Co-founder & Managing Director, Marketnomix 

Rajan Govil

Co-founder & Managing Director

Marketnomix 

Macroeconomics

Weakness in industrial production growth in May was seen across most major sectors and economies, which clearly shows that the Euro Zone industry is struggling to gain momentum which poses a risk to our GDP outlook of 1.3% for 2016 (lowered from 1.6% after the Brexit vote).Industrial Production (IPI) in the Eurozone slowed to 0.6% y-o-y in May 2016 after having recorded a growth of 2.1% y-o-y in April 2016 on a seasonally and working day adjusted (swda) basis. On a 3 month moving average (3mma)…

Weakness in industrial production growth in May was seen across most major sectors and economies, which clearly shows that the Euro Zone industry is struggling to gain momentum which poses a risk to our GDP outlook of 1.3% for 2016 (lowered from 1.6% after the Brexit vote).Industrial Production (IPI) in the Eurozone slowed to 0.6% y-o-y in May 2016 after having recorded a growth of 2.1% y-o-y in April 2016 on a seasonally and working day adjusted (swda) basis. On a 3 month moving average (3mma)…

EUROZONE: Industrial Production GROWTh Slows ACROSS SECTORS AND COUNTRIES

Asymmetric Payoffs, Thracian Capital Management

Asymmetric Payoffs

Thracian Capital Management

Our sixty-page market commentary for the month of June, including macro analysis and trade ideas across asset classes-- macro, volatility, equities, foreign exchange, commodities and credit / interest rates.

Our sixty-page market commentary for the month of June, including macro analysis and trade ideas across asset classes-- macro, volatility, equities, foreign exchange, commodities and credit / interest rates. 

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Event-Driven

Brilliance China Automotive / Event-Driven

<a href="https://www.smartkarma.com/entities/21591" target="_blank" data-smartkarma-citation="entities:21591">BMW AG</a> 2016 Q1 <a href="https://www.bmwgroup.com/content/dam/bmw-group-websites/bmwgroup_com/ir/finanzberichte/pdf/en/Q1_2016_BMW_Group_engl_Online.pdf" target="_blank">results</a> are out and there are China numbers.There is not a lot of new information to help understand the Baoxin situation better but there are a few tidbits to help understand Q1 results and production and the very large discrepancy between domestically manufactured vehicle sales and local production.<div class="content-highlight">In one sentence, domestically-manufactured vehicle (those produced by the BMW Brilliance Automotive, Shenyang JV) count dropped significantly while domestically-manufactured sales…</div>

BMW AG 2016 Q1 results are out and there are China numbers.There is not a lot of new information to help understand the Baoxin situation better but there are a few tidbits to help understand Q1 results and production and the very large discrepancy between domestically manufactured vehicle sales and local production.In one sentence, domestically-manufactured vehicle (those produced by the BMW Brilliance Automotive, Shenyang JV) count dropped significantly while domestically-manufactured sales…

BMW Reports Q1 - Implied Brilliance JV Numbers Not Great

Equity Bottom-Up

<h2>The Recent Mitsubishi Motors News</h2>Last week on April 20th, the Nikkei ran an article with 45mins left in the trading day noting that <a href="https://www.smartkarma.com/entities/794" target="_blank" data-smartkarma-citation="entities:794">Mitsubishi Motors Corp</a> (MMC) ran the wrong fuel economy tests on minicars it sold from 2013 onward, and the article made it sound like there was deliberate falsification of test data. The stock plummeted 15% in a hurry.  Market observers were reminded of an effort by Mitsubishi Motors in the early Noughties to hide defects which had possibly played a part in a few…

The Recent Mitsubishi Motors NewsLast week on April 20th, the Nikkei ran an article with 45mins left in the trading day noting that Mitsubishi Motors Corp (MMC) ran the wrong fuel economy tests on minicars it sold from 2013 onward, and the article made it sound like there was deliberate falsification of test data. The stock plummeted 15% in a hurry.  Market observers were reminded of an effort by Mitsubishi Motors in the early Noughties to hide defects which had possibly played a part in a few…

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)

<ul><li>TV broadcasters still control 93% of subscriptions and advertising revenues that pass through the TV set. The remaining 7% of revenues relates to video streaming services like Netflix.</li><li>But Internet TV will move faster and be more disruptive than analysts predict.</li><li>The inflection point will be the arrival of a “pure” internet TV in which all TV viewing is accessed by a single operating system, probably remote controlled by a smartphone or tablet.</li><li>Film and TV studios will see content prices bid up as technology companies – like Apple, Netflix and Alibaba – compete to acquire content rights.</li><li>TV broadcasters will report profit warnings as they lose control of payTV subscription revenues and TV advertising revenues.</li></ul>

TV broadcasters still control 93% of subscriptions and advertising revenues that pass through the TV set. The remaining 7% of revenues relates to video streaming services like Netflix.But Internet TV will move faster and be more disruptive than analysts predict.The inflection point will be the arrival of a “pure” internet TV in which all TV viewing is accessed by a single operating system, probably remote controlled by a smartphone or tablet.Film and TV studios will see content prices bid up as technology companies – like Apple, Netflix and Alibaba – compete to acquire content rights.TV broadcasters will report profit warnings as they lose control of payTV subscription revenues and TV advertising revenues.

Germany

Bayerische Motoren Werke Aktiengesellschaft (BMW) manufactures and sells cars and motorcycles. The Company offers convertible sports cars, sedans, and touring motorcycles with large displacement engines. BMW serves customers worldwide.

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Bayerische Motoren Werke (BMW) (BMW GR)

EUROZONE: Industrial Production GROWTh Slows ACROSS SECTORS AND COUNTRIES

Weakness in industrial production growth in May was seen across most major sectors and economies, which clearly shows that the Euro Zone industry...

Rajan Govil

Market Commentary (June 2016)

Our sixty-page market commentary for the month of June, including macro analysis and trade ideas across asset classes-- macro, volatility,...

Asymmetric Payoffs

BMW Reports Q1 - Implied Brilliance JV Numbers Not Great

BMW AG 2016 Q1 results are out and there are China numbers.There is not a lot of new information to help understand the Baoxin situation better but...

Travis Lundy

More Mitsubishi Motors Muppetry

The Recent Mitsubishi Motors NewsLast week on April 20th, the Nikkei ran an article with 45mins left in the trading day noting that Mitsubishi...

Travis Lundy

Internet TV as an Investment Theme

TV broadcasters still control 93% of subscriptions and advertising revenues that pass through the TV set. The remaining 7% of revenues relates to...

CM Research

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