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>In a world where computer code is trusted more than human-run operations – especially amongst tech-savvy, urban Millennials – blockchain is a concept whose time has begun.</li><li>The blockchain protocol will come to be seen as a powerful antidote to the high fees charged by intermediaries such as banks, law firms and other “middlemen”.</li><li>Most blockchain projects are still in development mode.</li><li>But, over the next decade, DLT will hasten disruption in many sectors, including payments, lending, share trading, real estate, healthcare and infrastructure.</li><li>In this report, we look at the likely movers and shakers.</li></ul>

In a world where computer code is trusted more than human-run operations – especially amongst tech-savvy, urban Millennials – blockchain is a concept whose time has begun.The blockchain protocol will come to be seen as a powerful antidote to the high fees charged by intermediaries such as banks, law firms and other “middlemen”.Most blockchain projects are still in development mode.But, over the next decade, DLT will hasten disruption in many sectors, including payments, lending, share trading, real estate, healthcare and infrastructure.In this report, we look at the likely movers and shakers.

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

Ping An Securities Group (Holdings) / Event-Driven

<a href="https://www.smartkarma.com/entities/1942" target="_blank" data-smartkarma-citation="entities:1942:1">Ping An Securities Group (Holdings) Limited (231 HK)</a>  <a href="http://www.hkexnews.hk/listedco/listconews/SEHK/2017/0122/LTN20170122013.pdf" target="_blank">announced</a> on the 20 Jan 2017, substantial shareholders collectively holding 36.6%, had entered into a sale &amp; purchase agreement (SPA), the completion of which would trigger a mandatory general offer.Ping An is currently trading at an 11.5% gross spread to the indicative offer price of $0.096/share.At first glance, this appears a simple deal and straightforward arb. Rummaging under the hood, this is not your plain vanilla situation.Rummaging under the hood, however, rewards rummagers and rubbishers alike.More below the fold.

Ping An Securities Group (Holdings) Limited (231 HK)  announced on the 20 Jan 2017, substantial shareholders collectively holding 36.6%, had entered into a sale &amp; purchase agreement (SPA), the completion of which would trigger a mandatory general offer.Ping An is currently trading at an 11.5% gross spread to the indicative offer price of $0.096/share.At first glance, this appears a simple deal and straightforward arb. Rummaging under the hood, this is not your plain vanilla situation.Rummaging under the hood, however, rewards rummagers and rubbishers alike.More below the fold.

Ping An Securities – Making the Connections

Bespoke Research on China and neighbouring regions, Bixmoor

Bixmoor

Bespoke Research on China and neighbouring regions

Bixmoor specialises in providing bespoke research to business, governments and the financial community on China and neighbouring regions. We seek to build long-term relationships with our clients, based on our expertise, our reliability and our determination to find the right solution.

One of America's most prestigious investment banks was fined hundreds of millions of dollars last year for bribing Chinese officials through its 'Sons and Daughters Program'. The silence since then from Chinese anti-corruption officials has been deafening.

One of America's most prestigious investment banks was fined hundreds of millions of dollars last year for bribing Chinese officials through its 'Sons and Daughters Program'. The silence since then from Chinese anti-corruption officials has been deafening.

Chinese Officials Turn a Blind Eye to Corruption

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.

China has announced the launch of a new initiative that is likely to liberalize the process for foreign investors to invest in the China bond market. As the third largest bond market in the world, this could be a significant boost to international investors wanting access to the Mainland China debt market.<div class="content-highlight">On 15 March 2017, following the fifth annual meeting of the 12th National People' Congress, Premier Li Keqiang announced the intention to launch a bond trading link between China and Hong Kong…</div>

China has announced the launch of a new initiative that is likely to liberalize the process for foreign investors to invest in the China bond market. As the third largest bond market in the world, this could be a significant boost to international investors wanting access to the Mainland China debt market.On 15 March 2017, following the fifth annual meeting of the 12th National People' Congress, Premier Li Keqiang announced the intention to launch a bond trading link between China and Hong Kong…

China-Hong Kong Bond Connect on Its Way. A Legal Update from Dechert's Financial Services Group

Research and consultancy, Tabbush Report

Daniel Tabbush

Research and consultancy

Tabbush Report

We provide research and consultancy on Asian banks. Our focus is on what we call “Asian bank research, without the noise.” We are interested in the most critical swing-factors for banks, the NPL and credit cycle, and where we believe there is a gap between perception and reality. We often focus on the less studied components of bank financial statements.  Our research is highly thematic, sometimes examining unlisted banks and companies as a window on mainstream banks. 

Being independent allows us to look at smaller banks, often overlooked by others. Analysis of BIS bank guidelines in the context of Asia, is also a focal point, while we also analyze global banks operating in the region. We use what we believe is the most comprehensive, reliable financials database, SNL Financial. S&P Capital IQ augments our database, with corporate data and CEIC, with economics. 

Asian bank research, without the noise.

With new China data it’s easy to consider a fairly benign growth environment.  The reality is more striking. The People’s Bank of China (PBOC) publishes claims on non-financial institutions for China’s banks, which is essentially corporate lending.  Growth has just reached a 10-year low of 6.1% YoY in February. Where these loans are 2.5x the level of consumer loans, they are important and their trend, a reasonable reflection of economic strength. In any case, the first two months of 2017 are far…

With new China data it’s easy to consider a fairly benign growth environment.  The reality is more striking. The People’s Bank of China (PBOC) publishes claims on non-financial institutions for China’s banks, which is essentially corporate lending.  Growth has just reached a 10-year low of 6.1% YoY in February. Where these loans are 2.5x the level of consumer loans, they are important and their trend, a reasonable reflection of economic strength. In any case, the first two months of 2017 are far…

China

Chong Sing Holdings FinTech Group Limited offers financing services. The Company provides third party payment, technology enabled lending, traditional loans, financing, and other services. Chong Sing Holdings FinTech Group also operates online investment businesses.

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Chong Sing Holdings FinTech Gr (8207 HK)

Blockchain as an Investment Theme

In a world where computer code is trusted more than human-run operations – especially amongst tech-savvy, urban Millennials – blockchain is a...

CM Research

Ping An Securities – Making the Connections

Ping An Securities Group (Holdings) Limited (231 HK) announced on the 20 Jan 2017, substantial shareholders collectively holding 36.6%, had...

David Blennerhassett

Chinese Officials Turn a Blind Eye to Corruption

One of America's most prestigious investment banks was fined hundreds of millions of dollars last year for bribing Chinese officials through its...

Bixmoor

China-Hong Kong Bond Connect on Its Way. A Legal Update from Dechert's Financial Services Group

China has announced the launch of a new initiative that is likely to liberalize the process for foreign investors to invest in the China bond...

Dechert LLP

Weakening Credit in 1Q17 in China

With new China data it’s easy to consider a fairly benign growth environment. The reality is more striking. The People’s Bank of China (PBOC)...

Daniel Tabbush

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