Japan TMT Analyst

Pelham Smithers

Market Intel on Asian Tech with a Japan focus

Pelham Smithers Associates

Founded in 2009, Pelham Smithers Associates (PSA) provides market intelligence on Asian technology, focusing in particular on Japan. The industries covered by our team of specialists are: consumer electronics, telecomms, pharmaceuticals, internet, electronic parts and materials, automotive technology, retail and capital goods. 

Research is provided by the following:
Pelham Smithers: Macro, consumer electronics, telecoms & pharma
Joel Scheiman: Electronics materials / components
Julie Boote: Autos
Will Nestuk: Capital goods, machinery & transportation equipment parts
Thao Nguyen: eCommerce, internet content, marketing & advertising

Equity Bottom-Up

Meta Platforms (Facebook) / Equity Bottom-Up

Reports that <a href="https://www.smartkarma.com/entities/665" target="_blank" data-smartkarma-citation="entities:665:1">Facebook (FB US)</a> is dispatching Sheryl Sandberg, its high-profile chief operating officer, to Washington, D.C., this week, is an understandable response as the company attempts to contain the political fallout from revelations that Russian agents spread disinformation on the social network. The announcement comes as FB prepares to join its tech peers and testify at two public congressional hearings in November that are focused on the Kremlin's suspected meddling in the 2016 US…

Reports that Facebook (FB US) is dispatching Sheryl Sandberg, its high-profile chief operating officer, to Washington, D.C., this week, is an understandable response as the company attempts to contain the political fallout from revelations that Russian agents spread disinformation on the social network. The announcement comes as FB prepares to join its tech peers and testify at two public congressional hearings in November that are focused on the Kremlin's suspected meddling in the 2016 US…

Facebook (FB US) - Sheryl's Trip to DC Is About More than Russia, and That's a Problem

China, Emerging Markets

Ryan Soh 苏祥发

In this Part 1 of a two-part series, I size up Baidu by market cap and market share, and get dragged into sizing up Alibaba as well. Baidu's market cap is $86bn, roughly 1/8th of Google's, and 1/5th of Alibaba or Tencent. Baidu is losing market share, if we define it as advertising revenue. Most of Alibaba's revenue comes from advertising, so this makes them direct competitors - and Alibaba's winning.Alibaba is a monster. It's operating difficulties abroad should be balanced against dominance at home.

In this Part 1 of a two-part series, I size up Baidu by market cap and market share, and get dragged into sizing up Alibaba as well. Baidu's market cap is $86bn, roughly 1/8th of Google's, and 1/5th of Alibaba or Tencent. Baidu is losing market share, if we define it as advertising revenue. Most of Alibaba's revenue comes from advertising, so this makes them direct competitors - and Alibaba's winning.Alibaba is a monster. It's operating difficulties abroad should be balanced against dominance at home.

Sizing up Baidu (And Alibaba), Part 1 of 2

Founder and Strategist, Entext Economics & Strategy

Sean Maher

Founder and Strategist

Entext Economics & Strategy

Entext provides institutional investors with distinctive, actionable asset allocation and thematic research, which typically challenges the market consensus. Our clients range from credit, equity and multi-asset hedge and pension funds to family offices and sovereign funds. 
 
We focus on identifying key inflection points in macro data and relative asset performance amid the 'groupthink'  and confirmation bias that characterizes most investment bank analysis.

Macro Driven Investment Insight

Thematic (Sector/Industry)

<ul>
<li>We’ve seen a number of advertising sector profit warnings from Dentsu to WPP amid signs that key clients across the FMCG sector are questioning the payback from digital advertising.</li>
<li>Indeed, Google has begun offering refunds to advertisers for fraudulent traffic driven by ‘click bots’, but stricter EU data privacy rules and the rise of ad blocking software are additional threats.</li>
<li>The ad sector risks being disintermediated as increasingly cost conscious brands facing rising EM competition create…</li>
</ul>


We’ve seen a number of advertising sector profit warnings from Dentsu to WPP amid signs that key clients across the FMCG sector are questioning the payback from digital advertising.
Indeed, Google has begun offering refunds to advertisers for fraudulent traffic driven by ‘click bots’, but stricter EU data privacy rules and the rise of ad blocking software are additional threats.
The ad sector risks being disintermediated as increasingly cost conscious brands facing rising EM competition create…


Advertising Industry Gets Disrupted, as Central Bankers Fly Blind…

At first glance, <a href="https://www.smartkarma.com/entities/22213" target="_blank" data-smartkarma-citation="entities:22213:1">WPP's (WPP LN)</a> second sales warning of the year is merely a storyline in keeping with the growing “post-Brexit hangover” narrative which sees UK corporate earnings, having benefited initially from sterling’s weakness, now struggle, as consumption and capex decisions are delayed, pending clarity on the Brexit settlement. However, since WPP is a global company and generates just 13% of sales in the UK, this isn’t a very good explanation for its problems.First up, WPP’s problems…

At first glance, WPP's (WPP LN) second sales warning of the year is merely a storyline in keeping with the growing “post-Brexit hangover” narrative which sees UK corporate earnings, having benefited initially from sterling’s weakness, now struggle, as consumption and capex decisions are delayed, pending clarity on the Brexit settlement. However, since WPP is a global company and generates just 13% of sales in the UK, this isn’t a very good explanation for its problems.First up, WPP’s problems…

Negative Readthrough from WPP's Outlook Warning for Japanese Advertisers, Global Consumer Tech

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

We updated our price target and forecasts for <a href="https://www.smartkarma.com/entities/26" target="_blank" data-smartkarma-citation="entities:26:1">Tencent (700 HK)</a> recently ahead of the 2Q result. Our price target moved from HK$260 to HK$371. The increase was due in part to the forecast changes (around $30 of the increase) but the major driver was a reduction in the discount rate we use for our DCF valuation (to 10% from 12%). To some extent we are falling into line with the share price (now HK$327), but our view on Tencent and <a href="https://www.smartkarma.com/entities/787" target="_blank" data-smartkarma-citation="entities:787:1">Alibaba (BABA US)</a> is evolving and we think they can justify a lower…

We updated our price target and forecasts for Tencent (700 HK) recently ahead of the 2Q result. Our price target moved from HK$260 to HK$371. The increase was due in part to the forecast changes (around $30 of the increase) but the major driver was a reduction in the discount rate we use for our DCF valuation (to 10% from 12%). To some extent we are falling into line with the share price (now HK$327), but our view on Tencent and Alibaba (BABA US) is evolving and we think they can justify a lower…

Tencent Continues to Surge past Expectations. Its Earnings Flexibility Makes It a Core Holding.

United States

Meta Platforms Inc. operates as a social technology company. The Company builds applications and technologies that help people connect, find communities, and grow businesses. meta Platform is also involved in advertisements, augmented and virtual reality.

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Meta Platforms (Facebook) (META US)

Facebook (FB US) - Sheryl's Trip to DC Is About More than Russia, and That's a Problem

Reports that Facebook (FB US) is dispatching Sheryl Sandberg, its high-profile chief operating officer, to Washington, D.C., this week, is an...

Pelham Smithers Associates

Sizing up Baidu (And Alibaba), Part 1 of 2

In this Part 1 of a two-part series, I size up Baidu by market cap and market share, and get dragged into sizing up Alibaba as well. Baidu's market...

Ryan Soh 苏祥发

Advertising Industry Gets Disrupted, as Central Bankers Fly Blind…

We’ve seen a number of advertising sector profit warnings from Dentsu to WPP amid signs that key clients across the FMCG sector are questioning...

Sean Maher

Negative Readthrough from WPP's Outlook Warning for Japanese Advertisers, Global Consumer Tech

At first glance, WPP's (WPP LN) second sales warning of the year is merely a storyline in keeping with the growing “post-Brexit hangover” narrative...

Pelham Smithers Associates

Tencent Continues to Surge past Expectations. Its Earnings Flexibility Makes It a Core Holding.

We updated our price target and forecasts for Tencent (700 HK) recently ahead of the 2Q result. Our price target moved from HK$260 to HK$371. The...

New Street Research

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