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)

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.

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

Whilst positive sentiment built up after the company’s impressive AI developers’ conference, we remain cautious on near to mid-term monetization at <a href="https://www.smartkarma.com/entities/179" target="_blank" data-smartkarma-citation="entities:179:1">Baidu (BIDU US)</a> while competition for advertising spend from social media remains a challenge.Baidu beat expectations in its recent 2Q17 results as other service revenue (+126% YoY) exceeded forecasts although ad sales (+6% YoY) disappointed.  3Q revenue guidance was driven by better than expected growth in iQiyi subscription services and lower…

Whilst positive sentiment built up after the company’s impressive AI developers’ conference, we remain cautious on near to mid-term monetization at Baidu (BIDU US) while competition for advertising spend from social media remains a challenge.Baidu beat expectations in its recent 2Q17 results as other service revenue (+126% YoY) exceeded forecasts although ad sales (+6% YoY) disappointed.  3Q revenue guidance was driven by better than expected growth in iQiyi subscription services and lower…

Baidu Beats Expectations in 2Q17 but Too Early to Cheer. We Remain at Neutral.

Asia Ex-J Consumer/ Transport analyst

Valerie Law, CFA

This is the 13th issue of 'The Week that Was in Greater China@Smartkarma' which features a selection of last week's insights on China, Macau, Hong Kong and Taiwan. This is a collaborative report compiled by <a href="https://www.smartkarma.com/profiles/820" target="_blank">Scott Laprise/ 乐天虎</a>, <a href="https://www.smartkarma.com/profiles/803" target="_blank">Valerie Law, CFA</a>, <a href="https://www.smartkarma.com/profiles/9" target="_blank">Ke Yan, CFA, FRM</a>, and <a href="https://www.smartkarma.com/profiles/605" target="_blank">Daniel Hellberg</a> on a rotating basis. Please let us know if you would like to be included in this collaborative effort.

This is the 13th issue of 'The Week that Was in Greater China@Smartkarma' which features a selection of last week's insights on China, Macau, Hong Kong and Taiwan. This is a collaborative report compiled by Scott Laprise/ 乐天虎, Valerie Law, CFA, Ke Yan, CFA, FRM, and Daniel Hellberg on a rotating basis. Please let us know if you would like to be included in this collaborative effort.

The Week that Was in Greater China@SmartKarma: A Himalayan Spat, Bull Vs Bear, & Wanda's Wonderland

Asia and Global Semiconductor and Tech Research

Andrew Lu

<h2>Double digit 2Q17 sales beat but guides 3Q17 below seasonal growth</h2><ul><li>
Double digit 2Q17 sales beat: The leading gaming and AI graphic chip vendor, <a href="https://www.smartkarma.com/entities/5891" target="_blank" data-smartkarma-citation="entities:5891:1">Nvidia Corp (NVDA US)</a> reports 2Q17 EPS of US$0.92, which was US$22 cents or 31% better than Bloomberg consensus estimates mainly due to 14% beat on sales to US$2.23bn (15% q/q and 56% y/y) and 3ppts better on net margin. We attribute 2Q17 sales upside surprise from Pascal-based GeForce gaming (15% q/q, 52% y/y), professional visualization for high-end…</li></ul>

Double digit 2Q17 sales beat but guides 3Q17 below seasonal growth
Double digit 2Q17 sales beat: The leading gaming and AI graphic chip vendor, Nvidia Corp (NVDA US) reports 2Q17 EPS of US$0.92, which was US$22 cents or 31% better than Bloomberg consensus estimates mainly due to 14% beat on sales to US$2.23bn (15% q/q and 56% y/y) and 3ppts better on net margin. We attribute 2Q17 sales upside surprise from Pascal-based GeForce gaming (15% q/q, 52% y/y), professional visualization for high-end…

Nvidia - Most of Good News Priced in if Following the Below Seasonal Sales Guidance?

China, Emerging Markets

Ryan Soh 苏祥发

Baidu's good Q2 results signal a climb towards a 45%+ upside, but risks remain<a href="https://www.smartkarma.com/entities/179" target="_blank" data-smartkarma-citation="entities:179:1">Baidu</a> had a good Q2 - it <a href="http://ir.baidu.com/phoenix.zhtml?c=188488&amp;p=irol-newsArticle&amp;ID=2289721" target="_blank">beat</a> earnings expectations by 56%, and grew revenue, operating income and net income by 14%, 47% and 83%. Consequently, the stock traded up 9.45%, on the last Friday of July this year, comfortably beating whatever benchmarks set before it.The main reason it did well this quarter is because it managed to cut costs, and the market missed this - revenues were <a href="https://markets.ft.com/data/equities/tearsheet/forecasts?s=BIDU:NSQ" target="_blank">broadly in line</a> with analyst…

Baidu's good Q2 results signal a climb towards a 45%+ upside, but risks remainBaidu had a good Q2 - it beat earnings expectations by 56%, and grew revenue, operating income and net income by 14%, 47% and 83%. Consequently, the stock traded up 9.45%, on the last Friday of July this year, comfortably beating whatever benchmarks set before it.The main reason it did well this quarter is because it managed to cut costs, and the market missed this - revenues were broadly in line with analyst…

China

Baidu, Inc. operates an Internet search engine. The Company offers algorithmic search, enterprise search, news, MP3, and image searches, voice assistance, online storage, and navigation services. Baidu serves clients globally.

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Baidu (BIDU US)

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

Baidu Beats Expectations in 2Q17 but Too Early to Cheer. We Remain at Neutral.

Whilst positive sentiment built up after the company’s impressive AI developers’ conference, we remain cautious on near to mid-term monetization at...

New Street Research

The Week that Was in Greater China@SmartKarma: A Himalayan Spat, Bull Vs Bear, & Wanda's Wonderland

This is the 13th issue of 'The Week that Was in Greater China@Smartkarma' which features a selection of last week's insights on China, Macau, Hong...

Valerie Law, CFA

Nvidia - Most of Good News Priced in if Following the Below Seasonal Sales Guidance?

Double digit 2Q17 sales beat but guides 3Q17 below seasonal growth Double digit 2Q17 sales beat: The leading gaming and AI graphic chip...

Andrew Lu

Thinking Through Baidu's Q2

Baidu's good Q2 results signal a climb towards a 45%+ upside, but risks remainBaidu had a good Q2 - it beat earnings expectations by 56%, and grew...

Ryan Soh 苏祥发

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