Asia and Global Semiconductor and Tech Research

Andrew Lu

Equity Bottom-Up

<h2>Summary</h2><p><em>Another US$1.23bn fine to European Union antitrust regulator is not a surprise to us and we expect the leftover legal battles between Qualcomm and US FTC and Apple to result in additional fines of US$billions of penalties. These overhangs will not only affect Qualcomm's short-term earnings outlook but also influence Qualcomm's current shareholders' decisions if they should support the existing management to fight against <a href="https://www.smartkarma.com/entities/998" target="_blank" data-smartkarma-citation="entities:998:1">Broadcom Limited (AVGO US)'s</a> hostile takeover. We believe these</em>…</p>

SummaryAnother US$1.23bn fine to European Union antitrust regulator is not a surprise to us and we expect the leftover legal battles between Qualcomm and US FTC and Apple to result in additional fines of US$billions of penalties. These overhangs will not only affect Qualcomm's short-term earnings outlook but also influence Qualcomm's current shareholders' decisions if they should support the existing management to fight against Broadcom Limited (AVGO US)'s hostile takeover. We believe these…

Qualcomm- Another US$1.23bn Fine to Euro; Legal Battles Positive for Broadcom's Hostile Takeover

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

MSCI Emerging Markets Index / Technical Analysis

<p>Big-picture technicals offer a compelling outlook for equities -- in the <em>long-run</em>. Despite arguably stretched trends, especially in the U.S. and EM, one indicator in particular keeps us optimistic: monthly charts.  What is clear right now is: (1) Europe is on the doorstep of breaking above secular resistance; (2) Japan <em>is</em> breaking out above secular resistance; (3) and EM already has. Speaking of EM, we view this as the place to be, or overweight, in 2018. The EM/EAFE’s 20-year chart (below) reveals an in-progress trend reversal (which developed at a secular trendline) in favor of EM.</p><p>In today’s report we review every <em>global</em> sector, highlighting actionable stocks within each.</p>

Big-picture technicals offer a compelling outlook for equities -- in the long-run. Despite arguably stretched trends, especially in the U.S. and EM, one indicator in particular keeps us optimistic: monthly charts.  What is clear right now is: (1) Europe is on the doorstep of breaking above secular resistance; (2) Japan is breaking out above secular resistance; (3) and EM already has. Speaking of EM, we view this as the place to be, or overweight, in 2018. The EM/EAFE’s 20-year chart (below) reveals an in-progress trend reversal (which developed at a secular trendline) in favor of EM.In today’s report we review every global sector, highlighting actionable stocks within each.

<h2>Summary</h2><p><em>After the fine imposed by Korea and Taiwan Fair Trade Commission (KFTC and TFTC) together with losing <a href="https://www.smartkarma.com/entities/25472" target="_blank" data-smartkarma-citation="entities:25472:1">BlackBerry Ltd (BB CN)</a> arbitration case, the pending legal issues with US and European FTC and <a href="https://www.smartkarma.com/entities/666" target="_blank" data-smartkarma-citation="entities:666:1">Apple Inc (AAPL US)</a> and likely losing more Apple iPhone baseband orders to <a href="https://www.smartkarma.com/entities/16764" target="_blank" data-smartkarma-citation="entities:16764:1">Intel Corp (INTC US)</a> remain to be some overhangs for the investors of <a href="https://www.smartkarma.com/entities/969" target="_blank" data-smartkarma-citation="entities:969:1">Qualcomm Inc (QCOM US)</a>. Strictly speaking, 3Q17 core results and 4Q17 guidance are only marginal difference comparing with Bloomberg consensus</em>…</p>

SummaryAfter the fine imposed by Korea and Taiwan Fair Trade Commission (KFTC and TFTC) together with losing BlackBerry Ltd (BB CN) arbitration case, the pending legal issues with US and European FTC and Apple Inc (AAPL US) and likely losing more Apple iPhone baseband orders to Intel Corp (INTC US) remain to be some overhangs for the investors of Qualcomm Inc (QCOM US). Strictly speaking, 3Q17 core results and 4Q17 guidance are only marginal difference comparing with Bloomberg consensus…

Qualcomm Misses Due to the Taiwan FTC Fine; Both Qualcomm and MediaTek Are Losing Shares

Making sense of the Global Market, Euromonitor International Ltd.

Yu Mitsuhashi

Making sense of the Global Market

Euromonitor International Ltd.

We are a global market research company focused on industries, countries, economies and consumers worldwide. Our cross-country comparable research helps your organisation identify opportunities and develop growth strategies in countries and regions across the globe. With offices around the world, 1,200 analysts in 100 countries and market research on every key trend and driver, we give you powerful access to the real story behind consumer change.

Thematic (Sector/Industry)

<ul><li>Feature phones declines by 12% in retail volume terms to six million units in 2017</li><li>Thanks to the high proportion of loyal users, feature phones still holds a considerable market share</li><li>Smartphones grows by 29% to reach 18 million units in 2017</li><li>Players within smartphones target the middle-income segment in 2017</li><li>Mobile phones is predicted to decline at a volume CAGR of 6% over the forecast period to 18 million units in 2022</li></ul>

Feature phones declines by 12% in retail volume terms to six million units in 2017Thanks to the high proportion of loyal users, feature phones still holds a considerable market shareSmartphones grows by 29% to reach 18 million units in 2017Players within smartphones target the middle-income segment in 2017Mobile phones is predicted to decline at a volume CAGR of 6% over the forecast period to 18 million units in 2022

Canada

BlackBerry Limited designs, manufactures, and markets wireless solutions for the worldwide mobile communications market. The Company provides platforms and solutions for access to email, phone, SMS messaging, Internet, and Intranet-based applications.

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BlackBerry Ltd (BB CN)

Qualcomm- Another US$1.23bn Fine to Euro; Legal Battles Positive for Broadcom's Hostile Takeover

SummaryAnother US$1.23bn fine to European Union antitrust regulator is not a surprise to us and we expect the leftover legal battles between...

Andrew Lu

Global Equity Strategy: Overweight EM

Big-picture technicals offer a compelling outlook for equities -- in the long-run. Despite arguably stretched trends, especially in the U.S. and...

Vermilion Research

Qualcomm Misses Due to the Taiwan FTC Fine; Both Qualcomm and MediaTek Are Losing Shares

SummaryAfter the fine imposed by Korea and Taiwan Fair Trade Commission (KFTC and TFTC) together with losing BlackBerry Ltd (BB CN) arbitration...

Andrew Lu

Sector Capsule: Mobile Phones in Vietnam

Feature phones declines by 12% in retail volume terms to six million units in 2017 Thanks to the high proportion of loyal users, feature phones...

Euromonitor International Ltd.

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