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)

Genomics as an investment theme<ul><li>Costs of sequencing a human genome have fallen to less than $1,000</li><li>China leads the world in gene sequencing</li><li>The private sector is where the most interesting MedTech companies can be found</li></ul>

Genomics as an investment themeCosts of sequencing a human genome have fallen to less than $1,000China leads the world in gene sequencingThe private sector is where the most interesting MedTech companies can be found

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.

<ul><li>Baby food records retail value growth and retail volume growth of 5% in 2017, reaching VND32.3 trillion and 108,000 tonnes</li><li>The price ceiling for milk formula is officially lifted on 1 April 2017</li><li>Liquid growing-up milk formula posts the strongest value growth of 2017, with a 15% sales increase</li><li>The average unit price of baby food increases in 2017</li><li>Vietnam Dairy Products JSC (Vinamilk) remains the leader in 2017, with a value share of 28%</li><li>Baby food is expected to record a value CAGR of 2% at constant 2017 prices over the forecast period, and reach VND36.3 trillion in 2022</li></ul>

Baby food records retail value growth and retail volume growth of 5% in 2017, reaching VND32.3 trillion and 108,000 tonnesThe price ceiling for milk formula is officially lifted on 1 April 2017Liquid growing-up milk formula posts the strongest value growth of 2017, with a 15% sales increaseThe average unit price of baby food increases in 2017Vietnam Dairy Products JSC (Vinamilk) remains the leader in 2017, with a value share of 28%Baby food is expected to record a value CAGR of 2% at constant 2017 prices over the forecast period, and reach VND36.3 trillion in 2022

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.

Event-Driven

<h2>Fast Facts</h2><ul><li>The number of significant merger investigations was down 25% on both a YTD and RTM basis</li><li>Only one significant investigation resulted in a complaint in 2017 YTD (two on an RTM basis), down about 80%</li><li>Although fewer in number, significant merger investigations and complaints took nearly 20% longer—11.6 months for 2017 YTD and 11.2 months on an RTM basis</li><li>The time between deal announcement and the issuance of a second request continued to creep up—from 72 to 81 days on a YTD basis and from 69 to 87 days on an RTM basis</li><li>Companies do not appear to be responding to the longer duration of significant merger investigations and litigations by allotting more time in transaction agreements for antitrust review</li></ul>

Fast FactsThe number of significant merger investigations was down 25% on both a YTD and RTM basisOnly one significant investigation resulted in a complaint in 2017 YTD (two on an RTM basis), down about 80%Although fewer in number, significant merger investigations and complaints took nearly 20% longer—11.6 months for 2017 YTD and 11.2 months on an RTM basisThe time between deal announcement and the issuance of a second request continued to creep up—from 72 to 81 days on a YTD basis and from 69 to 87 days on an RTM basisCompanies do not appear to be responding to the longer duration of significant merger investigations and litigations by allotting more time in transaction agreements for antitrust review

DAMITT Q3 Update: Major US Antitrust Investigations & Complaints Down Sharply But Taking Longer

<ul class=""><li>Baby food sees 16% retail value growth in 2017 to reach INR47.0 billion</li><li>Baby food benefits from the role of medical representatives promoting their products through doctors</li><li>Milk formula achieves growth of 16% during 2017 in retail value terms to reach INR25.2 billion</li><li>Average unit price increases by 10% in 2017</li><li>Nestlé India Ltd remains dominant with a value share of 63% in 2017</li><li>Baby food is expected to see an 8% constant 2017 value CAGR over the forecast period to reach INR69.8 billion in 2022</li></ul>

Baby food sees 16% retail value growth in 2017 to reach INR47.0 billionBaby food benefits from the role of medical representatives promoting their products through doctorsMilk formula achieves growth of 16% during 2017 in retail value terms to reach INR25.2 billionAverage unit price increases by 10% in 2017Nestlé India Ltd remains dominant with a value share of 63% in 2017Baby food is expected to see an 8% constant 2017 value CAGR over the forecast period to reach INR69.8 billion in 2022

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

Our last strategy “Fake Moves” highlighted our view that the markets were showing no parallel to the “fake news” narrative and indeed provided a significant backdrop for a continued move higher. Breadth continues to support the move to new highs in the market and, in the case of Sector orientation, growth continues to indicate leadership. In this report we outline the market characteristics supporting our continued bullish outlook and give special attention to the following sectors: <ul><li> Energy: Market Weight. We are upgrading this Sector to a market weight as many stocks are experiencing positive inflections; however we do not yet believe this is a long-term RS performance leader.</li></ul> <ul><li> Health Care: Overweight. We upgraded this sector to an overweight on 06/27 as biotechs staged a price and RS reversal and broke above a significant resistance level.</li></ul> <ul><li> Technology: Overweight. Tech continues to demonstrate its long-term leadership status. Major bases on the long-term charts reflects years of consolidations and enormous upside potential.</li></ul>

Our last strategy “Fake Moves” highlighted our view that the markets were showing no parallel to the “fake news” narrative and indeed provided a significant backdrop for a continued move higher. Breadth continues to support the move to new highs in the market and, in the case of Sector orientation, growth continues to indicate leadership. In this report we outline the market characteristics supporting our continued bullish outlook and give special attention to the following sectors:  Energy: Market Weight. We are upgrading this Sector to a market weight as many stocks are experiencing positive inflections; however we do not yet believe this is a long-term RS performance leader.  Health Care: Overweight. We upgraded this sector to an overweight on 06/27 as biotechs staged a price and RS reversal and broke above a significant resistance level.  Technology: Overweight. Tech continues to demonstrate its long-term leadership status. Major bases on the long-term charts reflects years of consolidations and enormous upside potential.

Vermilion Macro Vision - U.S. Equity Strategy: Sector Commentaries with Recommendations

United States

Abbott Laboratories discovers, develops, manufactures, and sells a broad and diversified line of health care products and services. The Company's products include pharmaceuticals, nutritional, diagnostics, and vascular products. Abbott markets its products worldwide through affiliates and distributors.

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Abbott Laboratories (ABT US)

Genomics as an Investment Theme

Genomics as an investment theme Costs of sequencing a human genome have fallen to less than $1,000 China leads the world in gene sequencing The...

CM Research

Sector Capsule: Baby Food in Vietnam

Baby food records retail value growth and retail volume growth of 5% in 2017, reaching VND32.3 trillion and 108,000 tonnes The price ceiling for...

Euromonitor International Ltd.

DAMITT Q3 Update: Major US Antitrust Investigations & Complaints Down Sharply But Taking Longer

Fast Facts The number of significant merger investigations was down 25% on both a YTD and RTM basis Only one significant investigation resulted in...

Dechert LLP

Sector Capsule: Baby Food in India

Baby food sees 16% retail value growth in 2017 to reach INR47.0 billion Baby food benefits from the role of medical representatives promoting...

Euromonitor International Ltd.

Vermilion Macro Vision - U.S. Equity Strategy: Sector Commentaries with Recommendations

Our last strategy “Fake Moves” highlighted our view that the markets were showing no parallel to the “fake news” narrative and indeed provided a...

Vermilion Research

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