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)

During this decade, the digital data universe is expected to grow 75-fold from 1.2 zettabytes to 90 zettabytes. (1 zettabyte = 1 trillion gigabytes).Ask any CEO how he expects to sell more products and cut more costs and he will tell you that Big Data features prominently in his strategy. Big Data refers to the technology processes by which companies can profit from the large amounts of data to which they have access.But investors who want to ride the Big Data wave are finding that it is not that easy to identify where to invest.In this report, we delve deep down into the Big Data supply chain and look at where the investment opportunities really lie.&nbsp;

During this decade, the digital data universe is expected to grow 75-fold from 1.2 zettabytes to 90 zettabytes. (1 zettabyte = 1 trillion gigabytes).Ask any CEO how he expects to sell more products and cut more costs and he will tell you that Big Data features prominently in his strategy. Big Data refers to the technology processes by which companies can profit from the large amounts of data to which they have access.But investors who want to ride the Big Data wave are finding that it is not that easy to identify where to invest.In this report, we delve deep down into the Big Data supply chain and look at where the investment opportunities really lie.&nbsp;

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Equity Bottom-Up

<ul><li>BT Group's latest earnings presentation highlights both progress and challenges in the fiscal year ended March 31, 2025.</li><li>The company has aggressively advanced its strategy by focusing on next-generation network connectivity, customer service improvement, and operational simplification.</li><li>However, the company faced both revenue pressures and structural shifts in the market.</li></ul>

BT Group's latest earnings presentation highlights both progress and challenges in the fiscal year ended March 31, 2025.The company has aggressively advanced its strategy by focusing on next-generation network connectivity, customer service improvement, and operational simplification.However, the company faced both revenue pressures and structural shifts in the market.

BT Group Behind the Scenes: How It Plans to Balance Growth, Debt, & Dividends!

<ul><li>BT Group's half-year performance reflects a mixed set of results, with progress in strategic priorities met with challenges in certain segments.</li><li>The company continued to focus on its five strategic priorities, which include enhancing its UK presence, accelerating fiber build-out, reducing costs, and improving customer satisfaction.</li><li>Notably, the Openreach division achieved significant milestones in its fiber build-out and connections, surpassing expectations, and maintaining its market-leading position with a strong take-up rate of 35%.</li></ul>

BT Group's half-year performance reflects a mixed set of results, with progress in strategic priorities met with challenges in certain segments.The company continued to focus on its five strategic priorities, which include enhancing its UK presence, accelerating fiber build-out, reducing costs, and improving customer satisfaction.Notably, the Openreach division achieved significant milestones in its fiber build-out and connections, surpassing expectations, and maintaining its market-leading position with a strong take-up rate of 35%.

BT Group: Initiation of Coverage- Expansion of Fiber Network Infrastructure To Up Their Game!

European Event-Driven Analyst

Jesus Rodriguez Aguilar

Event-Driven

<ul>
<li>The public holding company SEPI, controlled by the Spanish Treasury, has confirmed to the CNMV that it is studying the possibility of acquiring a stake in <a href="https://www.smartkarma.com/entities/telefonica-sa" target="_blank" data-smartkarma-citation="entities:21299:1" rel="noopener">Telefonica SA (TEF SM).</a>
</li>
<li>Market speculates with a 5% stake to counterbalance the current 4.9% stake of STC (which could execute an option to acquire another 5% pending Government authorisation).</li>
<li>At current market prices, it is equivalent to 22.04 trading sessions. Q3 results and Capital Markets Day, the first major strategic update in years, will take place on 8 November. </li>
</ul>


The public holding company SEPI, controlled by the Spanish Treasury, has confirmed to the CNMV that it is studying the possibility of acquiring a stake in Telefonica SA (TEF SM).

Market speculates with a 5% stake to counterbalance the current 4.9% stake of STC (which could execute an option to acquire another 5% pending Government authorisation).
At current market prices, it is equivalent to 22.04 trading sessions. Q3 results and Capital Markets Day, the first major strategic update in years, will take place on 8 November. 


Quality-first, Business-perspective, Long-term, Urbem (HK) Limited

Urbem Capital

Quality-first, Business-perspective, Long-term

<ul>
<li>Despite a micro-cap status, Calnex is the key player behind the evolution of high-speed network infrastructure on a truly global basis;</li>
<li>The company has a market-dominant position at several critical points across the global telecoms ecosystem;</li>
<li>The recent plunge in share price demonstrates Mr. Market's short-termism and presents a good opportunity for incoming shareholders, in our opinion.</li>
</ul>


Despite a micro-cap status, Calnex is the key player behind the evolution of high-speed network infrastructure on a truly global basis;
The company has a market-dominant position at several critical points across the global telecoms ecosystem;
The recent plunge in share price demonstrates Mr. Market's short-termism and presents a good opportunity for incoming shareholders, in our opinion.


Calnex: De-Facto Standards for High-Speed Network Infrastructure Worldwide

United Kingdom

BT Group is a British multinational telecommunications holding company offering fixed-line, broadband, mobile, and subscription television services, alongside IT and network services. It provides a range of products including mobile plans, fixed broadband, TV and home services, wholesale network access, enterprise connectivity, voice, and security solutions. The company is headquartered in London, England, and its origins date back to the founding of the Electric Telegraph Company in 1846.

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BT Group (BT/A LN)

Big Data as an Investment Theme

During this decade, the digital data universe is expected to grow 75-fold from 1.2 zettabytes to 90 zettabytes. (1 zettabyte = 1 trillion...

CM Research

BT Group Behind the Scenes: How It Plans to Balance Growth, Debt, & Dividends!

BT Group's latest earnings presentation highlights both progress and challenges in the fiscal year ended March 31, 2025. The company has...

Baptista Research

BT Group: Initiation of Coverage- Expansion of Fiber Network Infrastructure To Up Their Game!

BT Group's half-year performance reflects a mixed set of results, with progress in strategic priorities met with challenges in certain...

Baptista Research

Back in Telefonica

SEPI, the Spanish Treasury's public holding company, is considering buying a stake in Telefonica SA, possibly around 5% to gain a seat in the...

Jesus Rodriguez Aguilar

Calnex: De-Facto Standards for High-Speed Network Infrastructure Worldwide

Mr. Market's short-termism presents a rare opportunity for investors to acquire shares in this high-quality business at a reasonable price.

Urbem Capital

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Big Data as an Investment Theme

During this decade, the digital data universe is expected to grow 75-fold from 1.2 zettabytes to 90 zettabytes. (1 zettabyte = 1 trillion...

CM Research

BT Group Behind the Scenes: How It Plans to Balance Growth, Debt, & Dividends!

BT Group's latest earnings presentation highlights both progress and challenges in the fiscal year ended March 31, 2025. The company has...

Baptista Research

BT Group: Initiation of Coverage- Expansion of Fiber Network Infrastructure To Up Their Game!

BT Group's half-year performance reflects a mixed set of results, with progress in strategic priorities met with challenges in certain...

Baptista Research

Back in Telefonica

​SEPI, the Spanish Treasury's public holding company, is considering buying a stake in Telefonica SA, possibly around 5% to gain a seat in the...

Jesus Rodriguez Aguilar

Calnex: De-Facto Standards for High-Speed Network Infrastructure Worldwide

Mr. Market's short-termism presents a rare opportunity for investors to acquire shares in this high-quality business at a reasonable price.

Urbem Capital

SEPI, the Spanish Treasury's public holding company, is considering buying a stake in Telefonica SA, possibly around 5% to gain a seat in the...