Global TMT, Consumer, Korea, Deep Fundamental

Julian Yoon

Equity Bottom-Up

This insight covers my meeting notes and takeaways per my recent meeting with Ctrip, providing added context and serving as a prelude to my next in-depth piece on the company which will include: <ol>
<li>Key value drivers and bottom up analysis</li>
<li>Evaluation of business model in China and global context</li>
<li>Benchmarking analysis vs. peer group</li>
<li>DCF analysis</li>
</ol>Overall, I think Ctrip is a very good story for secular growth in China's booming travel industry, rise in disposal income, shift to OTA, etc. Ctrip's market cap…

This insight covers my meeting notes and takeaways per my recent meeting with Ctrip, providing added context and serving as a prelude to my next in-depth piece on the company which will include: 
Key value drivers and bottom up analysis
Evaluation of business model in China and global context
Benchmarking analysis vs. peer group
DCF analysis
Overall, I think Ctrip is a very good story for secular growth in China's booming travel industry, rise in disposal income, shift to OTA, etc. Ctrip's market cap…

Ctrip Update and Prelude to In-Depth Bottoms up Analysis / Evaluation of Business Model

Transport Sector, China and Asia-focused Research

Charles De Trenck

Thematic (Sector/Industry)

Sometimes we need to stop and ask if an argument or discussion makes sense. …If a valuation makes sense. Morgan Stanley is now saying that <a href="https://www.smartkarma.com/entities/11369" target="_blank" data-smartkarma-citation="entities:11369:1">Alphabet Inc Cl C (GOOG US)</a>'s  Waymo could be worth $70bn and Google should IPO Waymo. No doubt there are caveats in the contention.  ... And, well, of course it should IPO Waymo if it gets a pile of money. And Morgan Stanley should get an anchor underwriter spot too! …. <a href="http://www.investors.com/news/technology/google-should-spin-out-waymo-to-beat-tesla-ford-morgan-stanley/" target="_blank">Media reports</a> put this story without batting an eyelash. <a href="http://www.cnbc.com/2017/05/23/alphabets-self-driving-waymo-unit-could-be-worth-70-billion-more-than-gm-morgan-stanley-says.html" target="_blank">This version</a> was even more…

Sometimes we need to stop and ask if an argument or discussion makes sense. …If a valuation makes sense. Morgan Stanley is now saying that Alphabet Inc Cl C (GOOG US)'s  Waymo could be worth $70bn and Google should IPO Waymo. No doubt there are caveats in the contention.  ... And, well, of course it should IPO Waymo if it gets a pile of money. And Morgan Stanley should get an anchor underwriter spot too! …. Media reports put this story without batting an eyelash. This version was even more…

Valuations Without Frontiers: Waymo and Echoes of 2000 (Lessons from KS Li)

Public Relations and Social Media Manager, Dechert LLP

Peggy Heffner

Public Relations and Social Media Manager

Dechert is a global specialist law firm

Dechert LLP

Dechert is a global specialist law firm.
Focused on sectors with the greatest complexities, legal intricacies and highest regulatory demands, we excel in delivering practical commercial judgment and deep legal expertise for high-stakes matters.

Our work is widely recognized. We have 20 standout practices noted by Chambers Global, including global-wide rankings for arbitration, corporate investigations, anti-corruption, investment funds and life sciences. Named Antitrust Team of the Year, Chambers USA commends our “accomplished group” as “routinely sought after to handle some of the most significant litigation and transactions in the antitrust world.” 

In an increasingly challenging environment, clients look to us to serve them in ways that are faster, sharper and leaner without compromising excellence. We developed a first-of-its kind legal project management department, which uses technology, people and processes to drive efficiency and deliver value for our clients.

We are innovators. Dechert ranked #7 in the Financial Times’ Top North American Innovative Law Firms. Financial Times also recognizes us among the Top European Innovative Law Firms and highly commends World Compass, our marketing compliance service, which offers investment firms advice in more than 100 jurisdictions.

<ul><li>President Donald J. Trump issued an Executive Order on May 11, 2017 aimed at “Strengthening the Cybersecurity of Federal Networks and Critical Infrastructure” (the “Order”).1  </li><li>The Order mandates federal governmental review of cybersecurity policies and practices in two distinct but related spheres: (1) the federal Executive Branch, which “operates its information technology (IT) on behalf of the American people,” and (2) “the owners and operators of the Nation’s critical infrastructure.”</li><li>The Order also addresses, generally, consumer cybersecurity issues by highlighting the need to promote an “open, interoperable, reliable, and secure internet” and grow and train a workforce skilled in cybersecurity.</li><li>Its primary purposes appear to be (1) collecting information the Administration believes it needs to formulate its cybersecurity strategies; and (2) identifying avenues of potential cooperation between the federal government and other entities that are central to preserving the nation’s security.  </li></ul>

President Donald J. Trump issued an Executive Order on May 11, 2017 aimed at “Strengthening the Cybersecurity of Federal Networks and Critical Infrastructure” (the “Order”).1  The Order mandates federal governmental review of cybersecurity policies and practices in two distinct but related spheres: (1) the federal Executive Branch, which “operates its information technology (IT) on behalf of the American people,” and (2) “the owners and operators of the Nation’s critical infrastructure.”The Order also addresses, generally, consumer cybersecurity issues by highlighting the need to promote an “open, interoperable, reliable, and secure internet” and grow and train a workforce skilled in cybersecurity.Its primary purposes appear to be (1) collecting information the Administration believes it needs to formulate its cybersecurity strategies; and (2) identifying avenues of potential cooperation between the federal government and other entities that are central to preserving the nation’s security.  

Trump Executive Order Addresses Executive Branch, Critical Infrastructure Cybersecurity

Amareos

Ryan Shea

<h2>Summary</h2><blockquote>
“There is a time to smile, a time to cry,
A time to live, a time to die, 
A time to sell and a time to buy”
</blockquote>Our thoughts on technology including the outlook for four leading technology stocks – [F]acebook, [A]mazon, [N]etflix and [G]oogle (Alphabet). These four stocks are popular shorts with hedge funds as the combination of strong price momentum and loft valuations has fuelled speculation they are in a bubble. We scan the latest crowd sentiment readings to determine whether this really is…

Summary
“There is a time to smile, a time to cry,
A time to live, a time to die, 
A time to sell and a time to buy”
Our thoughts on technology including the outlook for four leading technology stocks – [F]acebook, [A]mazon, [N]etflix and [G]oogle (Alphabet). These four stocks are popular shorts with hedge funds as the combination of strong price momentum and loft valuations has fuelled speculation they are in a bubble. We scan the latest crowd sentiment readings to determine whether this really is…

The Market Sentimentalist - New-FANG-Led Technology

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

If you were simply to take the overall US stock market behaviour since the start of the year, you would have reason for mild contentment. The market is up 6~7% in 15 weeks - the sort of performance that delivers nice bonuses to the fund management industry but doesn't generate sleepless nights worrying that it is about to turn sour.However, such performance is well in excess of the 6% annual total real rate of return generated on average by equities, given that current dividend yields and…

If you were simply to take the overall US stock market behaviour since the start of the year, you would have reason for mild contentment. The market is up 6~7% in 15 weeks - the sort of performance that delivers nice bonuses to the fund management industry but doesn't generate sleepless nights worrying that it is about to turn sour.However, such performance is well in excess of the 6% annual total real rate of return generated on average by equities, given that current dividend yields and…

US Equity Market Looking Increasingly Expensive

United States

Alphabet, Inc. operates as a holding company. The Company, through its subsidiaries, provides web-based search, advertisements, maps, software applications, mobile operating systems, consumer content, enterprise solutions, commerce, and hardware products.

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Alphabet (GOOG US)

Ctrip Update and Prelude to In-Depth Bottoms up Analysis / Evaluation of Business Model

This insight covers my meeting notes and takeaways per my recent meeting with Ctrip, providing added context and serving as a prelude to my next...

Julian Yoon

Valuations Without Frontiers: Waymo and Echoes of 2000 (Lessons from KS Li)

Sometimes we need to stop and ask if an argument or discussion makes sense. …If a valuation makes sense. Morgan Stanley is now saying that Alphabet...

Charles De Trenck

Trump Executive Order Addresses Executive Branch, Critical Infrastructure Cybersecurity

President Donald J. Trump issued an Executive Order on May 11, 2017 aimed at “Strengthening the Cybersecurity of Federal Networks and Critical...

Dechert LLP

The Market Sentimentalist - New-FANG-Led Technology

Summary “There is a time to smile, a time to cry, A time to live, a time to die, A time to sell and a time to buy” Our thoughts on technology...

Amareos

US Equity Market Looking Increasingly Expensive

If you were simply to take the overall US stock market behaviour since the start of the year, you would have reason for mild contentment. The...

Pelham Smithers Associates

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