Amareos

Ryan Shea

Thematic (Sector/Industry)

Money has been in existence for many millennia but until very recently it has been limited to one of two forms: commodity-based or fiat. Both monetary systems have benefits, but they also have significant shortcomings, which explains why neither has proved historically robust.With the arrival of cryptocurrencies, notably Bitcoin, this bipolar characterization of money is no longer all-inclusive. Indeed, by combining the pros of both commodity-based and fiat-based monetary systems, Bitcoin represents significant innovation as clearly recognized by the huge interest from commercial and central bankers to exploit the blockchain technology that underpins it.Nevertheless, Bitcoin has also attracted considerable criticism with numerous financial commentators considering it nothing more than a sophisticated Ponzi-scheme created by a person (or persons) unknown but who goes under the pseudonym Satoshi Nakamoto.While such comparisons are invalid Bitcoin does have some drawbacks. By design, it is a decentralized money system meaning its price is purely market-driven; there is no market-maker to smooth out short-term imbalances between demand and supply. This makes it exceptionally volatile and means that it is hostage to the vagaries of crowd sentiment more than other global currency.  As alluded to in the title, crowd sentiment towards Bitcoin has become more positive highlighting continued upside price potential, especially when by our calculations it is also significantly undervalued (our estimation method and result will unquestionably surprise many).

Money has been in existence for many millennia but until very recently it has been limited to one of two forms: commodity-based or fiat. Both monetary systems have benefits, but they also have significant shortcomings, which explains why neither has proved historically robust.With the arrival of cryptocurrencies, notably Bitcoin, this bipolar characterization of money is no longer all-inclusive. Indeed, by combining the pros of both commodity-based and fiat-based monetary systems, Bitcoin represents significant innovation as clearly recognized by the huge interest from commercial and central bankers to exploit the blockchain technology that underpins it.Nevertheless, Bitcoin has also attracted considerable criticism with numerous financial commentators considering it nothing more than a sophisticated Ponzi-scheme created by a person (or persons) unknown but who goes under the pseudonym Satoshi Nakamoto.While such comparisons are invalid Bitcoin does have some drawbacks. By design, it is a decentralized money system meaning its price is purely market-driven; there is no market-maker to smooth out short-term imbalances between demand and supply. This makes it exceptionally volatile and means that it is hostage to the vagaries of crowd sentiment more than other global currency.  As alluded to in the title, crowd sentiment towards Bitcoin has become more positive highlighting continued upside price potential, especially when by our calculations it is also significantly undervalued (our estimation method and result will unquestionably surprise many).

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.

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

<ul><li>Light Fidelity (Li-Fi) is an ultra high-speed wireless communication technology that uses LED lights to access Internet wirelessly at 50 to 100 times faster than the existing Wi-Fi connections.  Li-Fi uses the visible light spectrum to access Internet whereas Wi-Fi uses radio frequencies. Li-Fi uses LED lights and turns them into wireless transmitters. </li><li>Wi-Fi is highly popular globally but it will face increasing spectrum problems in the 2020 to 2025 period. In fact, airwaves for Wi-Fi could start to run out in some countries around the world by early 2020s and the high congestion of Wi-Fi could make the Wi-Fi system quite slow.</li><li>The Apple/Qualcomm/GE consortium is a tough competitor to beat out in the global race for Li-Fi development. But don't count out the smaller startups such as PureLifi and Velmenni. Most likely, when these smaller startups are almost ready for commercial applications of Li-Fi, they will likely be acquired by the bigger players such as Apple or GE. As we approach the 2018-2020 period when it appears that Li-Fi applications could be commercialized, the global LED-related companies including Nichia and Osram could get re-rated by the market. Finally, Samsung Electronics is preparing to fight tooth and nails in the Li-Fi space, having the most number of Li-Fi related patents among the global players. </li></ul>

Light Fidelity (Li-Fi) is an ultra high-speed wireless communication technology that uses LED lights to access Internet wirelessly at 50 to 100 times faster than the existing Wi-Fi connections.  Li-Fi uses the visible light spectrum to access Internet whereas Wi-Fi uses radio frequencies. Li-Fi uses LED lights and turns them into wireless transmitters. Wi-Fi is highly popular globally but it will face increasing spectrum problems in the 2020 to 2025 period. In fact, airwaves for Wi-Fi could start to run out in some countries around the world by early 2020s and the high congestion of Wi-Fi could make the Wi-Fi system quite slow.The Apple/Qualcomm/GE consortium is a tough competitor to beat out in the global race for Li-Fi development. But don't count out the smaller startups such as PureLifi and Velmenni. Most likely, when these smaller startups are almost ready for commercial applications of Li-Fi, they will likely be acquired by the bigger players such as Apple or GE. As we approach the 2018-2020 period when it appears that Li-Fi applications could be commercialized, the global LED-related companies including Nichia and Osram could get re-rated by the market. Finally, Samsung Electronics is preparing to fight tooth and nails in the Li-Fi space, having the most number of Li-Fi related patents among the global players. 

Internet of Things Will Change the World (Part 6) - Korea: The Li-Fi Revolution

The EU decision to order the Irish government to collect EUR13bn in back taxes from Apple has been a hot topic of debate in recent days.With many fed up with what they see as the ability of large supra-national companies to engage in tax regulation arbitrage the ruling has populist support. However, the Irish government is not pleased and finance minister Noonan has announced that he intends to appeal against the ruling even though the revenue it would generate equates to a quarter of annual government spending in Ireland – not an everyday occurrence.For Apple the decision, while significant – EUR 13bn is not pocket change even for a company renowned for its large cash reserves – is hardly a game changer and this is how the crowd appears to be viewing it based on the sentiment data we track. But, for Ireland, the EU’s actions are extremely significant.Saying that the low tax regime is the keystone of Irish macroeconomic policy hardly constitutes hyperbole. It is also a key element of national sovereignty. The Irish have no desire to see the EU encroach further in this area, but for the EU to complete its grand plan of monetary and fiscal union, encroach it must.It is these longer-term political and economic tensions that flow from the EU’s ruling on Apple’s tax bill that makes this such an important event for investors.

The EU decision to order the Irish government to collect EUR13bn in back taxes from Apple has been a hot topic of debate in recent days.With many fed up with what they see as the ability of large supra-national companies to engage in tax regulation arbitrage the ruling has populist support. However, the Irish government is not pleased and finance minister Noonan has announced that he intends to appeal against the ruling even though the revenue it would generate equates to a quarter of annual government spending in Ireland – not an everyday occurrence.For Apple the decision, while significant – EUR 13bn is not pocket change even for a company renowned for its large cash reserves – is hardly a game changer and this is how the crowd appears to be viewing it based on the sentiment data we track. But, for Ireland, the EU’s actions are extremely significant.Saying that the low tax regime is the keystone of Irish macroeconomic policy hardly constitutes hyperbole. It is also a key element of national sovereignty. The Irish have no desire to see the EU encroach further in this area, but for the EU to complete its grand plan of monetary and fiscal union, encroach it must.It is these longer-term political and economic tensions that flow from the EU’s ruling on Apple’s tax bill that makes this such an important event for investors.

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

Equity Bottom-Up

Taiwan Semiconductor (TSMC) / Equity Bottom-Up

<ul><li class="p1">At the Intel Developer Forum in San Francisco, Intel announced a flurry of news with far-reaching implications across the semiconductor landscape.</li><li class="p1">The most important announcement for Intel, in our view, is that the chip leader will be licensing technology from ARM Holdings to offer foundry customers access to ARM physical intellectual property at the 10-nanometer process node.</li><li class="p1">We note that this will allow Intel to compete with Taiwan Semiconductor Manufacturing and Samsung foundries for the business of the likes of Qualcomm and Apple.</li></ul>Analyst: Abhinav Davuluri

At the Intel Developer Forum in San Francisco, Intel announced a flurry of news with far-reaching implications across the semiconductor landscape.The most important announcement for Intel, in our view, is that the chip leader will be licensing technology from ARM Holdings to offer foundry customers access to ARM physical intellectual property at the 10-nanometer process node.We note that this will allow Intel to compete with Taiwan Semiconductor Manufacturing and Samsung foundries for the business of the likes of Qualcomm and Apple.Analyst: Abhinav Davuluri

Intel Announces Foundry Collaboration With ARM at Intel Developer Forum

United Kingdom

IQE plc develops, manufactures, and sells advanced semiconductor materials worldwide. The company operates through Wireless, Photonics, Infrared, and CMOS++ segments. It manufactures compound semiconductor wafers or epiwafers using epitaxy process; and offers various products, including HBTs, pHEMTs, BiFETs/BiHEMTs, HFETs, LMHEMTs, LNHEMTs, and MESFETs for use in wireless devices, such as mobile phones, smartphones, mobile networks, Wi-Fi, smart metering, satellite navigation, and a plethora of connected devices. The company also provides a range of wafers comprising optical fiber communications optical storage solutions consisting of CDs and DVDs; optical networking solutions, including storage area networks; computing solutions, such as optical mouse devices and CD/DVD ROMs; office/professional solutions comprising laser printing/copying; and energy solutions consisting of solar cells for emitters and detectors, infrared, solar, optical interconnects, laser projection, gesture recognition, solid state lighting applications. In addition, it offers IR sensor, thermal imaging, night vision, and thermal photovoltaic products for infrared applications; and concentrated photovoltaic solar cells for utility scale electricity generation, satellite/space power generation, power generation, and power applications. Further, the company produces compound semiconductor on silicon wafers, as well as a range of engineered substrates, including germanium-on-insulator, germanium-on-silicon, and silicon-on-sapphire for next-generation microprocessors, and ultra high speed/density flash memory and MEMs devices. Additionally, it provides gallium nitride, a compound semiconductor, which includes a range of RF, photonic, and electronic properties. The company was founded in 1988 and is headquartered in Cardiff, the United Kingdom.

Kromek Group plc designs, develops, and manufactures x-ray and gamma ray detection and imaging, and radiation detection products for security screening, civil nuclear, and medical imaging markets in the United Kingdom, North America, South America, the Middle East, Asia, Europe, and Australasia. Its nuclear detection products include CPG, a CZT-based room temperature and high-resolution radiation detector; Kromek GR1, a gamma ray spectrometer; GR1-A, a USB-powered gamma spectrometer; SIGMA, a technology platform for scintillator products; TN15, a sensitivity thermal neutron scintillation detector; RENA-Mini, a platform for the development of pixelated detectors; Q4-GR1, a solution for mobile laboratory; RayMon10, a handheld radiation monitor; RadAngel for Schools, a portable gamma-ray spectrometer; QuantAir, a solution for in-field air monitoring; Quant for RayMon10, a quantitative activity analysis tool; and D3S for gamma and neutron detection. The company?s nuclear detection products also comprise MultiSpect Analysis Software; DMatrix, a gamma spectroscopy detector/imager and software; eV3500, a 2D imaging equipment; Sample Inspector, a monitor for detecting the presence of radioactive contaminants; RENA III and DANA II for x-ray and gamma ray spectroscopy; K102 Analyser, a USB-based multichannel analyser for use in nuclear spectroscopy applications; IMELDA for 2D array digital and multispectral imaging; and MARY and XENA for linear array multispectral detection and imaging. In addition, it offers security screening products, such as XRA, a 3D imaging equipment; Identifier to classify the presence of hazardous liquids, aerosols, and gels in containers; and liquid explosive algorithm delivering enhanced recognition. Further, the company provides medical imaging products comprising X-ray bone densitometers and CZT-based reusable medical probes, as well as ASICs. Kromek Group plc was incorporated in 2003 and is headquartered in Sedgefield, the United Kingdom.

Auto Trader Group PLC operates as a digital automotive marketplace. The Company's platform allows its users to buy and sell a range of vehicles, such as cars, trucks and vans.

Halma PLC is a health and safety sensor technology group which manufactures products that detect hazards and also protect assets and people at work in public and commercial buildings. Halma develops technologies and products that are used for analysis in safety, environmental and leisure related markets, including water, to improve personal and public health.

The Sage Group plc is a software publishing company. The Group develops, publishes and distributes accounting and payroll software for personal computer systems. Via its subsidiaries, Sage also maintains a registered user database which provides a market for their related products and services, including computer forms, software support contracts, program upgrades and training.

Computacenter plc provides distributed information technology and related services to corporate and public sector organizations.  The Group's services are divided into three sectors: logistical operations, consolidation and integration, and operational management.  Computacenter has operations in the UK, France, Luxembourg and Belgium.

Renishaw plc designs, develops, manufactures and sells high technology precision measuring and calibration equipment.  The Company's products include advanced metrology and inspection equipment, spectroscopy systems, and computer aided design and manufacturing systems.  Renishaw sells probes and other instruments to a wide range of sectors, internationally.

Softcat PLC provides information technology services. The Company offers commodity sourcing, software licensing, e-procurement, unified communications, and managed services. Softcat serves customers in the United Kingdom.

Spectris plc manufactures, designs and markets products for the electronic control and process instrumentation sectors.  The Company's products include digital indication and control products, industrial computer circuit boards, semiconductor related devices, infrared equipment for temperature measurement, flying controls, gas analysis products, and analytical x-ray systems.

Moneysupermarket.com Group Plc operates finance and travel price comparison websites.

Tokyo Electron Limited manufactures and sells industrial electronics products, such as semiconductor manufacturing machines, computer system, and electronic components.  The Company products are sold in US, Taiwan, and others as well as in Japan.

Applied Materials, Inc. develops, manufactures, markets, and services semiconductor wafer fabrication equipment and related spare parts for the worldwide semiconductor industry.  The Company's customers include semiconductor wafer and integrated circuit manufacturers, flat panel liquid crystal displays, solar photovoltaic cells and modules and other electronic devices manufacturers.

ASE Technology Holding Co., Ltd. offers assembly and testing services. The Company provides outsourced assembly, semiconductor testing, semiconductor packaging, and other related services. ASE Technology Holding operates in Taiwan.

MediaTek Inc. is a fabless semiconductor company for wireless communications and digital multimedia solutions. The company provides SOC system solutions for wireless communications, high-definition TV, optical storage, DVD and Blu-ray products.

QUALCOMM, Inc . manufactures digital wireless communications equipment.  The Company licenses its code division multiple access (CDMA) and orthogonal frequency division multiplexing access intellectual property to other companies, and produces CDMA-based integrated circuits; and produces equipment and software used to track workers and assets; and software for wireless content enablement.

KLA-Tencor Corporation manufactures yield management and process monitoring systems for the semiconductor industry.  The Company's systems are used to analyze product and process quality at critical steps in the manufacture of circuits and provide feedback so that fabrication problems can be identified. KLA-Tencor operates sales, service, and application centers worldwide.

Lam Research Corporation manufactures, markets, and services semiconductor processing equipment used in the making of integrated circuits.  The Company's products are used to deposit special films on a silicon wafer and etch away portions of various films to create a circuit design.  Lam sells its products around the world.

Monolithic Power Systems Inc specializes in high-performance, integrated power solutions. The Company provides small, highly energy efficient, easy-to-use power solutions for systems found in industrial applications, telecom infrastructures, cloud computing, automotive, and consumer applications.

ON Semiconductor Corporation supplies analog, standard logic, and discrete semiconductors for data and power management. The Company's products include integrated circuits, and analog ICs. ON also offers discrete semiconductors in a variety of surface mount and standard packages.

Lasertec Corporation develops, designs, manufactures and markets photomask inspection systems to make semiconductor devices, confocal scanning laser microscopes and liquid crystal display (LCD) inspection systems.

Arm Holdings US, Inc. operates as a holding company. The Company, through its subsidiaries, designs chips used in a range of electronic products. Arm Holdings serves customers worldwide.

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ARM Holdings (ARM US)

Bitcoin – A Crowd-Pleaser Once Again

Money has been in existence for many millennia but until very recently it has been limited to one of two forms: commodity-based or fiat. Both...

Amareos

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

Internet of Things Will Change the World (Part 6) - Korea: The Li-Fi Revolution

Light Fidelity (Li-Fi) is an ultra high-speed wireless communication technology that uses LED lights to access Internet wirelessly at 50 to 100...

Douglas Kim

# AppleTax

The EU decision to order the Irish government to collect EUR13bn in back taxes from Apple has been a hot topic of debate in recent days.With many...

Amareos

Intel Announces Foundry Collaboration With ARM at Intel Developer Forum

At the Intel Developer Forum in San Francisco, Intel announced a flurry of news with far-reaching implications across the semiconductor...

Morningstar, Inc.

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