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.

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

As noted yesterday in <a href="https://www.smartkarma.com/insights/telstra-de-equitization-must-own-the-cheaper-better-safer-triumvirate" target="_blank" data-smartkarma-citation="insights:3430">Telstra: De-Equitization = Must-Own. The Cheaper, Better, Safer Triumvirate</a> and <a href="https://www.smartkarma.com/insights/telstra-s-leading-position-and-reliable-cash-flow-make-it-an-attractive-income-stock" target="_blank" data-smartkarma-citation="insights:3439">Telstra’s Leading Position and Reliable Cash Flow Make It An Attractive Income Stock</a>, the income characteristics of <a href="https://www.smartkarma.com/entities/690" target="_blank" data-smartkarma-citation="entities:690">Telstra Corp Ltd</a> (Telstra) are coming to the fore once again. This after the stock fell 25% from a peak in early 2015. A trigger for the renewed interest is Telstra's sale of most of its stake in <a href="https://www.smartkarma.com/entities/20234" target="_blank" data-smartkarma-citation="entities:20234">Autohome Inc Adr</a> (Autohome). This increases flexibility in its capital management…

As noted yesterday in Telstra: De-Equitization = Must-Own. The Cheaper, Better, Safer Triumvirate and Telstra’s Leading Position and Reliable Cash Flow Make It An Attractive Income Stock, the income characteristics of Telstra Corp Ltd (Telstra) are coming to the fore once again. This after the stock fell 25% from a peak in early 2015. A trigger for the renewed interest is Telstra's sale of most of its stake in Autohome Inc Adr (Autohome). This increases flexibility in its capital management…

Telstra Adds to Capital Management Options with Autohome Sale

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

Telstra Leaves Autohome with AUD 2.1 billion.<ul><li class="p1">The sale of its 47.7% shareholding in Autohome is supportive of our positive view on narrow moat Telstra.</li><li class="p1">The disposal will intensify pressure on the company to reveal its hand on the capital management front, given its already strong financial position (net debt/EBITDA of 1.3 times).</li></ul>Analysts: Brian Han &amp; Benjamin Chan

Telstra Leaves Autohome with AUD 2.1 billion.The sale of its 47.7% shareholding in Autohome is supportive of our positive view on narrow moat Telstra.The disposal will intensify pressure on the company to reveal its hand on the capital management front, given its already strong financial position (net debt/EBITDA of 1.3 times).Analysts: Brian Han &amp; Benjamin Chan

Telstra's Leading Position and Reliable Cash Flow Make It An Attractive Income Stock.

The Morningstar® Exponential Technology Index is designed to provide exposure to equities identified by Morningstar’s Equity Research team as positioned to experience meaningful economic benefits as a user or producer of promising technologies.The index consists of 200 stocks that are equally weighted. It is reconstituted annually in December. This report was originally published in December following the reconstitution, but is being republished here as a fork of <a href="https://www.smartkarma.com/profiles/346" target="_blank" data-smartkarma-citation="accounts:346">CM Research</a> latest note <a href="https://www.smartkarma.com/insights/big-data-as-an-investment-theme" target="_blank" data-smartkarma-citation="insights:2975">Big Data as an Investment Theme</a>, to highlight ways to get exposure to this and other important themes.In addition to details of the Index constituents, subscribers will find a presentation on the index methodology attached.

The Morningstar® Exponential Technology Index is designed to provide exposure to equities identified by Morningstar’s Equity Research team as positioned to experience meaningful economic benefits as a user or producer of promising technologies.The index consists of 200 stocks that are equally weighted. It is reconstituted annually in December. This report was originally published in December following the reconstitution, but is being republished here as a fork of CM Research latest note Big Data as an Investment Theme, to highlight ways to get exposure to this and other important themes.In addition to details of the Index constituents, subscribers will find a presentation on the index methodology attached.

Since the start of 2016, narrow moat Telstra's shares have trailed the market by 6%. This has been driven by rising competitive intensity in the telecom space and uncertainty over management's growth ambitions.However, these risks need to be put in context.Analysts: Brian Han &amp; Benjamin Chan

Since the start of 2016, narrow moat Telstra's shares have trailed the market by 6%. This has been driven by rising competitive intensity in the telecom space and uncertainty over management's growth ambitions.However, these risks need to be put in context.Analysts: Brian Han &amp; Benjamin Chan

Luxury of Telstra's Prodigious Cash Flow Amid Increasing Competitive Blows

Australia

Telstra Corporation Limited is a full service domestic and international telecommunications provider for Australia.  The Company provides telephone exchange lines to homes and businesses, supplying local, long distance and international telephone calls and supplying mobile telecommunications services. Telstra also provides data, internet, on-line services and directory services.

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Telstra Corp (TLS AU)

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

Telstra Adds to Capital Management Options with Autohome Sale

As noted yesterday in Telstra: De-Equitization = Must-Own. The Cheaper, Better, Safer Triumvirate and Telstra’s Leading Position and Reliable Cash...

New Street Research

Telstra's Leading Position and Reliable Cash Flow Make It An Attractive Income Stock.

Telstra Leaves Autohome with AUD 2.1 billion. The sale of its 47.7% shareholding in Autohome is supportive of our positive view on narrow moat...

Morningstar, Inc.

Morningstar Exponential Technology Index

The Morningstar® Exponential Technology Index is designed to provide exposure to equities identified by Morningstar’s Equity Research team as...

Morningstar, Inc.

Luxury of Telstra's Prodigious Cash Flow Amid Increasing Competitive Blows

Since the start of 2016, narrow moat Telstra's shares have trailed the market by 6%. This has been driven by rising competitive intensity in the...

Morningstar, Inc.

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