Asia and Global Semiconductor and Tech Research

Andrew Lu

Thematic (Sector/Industry)

<h2>Executive summary</h2><ul>
<li>DRAM spot price much stronger than NAND's in 4Q16: After over 10% hike in DRAM/NAND spot/contract price in 3Q16, we see another strong upward spot price trend (over 30% q/q rebound) for DRAM in 4Q16 but a muted NAND spot price. </li>
<li>
After TSMC/Intel guided 1-2% q/q sales decline and AMD guided 18% q/q drop in 4Q16 coupled with likely over 30% q/q iPhone shipment decline in 1Q17, the seasonal softness might mitigate DRAM/NAND spot price rebound starting late 4Q16 and drive a…</li>
</ul>

Executive summary
DRAM spot price much stronger than NAND's in 4Q16: After over 10% hike in DRAM/NAND spot/contract price in 3Q16, we see another strong upward spot price trend (over 30% q/q rebound) for DRAM in 4Q16 but a muted NAND spot price. 

After TSMC/Intel guided 1-2% q/q sales decline and AMD guided 18% q/q drop in 4Q16 coupled with likely over 30% q/q iPhone shipment decline in 1Q17, the seasonal softness might mitigate DRAM/NAND spot price rebound starting late 4Q16 and drive a…


Reasons Why DRAM Price Might Be Better than NAND in 2017

Independent TMT Analyst

Edison Lee, CFA

Equity Bottom-Up

<ul><li>The Google Pixel phones will be available for sale starting from tomorrow US time. Over the past week and a  half, professional reviews have started coming out. We have seen three widely followed, professional reviews that rate Pixel at least as the best Android phone on the market. One of them even rates Pixel as "the best phone on earth" and that author said he would switch out of his iPhone into a Pixel.</li></ul><a href="http://www.recode.net/2016/10/18/13310380/mossberg-google-pixel-phone" target="_blank">Review by Recode</a><a href="https://www.wired.com/2016/10/review-google-pixel/?mbid=nl_101816_p3&amp;CNDID=43720937#slide-7" target="_blank">Review by The Wired</a><a href="http://www.theverge.com/2016/10/18/13304090/google-pixel-phone-review-pixel-xl" target="_blank">Review by The Verge</a><ul><li>Reviews, even though they are…</li></ul>

The Google Pixel phones will be available for sale starting from tomorrow US time. Over the past week and a  half, professional reviews have started coming out. We have seen three widely followed, professional reviews that rate Pixel at least as the best Android phone on the market. One of them even rates Pixel as "the best phone on earth" and that author said he would switch out of his iPhone into a Pixel.Review by RecodeReview by The WiredReview by The VergeReviews, even though they are…

Alphabet's Pixel Phones Received Excellent Reviews. Upside From Hardware Sales Not In The Price.

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%.

In this report, we predict which technology companies will be targeted over the next two years, who is likely to acquire them and why.Some of the investment themes driving these deals include artificial intelligence, the internet of things, MedTech, 3D printing, internet TV, virtual and augmented reality, robotics, cloud computing and the race between the US and China to dominate the next generation of advanced technologies.

In this report, we predict which technology companies will be targeted over the next two years, who is likely to acquire them and why.Some of the investment themes driving these deals include artificial intelligence, the internet of things, MedTech, 3D printing, internet TV, virtual and augmented reality, robotics, cloud computing and the race between the US and China to dominate the next generation of advanced technologies.

Asian Equities Analyst, Logistics & Transport, Tracking Traffic

Daniel Hellberg

Asian Equities Analyst, Logistics & Transport

Earlier this week, leading Chinese online travel agency Tongcheng Network Technology (aka <a href="http://www.ly.com," target="_blank">www.LY.com,</a> private) announced it was merging with Wanda Group's traditional offline travel agency network. Although complete terms of the merger have not been disclosed, according to Chinese media reports the deal values the merged company at US$3 bn and involves Tongcheng management injecting at least 1 bn RMB in cash to remain the new company's largest single shareholder. In terms of scale, Wanda Group's…

Earlier this week, leading Chinese online travel agency Tongcheng Network Technology (aka www.LY.com, private) announced it was merging with Wanda Group's traditional offline travel agency network. Although complete terms of the merger have not been disclosed, according to Chinese media reports the deal values the merged company at US$3 bn and involves Tongcheng management injecting at least 1 bn RMB in cash to remain the new company's largest single shareholder. In terms of scale, Wanda Group's…

Ctrip.com Update: New Competition from Wanda Group, Google; Q3 Sales Estimates Appear Too Optimistic

<ul>
<li>Launched four days ago, the Google Pixel phone has been generally perceived as overpriced and a me-too product. We disagree. The built-in Google Assistant app shows Alphabet's strong AI capabilities. Designed by Google and manufactured by HTC, the Pixel phone provides users with the most advanced Android experience.</li>
<li>Priced at the same level as iPhone 7 and Samsung's Galaxy S7, Alphabet believes Pixel has similar caliber. While some argue Pixel's hardware features do not match those of the iPhone…</li>
</ul>


Launched four days ago, the Google Pixel phone has been generally perceived as overpriced and a me-too product. We disagree. The built-in Google Assistant app shows Alphabet's strong AI capabilities. Designed by Google and manufactured by HTC, the Pixel phone provides users with the most advanced Android experience.
Priced at the same level as iPhone 7 and Samsung's Galaxy S7, Alphabet believes Pixel has similar caliber. While some argue Pixel's hardware features do not match those of the iPhone…


Alphabet: Pixel Phones Being Underestimated In Light of Its Strong AI and Samsung's Problems

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)

Reasons Why DRAM Price Might Be Better than NAND in 2017

Executive summary DRAM spot price much stronger than NAND's in 4Q16: After over 10% hike in DRAM/NAND spot/contract price in 3Q16, we see another...

Andrew Lu

Alphabet's Pixel Phones Received Excellent Reviews. Upside From Hardware Sales Not In The Price.

The Google Pixel phones will be available for sale starting from tomorrow US time. Over the past week and a half, professional reviews have...

Edison Lee, CFA

Tech M&A Targets

In this report, we predict which technology companies will be targeted over the next two years, who is likely to acquire them and why.Some of the...

CM Research

Ctrip.com Update: New Competition from Wanda Group, Google; Q3 Sales Estimates Appear Too Optimistic

Earlier this week, leading Chinese online travel agency Tongcheng Network Technology (aka www.LY.com, private) announced it was merging with Wanda...

Daniel Hellberg

Alphabet: Pixel Phones Being Underestimated In Light of Its Strong AI and Samsung's Problems

Launched four days ago, the Google Pixel phone has been generally perceived as overpriced and a me-too product. We disagree. The built-in Google...

Edison Lee, CFA

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