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)

As the dust settles after the US presidential election, we look at the medium-term investment implications of a Trump presidency for technology stocks.The biggest benefit to the US tech sector will come from lower tax rates. The biggest risk is trade wars that result in higher tariffs and retaliation against US tech companies. The wildcard is regulation: net neutrality rules – if relaxed – could shift the balance of power from internet companies to telcos.Below we look at five themes emanating from Mr Trump's policies that have a direct impact on the global tech sector: taxation, trade, regulation, cybersecurity and social media.

As the dust settles after the US presidential election, we look at the medium-term investment implications of a Trump presidency for technology stocks.The biggest benefit to the US tech sector will come from lower tax rates. The biggest risk is trade wars that result in higher tariffs and retaliation against US tech companies. The wildcard is regulation: net neutrality rules – if relaxed – could shift the balance of power from internet companies to telcos.Below we look at five themes emanating from Mr Trump's policies that have a direct impact on the global tech sector: taxation, trade, regulation, cybersecurity and social media.

Founder, Riedel Research

David Riedel

Founder

Independent equity research on GEM Markets

Riedel Research

Riedel provides equity research and analysis to leading financial organizations. By becoming members of a region (Asia, Latin America, Emerging Europe or Global), organizations have access to an integrated set of services including:

Regular company coverage reports
Up-to-date investment decision advice (buy, hold, sell)
Monthly regional and global conference calls
Customized company reports and unlimited on-line access to the program's services.

Riedel provides research coverage of companies across the full range of market capitalization. Experienced research professionals in each market develop company reports and analysis as well as earnings models and projections. Ratings are Buy, Hold and Sell with a focus on compelling investment ideas - both long and short. Downloadable, dynamic earnings models are built to facilitate sensitivity analysis.

Please feel free to contact us for complimentary access to our written research.  We want to show you that our unique research flow can add value and help develop a long-term, high value-add relationship.

Riedel's model focuses on providing clients with unique insights and consulting in addition to unlimited access to all produced research This model allows members to receive exponential benefits for their retainer fees.

Corporate Governance:  Overview and Recent Additions<ul class="ul1"><li class="li2">Our proprietary corporate governance scoring system now covers 1,410 stocks.</li><li class="li2">Our scoring system produces a single score of 1 - 100 using 11 quantitative measures of the strength of governance and a qualitative 'analyst score' that reflects the reputation of management in the local markets.</li><li class="li2">Over a five year period companies with 'good' corporate governance (scores above 75) outperformed companies with 'bad' scores (below 50) by 26%.</li><li class="li2">Out of the new additions Samsung SDI - received a CG Score of just 40/100, among the lowest in the CG Universe.</li><li class="li2">The RRG system has successfully flagged frauds including Satyam Computer and RINO.</li></ul><ul class="ul1"><li class="li2">This report highlights recent additions to coverage and discusses the methodology, universe and performance.  An Excel of the full universe of scores is available on request.  We welcome requests from clients of names they want to see added to the universe.</li></ul>

Corporate Governance:  Overview and Recent AdditionsOur proprietary corporate governance scoring system now covers 1,410 stocks.Our scoring system produces a single score of 1 - 100 using 11 quantitative measures of the strength of governance and a qualitative 'analyst score' that reflects the reputation of management in the local markets.Over a five year period companies with 'good' corporate governance (scores above 75) outperformed companies with 'bad' scores (below 50) by 26%.Out of the new additions Samsung SDI - received a CG Score of just 40/100, among the lowest in the CG Universe.The RRG system has successfully flagged frauds including Satyam Computer and RINO.This report highlights recent additions to coverage and discusses the methodology, universe and performance.  An Excel of the full universe of scores is available on request.  We welcome requests from clients of names they want to see added to the universe.

The Good, The Bad and the Ugly: RRG Corporate Governance Scoring System Spots Likely Frauds in EM

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

Equity Capital Markets

China Unicom Hong Kong / Equity Capital Markets

<a href="https://www.smartkarma.com/entities/1016" target="_blank" data-smartkarma-citation="entities:1016:1">China Unicom Hong Kong Ltd</a> , one of the three major telecom service providers in China, sees its shareholder <a href="https://www.smartkarma.com/entities/21299" target="_blank" data-smartkarma-citation="entities:21299:1">Telefonica SA</a> placing 361m shares worth US$360m. The deal scores below borderline for participation in our ECM framework, mainly because of its poor share performance, placement track record, recent stock derating, and higher leverage than peers. We also take a quick look at its fundamentals.<h2>Deal Overview</h2><ul>
<li>Company Name: China Unicom Hong Kong Ltd</li>
<li>Ticker: 762 HK Equity</li>
<li>Secondary offering </li>
<li>…</li>
</ul>

China Unicom Hong Kong Ltd , one of the three major telecom service providers in China, sees its shareholder Telefonica SA placing 361m shares worth US$360m. The deal scores below borderline for participation in our ECM framework, mainly because of its poor share performance, placement track record, recent stock derating, and higher leverage than peers. We also take a quick look at its fundamentals.Deal Overview
Company Name: China Unicom Hong Kong Ltd
Ticker: 762 HK Equity
Secondary offering 
…


China Unicom Placement: Worst Performing Chinese Telco, Albeit Turn-Around Potential

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

Five days after the surprise Brexit vote, much remains to be clarified in terms of future direction. If anything, the various political moves in the UK and the EU in recent days suggest we face a period of real uncertainty ahead. That said, as the fallout continues it is worth looking for investment opportunities.  We continue to review the market for dislocations in the telecoms sector as we believe a lot of the near-term movements have been predominantly driven by fund flow/ liquidity and…

Five days after the surprise Brexit vote, much remains to be clarified in terms of future direction. If anything, the various political moves in the UK and the EU in recent days suggest we face a period of real uncertainty ahead. That said, as the fallout continues it is worth looking for investment opportunities.  We continue to review the market for dislocations in the telecoms sector as we believe a lot of the near-term movements have been predominantly driven by fund flow/ liquidity and…

Post Brexit Fallout Continues: Looking for Opportunities in European Telcos?

As <a href="https://www.smartkarma.com/profiles/273" target="_blank" data-smartkarma-citation="accounts:273">Morningstar</a> has noted, Brexit fears may be positive for <a href="https://www.smartkarma.com/entities/690" target="_blank" data-smartkarma-citation="entities:690">Telstra</a> in Australia. The unexpected Brexit vote has sent shockwaves through financial markets and it will take some time to settle down. There are many moving parts in Europe with a real potential for a rising cost of capital, FX disconnections, and possible macroeconomic fallout.Much is in the realm of the unknown, making near-term predictions difficult. However, once the dust settles, we do view telecoms as an industry that is less…

As Morningstar has noted, Brexit fears may be positive for Telstra in Australia. The unexpected Brexit vote has sent shockwaves through financial markets and it will take some time to settle down. There are many moving parts in Europe with a real potential for a rising cost of capital, FX disconnections, and possible macroeconomic fallout.Much is in the realm of the unknown, making near-term predictions difficult. However, once the dust settles, we do view telecoms as an industry that is less…

Spain

Telefonica S.A. provides telecommunications services mainly to countries in Europe and Latin America.  The Company offers fixed-line and mobile telephone, Internet, and data transmission services to residential and corporate customers.

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Telefonica SA (TEF SM)

What Trump Means for Tech

As the dust settles after the US presidential election, we look at the medium-term investment implications of a Trump presidency for technology...

CM Research

The Good, The Bad and the Ugly: RRG Corporate Governance Scoring System Spots Likely Frauds in EM

Corporate Governance: Overview and Recent Additions Our proprietary corporate governance scoring system now covers 1,410 stocks. Our scoring...

David Riedel

China Unicom Placement: Worst Performing Chinese Telco, Albeit Turn-Around Potential

China Unicom Hong Kong Ltd , one of the three major telecom service providers in China, sees its shareholder Telefonica SA placing 361m shares...

Ke Yan, CFA, FRM

Post Brexit Fallout Continues: Looking for Opportunities in European Telcos?

Five days after the surprise Brexit vote, much remains to be clarified in terms of future direction. If anything, the various political moves in...

New Street Research

Brexit Far More than a UK Issue

As Morningstar has noted, Brexit fears may be positive for Telstra in Australia. The unexpected Brexit vote has sent shockwaves through financial...

New Street Research

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