Asia and Global Semiconductor and Tech Research

Andrew Lu

Thematic (Sector/Industry)

<h2>Summary</h2><ul>
<li>
<strong>US said no on Aixtron US acquisition</strong>: U.S. President issued an order prohibiting Grand Chip buying Germany’s LED equipment vendor Aixtron's US subsidiary on concerning national security threats related to the military applications in satellite communications and radar.</li>
<li>
<strong>No surprise after recently delayed deals: </strong>In "<a href="https://www.smartkarma.com/insights/how-will-trump-shape-up-the-global-technology-industry-in-next-four-years" target="_blank" data-smartkarma-citation="insights:6961">How Will Trump Shape up the Global Technology Industry in Next Four Years?</a>" report, we believe US will enhance I.P. protection and national security after Trump got elected…</li>
</ul>

Summary

US said no on Aixtron US acquisition: U.S. President issued an order prohibiting Grand Chip buying Germany’s LED equipment vendor Aixtron's US subsidiary on concerning national security threats related to the military applications in satellite communications and radar.

No surprise after recently delayed deals: In "How Will Trump Shape up the Global Technology Industry in Next Four Years?" report, we believe US will enhance I.P. protection and national security after Trump got elected…


US Said No on Aixtron After Taiwan Delayed on PT/Chipmos Acquisition; Any Way Out for China?

Differentiated global TMT & Internet Research

New Street Research Insights

New Street Research

Research is provided by our team of experienced analysts. Our work is idea driven, based on independence of thought, sector expertise, and firmly focused on fundamentals and valuation of telecoms and internet names globally. New Street is headquartered in London with offices in New York, Singapore and Australia. 

New Street Research is an independent, partner-owned, research firm specialising in equity and debt research. Our equity research embraces the following sectors:

Pan European Telecom Services and Cable
US Telecoms, Cable, Satellite and Towers
Global Emerging Market Telecoms
Japan Telecoms
Asian Internet
Pan European Healthcare
US Healthcare
Japanese Healthcare

We also provide debt research on:
Pan European Telecom Services and Cable

<p>5G considerations have moved to centre stage for operators, vendors, policy makers and regulators globally in recent months as technology roadmaps become clearer. Distinct regional roadmaps are emerging, with network densification a key differentiator between markets. We view dense networks as a key enabler for 5G to succeed. On that basis, China, Japan, and South Korea already operating widespread dense wireless networks today giving them a low-cost route for the further spread of small cells…</p>

5G considerations have moved to centre stage for operators, vendors, policy makers and regulators globally in recent months as technology roadmaps become clearer. Distinct regional roadmaps are emerging, with network densification a key differentiator between markets. We view dense networks as a key enabler for 5G to succeed. On that basis, China, Japan, and South Korea already operating widespread dense wireless networks today giving them a low-cost route for the further spread of small cells…

5G: Will Enhanced TD-LTE Become a Stepping Stone to 5G?

<h2>Summary</h2><ul>
<li>
<strong>BB ratio down to 0.91 for the first time in four-year and below parity in 11 months</strong>: North America-based manufacturers of semiconductor equipment posted $1.49 billion in orders worldwide in October 2016 (three-month average basis) and a book-to-bill ratio of 0.91, according to SEMI.</li>
<li>
<strong>Sign of a downturn</strong>? For the time being, we identify the downturn as a seasonal one.  However, we would be cautious after Philadelphia and Taiwan Semiconductor index both reached record high levels.</li>
<li>
<strong>Checkpoint</strong>…</li>
</ul>

Summary

BB ratio down to 0.91 for the first time in four-year and below parity in 11 months: North America-based manufacturers of semiconductor equipment posted $1.49 billion in orders worldwide in October 2016 (three-month average basis) and a book-to-bill ratio of 0.91, according to SEMI.

Sign of a downturn? For the time being, we identify the downturn as a seasonal one.  However, we would be cautious after Philadelphia and Taiwan Semiconductor index both reached record high levels.

Checkpoint…


N.A. Semiconductor Equipment BB Ratio to Four Year Low - Sign of a Downturn?

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%.

<p>By 2020, the global cybersecurity market is expected to be worth $170bn, up from $77bn in 2015. But the core issue is that companies need “better” rather than “more” security.</p><p>Most cybersecurity companies sell an imperfect product. The common joke in the industry is that no cybersecurity company can really protect you against the latest threats out there. In a sense, they all overpromise and underdeliver.</p><p>If this is true, should investors steer clear of the sector altogether?</p><p>To help investors answer that question we look at three areas:</p><p>- industry growth drivers</p><p>- corporate governance trends</p><p>- wider cybersecurity industry trends</p>

By 2020, the global cybersecurity market is expected to be worth $170bn, up from $77bn in 2015. But the core issue is that companies need “better” rather than “more” security.Most cybersecurity companies sell an imperfect product. The common joke in the industry is that no cybersecurity company can really protect you against the latest threats out there. In a sense, they all overpromise and underdeliver.If this is true, should investors steer clear of the sector altogether?To help investors answer that question we look at three areas:- industry growth drivers- corporate governance trends- wider cybersecurity industry trends

Cybersecurity as an Investment Theme (Part 2)

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

<ul>
<li><div>Gold miners have crashed about a third since the August 25<sup>th</sup> note warning they were vulnerable to real yields (with which gold inversely correlates) heading higher – the worst looks over.</div></li>
<li><div><span lang="EN-US">With the USD index testing the 100 level, a new consensus has rapidly formed around loose US fiscal policy coinciding with tighter monetary policy in a re-run of the 1980s-dollar bull market.</span></div></li>
<li><div>
<span lang="EN-US">The US 10-yr yield on a currency hedged basis is attractive again to European/Japanese investors -renewed inflows should</span>…</div></li>
</ul>


Gold miners have crashed about a third since the August 25th note warning they were vulnerable to real yields (with which gold inversely correlates) heading higher – the worst looks over.
With the USD index testing the 100 level, a new consensus has rapidly formed around loose US fiscal policy coinciding with tighter monetary policy in a re-run of the 1980s-dollar bull market.

The US 10-yr yield on a currency hedged basis is attractive again to European/Japanese investors -renewed inflows should…


Reflation Trade Overshooting, as Eurozone Political Tail Risk Revives - 17th Nov 2016

United States

Broadcom Inc. designs, develops, and supplies semiconductor and infrastructure software solutions. The Company offers storage adapters, controllers, networking processors, motion control encoders, and optical sensors, as well as infrastructure and security software to modernize, optimize, and secure the most complex hybrid environments. Broadcom serves customers worldwide.

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Broadcom (AVGO US)

US Said No on Aixtron After Taiwan Delayed on PT/Chipmos Acquisition; Any Way Out for China?

Summary US said no on Aixtron US acquisition: U.S. President issued an order prohibiting Grand Chip buying Germany’s LED equipment vendor...

Andrew Lu

5G: Will Enhanced TD-LTE Become a Stepping Stone to 5G?

5G considerations have moved to centre stage for operators, vendors, policy makers and regulators globally in recent months as technology roadmaps...

New Street Research

N.A. Semiconductor Equipment BB Ratio to Four Year Low - Sign of a Downturn?

Summary BB ratio down to 0.91 for the first time in four-year and below parity in 11 months: North America-based manufacturers of semiconductor...

Andrew Lu

Cybersecurity as an Investment Theme (Part 2)

By 2020, the global cybersecurity market is expected to be worth $170bn, up from $77bn in 2015. But the core issue is that companies need “better”...

CM Research

Reflation Trade Overshooting, as Eurozone Political Tail Risk Revives - 17th Nov 2016

Gold miners have crashed about a third since the August 25th note warning they were vulnerable to real yields (with which gold inversely...

Sean Maher

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Market Cap (USDm)

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