningstar provides data on more than 500,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 16 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries, with more than $180 billion in assets under advisement or management as of June 30, 2015. We have operations in 27 countries.

Download the Morningstar Fact Sheet : http://corporate.morningstar.com/US/documents/MarketingFactSheets/AboutMorningstarFactsheet.pdf

<p class="p1">The Morningstar<span class="s1">® </span>Exponential Technology Index<span class="s2"> </span>is designed to provide exposure to equities identified by Morningstar’s Equity Research team as positioned to experience meaningful economic benefits as a user or producer of promising technologies.</p><p class="p1">The index consists of 200 stocks that are equally weighted. It is reconstituted annually in December. This report was originally published in December following the reconstitution, but is being republished here as a fork of <a href="https://www.smartkarma.com/profiles/346" target="_blank" data-smartkarma-citation="accounts:346">CM Research</a> latest note <a href="https://www.smartkarma.com/insights/big-data-as-an-investment-theme" target="_blank" data-smartkarma-citation="insights:2975">Big Data as an Investment Theme</a>, to highlight ways to get exposure to this and other important themes.</p><p class="p1">In addition to details of the Index constituents, subscribers will find a presentation on the index methodology attached.</p>

The Morningstar® Exponential Technology Index is designed to provide exposure to equities identified by Morningstar’s Equity Research team as positioned to experience meaningful economic benefits as a user or producer of promising technologies.The index consists of 200 stocks that are equally weighted. It is reconstituted annually in December. This report was originally published in December following the reconstitution, but is being republished here as a fork of CM Research latest note Big Data as an Investment Theme, to highlight ways to get exposure to this and other important themes.In addition to details of the Index constituents, subscribers will find a presentation on the index methodology attached.

China

Alibaba Group Holding Limited provides online sales services. The Company provides internet infrastructure, electronic commerce, online financial, and internet content services through its subsidiaries. Alibaba Group Holding offers its products and services worldwide.

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Alibaba Group Holding (BABA US)

Internet of Things as an Investment Theme

Imagine a world where an airplane can detect a fault in one of its engines in mid-flight and radio ahead to order spare parts without any pilot...

CM Research

Large Caps Squeezing SMEs in Early Reading of FY2015 Chinese Working Capital

Ecstrat were amongst the first to highlight the explosive growth of working capital in non-financial companies in China. We monitor over 3,000...

Mark Artherton

Risk Transition

Chartonics webcast Wednesday 23 March 2016 Risk on to off transitionTo view click on this link: http://www.screencast.com/t/Y2Eeop9P3Yad 5:08...

Thomas Schroeder

Tencent Retains Financial Leadership in Chinese Internet with Strong 4Q15 Results

Continuing a pattern, Tencent Holdings Ltd (Tencent) again delivered strong numbers. That strength is being seen across its business lines and...

New Street Research

Morningstar Exponential Technology Index

The Morningstar® Exponential Technology Index is designed to provide exposure to equities identified by Morningstar’s Equity Research team as...

Morningstar, Inc.

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