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Granite Bay Capital

An innovation focussed investment company

Granite Bay Capital is an innovation focussed investment company with a deep focus on the companies at the leading edge of innovation across major themes such as AI, ubiquitous computing, sustainability, automation and longevity.

Thematic (Sector/Industry)

Headline Developments As has been widely expected, China has moved to greatly reduce the time under-18s spend playing computer games.  Under the new rule, younger gamers will be restricted to one hour (8 pm - 9 pm) of online games on Fridays, weekends and holidays, with online gaming companies barred from providing gaming services to minors in any form outside of those hours.

Headline Developments As has been widely expected, China has moved to greatly reduce the time under-18s spend playing computer games.  Under the new rule, younger gamers will be restricted to one hour (8 pm - 9 pm) of online games on Fridays, weekends and holidays, with online gaming companies barred from providing gaming services to minors in any form outside of those hours.

We aggregate key quotes from earnings, The Transcript

The Transcript

We aggregate key quotes from earnings

Aggregate Key Quotes from Earnings

The economy is booming and everyone should enjoy it. The American economy is benefitting from tremendous amounts of pent-up demand and in some of the hardest-hit industries' activity is beginning to tick back up above 2019 levels. Along with that boom, there are clear signs of inflation and concerns about overheating. Even Janet Yellen seemed concerned for a few hours last week.

The economy is booming and everyone should enjoy it. The American economy is benefitting from tremendous amounts of pent-up demand and in some of the hardest-hit industries' activity is beginning to tick back up above 2019 levels. Along with that boom, there are clear signs of inflation and concerns about overheating. Even Janet Yellen seemed concerned for a few hours last week.

Japan Specialist

Mark Chadwick

Equity Bottom-Up

Cyber Security Cloud Inc / Equity Bottom-Up

<a href="https://www.smartkarma.com/entities/cyber-security-cloud-inc" target="_blank" data-smartkarma-citation="entities:29137:1" rel="noopener">Cyber Security Cloud Inc (4493 JP)</a>  (CSC) a fast-growing web security company that provides B2B Web Application FireWall (WAF) security, primarily to Japanese companies. The company uses AI to help detect and respond to threats, delivered through its three product offerings: Shadankun, WAF Charm, and AWS Managed Service.  This note looks at the Q3 results, where sales rose 44% YoY.  
For a more detailed view of the company, market, moat and management, please take a quick look at the following:  <a href="https://www.smartkarma.com/insights/small-cap-growth-cyber-security-cloud-4493-japan-s-security-patch" target="_blank" data-smartkarma-citation="insights:43624" rel="noopener">Small Cap Growth: Cyber Security Cloud (4493) – Japan's Security Patch</a>

Cyber Security Cloud Inc (4493 JP)  (CSC) a fast-growing web security company that provides B2B Web Application FireWall (WAF) security, primarily to Japanese companies. The company uses AI to help detect and respond to threats, delivered through its three product offerings: Shadankun, WAF Charm, and AWS Managed Service.   This note looks at the Q3 results, where sales rose 44% YoY.  
For a more detailed view of the company, market, moat and management, please take a quick look at the following:  Small Cap Growth: Cyber Security Cloud (4493) – Japan's Security Patch 

Small Cap Growth: Cyber Security Cloud (4493) –Another Strong Quarter

<blockquote>Japan Inc IT needs a security patch -The Economist (July 18, 2020). </blockquote>The Economist headline succinctly captures the challenges facing Japan Inc. In January, Mitsubishi Electric (6503) and NEC (6701) reported security breaches. Under COVID-19, the shift to telework from unsecured devices spurned a rise in cyberattacks. Low IT security budgets and ignorance of cybersecurity are hurting corporate Japan. Going forward, these breaches are likely to force a reassessment, towards great awareness and greater spending on Cybersecurity. Enter <a href="https://www.smartkarma.com/entities/cyber-security-cloud-inc" target="_blank" data-smartkarma-citation="entities:29137:1" rel="noopener">Cyber Security Cloud Inc (4493 JP)</a>  (CSC).

Japan Inc IT needs a security patch -The Economist (July 18, 2020). The Economist headline succinctly captures the challenges facing Japan Inc. In January, Mitsubishi Electric (6503) and NEC (6701) reported security breaches. Under COVID-19, the shift to telework from unsecured devices spurned a rise in cyberattacks. Low IT security budgets and ignorance of cybersecurity are hurting corporate Japan. Going forward, these breaches are likely to force a reassessment, towards great awareness and greater spending on Cybersecurity. Enter Cyber Security Cloud Inc (4493 JP)  (CSC).    

Small Cap Growth: Cyber Security Cloud (4493) – Japan's Security Patch

Mark Artherton, CFA

Inteqres

Forensic Accounting

We continue our series looking at the accounting for investments in Chinese internet companies by focusing on Baidu.  Baidu has a similar liking to <a href="https://www.smartkarma.com/entities/jd-com-inc-adr" target="_blank" data-smartkarma-citation="entities:446:1" rel="noopener">JD.com Inc (ADR) (JD US)</a>  for so-called 'alternative' valuation measures for a significant part of the balance sheet with very little in the way of disclosure.The large liquid portfolio of bank deposits provides a large risk to investors as they could be utilised at any time in speculative investment.This risk and a large Private Equity style exposure allied to an uninspiring core business suggest that Baidu is a model for investors to watch should any of the other large internet companies in China start to see stagnating core businesses.

We continue our series looking at the accounting for investments in Chinese internet companies by focusing on Baidu.  Baidu has a similar liking to JD.com Inc (ADR) (JD US)  for so-called 'alternative' valuation measures for a significant part of the balance sheet with very little in the way of disclosure.The large liquid portfolio of bank deposits provides a large risk to investors as they could be utilised at any time in speculative investment.This risk and a large Private Equity style exposure allied to an uninspiring core business suggest that Baidu is a model for investors to watch should any of the other large internet companies in China start to see stagnating core businesses.

Baidu Investments - Weak Disclosure and a Cautionary Tale - Inteqres ESG Bite

United States

Cloudflare, Inc. designs and develops software solutions. The Company offers platform for load balancing, video streaming, security, analysis, and domain registration. Cloudflare serves customers worldwide.

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Cloudflare (NET US)

Weekly Innovation Review (WIRE) #47

Headline Developments: As has been widely expected, China has moved to greatly reduce the time under-18s spend playing computer games. Under the...

Granite Bay Capital

The Transcript 05.10.21: Pent-up Demand

The economy is booming and everyone should enjoy it. The American economy is benefitting from tremendous amounts of pent-up demand and in some of...

The Transcript

Small Cap Growth: Cyber Security Cloud (4493) –Another Strong Quarter

Cyber Security Cloud is a high growth web security company that provides WAF security to Japanese companies. MRQ sales growth was 44%, with strong...

Mark Chadwick

Small Cap Growth: Cyber Security Cloud (4493) – Japan's Security Patch

"Japan Inc IT needs a security patch" - The Economist (July 18, 2020).

Mark Chadwick

Baidu Investments - Weak Disclosure and a Cautionary Tale - Inteqres ESG Bite

We continue our series looking at the accounting for investments in Chinese internet companies by focusing on Baidu. Baidu has a similar liking to...

Mark Artherton, CFA

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