Independent TMT Analyst

Edison Lee, CFA

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/179" target="_blank" data-smartkarma-citation="entities:179">Baidu Inc (ADR)</a>  announced the new leader and other senior members for its Financial Services Group (FSG). FSG is one of Baidu's big "other bets." </li>
<li>Despite these members' impressive background, the lack of critical mass in e-commerce and a large base of registered users on its payment platform continues to put Baidu in a weak position against Ant Financial and <a href="https://www.smartkarma.com/entities/26" target="_blank" data-smartkarma-citation="entities:26">Tencent Holdings Ltd</a> .</li>
<li>Everybody including Baidu wants to take advantage of big data. But big data relies on an extremely large number of…</li>
</ul>



Baidu Inc (ADR)  announced the new leader and other senior members for its Financial Services Group (FSG). FSG is one of Baidu's big "other bets." 
Despite these members' impressive background, the lack of critical mass in e-commerce and a large base of registered users on its payment platform continues to put Baidu in a weak position against Ant Financial and Tencent Holdings Ltd .
Everybody including Baidu wants to take advantage of big data. But big data relies on an extremely large number of…


Baidu - Behind the Curve on E-Commerce, Thus Internet Finance

Bespoke Research on China and neighbouring regions, Bixmoor

Bixmoor

Bespoke Research on China and neighbouring regions

Bixmoor specialises in providing bespoke research to business, governments and the financial community on China and neighbouring regions. We seek to build long-term relationships with our clients, based on our expertise, our reliability and our determination to find the right solution.

Thematic (Sector/Industry)

China has been building very fast supercomputers for some years, but now it has developed a new machine that only uses Chinese-designed and manufactured chips. This is one area in which China leads the world

China has been building very fast supercomputers for some years, but now it has developed a new machine that only uses Chinese-designed and manufactured chips. This is one area in which China leads the world

Chinese Supercomputers Outstrip the Competition

EM PM, Ecstrat

Emad Mostaque

EM PM

Ecstrat

Ecstrat is a consultancy advising on asset allocation between global equity markets, with a focus on the intersection of governments, geopolitics, governance and markets.
 
Over the past few years and more especially since the Great Financial Crisis (GFC), investors have become more focused on short-term market movements and real-time returns and have consequently neglected the analysis of the underlying structural themes that underpin longer term performance.
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More specifically we believe that the evolution of governance-based relationships between investors, controlling shareholders, labour and the state is one of the primary determinants of both relative and absolute performance between individual equity markets.
 
We will endeavour to provide investors with some of the context surrounding governance-related issues which encompass many different disciplines including history, economics and political science, as well as the financial metrics which are the most obvious manifestation of the structural characteristics of each market.
 
We will pay particular attention to the shifts and potential inflection points for governance in individual markets as these are often the best lead indicators for both economic and market performance.

Against market expectations the British have voted to exit the European Union, a process that could take a few years. The first order impact is being felt in the Eurozone, but the shockwaves could lead to one more leg down in Emerging Markets and potentially the US this year.

Against market expectations the British have voted to exit the European Union, a process that could take a few years. The first order impact is being felt in the Eurozone, but the shockwaves could lead to one more leg down in Emerging Markets and potentially the US this year.

Value Investor, Frontier Asia Capital

Winston Chu

Value Investor

Frontier Asia Capital

Tencent's announcement regarding the acquisition of 84% stake in Supercell, the highly successful Finnish developer of mobile game Clash of Clans, has been well flagged for weeks.  The transaction itself appears to be clearly accretive given Supercell's incredible track record and also priced reasonably @10x EV/EBIT.  However, reading the announcement I became interested in one key detail:  Tencent's choice in accounting for Supercell.   The company is in discussions with potential co-investors…

Tencent's announcement regarding the acquisition of 84% stake in Supercell, the highly successful Finnish developer of mobile game Clash of Clans, has been well flagged for weeks.  The transaction itself appears to be clearly accretive given Supercell's incredible track record and also priced reasonably @10x EV/EBIT.  However, reading the announcement I became interested in one key detail:  Tencent's choice in accounting for Supercell.   The company is in discussions with potential co-investors…

Tencent / Supercell - A Question of Control

<ul><li>This is the first of a series of articles examining major China vs US Internet stocks.</li><li>Baidu dominates the Chinese search market; Alphabet dominates the rest of the world. It is wrong to automatically assume Baidu has stronger growth potential.</li><li>China's advertising market size and growth have been inflated by illegitimate and dubious businesses. Baidu's recent problem with healthcare advertising shows the bubble can burst.</li><li>A catch-up in smartphone penetration in emerging markets will drive stronger but lower-risk growth at Alphabet.</li><li>Current stock prices imply Alphabet's equity risk premium is 225 bps higher than that of Baidu. The other way round is more reasonable.</li></ul>

This is the first of a series of articles examining major China vs US Internet stocks.Baidu dominates the Chinese search market; Alphabet dominates the rest of the world. It is wrong to automatically assume Baidu has stronger growth potential.China's advertising market size and growth have been inflated by illegitimate and dubious businesses. Baidu's recent problem with healthcare advertising shows the bubble can burst.A catch-up in smartphone penetration in emerging markets will drive stronger but lower-risk growth at Alphabet.Current stock prices imply Alphabet's equity risk premium is 225 bps higher than that of Baidu. The other way round is more reasonable.

Alphabet Beats Baidu on Risk, Growth Potential and Valuation

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 (700 HK)

Baidu - Behind the Curve on E-Commerce, Thus Internet Finance

Baidu Inc (ADR) announced the new leader and other senior members for its Financial Services Group (FSG). FSG is one of Baidu's big "other...

Edison Lee, CFA

Chinese Supercomputers Outstrip the Competition

China has been building very fast supercomputers for some years, but now it has developed a new machine that only uses Chinese-designed and...

Bixmoor

Will Brexit Break EM's Back?

Against market expectations the British have voted to exit the European Union, a process that could take a few years. The first order impact is...

Emad Mostaque

Tencent / Supercell - A Question of Control

Tencent's announcement regarding the acquisition of 84% stake in Supercell, the highly successful Finnish developer of mobile game Clash of Clans,...

Winston Chu

Alphabet Beats Baidu on Risk, Growth Potential and Valuation

This is the first of a series of articles examining major China vs US Internet stocks. Baidu dominates the Chinese search market; Alphabet...

Edison Lee, CFA

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