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)

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…

Asia and Global Semiconductor and Tech Research

Andrew Lu

Equity Bottom-Up

Driven by smartphone ASP increase of 5-10% q/q on mix change to Helio 4G products (&gt;15% of shipment in 2Q16 and &gt;20% in 2H16), <a href="https://www.smartkarma.com/entities/772" target="_blank" data-smartkarma-citation="entities:772:1">Mediatek Inc (2454 TT)</a> guides stronger 3Q16 sales growth of 8-16% q/q (beating Bloomberg consensus' -1% q/q) and comments shortage on new products demand throughout 2H16. We believe 28nm HKMG process shortage in 2H16 and 16nm Helio P20/10nm Helio X30 ramp starting 4Q16/1Q17 to benefit <a href="https://www.smartkarma.com/entities/11230" target="_blank" data-smartkarma-citation="entities:11230:1">Taiwan Semiconductor Mfg. Co. Ltd. (2330 TT)</a>'s utilization during seasonal slow…

Driven by smartphone ASP increase of 5-10% q/q on mix change to Helio 4G products (&gt;15% of shipment in 2Q16 and &gt;20% in 2H16), Mediatek Inc (2454 TT) guides stronger 3Q16 sales growth of 8-16% q/q (beating Bloomberg consensus' -1% q/q) and comments shortage on new products demand throughout 2H16. We believe 28nm HKMG process shortage in 2H16 and 16nm Helio P20/10nm Helio X30 ramp starting 4Q16/1Q17 to benefit Taiwan Semiconductor Mfg. Co. Ltd. (2330 TT)'s utilization during seasonal slow…

MediaTek Guides Stronger 2H16 and Comments IC Shortage

Leading Independent Investment Research, Morningstar, Inc.

Morningstar

Leading Independent Investment Research

Morningstar, Inc.

Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. We offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors. 

Morningstar provides data on more than 500,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 16 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries, with more than $180 billion in assets under advisement or management as of June 30, 2015. We have operations in 27 countries.

Download the Morningstar Fact Sheet : http://corporate.morningstar.com/US/documents/MarketingFactSheets/AboutMorningstarFactsheet.pdf

More than Just Moore’s Law<ul><li class="p1">Building semiconductors is like playing Russian roulette. You put a gun to your head, pull the trigger, and find out four years later if you blew your brains out.”</li><li class="p1">We believe this quote by Robert Palmer (former CEO of Digital Equipment), while graphic, illustrates the hefty upfront costs and multiyear lead times required to make the latest chips used in devices such as the iPhone.</li><li class="p1">This sentiment has never been truer than it is today given the considerable consolidation in semiconductor manufacturing.</li><li class="p1">In contrast to chipmakers like Intel, Taiwan Semiconductor Manufacturing and Samsung, that are forced to make huge bets on future demand and suffer depressed returns on capital when proved wrong, we see a rational oligopoly within the wafer fabrication equipment (WFE) space.</li></ul>Analysts: Abhinav Davuluri, Brian Colello &amp; Hari Narayan

More than Just Moore’s LawBuilding semiconductors is like playing Russian roulette. You put a gun to your head, pull the trigger, and find out four years later if you blew your brains out.”We believe this quote by Robert Palmer (former CEO of Digital Equipment), while graphic, illustrates the hefty upfront costs and multiyear lead times required to make the latest chips used in devices such as the iPhone.This sentiment has never been truer than it is today given the considerable consolidation in semiconductor manufacturing.In contrast to chipmakers like Intel, Taiwan Semiconductor Manufacturing and Samsung, that are forced to make huge bets on future demand and suffer depressed returns on capital when proved wrong, we see a rational oligopoly within the wafer fabrication equipment (WFE) space.Analysts: Abhinav Davuluri, Brian Colello &amp; Hari Narayan

Technology Observer: When the Chips Are Down, Bet on Capital Equipment Firms

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)

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

MediaTek Guides Stronger 2H16 and Comments IC Shortage

Driven by smartphone ASP increase of 5-10% q/q on mix change to Helio 4G products (>15% of shipment in 2Q16 and >20% in 2H16), Mediatek Inc...

Andrew Lu

Technology Observer: When the Chips Are Down, Bet on Capital Equipment Firms

More than Just Moore’s Law Building semiconductors is like playing Russian roulette. You put a gun to your head, pull the trigger, and find out...

Morningstar, Inc.

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