Global Head of Research, Smartkarma

Mark Artherton

Global Head of Research

LR Research

Thematic (Sector/Industry)

<div class="content-highlight">1.  Artificial Intelligence drives down wages.   The Economist wrote an article showing how Artificial Intelligence (AI) is creating new jobs.  AI algorithms need constant checking and feeding to ensure they are OK, rather like babies.  The creators of these algorithms outsource these tasks to low paid workers in around the world.  Individual tasks are repetitive and dull, but they appear to be the kind of 'repetitive and dull' that computers cannot do.  It is an amazing ecosystem - very similar…</div>

1.  Artificial Intelligence drives down wages.   The Economist wrote an article showing how Artificial Intelligence (AI) is creating new jobs.  AI algorithms need constant checking and feeding to ensure they are OK, rather like babies.  The creators of these algorithms outsource these tasks to low paid workers in around the world.  Individual tasks are repetitive and dull, but they appear to be the kind of 'repetitive and dull' that computers cannot do.  It is an amazing ecosystem - very similar…

Global TMT, Consumer, Korea, Deep Fundamental

Julian Yoon

Equity Bottom-Up

We recently met with the company to discuss the cross-selling impact in 2H17.  Earlier this year, the China Consumers' Association (CCA) investigated <a href="https://www.smartkarma.com/entities/180" target="_blank" data-smartkarma-citation="entities:180:1">Ctrip.com International (ADR) (CTRP US)</a> and insisted that the company change its policy of automatically opting in customers to purchases of add-on products such as travel insurance, rental cars, etc.  And then in August, the Civil Aviation Administration of China (CAAC) introduced a formal regulation, prohibiting preselection of value-added…

We recently met with the company to discuss the cross-selling impact in 2H17.  Earlier this year, the China Consumers' Association (CCA) investigated Ctrip.com International (ADR) (CTRP US) and insisted that the company change its policy of automatically opting in customers to purchases of add-on products such as travel insurance, rental cars, etc.  And then in August, the Civil Aviation Administration of China (CAAC) introduced a formal regulation, prohibiting preselection of value-added…

Ctrip - Update on Cross-Selling Impact and 4Q17 Outlook

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

China Unicom Hong Kong / Equity Bottom-Up

<a href="https://www.smartkarma.com/entities/1016" target="_blank" data-smartkarma-citation="entities:1016:1">China Unicom (762 HK)</a> pre-released positive key data ahead of results which were then reported in detail late last week. Overall service revenue growth in 3Q was +6% YoY and within this, mobile service revenue growth accelerated to 9.8% from 7.5% in 2Q, while fixed revenue recovered modestly (2Q: -2.4%). The recovery story at China Unicom continues to play out with a strong revenue recovery and rising profitability and cash flow. It remains our preferred pick among the three Chinese operators.…

China Unicom (762 HK) pre-released positive key data ahead of results which were then reported in detail late last week. Overall service revenue growth in 3Q was +6% YoY and within this, mobile service revenue growth accelerated to 9.8% from 7.5% in 2Q, while fixed revenue recovered modestly (2Q: -2.4%). The recovery story at China Unicom continues to play out with a strong revenue recovery and rising profitability and cash flow. It remains our preferred pick among the three Chinese operators.…

Surging Data Traffic Drives Mobile Revenue Growth at China Unicom

Japan TMT Analyst

Pelham Smithers

Market Intel on Asian Tech with a Japan focus

Pelham Smithers Associates

Founded in 2009, Pelham Smithers Associates (PSA) provides market intelligence on Asian technology, focusing in particular on Japan. The industries covered by our team of specialists are: consumer electronics, telecomms, pharmaceuticals, internet, electronic parts and materials, automotive technology, retail and capital goods. 

Research is provided by the following:
Pelham Smithers: Macro, consumer electronics, telecoms & pharma
Joel Scheiman: Electronics materials / components
Julie Boote: Autos
Will Nestuk: Capital goods, machinery & transportation equipment parts
Thao Nguyen: eCommerce, internet content, marketing & advertising

In a traditionally tough quarter for video game publishers, <a href="https://www.smartkarma.com/entities/5415" target="_blank" data-smartkarma-citation="entities:5415:1">Nintendo Co Ltd (7974 JP)</a> delivered in three months as much operating profit as <a href="https://www.smartkarma.com/entities/15003" target="_blank" data-smartkarma-citation="entities:15003:1">Square Enix (9684 JP)</a> delivered in the first six months of the year, and on top of that massively revised up its full year target OP to ¥120bil from ¥65bil. Management upped their target for Switch system sales to 14mil from 10mil for FY17, while increasing Switch software sales target from 35mil to 50mil. The forecast is also knowingly conservative, as the…

In a traditionally tough quarter for video game publishers, Nintendo Co Ltd (7974 JP) delivered in three months as much operating profit as Square Enix (9684 JP) delivered in the first six months of the year, and on top of that massively revised up its full year target OP to ¥120bil from ¥65bil. Management upped their target for Switch system sales to 14mil from 10mil for FY17, while increasing Switch software sales target from 35mil to 50mil. The forecast is also knowingly conservative, as the…

Nintendo (7974) - Is Perfection Good Enough?

China, Emerging Markets

Ryan Soh 苏祥发

Stockholders ignored Baidu’s excellent Q3 results and sold the stock on reduced expectations for Q4 and beyond.  <h2>The result</h2><a href="https://www.smartkarma.com/entities/179" target="_blank" data-smartkarma-citation="entities:179:1">Baidu</a> had a good Q3, but will have a worse Q4, and it is Q4 that matters more. For Q3, it beat earnings expectations by 106%, and grew revenue, operating income and net income year-on-year (yoy) by 29%, 69% and 156%. However, the stock traded down 10-15% in aftermarket trading, in recognition of Q4 revenue guidance at odds with analyst estimates – the midpoint of core…

Stockholders ignored Baidu’s excellent Q3 results and sold the stock on reduced expectations for Q4 and beyond.  The resultBaidu had a good Q3, but will have a worse Q4, and it is Q4 that matters more. For Q3, it beat earnings expectations by 106%, and grew revenue, operating income and net income year-on-year (yoy) by 29%, 69% and 156%. However, the stock traded down 10-15% in aftermarket trading, in recognition of Q4 revenue guidance at odds with analyst estimates – the midpoint of core…

China

Tencent Holdings Limited operates as an investment holding company. The Company, through its subsidiaries, provides Internet and mobile value-added services (VAS), online advertising, and e-commerce transactions. Tencent Holdings offers services to users worldwide.

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Tencent Holdings (ADR) (TCEHY US)

21 Things Worth Knowing (#6)

1. Artificial Intelligence drives down wages. The Economist wrote an article showing how Artificial Intelligence (AI) is creating new jobs. AI...

Mark Artherton

Ctrip - Update on Cross-Selling Impact and 4Q17 Outlook

We recently met with the company to discuss the cross-selling impact in 2H17. Earlier this year, the China Consumers' Association (CCA)...

Julian Yoon

Surging Data Traffic Drives Mobile Revenue Growth at China Unicom

China Unicom (762 HK) pre-released positive key data ahead of results which were then reported in detail late last week. Overall service revenue...

New Street Research

Nintendo (7974) - Is Perfection Good Enough?

In a traditionally tough quarter for video game publishers, Nintendo Co Ltd (7974 JP) delivered in three months as much operating profit as Square...

Pelham Smithers Associates

Baidu's 2017 Q3: How to Lose by Winning

Stockholders ignored Baidu’s excellent Q3 results and sold the stock on reduced expectations for Q4 and beyond. The resultBaidu had a good Q3, but...

Ryan Soh 苏祥发

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