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

Macroeconomics

<ul>
<li>Rising bond yields are reflecting less current inflation than growing evidence of supply side bottlenecks; in December, US truckers saw spot rates rise 22% y/y in the haulage market.</li>
<li>Japan intercity trucking rates are rising 10% y/y – even mundane electronic components like capacitators are seeing a tightening market globally.</li>
<li>A key risk this year as highlighted previously is that China makes a policy error by underestimating US resolve to redress trade imbalances as it curtails excess credit…</li>
</ul>


Rising bond yields are reflecting less current inflation than growing evidence of supply side bottlenecks; in December, US truckers saw spot rates rise 22% y/y in the haulage market.
Japan intercity trucking rates are rising 10% y/y – even mundane electronic components like capacitators are seeing a tightening market globally.
A key risk this year as highlighted previously is that China makes a policy error by underestimating US resolve to redress trade imbalances as it curtails excess credit…


Beijing Hubris Risks Policy Error, as Europe Becomes Key For US Yields…

Asean-focused. Ex-Head of Thai Research

Athaporn Arayasantiparb, CFA

Thematic (Sector/Industry)

iPhone 8 debuts in Thailand on November 3 (initial unsubsidized prices at Bt33k or around US$1,000), while the iPhone X will launch here on November 12, similar to South Korea and Singapore. While a lotta people will probably wait for the iPhone X, the fan base is so large that both will probably sell substantial amounts. After all, given the shortage of iPhone X (some customers will have to wait six weeks), many like ourselves have decided to just go with the iPhone 8. For die hard fans, DTAC…

iPhone 8 debuts in Thailand on November 3 (initial unsubsidized prices at Bt33k or around US$1,000), while the iPhone X will launch here on November 12, similar to South Korea and Singapore. While a lotta people will probably wait for the iPhone X, the fan base is so large that both will probably sell substantial amounts. After all, given the shortage of iPhone X (some customers will have to wait six weeks), many like ourselves have decided to just go with the iPhone 8. For die hard fans, DTAC…

Reality Check X: What Does the IPhone 8 Launch Mean for Thai Operators?

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%.

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.

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.

<h2>AI is the next big computing wave. </h2>After transitioning from mainframes to PCs to servers to Cloud-based data centres, computing is about to make another transition: Artificial intelligence (AI) is the next computing wave. As demand for chips from the PC and smartphone industry subsides, demand for high-end processors to power AI-based platforms such as voice interfaces, robots, augmented reality, driverless cars, smart homes and advanced cybersecurity systems will rise. This new semiconductor industry is led by Microsoft, Google, Apple and Huawei. They increasingly tell their merchant suppliers what chips to make or do it better themselves, building custom, algorithmic chips and creating their own AI supercomputers in the Cloud.And Intel has got the message.So how should investors respond?

AI is the next big computing wave. After transitioning from mainframes to PCs to servers to Cloud-based data centres, computing is about to make another transition: Artificial intelligence (AI) is the next computing wave. As demand for chips from the PC and smartphone industry subsides, demand for high-end processors to power AI-based platforms such as voice interfaces, robots, augmented reality, driverless cars, smart homes and advanced cybersecurity systems will rise. This new semiconductor industry is led by Microsoft, Google, Apple and Huawei. They increasingly tell their merchant suppliers what chips to make or do it better themselves, building custom, algorithmic chips and creating their own AI supercomputers in the Cloud.And Intel has got the message.So how should investors respond?

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

Sanghyun Park

Korea / Special Sits, Pairs, Index Rebalancing

Equity Capital Markets

Samsung Biologics   / Equity Capital Markets

Samsung BioLogics, Samsung Group's contract manufacturing organization (CMO) of bio logic drugs, is expected to seek preliminary approval from Korea Exchange on Thursday this week in an effort to go public on the main KOSPI market.It is currently the world's third-largest producer of biomedicines. Its annual production capacity is 180,000 liters, only behind Lonza (240,000 liters) and Boehringer Ingelheim (210,000 liters). Samsung BioLogics plans to use IPO money for expanding its annual…

Samsung BioLogics, Samsung Group's contract manufacturing organization (CMO) of bio logic drugs, is expected to seek preliminary approval from Korea Exchange on Thursday this week in an effort to go public on the main KOSPI market.It is currently the world's third-largest producer of biomedicines. Its annual production capacity is 180,000 liters, only behind Lonza (240,000 liters) and Boehringer Ingelheim (210,000 liters). Samsung BioLogics plans to use IPO money for expanding its annual…

Taiwan

Taiwan Semiconductor Co., Ltd. designs, manufactures, and distributes rectifiers, thermal bar code printers, and color photo printers.

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Taiwan Semiconductor Co. (5425 TT)

Beijing Hubris Risks Policy Error, as Europe Becomes Key For US Yields…

Rising bond yields are reflecting less current inflation than growing evidence of supply side bottlenecks; in December, US truckers saw spot rates...

Sean Maher

Reality Check X: What Does the IPhone 8 Launch Mean for Thai Operators?

iPhone 8 debuts in Thailand on November 3 (initial unsubsidized prices at Bt33k or around US$1,000), while the iPhone X will launch here on...

Athaporn Arayasantiparb, CFA

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

Semiconductors in the Age of AI

AI is the next big computing wave. After transitioning from mainframes to PCs to servers to Cloud-based data centres, computing is about to make...

CM Research

Samsung BioLogics IPO Valuation Debate

Samsung BioLogics, Samsung Group's contract manufacturing organization (CMO) of bio logic drugs, is expected to seek preliminary approval from...

Sanghyun Park

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