IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Event-Driven

<p><a href="https://www.smartkarma.com/entities/tpv-technology-ltd" target="_blank" data-smartkarma-citation="entities:17232:1" rel="noopener">Tpv Technology (903 HK)</a> is a leading display solutions provider. On Monday, TPV’s largest shareholder, CEC, launched a privatisation proposal by way of a scheme of arrangement. CEC’s offer of HK$3.86 cash per share is a 41% premium to the last closing price of HK$2.73 per share. </p><div class="content-highlight"><p>On a fundamental basis, TPV is doing a commendable job as it is improving margin and cash generation in the face of unrelenting revenue decline. Overall, we believe that CEC’s offer is unattractive for shareholders willing to take a long-term view. </p></div>

Tpv Technology (903 HK) is a leading display solutions provider. On Monday, TPV’s largest shareholder, CEC, launched a privatisation proposal by way of a scheme of arrangement. CEC’s offer of HK$3.86 cash per share is a 41% premium to the last closing price of HK$2.73 per share. On a fundamental basis, TPV is doing a commendable job as it is improving margin and cash generation in the face of unrelenting revenue decline. Overall, we believe that CEC’s offer is unattractive for shareholders willing to take a long-term view. 

TPV Technology: CEC’s Offer Not as Generous as It Looks

Asian Insight Provider - Actionable ideas, CrossASEAN Research

Henry Soediarko

Asian Insight Provider - Actionable ideas

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

Equity Bottom-Up

AAC Technologies Holdings / Equity Bottom-Up

<p><em>This is the first time since the Q2 2014 that AAC Tech experienced negative revenue growth while gross margin is also being shaved</em>. MEMS components and the optics business will be the key growth driver in the future although the haptics technology is not exactly lacking behind especially with the trend of having a virtual button in Android smartphones and ARKit by Apple. In this report, the following will be discussed:</p><ol>
<li>Business units evaluation</li>
<li>Gross margin deceleration</li>
<li>On demand product</li>
<li>Growth Area - Augmented Reality</li>
<li>Keep your shorts, cover or buy?</li>
</ol><p>AAC Technologies are up there together with Merry Electronics and Largan Precision in return on equity but is trading at 27% and 33% discount of PER compared to Largan Precision and Merry Electronics respectively. I am <strong>bullish</strong> on AAC Technologies given its undemanding valuation and the long term participation prospect in Augmented Reality. </p>

This is the first time since the Q2 2014 that AAC Tech experienced negative revenue growth while gross margin is also being shaved. MEMS components and the optics business will be the key growth driver in the future although the haptics technology is not exactly lacking behind especially with the trend of having a virtual button in Android smartphones and ARKit by Apple. In this report, the following will be discussed:
Business units evaluation
Gross margin deceleration
On demand product
Growth Area - Augmented Reality
Keep your shorts, cover or buy?
AAC Technologies are up there together with Merry Electronics and Largan Precision in return on equity but is trading at 27% and 33% discount of PER compared to Largan Precision and Merry Electronics respectively. I am bullish on AAC Technologies given its undemanding valuation and the long term participation prospect in Augmented Reality. 

AAC Tech (2018): H1 Review, Augmented Reality as New Growth Driver

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)

<p>The mega-themes that will drive earnings in the global tech hardware space over the next 12 to 24 months are: artificial intelligence, the Cloud, internet of things, digital media, fintech, advanced manufacturing, macroeconomic issues and regulation.</p><p>Below, we split these “umbrella” themes into over 30 sub-themes and summarise their impact on the consumer electronics sector worldwide.</p>

The mega-themes that will drive earnings in the global tech hardware space over the next 12 to 24 months are: artificial intelligence, the Cloud, internet of things, digital media, fintech, advanced manufacturing, macroeconomic issues and regulation.Below, we split these “umbrella” themes into over 30 sub-themes and summarise their impact on the consumer electronics sector worldwide.

Asia and Global Semiconductor and Tech Research

Andrew Lu

<h2>What's new on the fight between two giants?</h2><p>According to Bloomberg and multiple news sources and confirmed by the company, <a href="https://www.smartkarma.com/entities/969" target="_blank" data-smartkarma-citation="entities:969:1">Qualcomm Inc (QCOM US)</a> files a lawsuit at a Intellectual Property Court in Beijing, China to ban <a href="https://www.smartkarma.com/entities/666" target="_blank" data-smartkarma-citation="entities:666:1">Apple Inc (AAPL US)</a> production and sale of iPhone in China by claiming patent infringement and seeking injunctive relief. </p><h2>What's differences by comparing this one vs. prior ones? </h2><ul><li>
<strong>Non-standard essential patents vs. six patents</strong>: Different from the prior one focusing on six patents…</li></ul>

What's new on the fight between two giants?According to Bloomberg and multiple news sources and confirmed by the company, Qualcomm Inc (QCOM US) files a lawsuit at a Intellectual Property Court in Beijing, China to ban Apple Inc (AAPL US) production and sale of iPhone in China by claiming patent infringement and seeking injunctive relief. What's differences by comparing this one vs. prior ones? 
Non-standard essential patents vs. six patents: Different from the prior one focusing on six patents…

Qualcomm Files a Lawsuit to Ban China IPhones but We Expect Apple Gains/ Qualcomm Loses

<h2>What's new?</h2><p>Following South Korean Fair Trade Commission fined US$853mn on <a href="https://www.smartkarma.com/entities/969" target="_blank" data-smartkarma-citation="entities:969:1">Qualcomm Inc (QCOM US)</a> for violating antitrust laws (please see "<a href="https://www.smartkarma.com/insights/kftc-fined-qualcomm-for-violating-antitrust-laws-positive-to-customers-and-competitors" target="_blank" data-smartkarma-citation="insights:7896">KFTC Fined Qualcomm for Violating Antitrust Laws; Positive to Customers and Competitors"</a> dated 28 December 2016) and U.S. Federal Trade Commission (FTC) filed a complaint on 18 Jan 2017 against Qualcomm in the U.S. District Court in the Northern District of California, Taiwan Fair Trade Commission has decided to fine Qualcomm for NT$23.4bn (US$774mn) or EPS…</p>

What's new?Following South Korean Fair Trade Commission fined US$853mn on Qualcomm Inc (QCOM US) for violating antitrust laws (please see "KFTC Fined Qualcomm for Violating Antitrust Laws; Positive to Customers and Competitors" dated 28 December 2016) and U.S. Federal Trade Commission (FTC) filed a complaint on 18 Jan 2017 against Qualcomm in the U.S. District Court in the Northern District of California, Taiwan Fair Trade Commission has decided to fine Qualcomm for NT$23.4bn (US$774mn) or EPS…

Taiwan FTC Fines Qualcomm for US$774mn; Endless Lawsuit

Taiwan

Wistron Corporation manufactures and markets notebook computers, personal computers, and other related information products.

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Wistron Corp (3231 TT)

TPV Technology: CEC’s Offer Not as Generous as It Looks

Tpv Technology (903 HK) is a leading display solutions provider. On Monday, TPV’s largest shareholder, CEC, launched a privatisation proposal by...

Arun George

AAC Tech (2018): H1 Review, Augmented Reality as New Growth Driver

This is the first time since the Q2 2014 that AAC Tech experienced negative revenue growth while gross margin is also being shaved. MEMS components...

Henry Soediarko

Tech Hardware Themes

The mega-themes that will drive earnings in the global tech hardware space over the next 12 to 24 months are: artificial intelligence, the Cloud,...

CM Research

Qualcomm Files a Lawsuit to Ban China IPhones but We Expect Apple Gains/ Qualcomm Loses

What's new on the fight between two giants?According to Bloomberg and multiple news sources and confirmed by the company, Qualcomm Inc (QCOM US)...

Andrew Lu

Taiwan FTC Fines Qualcomm for US$774mn; Endless Lawsuit

What's new?Following South Korean Fair Trade Commission fined US$853mn on Qualcomm Inc (QCOM US) for violating antitrust laws (please see "KFTC...

Andrew Lu

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