Making sense of the Global Market, Euromonitor International Ltd.

Yu Mitsuhashi

Making sense of the Global Market

Euromonitor International Ltd.

We are a global market research company focused on industries, countries, economies and consumers worldwide. Our cross-country comparable research helps your organisation identify opportunities and develop growth strategies in countries and regions across the globe. With offices around the world, 1,200 analysts in 100 countries and market research on every key trend and driver, we give you powerful access to the real story behind consumer change.

Thematic (Sector/Industry)

<p>Alibaba continues to expand Double 11, its shopping event around Singles’ Day, a consumerist holiday meant for treating oneself. The 2016 version of the event was the retailer’s most extravagant and successful one yet. This year, Alibaba rebranded the shopping event from “Double 11” to “The 11/11 Global Shopping Festival”. Based on this rebranding and its surrounding marketing and promotional events as well as the integration of the most up-and-coming technology, it is clear that the retailer does not simply plan on expanding the shopping event but instead plans on leveraging the event to expand its business globally.</p>

Alibaba continues to expand Double 11, its shopping event around Singles’ Day, a consumerist holiday meant for treating oneself. The 2016 version of the event was the retailer’s most extravagant and successful one yet. This year, Alibaba rebranded the shopping event from “Double 11” to “The 11/11 Global Shopping Festival”. Based on this rebranding and its surrounding marketing and promotional events as well as the integration of the most up-and-coming technology, it is clear that the retailer does not simply plan on expanding the shopping event but instead plans on leveraging the event to expand its business globally.

How Alibaba's 11/11 Global Shopping Festival Represents the Future of Ecommerce

SGX Market Strategist, Equity & Fixed Income, Singapore Exchange Ltd (SGX)

Geoff Howie

SGX Market Strategist, Equity & Fixed Income

Asia’s leading multi-asset exchange

Singapore Exchange Ltd (SGX)

Singapore Exchange is Asia’s leading and trusted market infrastructure, facilitating the exchange of capital and ideas to create value for people, businesses and economies. As a multi-asset exchange operating equity, fixed income and derivatives markets to the highest regulatory standards, SGX is a vertically integrated business that provides listing, trading, clearing, settlement, depository and data services.

With about 40% of listed companies and over 80% of listed bonds originating outside of Singapore as well as established linkages across the region and in Europe, SGX is Asia’s most international and connected exchange. Offering a full suite of derivatives products across Asian equity indices, commodities and currencies, SGX is the world’s most liquid international market for the benchmark equity indices of China, India, Japan and ASEAN.

As Asia’s pioneering central counterparty, SGX is globally recognised for its risk management and clearing capabilities, and was one of the first globally to adopt the Principles for Financial Market Infrastructure.

Headquartered in AAA-rated Singapore, SGX has over 800 employees including offices in Beijing, Chicago, Hong Kong, London, New York, Mumbai, San Francisco, Shanghai and Tokyo.

<ul><li><strong>The biggest SGX-listed stocks that respectively represent the hardware, software and semiconductors industries are Venture Corporation, Silverlake Axis and UMS Holdings. </strong></li><li><strong>These three stocks have averaged a 19.2% total return in the 2016 year-to-date.</strong></li><li><strong>These three current leaders of the Sector have also had to embrace innovation and transformation for the last 25-30 years. The foundations of the trio track back to the 1980s.</strong></li></ul>

The biggest SGX-listed stocks that respectively represent the hardware, software and semiconductors industries are Venture Corporation, Silverlake Axis and UMS Holdings. These three stocks have averaged a 19.2% total return in the 2016 year-to-date.These three current leaders of the Sector have also had to embrace innovation and transformation for the last 25-30 years. The foundations of the trio track back to the 1980s.

Innovative Transformation of Singapore's Technology Sector

Asia and Global Semiconductor and Tech Research

Andrew Lu

Equity Bottom-Up

Semiconductor Manufacturing International Corp (SMIC) / Equity Bottom-Up

Semiconductor Manufacturing International Corp (SMIC)

<h2>Summary</h2><ul>
<li><em><strong>3Q16 beats but a softer 4Q16 bottom line:</strong> SMIC reports stronger 3Q16 EPS of US$0.22 cents on 2% better sales, 2ppts better op margin, and 5ppts better on net margin. SMIC guides softer 4Q bottom line on higher op expenses and minority interests.</em></li>
<li>
<em><strong>Inevitable dilution or debt raising to fuel capex</strong>: We expect SMIC to continuously dilute the shareholders (up 8.5% q/q in 3Q16) or to increase net debt to equity ratio (to 24% in 3Q16 from 19% in 2Q) to narrow the gap of 53% of sales as a free cash</em>…</li>
</ul>

Summary
3Q16 beats but a softer 4Q16 bottom line: SMIC reports stronger 3Q16 EPS of US$0.22 cents on 2% better sales, 2ppts better op margin, and 5ppts better on net margin. SMIC guides softer 4Q bottom line on higher op expenses and minority interests.

Inevitable dilution or debt raising to fuel capex: We expect SMIC to continuously dilute the shareholders (up 8.5% q/q in 3Q16) or to increase net debt to equity ratio (to 24% in 3Q16 from 19% in 2Q) to narrow the gap of 53% of sales as a free cash…


SMIC Delivers Another Strong Quarter but Guides a Softer 4Q16 Bottom Line

<h2>Summary</h2><ul>
<li><em>Starting October 13, 2016, TSMC will be the first company to report 3Q16 results and provide 4Q16 guidance to kick off semi/tech earnings season. Driven by iPhone 7, <a href="https://www.smartkarma.com/entities/666" target="_blank" data-smartkarma-citation="entities:666:1">Apple Inc (AAPL US)</a> Watch 2 production built, open market smartphones in emerging countries, and <a href="https://www.smartkarma.com/entities/191" target="_blank" data-smartkarma-citation="entities:191:1">Samsung Electronics Co Ltd (005930 KS)</a> Note 7 battery problem, our 3Q16 sales report takeaways suggest y/y strengths in foundry and fabless vendors and q/q strengths in Apple's touch panel/pressure sensor and OEM/EMS vendors.  </em></li>
<li>
<em>On</em>…</li>
</ul>

Summary
Starting October 13, 2016, TSMC will be the first company to report 3Q16 results and provide 4Q16 guidance to kick off semi/tech earnings season. Driven by iPhone 7, Apple Inc (AAPL US) Watch 2 production built, open market smartphones in emerging countries, and Samsung Electronics Co Ltd (005930 KS) Note 7 battery problem, our 3Q16 sales report takeaways suggest y/y strengths in foundry and fabless vendors and q/q strengths in Apple's touch panel/pressure sensor and OEM/EMS vendors.  

On…


Taiwan Semi/Tech 3Q Sales Takeaway as an Early Indicator for Global Tech Earnings

<h2>Summary</h2><p><em>After <a href="https://www.smartkarma.com/entities/8628" target="_blank" data-smartkarma-citation="entities:8628:1">Jiangsu Changjiang Electronics Tech Co (600584 CH, JCET) </a>in China consolidated with Singapore STATS ChipPAC starting 3Q15, we have seen JCET to turn losses for past three quarters but <a href="https://www.smartkarma.com/entities/721" target="_blank" data-smartkarma-citation="entities:721:1">Advanced Semiconductor Engr (2311 TT)</a> and <a href="https://www.smartkarma.com/entities/720" target="_blank" data-smartkarma-citation="entities:720:1">Siliconware Precision Inds (2325 TT)</a> remained as key OSAT vendors to dominate over 80% of industry profits among key vendors (vs. 58% market share in 2Q16). We thus believe most of analysts to remain positive on ASE and SPIL over others before or after <a href="https://www.smartkarma.com/entities/721" target="_blank" data-smartkarma-citation="entities:721:1">ASE</a> and</em>…</p>

SummaryAfter Jiangsu Changjiang Electronics Tech Co (600584 CH, JCET) in China consolidated with Singapore STATS ChipPAC starting 3Q15, we have seen JCET to turn losses for past three quarters but Advanced Semiconductor Engr (2311 TT) and Siliconware Precision Inds (2325 TT) remained as key OSAT vendors to dominate over 80% of industry profits among key vendors (vs. 58% market share in 2Q16). We thus believe most of analysts to remain positive on ASE and SPIL over others before or after ASE and…

Taiwan OSAT Vendors Dominated >80% of Profits but We See No Winner

Taiwan

United Microelectronics Corporation designs, manufactures, and markets integrated circuits (ICs) and related electronic products.  The Company's main products are consumer electronic ICs, memory ICs, personal computer peripheral ICs, and communication ICs.

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United Microelectron Sp Adr (UMC US)

How Alibaba's 11/11 Global Shopping Festival Represents the Future of Ecommerce

Alibaba continues to expand Double 11, its shopping event around Singles’ Day, a consumerist holiday meant for treating oneself. The 2016 version...

Euromonitor International Ltd.

Innovative Transformation of Singapore's Technology Sector

The biggest SGX-listed stocks that respectively represent the hardware, software and semiconductors industries are Venture Corporation, Silverlake...

Singapore Exchange Ltd (SGX)

SMIC Delivers Another Strong Quarter but Guides a Softer 4Q16 Bottom Line

Summary 3Q16 beats but a softer 4Q16 bottom line: SMIC reports stronger 3Q16 EPS of US$0.22 cents on 2% better sales, 2ppts better op margin, and...

Andrew Lu

Taiwan Semi/Tech 3Q Sales Takeaway as an Early Indicator for Global Tech Earnings

Summary Starting October 13, 2016, TSMC will be the first company to report 3Q16 results and provide 4Q16 guidance to kick off semi/tech earnings...

Andrew Lu

Taiwan OSAT Vendors Dominated >80% of Profits but We See No Winner

SummaryAfter Jiangsu Changjiang Electronics Tech Co (600584 CH, JCET) in China consolidated with Singapore STATS ChipPAC starting 3Q15, we have...

Andrew Lu

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