Asia and Global Semiconductor and Tech Research

Andrew Lu

Event-Driven

<h2><strong>Summary</strong></h2><p><em>We believe the merger news is somehow reliable as Broadcom CEO Hock Tan said at TSMC's 30th Anniversary Celebration Forum on October 23 that only strong IP portfolio and financial position can defend its market share against cloud vendors which are trying to take away semiconductor design value. Therefore, by buying Qualcomm/NXP, Broadcom can strengthen its IP portfolio into 3G/4G/5G baseband/modem, WiFi, Bluetooth, 3D sensing, NFC, and automotive semiconductor IP and enhance its</em>…</p>

SummaryWe believe the merger news is somehow reliable as Broadcom CEO Hock Tan said at TSMC's 30th Anniversary Celebration Forum on October 23 that only strong IP portfolio and financial position can defend its market share against cloud vendors which are trying to take away semiconductor design value. Therefore, by buying Qualcomm/NXP, Broadcom can strengthen its IP portfolio into 3G/4G/5G baseband/modem, WiFi, Bluetooth, 3D sensing, NFC, and automotive semiconductor IP and enhance its…

Broadcom Is Buying Qualcomm; Two Major Challenges Ahead to Close the Deal

Equity Bottom-Up

<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

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>The aggregation effects that fuelled social media/search and e-commerce platforms are not relevant in hardware and the premia being applied to current first movers from Tesla to Nvidia look excessive.</li>
<li>It’s striking that Wal-Mart and GM are outperforming Amazon and Tesla, while Intel is outperforming AMD as it reinvents itself as an AI player - some incumbents are adapting fast to disruption risks.</li>
<li>I’ve been covering AI regularly since 2013/4 as a theme, but every IB tech analyst is now an…</li>
</ul>


The aggregation effects that fuelled social media/search and e-commerce platforms are not relevant in hardware and the premia being applied to current first movers from Tesla to Nvidia look excessive.
It’s striking that Wal-Mart and GM are outperforming Amazon and Tesla, while Intel is outperforming AMD as it reinvents itself as an AI player - some incumbents are adapting fast to disruption risks.
I’ve been covering AI regularly since 2013/4 as a theme, but every IB tech analyst is now an…


Incumbent 'Second Mover' Advantage as AI Hype Risks Reality Check...

<h2>What's new?</h2><p>Following South Korean Fair Trade Commission fined US$853mn on <a href="https://www.smartkarma.com/entities/969" target="_blank" data-smartkarma-citation="entities:969:1">Qualcomm Inc (QCOM US)</a> for violating antitrust laws (please see "<a href="https://www.smartkarma.com/insights/kftc-fined-qualcomm-for-violating-antitrust-laws-positive-to-customers-and-competitors" target="_blank" data-smartkarma-citation="insights:7896">KFTC Fined Qualcomm for Violating Antitrust Laws; Positive to Customers and Competitors"</a> dated 28 December 2016) and U.S. Federal Trade Commission (FTC) filed a complaint on 18 Jan 2017 against Qualcomm in the U.S. District Court in the Northern District of California, Taiwan Fair Trade Commission has decided to fine Qualcomm for NT$23.4bn (US$774mn) or EPS…</p>

What's new?Following South Korean Fair Trade Commission fined US$853mn on Qualcomm Inc (QCOM US) for violating antitrust laws (please see "KFTC Fined Qualcomm for Violating Antitrust Laws; Positive to Customers and Competitors" dated 28 December 2016) and U.S. Federal Trade Commission (FTC) filed a complaint on 18 Jan 2017 against Qualcomm in the U.S. District Court in the Northern District of California, Taiwan Fair Trade Commission has decided to fine Qualcomm for NT$23.4bn (US$774mn) or EPS…

Taiwan FTC Fines Qualcomm for US$774mn; Endless Lawsuit

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%.

<p>This reports looks at the key trends driving stocks in the global semiconductor industry, identifying winners and losers.</p><p>It is extracted from CM Research's "Tech and Media Trends 2018" report, which covers the top 600 TMT stocks globally and all the investment themes driving their earnings. Using our unique "thematic engine", we quantify the impact of these themes on each of our 18 TMT subsectors, of which semiconductors is one.</p>

This reports looks at the key trends driving stocks in the global semiconductor industry, identifying winners and losers.It is extracted from CM Research's "Tech and Media Trends 2018" report, which covers the top 600 TMT stocks globally and all the investment themes driving their earnings. Using our unique "thematic engine", we quantify the impact of these themes on each of our 18 TMT subsectors, of which semiconductors is one.

Netherlands

NXP Semiconductors NV operates as a global semiconductor company. The Company designs semiconductors and software for mobile communications, consumer electronics, security applications, in-car entertainment, and networking.  NXP offers its products to the automotive, identification, wireless infrastructure, lighting, mobile, and computing applications.

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Nxp Semiconductors Nv (NXPI US)

Broadcom Is Buying Qualcomm; Two Major Challenges Ahead to Close the Deal

SummaryWe believe the merger news is somehow reliable as Broadcom CEO Hock Tan said at TSMC's 30th Anniversary Celebration Forum on October 23 that...

Andrew Lu

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

Incumbent 'Second Mover' Advantage as AI Hype Risks Reality Check...

The aggregation effects that fuelled social media/search and e-commerce platforms are not relevant in hardware and the premia being applied to...

Sean Maher

Taiwan FTC Fines Qualcomm for US$774mn; Endless Lawsuit

What's new?Following South Korean Fair Trade Commission fined US$853mn on Qualcomm Inc (QCOM US) for violating antitrust laws (please see "KFTC...

Andrew Lu

Semiconductor Industry Trends

This reports looks at the key trends driving stocks in the global semiconductor industry, identifying winners and losers.It is extracted from CM...

CM Research

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