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

It was supposed to be temporary, but <a href="https://www.smartkarma.com/entities/665" target="_blank" data-smartkarma-citation="entities:665:1">Facebook (FB US)</a> / Oculus Rift's 33% price cut (to US$399) last month is looking increasingly like its permanent and as a consequence <a href="https://www.smartkarma.com/entities/11581" target="_blank" data-smartkarma-citation="entities:11581:1">HTC (2498 TT) </a> has cut its Vive VR headset price to US$599. Both PC-based VR headset makers have struggled to make headway on headset sales this year, whilst their cheaper rival, <a href="https://www.smartkarma.com/entities/563" target="_blank" data-smartkarma-citation="entities:563:1">Sony's (6758 JP)</a> PSVR, has been steadily notching up sales. (Market intelligence firm Superdata puts cumulative PSVR headset sales at 1.2mil units…

It was supposed to be temporary, but Facebook (FB US) / Oculus Rift's 33% price cut (to US$399) last month is looking increasingly like its permanent and as a consequence HTC (2498 TT)  has cut its Vive VR headset price to US$599. Both PC-based VR headset makers have struggled to make headway on headset sales this year, whilst their cheaper rival, Sony's (6758 JP) PSVR, has been steadily notching up sales. (Market intelligence firm Superdata puts cumulative PSVR headset sales at 1.2mil units…

HTC (2498) - Follows Oculus in VR Headset Price Cut

The stock market loves a collective. Ever since the "Nifty 50" in the early '70s, groups of winners have been bandied together. In the 1990s, we had the "dot coms", stocks that were supposedly winners from Web 1.0. As that was going on, Japan had its own "Nifty 50" of blue chip export names. In the 2000s, we had the Four Horsemen, a group that has morphed, a decade later, into FANG. One of the first signs of difficulty with a collective is when the market can't decide on the components. With a…

The stock market loves a collective. Ever since the "Nifty 50" in the early '70s, groups of winners have been bandied together. In the 1990s, we had the "dot coms", stocks that were supposedly winners from Web 1.0. As that was going on, Japan had its own "Nifty 50" of blue chip export names. In the 2000s, we had the Four Horsemen, a group that has morphed, a decade later, into FANG. One of the first signs of difficulty with a collective is when the market can't decide on the components. With a…

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.

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…

<a href="https://www.smartkarma.com/entities/19603" target="_blank" data-smartkarma-citation="entities:19603:1">Yahoo Japan's (4689 JP)</a> move into “browser gaming for mobile”, announced last week, produced an underwhelming response in the stock market. The move could, however, be historic. The Yahoo Japan tie-up with <a href="https://www.smartkarma.com/entities/747" target="_blank" data-smartkarma-citation="entities:747:1">Dena (2432 JP)</a> attracted a lot more fanfare than it did business, and investors may be a bit jaded about Yahoo Japan’s efforts in this area. It could be skepticism: if it is so easy to get people to play browser games, then why has everyone morphed to native app gaming? It could also be that…

Yahoo Japan's (4689 JP) move into “browser gaming for mobile”, announced last week, produced an underwhelming response in the stock market. The move could, however, be historic. The Yahoo Japan tie-up with Dena (2432 JP) attracted a lot more fanfare than it did business, and investors may be a bit jaded about Yahoo Japan’s efforts in this area. It could be skepticism: if it is so easy to get people to play browser games, then why has everyone morphed to native app gaming? It could also be that…

Yahoo Japan (4689) Looks to Revive the Browser Game

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)

HTC (2498) - Follows Oculus in VR Headset Price Cut

It was supposed to be temporary, but Facebook (FB US) / Oculus Rift's 33% price cut (to US$399) last month is looking increasingly like its...

Pelham Smithers Associates

Have We Passed Peak FANG?

The stock market loves a collective. Ever since the "Nifty 50" in the early '70s, groups of winners have been bandied together. In the 1990s, we...

Pelham Smithers Associates

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

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

Yahoo Japan (4689) Looks to Revive the Browser Game

Yahoo Japan's (4689 JP) move into “browser gaming for mobile”, announced last week, produced an underwhelming response in the stock market. The...

Pelham Smithers Associates

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