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)

<ul><li>TV broadcasters still control 93% of subscriptions and advertising revenues that pass through the TV set. The remaining 7% of revenues relates to video streaming services like Netflix.</li><li>But Internet TV will move faster and be more disruptive than analysts predict.</li><li>The inflection point will be the arrival of a “pure” internet TV in which all TV viewing is accessed by a single operating system, probably remote controlled by a smartphone or tablet.</li><li>Film and TV studios will see content prices bid up as technology companies – like Apple, Netflix and Alibaba – compete to acquire content rights.</li><li>TV broadcasters will report profit warnings as they lose control of payTV subscription revenues and TV advertising revenues.</li></ul>

TV broadcasters still control 93% of subscriptions and advertising revenues that pass through the TV set. The remaining 7% of revenues relates to video streaming services like Netflix.But Internet TV will move faster and be more disruptive than analysts predict.The inflection point will be the arrival of a “pure” internet TV in which all TV viewing is accessed by a single operating system, probably remote controlled by a smartphone or tablet.Film and TV studios will see content prices bid up as technology companies – like Apple, Netflix and Alibaba – compete to acquire content rights.TV broadcasters will report profit warnings as they lose control of payTV subscription revenues and TV advertising revenues.

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Event-Driven

On March 24th after the close of trading, <a href="https://www.smartkarma.com/entities/20829" target="_blank" data-smartkarma-citation="entities:20829">Baoxin Auto Group Ltd</a> ("Baoxin")and <a href="https://www.smartkarma.com/entities/17171" target="_blank" data-smartkarma-citation="entities:17171">China Grand Automotive Services Co Ltd</a> ("CGAS") released a <a href="http://www.hkexnews.hk/listedco/listconews/SEHK/2016/0324/LTN20160324845.pdf" target="_blank">Joint Announcement</a> Update on the Satisfaction of Pre-Conditions from the "Rule 3.5 Announcement of 11 December 2015. The main content of the update is that...<blockquote>
with respect to Pre-Condition (b), the filing notice from the NDRC, the approval from the Shanghai Stock Exchange and the filing notice from Shanghai Municipal Commission of Commerce of the PRC or…
</blockquote>

On March 24th after the close of trading, Baoxin Auto Group Ltd ("Baoxin")and China Grand Automotive Services Co Ltd ("CGAS") released a Joint Announcement Update on the Satisfaction of Pre-Conditions from the "Rule 3.5 Announcement of 11 December 2015. The main content of the update is that...
with respect to Pre-Condition (b), the filing notice from the NDRC, the approval from the Shanghai Stock Exchange and the filing notice from Shanghai Municipal Commission of Commerce of the PRC or…


Baoxin Pre-Conditions Remaining: SAFE, Sales? And Signatures

Last Friday, <a href="https://www.smartkarma.com/entities/20829" target="_blank" data-smartkarma-citation="entities:20829">Baoxin Auto Group Ltd</a> (1293 HK) released a <a href="http://www.hkexnews.hk/listedco/listconews/SEHK/2016/0318/LTN20160318552.pdf" target="_blank">Joint Announcement</a> containing an updated list of Irrevocable Undertakings to ACCEPT the Offer, adding another 98 million shares to the total. Various media sources (some well-known to risk arbitrageurs) had suggested over the past few weeks that the delay in some of the approvals - most notably from the Shanghai Municipal Commission of Commerce and by the banks approved by SAFE for the foreign exchange transaction (to enable <a href="https://www.smartkarma.com/entities/17171" target="_blank" data-smartkarma-citation="entities:17171">China Grand</a>…

Last Friday, Baoxin Auto Group Ltd (1293 HK) released a Joint Announcement containing an updated list of Irrevocable Undertakings to ACCEPT the Offer, adding another 98 million shares to the total. Various media sources (some well-known to risk arbitrageurs) had suggested over the past few weeks that the delay in some of the approvals - most notably from the Shanghai Municipal Commission of Commerce and by the banks approved by SAFE for the foreign exchange transaction (to enable China Grand…

BAOXIN: Further Undertakings -If You Think This Gets Done, It's Too Cheap. Gotta Have It.

Of recent there have been a few tidbits of news, but still no document. A short recap follows.In recent days we have had... an update on pre-conditions, an update on irrevocable acceptances of the Offer by more parties related to the existing owning family and management, which will reduce the fill ratio for minority shareholders, slightly weaker EPS forecasts on average, and a slightly stronger market than earlier this year.A week ago, Baoxin came out with an update on the pre-conditions noting…

Of recent there have been a few tidbits of news, but still no document. A short recap follows.In recent days we have had... an update on pre-conditions, an update on irrevocable acceptances of the Offer by more parties related to the existing owning family and management, which will reduce the fill ratio for minority shareholders, slightly weaker EPS forecasts on average, and a slightly stronger market than earlier this year.A week ago, Baoxin came out with an update on the pre-conditions noting…

Baoxin: CGAS Offer Update, Fair Value, And Arb Grids

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

A Diesel Dilemma. Our Take on Diesel Passenger VehiclesDiesel engine powertrains have come under heightened scrutiny with the revelation of Volkswagen's U.S. emission test cheating.Some pundits have opined an early demise to the technology. However, automakers have invested heavily in diesel capacity, especially in Europe.Analyst: Richard Hilgert

A Diesel Dilemma. Our Take on Diesel Passenger VehiclesDiesel engine powertrains have come under heightened scrutiny with the revelation of Volkswagen's U.S. emission test cheating.Some pundits have opined an early demise to the technology. However, automakers have invested heavily in diesel capacity, especially in Europe.Analyst: Richard Hilgert 

Our Is the Demise of the Diesel Imminent or Exaggerated?

Germany

Bayerische Motoren Werke Aktiengesellschaft (BMW) manufactures and sells cars and motorcycles. The Company offers convertible sports cars, sedans, and touring motorcycles with large displacement engines. BMW serves customers worldwide.

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Bayerische Motoren Werke (BMW) (BMW GR)

Internet TV as an Investment Theme

TV broadcasters still control 93% of subscriptions and advertising revenues that pass through the TV set. The remaining 7% of revenues relates to...

CM Research

Baoxin Pre-Conditions Remaining: SAFE, Sales? And Signatures

On March 24th after the close of trading, Baoxin Auto Group Ltd ("Baoxin")and China Grand Automotive Services Co Ltd ("CGAS") released a Joint...

Travis Lundy

BAOXIN: Further Undertakings -If You Think This Gets Done, It's Too Cheap. Gotta Have It.

Last Friday, Baoxin Auto Group Ltd (1293 HK) released a Joint Announcement containing an updated list of Irrevocable Undertakings to ACCEPT the...

Travis Lundy

Baoxin: CGAS Offer Update, Fair Value, And Arb Grids

Of recent there have been a few tidbits of news, but still no document. A short recap follows.In recent days we have had... an update on...

Travis Lundy

Our Is the Demise of the Diesel Imminent or Exaggerated?

A Diesel Dilemma. Our Take on Diesel Passenger VehiclesDiesel engine powertrains have come under heightened scrutiny with the revelation of...

Morningstar, Inc.

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