M&A Reporting, CTFN

Jonathan Spitzer

M&A Reporting

CTFN

Bringing the marketplace leading coverage of mergers, events, and major corporate actions, CTFN has a team of seasoned reporters from Los Angeles to London, publishing news that advances stories that matter to event-driven investors and deal professionals.

Event-Driven

SoftBank is still believed to be a bidder in the incentive auction sponsored by the FCC, two sector bankers told CTFN.  SoftBank will likely purchase modest swaths of spectrum, said the first banker. “It won’t be a big buyer.”

SoftBank is still believed to be a bidder in the incentive auction sponsored by the FCC, two sector bankers told CTFN.  SoftBank will likely purchase modest swaths of spectrum, said the first banker. “It won’t be a big buyer.”

SoftBank Still Believed a Bidder in FCC Spectrum Auction

It is too early to forecast pricing in the FCC’s auction of broadcast spectrum, three telecom sector bankers told <a href="http://ctfn.news" target="_blank">CTFN</a>.  Even though estimates have circulated for months, and the FCC set opening bids in October, carriers determine prices after half a dozen or more bidding rounds.

It is too early to forecast pricing in the FCC’s auction of broadcast spectrum, three telecom sector bankers told CTFN.  Even though estimates have circulated for months, and the FCC set opening bids in October, carriers determine prices after half a dozen or more bidding rounds.

Too Early to Forecast Spectrum Auction Pricing Bankers Say

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

Equity Bottom-Up

<a href="https://www.smartkarma.com/entities/8197" target="_blank" data-smartkarma-citation="entities:8197">Cyberagent Inc</a> (Cyberagent) delivered better than expected 2Q16 results with advertising revenue modestly ahead of expectations and a less pronounced moderation in mobile games revenue. With this result, CyberAgent is well on the way to meeting its FY operating profit guidance (¥24bn at 1H v ¥28bn for the full year). Guidance is well below where we expect FY performance but was not updated on this release. Our own forecast is well above, at ¥32bn, and even these look too low notwithstanding incremental marketing spend of ¥9bn for new media initiatives in 2H16. This is a stock we like that benefits from the growth of mobile internet advertising.

Cyberagent Inc (Cyberagent) delivered better than expected 2Q16 results with advertising revenue modestly ahead of expectations and a less pronounced moderation in mobile games revenue. With this result, CyberAgent is well on the way to meeting its FY operating profit guidance (¥24bn at 1H v ¥28bn for the full year). Guidance is well below where we expect FY performance but was not updated on this release. Our own forecast is well above, at ¥32bn, and even these look too low notwithstanding incremental marketing spend of ¥9bn for new media initiatives in 2H16. This is a stock we like that benefits from the growth of mobile internet advertising.

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)

<ul><li>TV broadcasters still control 93% of subscriptions and advertising revenues that pass through the TV set. The remaining 7% of revenues relates to video streaming services like Netflix.</li><li>But Internet TV will move faster and be more disruptive than analysts predict.</li><li>The inflection point will be the arrival of a “pure” internet TV in which all TV viewing is accessed by a single operating system, probably remote controlled by a smartphone or tablet.</li><li>Film and TV studios will see content prices bid up as technology companies – like Apple, Netflix and Alibaba – compete to acquire content rights.</li><li>TV broadcasters will report profit warnings as they lose control of payTV subscription revenues and TV advertising revenues.</li></ul>

TV broadcasters still control 93% of subscriptions and advertising revenues that pass through the TV set. The remaining 7% of revenues relates to video streaming services like Netflix.But Internet TV will move faster and be more disruptive than analysts predict.The inflection point will be the arrival of a “pure” internet TV in which all TV viewing is accessed by a single operating system, probably remote controlled by a smartphone or tablet.Film and TV studios will see content prices bid up as technology companies – like Apple, Netflix and Alibaba – compete to acquire content rights.TV broadcasters will report profit warnings as they lose control of payTV subscription revenues and TV advertising revenues.

Korea / Special Sits, Pairs, Index Rebalancing, Clepsydra Capital

Sanghyun Park

Korea / Special Sits, Pairs, Index Rebalancing

Coupang (wholly owned by Forward Ventures) announced its 2015 financial performance yesterday.: For the specific details of Coupang's financials, you can refer to Douglas' report "<a href="https://www.smartkarma.com/insights/coupang-taking-amazon-s-market-share-at-all-cost-strategy-coupang-s-2015-financials-are-out" target="_blank">Coupang: Taking Amazon’s Market Share at All Cost Strategy (Coupang’s 2015 Financials Are Out)</a>".Most of us already knew much about Coupang's 2015 financial performance. That is, Coupang's remarkable growth story (along with a hefty amount of operating loss) has already been publicized by many media and research…

Coupang (wholly owned by Forward Ventures) announced its 2015 financial performance yesterday.: For the specific details of Coupang's financials, you can refer to Douglas' report "Coupang: Taking Amazon’s Market Share at All Cost Strategy (Coupang’s 2015 Financials Are Out)".Most of us already knew much about Coupang's 2015 financial performance. That is, Coupang's remarkable growth story (along with a hefty amount of operating loss) has already been publicized by many media and research…

Another View on Coupang's 2015 Financials and Possible Future Scenario

Japan

SoftBank Group Corp provides telecommunication services.  The Company also operates ADSL (Asymmetric Digital Subscriber Line) and fiber optic high-speed Internet connection, e-Commerce businesses, and Internet based advertising and auction businesses.

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Softbank Group (ADR) (SFTBY US)

SoftBank Still Believed a Bidder in FCC Spectrum Auction

SoftBank is still believed to be a bidder in the incentive auction sponsored by the FCC, two sector bankers told CTFN. SoftBank will likely...

CTFN

Too Early to Forecast Spectrum Auction Pricing Bankers Say

It is too early to forecast pricing in the FCC’s auction of broadcast spectrum, three telecom sector bankers told CTFN. Even though estimates have...

CTFN

Cyberagent: Attracting Attention

Cyberagent Inc (Cyberagent) delivered better than expected 2Q16 results with advertising revenue modestly ahead of expectations and a less...

New Street Research

Internet TV as an Investment Theme

TV broadcasters still control 93% of subscriptions and advertising revenues that pass through the TV set. The remaining 7% of revenues relates to...

CM Research

Another View on Coupang's 2015 Financials and Possible Future Scenario

Coupang (wholly owned by Forward Ventures) announced its 2015 financial performance yesterday.: For the specific details of Coupang's financials,...

Sanghyun Park

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