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

Equity Bottom-Up

After years of decline, the past two years have seen a steady improvement in the music industry's fortunes, and consequently we are starting to see some punchy forecasts for the industry, long-term. A recent report by a leading US broker on the outlook for the global music business puts the projected size of the market at US$41bil by 2030. That is up from US$15bil as at 2015. According to the report, of that, US$34bil will come from streaming, of which US$28bil would be paid subscription and…

After years of decline, the past two years have seen a steady improvement in the music industry's fortunes, and consequently we are starting to see some punchy forecasts for the industry, long-term. A recent report by a leading US broker on the outlook for the global music business puts the projected size of the market at US$41bil by 2030. That is up from US$15bil as at 2015. According to the report, of that, US$34bil will come from streaming, of which US$28bil would be paid subscription and…

How Big Will the Global Music Industry Be in 2030?

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

Thematic (Sector/Industry)

<ul>
<li>We’ve seen a number of advertising sector profit warnings from Dentsu to WPP amid signs that key clients across the FMCG sector are questioning the payback from digital advertising.</li>
<li>Indeed, Google has begun offering refunds to advertisers for fraudulent traffic driven by ‘click bots’, but stricter EU data privacy rules and the rise of ad blocking software are additional threats.</li>
<li>The ad sector risks being disintermediated as increasingly cost conscious brands facing rising EM competition create…</li>
</ul>


We’ve seen a number of advertising sector profit warnings from Dentsu to WPP amid signs that key clients across the FMCG sector are questioning the payback from digital advertising.
Indeed, Google has begun offering refunds to advertisers for fraudulent traffic driven by ‘click bots’, but stricter EU data privacy rules and the rise of ad blocking software are additional threats.
The ad sector risks being disintermediated as increasingly cost conscious brands facing rising EM competition create…


Advertising Industry Gets Disrupted, as Central Bankers Fly Blind…

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

We remain positive on the long-term prospects for <a href="https://www.smartkarma.com/entities/17203" target="_blank" data-smartkarma-citation="entities:17203:1">NetEase (NTES US)</a>, which we see as one of the dominant online game companies in China (along with <a href="https://www.smartkarma.com/entities/26" target="_blank" data-smartkarma-citation="entities:26:1">Tencent (700 HK)</a>).  However, in the short term, we are concerned that softness in mobile games is likely to extend through 3Q and into 4Q this year as hit titles mature. That is likely to continue to weigh on sentiment. Longer term we expect its position in online games to remain strong while its eCommerce efforts are also growing strongly. We have…

We remain positive on the long-term prospects for NetEase (NTES US), which we see as one of the dominant online game companies in China (along with Tencent (700 HK)).  However, in the short term, we are concerned that softness in mobile games is likely to extend through 3Q and into 4Q this year as hit titles mature. That is likely to continue to weigh on sentiment. Longer term we expect its position in online games to remain strong while its eCommerce efforts are also growing strongly. We have…

We Expect Mobile Game Softness at Netease to Remain in 2017

Asia and Global Semiconductor and Tech Research

Andrew Lu

Advanced Micro Devices / Equity Bottom-Up

<h2>Summary of finding the beneficiaries</h2>After our recent discussions with two cloud data center experts, we conclude a rising requirement on faster and more NVME (Non-Volatile Memory Express) SSD flash storages, networking I/O cards, and AI used GPU/FPGA/TPU cards (please see Table 3 in our earlier report "<a href="https://www.smartkarma.com/insights/fiat-chrysler-is-leaving-waymo-to-join-bmw-intel-autonomous-platform-negative-positive-to" target="_blank" data-smartkarma-citation="insights:12899">Fiat Chrysler Is Leaving Waymo to Join BMW-Intel Autonomous Platform; Negative/Positive To?</a> " dated 17 August 2017) are driving a big demand on PCI Express lanes or PCI Express switch if using …

Summary of finding the beneficiariesAfter our recent discussions with two cloud data center experts, we conclude a rising requirement on faster and more NVME (Non-Volatile Memory Express) SSD flash storages, networking I/O cards, and AI used GPU/FPGA/TPU cards (please see Table 3 in our earlier report "Fiat Chrysler Is Leaving Waymo to Join BMW-Intel Autonomous Platform; Negative/Positive To? " dated 17 August 2017) are driving a big demand on PCI Express lanes or PCI Express switch if using …

Andrew on Tech: Finding the Four Beneficiaries from Rising PCI Express Lanes for Data Center

Investment Advisors, JL Warren Capital

Junheng Li

Investment Advisors

JL Warren Capital

JL Warren Capital LLC is a leading independent equity research firm focused on Chinese companies and listed multinationals in China. We employ a bottom-up research approach that takes great care to avoid the acquisition of material non-public information. Through investigative due diligence including channel surveys and interviews, our research helps clients to pinpoint the dislocations in the market.

We believe that without the launches of a few new major mobile games, the upside in the stock of <a href="https://www.smartkarma.com/entities/17203" target="_blank" data-smartkarma-citation="entities:17203:1">NetEase Inc (ADR) (NTES US)</a> is capped.  As of Q2, mobile is about 72% of total game revenue and 41% of group revenue.  The success of launches of new mobile games is the key to the stock.  Investors tend to be more willing to pay for a concentrated portfolio of major hits of hundreds of millions RMB in monthly GMV) than a collection of many small games each generating only a few million RMB.  With…

We believe that without the launches of a few new major mobile games, the upside in the stock of NetEase Inc (ADR) (NTES US) is capped.  As of Q2, mobile is about 72% of total game revenue and 41% of group revenue.  The success of launches of new mobile games is the key to the stock.  Investors tend to be more willing to pay for a concentrated portfolio of major hits of hundreds of millions RMB in monthly GMV) than a collection of many small games each generating only a few million RMB.  With…

Netease Q3 Update: Awaiting New Blockbuster Games

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)

How Big Will the Global Music Industry Be in 2030?

After years of decline, the past two years have seen a steady improvement in the music industry's fortunes, and consequently we are starting to see...

Pelham Smithers Associates

Advertising Industry Gets Disrupted, as Central Bankers Fly Blind…

We’ve seen a number of advertising sector profit warnings from Dentsu to WPP amid signs that key clients across the FMCG sector are questioning...

Sean Maher

We Expect Mobile Game Softness at Netease to Remain in 2017

We remain positive on the long-term prospects for NetEase (NTES US), which we see as one of the dominant online game companies in China (along with...

New Street Research

Andrew on Tech: Finding the Four Beneficiaries from Rising PCI Express Lanes for Data Center

Summary of finding the beneficiariesAfter our recent discussions with two cloud data center experts, we conclude a rising requirement on faster and...

Andrew Lu

Netease Q3 Update: Awaiting New Blockbuster Games

We believe that without the launches of a few new major mobile games, the upside in the stock of NetEase Inc (ADR) (NTES US) is capped. As of Q2,...

JL Warren Capital

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