Founder and Strategist, Entext Economics & Strategy

Sean Maher

Founder and Strategist

Entext Economics & Strategy

Entext provides institutional investors with distinctive, actionable asset allocation and thematic research, which typically challenges the market consensus. Our clients range from credit, equity and multi-asset hedge and pension funds to family offices and sovereign funds. 
 
We focus on identifying key inflection points in macro data and relative asset performance amid the 'groupthink'  and confirmation bias that characterizes most investment bank analysis.

Macro Driven Investment Insight

Thematic (Sector/Industry)

<ul>
<li>The huge investment being made in autonomous vehicles will dramatically boost the use of robots in new sectors, as sensors such as Lidar give them real-time awareness of their environment.</li>
<li>Japan still dominates the industry and even as local Chinese brands benefit from state support, most value add in the form of actuators, servos and other key components will have to imported.</li>
<li>Amazon which has integrated Kiva, Midea which now owns Kuka, Honda which has teamed with SenseTime and UK online…</li>
</ul>


The huge investment being made in autonomous vehicles will dramatically boost the use of robots in new sectors, as sensors such as Lidar give them real-time awareness of their environment.
Japan still dominates the industry and even as local Chinese brands benefit from state support, most value add in the form of actuators, servos and other key components will have to imported.
Amazon which has integrated Kiva, Midea which now owns Kuka, Honda which has teamed with SenseTime and UK online…


Online Retail Boom and Autonomous Car Sensors Transforming Robotics…

Asia and Global Semiconductor and Tech Research

Andrew Lu

<h2>Why does foreign exchange matter?</h2><p>After <a href="https://www.smartkarma.com/entities/18126" target="_blank" data-smartkarma-citation="entities:18126:1">Phison Electronics Corp (8299 TT)</a> chairman/CEO said NT$ appreciation to have a negative earnings impacts to 1Q17 EPS up to NT$1.5 per share (please see earlier report "<a href="https://www.smartkarma.com/insights/phison-chairman-expects-nand-price-correction-in-2q17-and-not-ruling-out-to-invest-toshiba-memory" target="_blank" data-smartkarma-citation="insights:9867">Phison Chairman Expects NAND Price Correction in 2Q17 and Not Ruling Out to Invest Toshiba Memory</a>" dated 8 April 2017 and <a href="https://www.smartkarma.com/entities/11230" target="_blank" data-smartkarma-citation="entities:11230:1">Taiwan Semiconductor Mfg. Co. Ltd. (2330 TT)</a> missed its 1Q17 sales guidance by 2% (please see "<a href="https://www.smartkarma.com/insights/tsmc-misses-1q-sales-guidance-and-will-likely-miss-margin-guidance-and-2q-consensus-as-well" target="_blank" data-smartkarma-citation="insights:9895">TSMC Misses 1Q Sales Guidance and Will Likely Miss Margin Guidance and 2Q</a>…</p>

Why does foreign exchange matter?After Phison Electronics Corp (8299 TT) chairman/CEO said NT$ appreciation to have a negative earnings impacts to 1Q17 EPS up to NT$1.5 per share (please see earlier report "Phison Chairman Expects NAND Price Correction in 2Q17 and Not Ruling Out to Invest Toshiba Memory" dated 8 April 2017 and Taiwan Semiconductor Mfg. Co. Ltd. (2330 TT) missed its 1Q17 sales guidance by 2% (please see "TSMC Misses 1Q Sales Guidance and Will Likely Miss Margin Guidance and 2Q…

Quick Analysis of US$ Depreciation Impacts to Top 20 Market Cap Taiwan Tech Vendors

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.

<p>Alibaba continues to expand Double 11, its shopping event around Singles’ Day, a consumerist holiday meant for treating oneself. The 2016 version of the event was the retailer’s most extravagant and successful one yet. This year, Alibaba rebranded the shopping event from “Double 11” to “The 11/11 Global Shopping Festival”. Based on this rebranding and its surrounding marketing and promotional events as well as the integration of the most up-and-coming technology, it is clear that the retailer does not simply plan on expanding the shopping event but instead plans on leveraging the event to expand its business globally.</p>

Alibaba continues to expand Double 11, its shopping event around Singles’ Day, a consumerist holiday meant for treating oneself. The 2016 version of the event was the retailer’s most extravagant and successful one yet. This year, Alibaba rebranded the shopping event from “Double 11” to “The 11/11 Global Shopping Festival”. Based on this rebranding and its surrounding marketing and promotional events as well as the integration of the most up-and-coming technology, it is clear that the retailer does not simply plan on expanding the shopping event but instead plans on leveraging the event to expand its business globally.

How Alibaba's 11/11 Global Shopping Festival Represents the Future of Ecommerce

SGX Market Strategist, Equity & Fixed Income, Singapore Exchange Ltd (SGX)

Geoff Howie

SGX Market Strategist, Equity & Fixed Income

Asia’s leading multi-asset exchange

Singapore Exchange Ltd (SGX)

Singapore Exchange is Asia’s leading and trusted market infrastructure, facilitating the exchange of capital and ideas to create value for people, businesses and economies. As a multi-asset exchange operating equity, fixed income and derivatives markets to the highest regulatory standards, SGX is a vertically integrated business that provides listing, trading, clearing, settlement, depository and data services.

With about 40% of listed companies and over 80% of listed bonds originating outside of Singapore as well as established linkages across the region and in Europe, SGX is Asia’s most international and connected exchange. Offering a full suite of derivatives products across Asian equity indices, commodities and currencies, SGX is the world’s most liquid international market for the benchmark equity indices of China, India, Japan and ASEAN.

As Asia’s pioneering central counterparty, SGX is globally recognised for its risk management and clearing capabilities, and was one of the first globally to adopt the Principles for Financial Market Infrastructure.

Headquartered in AAA-rated Singapore, SGX has over 800 employees including offices in Beijing, Chicago, Hong Kong, London, New York, Mumbai, San Francisco, Shanghai and Tokyo.

<ul><li><strong>The biggest SGX-listed stocks that respectively represent the hardware, software and semiconductors industries are Venture Corporation, Silverlake Axis and UMS Holdings. </strong></li><li><strong>These three stocks have averaged a 19.2% total return in the 2016 year-to-date.</strong></li><li><strong>These three current leaders of the Sector have also had to embrace innovation and transformation for the last 25-30 years. The foundations of the trio track back to the 1980s.</strong></li></ul>

The biggest SGX-listed stocks that respectively represent the hardware, software and semiconductors industries are Venture Corporation, Silverlake Axis and UMS Holdings. These three stocks have averaged a 19.2% total return in the 2016 year-to-date.These three current leaders of the Sector have also had to embrace innovation and transformation for the last 25-30 years. The foundations of the trio track back to the 1980s.

Innovative Transformation of Singapore's Technology Sector

<h2>Summary</h2><ul>
<li><em>Starting October 13, 2016, TSMC will be the first company to report 3Q16 results and provide 4Q16 guidance to kick off semi/tech earnings season. Driven by iPhone 7, <a href="https://www.smartkarma.com/entities/666" target="_blank" data-smartkarma-citation="entities:666:1">Apple Inc (AAPL US)</a> Watch 2 production built, open market smartphones in emerging countries, and <a href="https://www.smartkarma.com/entities/191" target="_blank" data-smartkarma-citation="entities:191:1">Samsung Electronics Co Ltd (005930 KS)</a> Note 7 battery problem, our 3Q16 sales report takeaways suggest y/y strengths in foundry and fabless vendors and q/q strengths in Apple's touch panel/pressure sensor and OEM/EMS vendors.  </em></li>
<li>
<em>On</em>…</li>
</ul>

Summary
Starting October 13, 2016, TSMC will be the first company to report 3Q16 results and provide 4Q16 guidance to kick off semi/tech earnings season. Driven by iPhone 7, Apple Inc (AAPL US) Watch 2 production built, open market smartphones in emerging countries, and Samsung Electronics Co Ltd (005930 KS) Note 7 battery problem, our 3Q16 sales report takeaways suggest y/y strengths in foundry and fabless vendors and q/q strengths in Apple's touch panel/pressure sensor and OEM/EMS vendors.  

On…


Taiwan Semi/Tech 3Q Sales Takeaway as an Early Indicator for Global Tech Earnings

Taiwan

Advantech Co., Ltd. manufactures and markets embedded personal computers (PC), network computing products, industrial automation products, and panel PCs.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Advantech (2395 TT)

Online Retail Boom and Autonomous Car Sensors Transforming Robotics…

The huge investment being made in autonomous vehicles will dramatically boost the use of robots in new sectors, as sensors such as Lidar give them...

Sean Maher

Quick Analysis of US$ Depreciation Impacts to Top 20 Market Cap Taiwan Tech Vendors

Why does foreign exchange matter?After Phison Electronics Corp (8299 TT) chairman/CEO said NT$ appreciation to have a negative earnings impacts to...

Andrew Lu

How Alibaba's 11/11 Global Shopping Festival Represents the Future of Ecommerce

Alibaba continues to expand Double 11, its shopping event around Singles’ Day, a consumerist holiday meant for treating oneself. The 2016 version...

Euromonitor International Ltd.

Innovative Transformation of Singapore's Technology Sector

The biggest SGX-listed stocks that respectively represent the hardware, software and semiconductors industries are Venture Corporation, Silverlake...

Singapore Exchange Ltd (SGX)

Taiwan Semi/Tech 3Q Sales Takeaway as an Early Indicator for Global Tech Earnings

Summary Starting October 13, 2016, TSMC will be the first company to report 3Q16 results and provide 4Q16 guidance to kick off semi/tech earnings...

Andrew Lu

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)