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)

<h2>AI is the next big computing wave. </h2>After transitioning from mainframes to PCs to servers to Cloud-based data centres, computing is about to make another transition: Artificial intelligence (AI) is the next computing wave. As demand for chips from the PC and smartphone industry subsides, demand for high-end processors to power AI-based platforms such as voice interfaces, robots, augmented reality, driverless cars, smart homes and advanced cybersecurity systems will rise. This new semiconductor industry is led by Microsoft, Google, Apple and Huawei. They increasingly tell their merchant suppliers what chips to make or do it better themselves, building custom, algorithmic chips and creating their own AI supercomputers in the Cloud.And Intel has got the message.So how should investors respond?

AI is the next big computing wave. After transitioning from mainframes to PCs to servers to Cloud-based data centres, computing is about to make another transition: Artificial intelligence (AI) is the next computing wave. As demand for chips from the PC and smartphone industry subsides, demand for high-end processors to power AI-based platforms such as voice interfaces, robots, augmented reality, driverless cars, smart homes and advanced cybersecurity systems will rise. This new semiconductor industry is led by Microsoft, Google, Apple and Huawei. They increasingly tell their merchant suppliers what chips to make or do it better themselves, building custom, algorithmic chips and creating their own AI supercomputers in the Cloud.And Intel has got the message.So how should investors respond?

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

A couple of years ago, <a href="https://www.smartkarma.com/entities/7245" target="_blank" data-smartkarma-citation="entities:7245:1">Nidec (6594 JP)</a> unveiled a small elongated haptic device, perfect for fitting into smartphones, and <a href="https://www.smartkarma.com/entities/666" target="_blank" data-smartkarma-citation="entities:666:1">Apple (AAPL US)</a> fell in love with it. At the time, the company was trialing its new touch technology where changes in pressure from the finger onto the device would activate the menu system. Makers of VCM systems like Hong Kong's <a href="https://www.smartkarma.com/entities/6544" target="_blank" data-smartkarma-citation="entities:6544:1">AAC Technologies (2018 HK)</a> and Japan's <a href="https://www.smartkarma.com/entities/12001" target="_blank" data-smartkarma-citation="entities:12001:1">Alps Electric (6770 JP)</a> had such haptic devices but they proved difficult to manufacture in the quantities…

A couple of years ago, Nidec (6594 JP) unveiled a small elongated haptic device, perfect for fitting into smartphones, and Apple (AAPL US) fell in love with it. At the time, the company was trialing its new touch technology where changes in pressure from the finger onto the device would activate the menu system. Makers of VCM systems like Hong Kong's AAC Technologies (2018 HK) and Japan's Alps Electric (6770 JP) had such haptic devices but they proved difficult to manufacture in the quantities…

The long-awaited launch of the The long-awaited launch of the <a href="https://www.smartkarma.com/entities/72" target="_blank" data-smartkarma-citation="entities:72:1">Nissan (7201 JP)</a>Leaf took place on Sept 6th, seven years after the first generation was introduced: On the outside, the Leaf now looks more like a regular, but sleeker hatchback. The most interesting additions are autonomous driving features and connectivity: The Leaf comes with parking assistance, single-lane highway driving, single pedal driving, and vehicle-to-infrastructure technologies. Nissan stressed that this new model is more…

The long-awaited launch of the The long-awaited launch of the Nissan (7201 JP)Leaf took place on Sept 6th, seven years after the first generation was introduced: On the outside, the Leaf now looks more like a regular, but sleeker hatchback. The most interesting additions are autonomous driving features and connectivity: The Leaf comes with parking assistance, single-lane highway driving, single pedal driving, and vehicle-to-infrastructure technologies. Nissan stressed that this new model is more…

Nissan (7201) - Unveils New "Leaf" As EV Theme Gets Motoring

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

The last few days have seen a flurry of possible deals for <a href="https://www.smartkarma.com/entities/637" target="_blank" data-smartkarma-citation="entities:637:1">Toshiba Corp (6502 JP)</a>'s Toshiba Memory Corp unit proposed and re-proposed. Two weeks ago it looked like the renewed deal from <a href="https://www.smartkarma.com/entities/1094" target="_blank" data-smartkarma-citation="entities:1094:1">Western Digital Corp (WDC US)</a> discussed in <a href="https://www.smartkarma.com/insights/toshiba-tilting-to-wdc-third-anvil-drifting-away-but-lng" target="_blank" data-smartkarma-citation="insights:13085">Toshiba Tilting To WDC - Third Anvil Drifting Away? But LNG...</a> was the new "Preferred Bidder" and could get Toshiba over the line. A few days after that <a href="https://www.smartkarma.com/profiles/640" target="_blank" data-smartkarma-citation="accounts:640">Andrew Lu</a> pointed out that the Korean media had effectively all but given up on the Bain-<a href="https://www.smartkarma.com/entities/16955" target="_blank" data-smartkarma-citation="entities:16955:1">SK Hynix Inc (000660 KS)</a>…

The last few days have seen a flurry of possible deals for Toshiba Corp (6502 JP)'s Toshiba Memory Corp unit proposed and re-proposed. Two weeks ago it looked like the renewed deal from Western Digital Corp (WDC US) discussed in Toshiba Tilting To WDC - Third Anvil Drifting Away? But LNG... was the new "Preferred Bidder" and could get Toshiba over the line. A few days after that Andrew Lu pointed out that the Korean media had effectively all but given up on the Bain-SK Hynix Inc (000660 KS)…

Toshiba Memory Deal Map - Deal on the 13th?

Global Asset Allocation, Politics & Governance, Ecstrat

John-Paul Smith

Global Asset Allocation, Politics & Governance

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.

Cross Asset Strategy

<h2>Market Commentary</h2>The Taiwanese market has continued to perform strongly, led by shares in the technology companies which are integrated into the iPhone manufacturing chain, although the momentum has slowed a liitle over the past two months in line with NASDAQ. As a consequence, the most widely followed market cap weighted index is continuing to outperform our equally weighted index of Taiwanese shares. Unlike Q1 when the Taiwanese dollar recorded its biggest ever gains, dollar based returns are…

Market CommentaryThe Taiwanese market has continued to perform strongly, led by shares in the technology companies which are integrated into the iPhone manufacturing chain, although the momentum has slowed a liitle over the past two months in line with NASDAQ. As a consequence, the most widely followed market cap weighted index is continuing to outperform our equally weighted index of Taiwanese shares. Unlike Q1 when the Taiwanese dollar recorded its biggest ever gains, dollar based returns are…

Taiwan (Overweight): Strong Performance Running Out of Steam? (Part 5 of 6)

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)

Semiconductors in the Age of AI

AI is the next big computing wave. After transitioning from mainframes to PCs to servers to Cloud-based data centres, computing is about to make...

CM Research

WDC Gets Apple in a Huff

A couple of years ago, Nidec (6594 JP) unveiled a small elongated haptic device, perfect for fitting into smartphones, and Apple (AAPL US) fell in...

Pelham Smithers Associates

Nissan (7201) - Unveils New "Leaf" As EV Theme Gets Motoring

The long-awaited launch of the The long-awaited launch of the Nissan (7201 JP)Leaf took place on Sept 6th, seven years after the first generation...

Pelham Smithers Associates

Toshiba Memory Deal Map - Deal on the 13th?

The last few days have seen a flurry of possible deals for Toshiba Corp (6502 JP)'s Toshiba Memory Corp unit proposed and re-proposed. Two...

Travis Lundy

Taiwan (Overweight): Strong Performance Running Out of Steam? (Part 5 of 6)

Market CommentaryThe Taiwanese market has continued to perform strongly, led by shares in the technology companies which are integrated into the...

John-Paul Smith

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