Asia and Global Semiconductor and Tech Research

Andrew Lu

Thematic (Sector/Industry)

<h2>Summary</h2><ul>
<li><em><strong>NDRC might proceed an investigation</strong>: To protect domestic smartphone and PC/tablet vendors' profits and global competitiveness, we expect NDRC to proceed an antitrust investigation sooner or later.</em></li>
<li><em><strong>Limited price upside but more price downside for DRAM and NAND flash</strong>: Once the antitrust investigation starts, we expect much-limited price upside but more price downside for DRAM and NAND flash in 2018 because any leading memory vendor will avoid being the one responsible for the price hike.</em></li>
<li>…</li>
</ul>

Summary
NDRC might proceed an investigation: To protect domestic smartphone and PC/tablet vendors' profits and global competitiveness, we expect NDRC to proceed an antitrust investigation sooner or later.
Limited price upside but more price downside for DRAM and NAND flash: Once the antitrust investigation starts, we expect much-limited price upside but more price downside for DRAM and NAND flash in 2018 because any leading memory vendor will avoid being the one responsible for the price hike.
…


Will China NDRC Drive Memory Price Down in 2018 After a Likely Antitrust Investigation?

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>The mega-themes that will drive earnings in the global tech hardware space over the next 12 to 24 months are: artificial intelligence, the Cloud, internet of things, digital media, fintech, advanced manufacturing, macroeconomic issues and regulation.</p><p>Below, we split these “umbrella” themes into over 30 sub-themes and summarise their impact on the consumer electronics sector worldwide.</p>

The mega-themes that will drive earnings in the global tech hardware space over the next 12 to 24 months are: artificial intelligence, the Cloud, internet of things, digital media, fintech, advanced manufacturing, macroeconomic issues and regulation.Below, we split these “umbrella” themes into over 30 sub-themes and summarise their impact on the consumer electronics sector worldwide.

Global Head of Research, Smartkarma

Mark Artherton

Global Head of Research

LR Research

<div class="content-highlight"><p><strong>1.  US Tax reform plans propose taxing corporate cash held overseas at 12% and assets purchased from overseas retained earnings at 5%.</strong>  Just a House proposal but applies even if the cash is not repatriated.  It would rapidly solve the issue on overseas earnings, but still, leaves longer-term issues.  <em>These tax proposals have a long way to go before becoming law.</em></p></div><div class="content-highlight"><p><strong>2.  <a href="https://www.smartkarma.com/entities/787" target="_blank" data-smartkarma-citation="entities:787:1">Alibaba Group Holding Ltd (BABA US)</a> saw revenues grow 61% in the second quarter to end September. </strong> AliCloud saw an almost doubling…</p></div>

1.  US Tax reform plans propose taxing corporate cash held overseas at 12% and assets purchased from overseas retained earnings at 5%.  Just a House proposal but applies even if the cash is not repatriated.  It would rapidly solve the issue on overseas earnings, but still, leaves longer-term issues.  These tax proposals have a long way to go before becoming law.2.  Alibaba Group Holding Ltd (BABA US) saw revenues grow 61% in the second quarter to end September.  AliCloud saw an almost doubling…

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>Laptops declines by 5% in retail volume terms to 627,000 units in 2017</li><li>Laptops in the retail channel records a decline due to a lack of demand from consumers</li><li>Laptops also declines by 5% in business volume terms to 196,000 units in 2017</li><li>The rising usage of tablets and smartphones in businesses hampers the performance of business laptops</li><li>Tablets sees retail volume growth of 7% to reach two million units in 2017</li><li>Tablets becomes increasingly mature in 2017</li><li>Computers and peripherals is projected to decline at a value CAGR of 3% at constant 2017 prices over the forecast period to VND17,539.6 billion in 2022</li></ul>

Laptops declines by 5% in retail volume terms to 627,000 units in 2017Laptops in the retail channel records a decline due to a lack of demand from consumersLaptops also declines by 5% in business volume terms to 196,000 units in 2017The rising usage of tablets and smartphones in businesses hampers the performance of business laptopsTablets sees retail volume growth of 7% to reach two million units in 2017Tablets becomes increasingly mature in 2017Computers and peripherals is projected to decline at a value CAGR of 3% at constant 2017 prices over the forecast period to VND17,539.6 billion in 2022

Sector Capsule: Computers and Peripherals in Vietnam

<ul><li>Feature phones declines by 12% in retail volume terms to six million units in 2017</li><li>Thanks to the high proportion of loyal users, feature phones still holds a considerable market share</li><li>Smartphones grows by 29% to reach 18 million units in 2017</li><li>Players within smartphones target the middle-income segment in 2017</li><li>Mobile phones is predicted to decline at a volume CAGR of 6% over the forecast period to 18 million units in 2022</li></ul>

Feature phones declines by 12% in retail volume terms to six million units in 2017Thanks to the high proportion of loyal users, feature phones still holds a considerable market shareSmartphones grows by 29% to reach 18 million units in 2017Players within smartphones target the middle-income segment in 2017Mobile phones is predicted to decline at a volume CAGR of 6% over the forecast period to 18 million units in 2022

China

Lenovo Group Limited, through its subsidiaries, sells, and manufactures personal computers and handheld devices. The Company also provides Internet services and IT services, and contracting manufacturing business.

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Lenovo Group Ltd Adr (LNVGY US)

Will China NDRC Drive Memory Price Down in 2018 After a Likely Antitrust Investigation?

Summary NDRC might proceed an investigation: To protect domestic smartphone and PC/tablet vendors' profits and global competitiveness, we expect...

Andrew Lu

Tech Hardware Themes

The mega-themes that will drive earnings in the global tech hardware space over the next 12 to 24 months are: artificial intelligence, the Cloud,...

CM Research

21 Things Worth Knowing (#7)

1. US Tax reform plans propose taxing corporate cash held overseas at 12% and assets purchased from overseas retained earnings at 5%. Just a...

Mark Artherton

Sector Capsule: Computers and Peripherals in Vietnam

Laptops declines by 5% in retail volume terms to 627,000 units in 2017 Laptops in the retail channel records a decline due to a lack of demand...

Euromonitor International Ltd.

Sector Capsule: Mobile Phones in Vietnam

Feature phones declines by 12% in retail volume terms to six million units in 2017 Thanks to the high proportion of loyal users, feature phones...

Euromonitor International Ltd.

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