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)

As the dust settles after the US presidential election, we look at the medium-term investment implications of a Trump presidency for technology stocks.The biggest benefit to the US tech sector will come from lower tax rates. The biggest risk is trade wars that result in higher tariffs and retaliation against US tech companies. The wildcard is regulation: net neutrality rules – if relaxed – could shift the balance of power from internet companies to telcos.Below we look at five themes emanating from Mr Trump's policies that have a direct impact on the global tech sector: taxation, trade, regulation, cybersecurity and social media.

As the dust settles after the US presidential election, we look at the medium-term investment implications of a Trump presidency for technology stocks.The biggest benefit to the US tech sector will come from lower tax rates. The biggest risk is trade wars that result in higher tariffs and retaliation against US tech companies. The wildcard is regulation: net neutrality rules – if relaxed – could shift the balance of power from internet companies to telcos.Below we look at five themes emanating from Mr Trump's policies that have a direct impact on the global tech sector: taxation, trade, regulation, cybersecurity and social media.

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

In our recent note on Indian telecoms consolidation, and the possibility of a merger of <a href="https://www.smartkarma.com/entities/22204" target="_blank" data-smartkarma-citation="entities:22204:1">Vodafone's (VOD LN)</a> Indian business with <a href="https://www.smartkarma.com/entities/15678" target="_blank" data-smartkarma-citation="entities:15678:1">IDEA (IDEA IN)</a> , we suggested this would not be great news for the Towercos. <blockquote>The read across for <a href="https://www.smartkarma.com/entities/8922" target="_blank" data-smartkarma-citation="entities:8922:1">Bharti Infratel (BHIN IN)</a> is negative if a deal goes ahead, further reducing the long-term maximum colocation achievable on towers sites if two of the larger operators in the Indian wireless space merge. We see Indus as particularly at risk, with Bharti Infratel holding a…</blockquote>

In our recent note on Indian telecoms consolidation, and the possibility of a merger of Vodafone's (VOD LN) Indian business with IDEA (IDEA IN) , we suggested this would not be great news for the Towercos. The read across for Bharti Infratel (BHIN IN) is negative if a deal goes ahead, further reducing the long-term maximum colocation achievable on towers sites if two of the larger operators in the Indian wireless space merge. We see Indus as particularly at risk, with Bharti Infratel holding a…

Bharti Selling Down Bharti Infratel? The Writing Is on the Wall for Indian Towers

Independent, global risk consultancy, Control Risks

Aparajita Verma

Independent, global risk consultancy

Control Risks

Control Risks is an independent, global risk consultancy specialising in helping organisations manage political, integrity and security risks in complex and hostile environments. We support clients by providing strategic consultancy, expert analysis and in-depth investigations, handling sensitive political issues and providing practical on-the-ground protection and support.

Our unique combination of services, geographical reach and the trust our clients place in us ensure we can help them to effectively solve their problems and realise new opportunities across the world.

The bitter divisiveness of the campaign, between Democrat Hillary Clinton and her Republican rival Donald Trump, reflects the deep disaffection of substantial parts of the electorate despite a return to modest economic growth.

The bitter divisiveness of the campaign, between Democrat Hillary Clinton and her Republican rival Donald Trump, reflects the deep disaffection of substantial parts of the electorate despite a return to modest economic growth.

Winds Across the Pacific: What the US Election Will Bring to Asia

We have a preference in the Indian telecoms market for <a href="https://www.smartkarma.com/entities/953" target="_blank" data-smartkarma-citation="entities:953:1">Bharti Airtel (BHARTI IN)</a> over its peers. Our concerns have been discussed previously but they relate to scale and a possible need for <a href="https://www.smartkarma.com/entities/15678" target="_blank" data-smartkarma-citation="entities:15678:1">Idea Cellular (IDEA IN)</a> to look at merging with <a href="https://www.smartkarma.com/entities/22204" target="_blank" data-smartkarma-citation="entities:22204:1">Vodafone's (VOD LN)</a> Indian business.  We still think that would be an excellent deal but it remains far from certain. In the meantime, the only true nationwide competitor for the newly launched Jio is Bharti. The latest results from Bharti and the Jio launch…

We have a preference in the Indian telecoms market for Bharti Airtel (BHARTI IN) over its peers. Our concerns have been discussed previously but they relate to scale and a possible need for Idea Cellular (IDEA IN) to look at merging with Vodafone's (VOD LN) Indian business.  We still think that would be an excellent deal but it remains far from certain. In the meantime, the only true nationwide competitor for the newly launched Jio is Bharti. The latest results from Bharti and the Jio launch…

Bharti's Margins Continue to Improve. IDEA, Not so Good.

China Unicom Hong Kong / Equity Bottom-Up

We look at concerns over whether Chinese consumers are being overcharged for their telco service. Our analysis on revenue/pop concludes that factoring in wealth differentials, consumers are not overspending relative to their peers and in fact are under-spending on mobile services as a % of income. This supports revenue growth, as the elasticity of data demand in China is the highest of markets where data is available. We remain positive on the sector and see rising returns as essential for the ongoing health of the smaller operators. We favor <a href="https://www.smartkarma.com/entities/1016" target="_blank" data-smartkarma-citation="entities:1016:1">China Unicom (762 HK)</a> of the three on valuation and turnaround potential but are positive on all three operators.

We look at concerns over whether Chinese consumers are being overcharged for their telco service. Our analysis on revenue/pop concludes that factoring in wealth differentials, consumers are not overspending relative to their peers and in fact are under-spending on mobile services as a % of income. This supports revenue growth, as the elasticity of data demand in China is the highest of markets where data is available. We remain positive on the sector and see rising returns as essential for the ongoing health of the smaller operators. We favor China Unicom (762 HK) of the three on valuation and turnaround potential but are positive on all three operators. 

Chinese Telecoms: The Demand Opportunity Remains Intact.

United Kingdom

Vodafone Group PLC is a mobile telecommunications company providing a range of services, including voice and data communications.  The Company operates in Continental Europe, the United Kingdom, the United States, Asia Pacific, Africa and the Middle East through its subsidiaries, associates, and investments.

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Vodafone (VOD LN)

What Trump Means for Tech

As the dust settles after the US presidential election, we look at the medium-term investment implications of a Trump presidency for technology...

CM Research

Bharti Selling Down Bharti Infratel? The Writing Is on the Wall for Indian Towers

In our recent note on Indian telecoms consolidation, and the possibility of a merger of Vodafone's (VOD LN) Indian business with IDEA (IDEA IN) ,...

New Street Research

Winds Across the Pacific: What the US Election Will Bring to Asia

The bitter divisiveness of the campaign, between Democrat Hillary Clinton and her Republican rival Donald Trump, reflects the deep disaffection of...

Control Risks

Bharti's Margins Continue to Improve. IDEA, Not so Good.

We have a preference in the Indian telecoms market for Bharti Airtel (BHARTI IN) over its peers. Our concerns have been discussed previously but...

New Street Research

Chinese Telecoms: The Demand Opportunity Remains Intact.

We look at concerns over whether Chinese consumers are being overcharged for their telco service. Our analysis on revenue/pop concludes that...

New Street Research

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