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)

<p>Genomics as an investment theme</p><ul><li>Costs of sequencing a human genome have fallen to less than $1,000</li><li>China leads the world in gene sequencing</li><li>The private sector is where the most interesting MedTech companies can be found</li></ul>

Genomics as an investment themeCosts of sequencing a human genome have fallen to less than $1,000China leads the world in gene sequencingThe private sector is where the most interesting MedTech companies can be found

Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

<ul>
<li>
<a href="https://www.smartkarma.com/entities/sun-pharmaceutical-industries-limited" target="_blank" data-smartkarma-citation="entities:98:1" rel="noopener">Sun Pharmaceutical Industries (SUNP IN)</a> is acquiring <a href="https://www.smartkarma.com/entities/organon-co" target="_blank" data-smartkarma-citation="entities:36829:1" rel="noopener">Organon &amp; (OGN US)</a> for $14 per share in an all‑cash transaction, representing an equity valuation of $4B and enterprise valuation of ~$12B.</li>
<li>Sun Pharma plans to fund the acquisition through a combination of available cash resources and committed financing from banks. The transaction is expected to close in early 2027.</li>
<li>Organon acquisition is aligned with Sun Pharma’s strategy of growing its innovative medicines business. Innovative medicine will have a 27% revenue share in the combined entity, up from 20% now.</li>
</ul>



Sun Pharmaceutical Industries (SUNP IN) is acquiring Organon &amp; (OGN US) for $14 per share in an all‑cash transaction, representing an equity valuation of $4B and enterprise valuation of ~$12B.
Sun Pharma plans to fund the acquisition through a combination of available cash resources and committed financing from banks. The transaction is expected to close in early 2027.
Organon acquisition is aligned with Sun Pharma’s strategy of growing its innovative medicines business. Innovative medicine will have a 27% revenue share in the combined entity, up from 20% now.


Sun Pharmaceutical (SUNP IN): Organon Acquisition to Enhance Scale At the Cost of Growth

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>The Republican replacement for ‘Obamacare’ has been announced and looks an incoherent mess – resurgent healthcare inflation will be a drag on discretionary spending.</li>
<li>The US yield curve is flattening, overall bank credit growth has been negative for two months and yesterday’s January consumer lending data was about half consensus expectations.</li>
<li>The global mining sector has been selling off as expected with iron ore/copper prices – I remain tactically short the FTSE 350 mining index.</li>
<li>Overall, the US…</li>
</ul>


The Republican replacement for ‘Obamacare’ has been announced and looks an incoherent mess – resurgent healthcare inflation will be a drag on discretionary spending.
The US yield curve is flattening, overall bank credit growth has been negative for two months and yesterday’s January consumer lending data was about half consensus expectations.
The global mining sector has been selling off as expected with iron ore/copper prices – I remain tactically short the FTSE 350 mining index.
Overall, the US…


US Healthcare Overhaul Stumbling, Singapore Cyclical Rally Looking Premature

Information Technology Consultant

Ishita Jain

<p>In the omnipresence of machine learning, one of the most impacted segments is healthcare. Not only is AI in healthcare at the forefront of a transformation, it has attracted immense funding and attention in the past couple of years. With machines becoming intelligent, medical marvels will be like never before and plenty of medical opportunities will bloom. With the excitement afoot in the investor and research communities, this article highlights applications of machine learning that are worth observing.</p>

In the omnipresence of machine learning, one of the most impacted segments is healthcare. Not only is AI in healthcare at the forefront of a transformation, it has attracted immense funding and attention in the past couple of years. With machines becoming intelligent, medical marvels will be like never before and plenty of medical opportunities will bloom. With the excitement afoot in the investor and research communities, this article highlights applications of machine learning that are worth observing.

AI & Machine Learning Disrupting The Healthcare Industry

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/abbisko-cayman-limited" target="_blank" data-smartkarma-citation="entities:33511:1" rel="noopener">Abbisko Cayman (2256 HK)</a> is placing 42.9M shares at the price of HK$12.18 per share to raise HK$517M. Placing shares represent ~6.4% of the total number of issued shares.</li>
<li>The placing price indicates a discount of 8.4% to the undisturbed closing price. The placement is expected to take place on April 28, 2026.  </li>
<li>Abbisko intends to use the net proceeds for the R&amp;D of innovative oncology and non-oncology drug candidates, advancement of international clinical trials, and potential commercialization activities.</li>
</ul>



Abbisko Cayman (2256 HK) is placing 42.9M shares at the price of HK$12.18 per share to raise HK$517M. Placing shares represent ~6.4% of the total number of issued shares.
The placing price indicates a discount of 8.4% to the undisturbed closing price. The placement is expected to take place on April 28, 2026.  
Abbisko intends to use the net proceeds for the R&amp;D of innovative oncology and non-oncology drug candidates, advancement of international clinical trials, and potential commercialization activities.


Abbisko Cayman (2256 HK): Placement of Shares to Feed R&D Pipeline

United States

Merck & Co., Inc.  is a global health care company that delivers health solutions through its prescription medicines, vaccines, biologic therapies, animal health, and consumer care products, which it markets directly and through its joint ventures. The Company has operations in pharmaceutical, animal health, and consumer care.

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Merck & Co (MRK US)

Genomics as an Investment Theme

Genomics as an investment theme Costs of sequencing a human genome have fallen to less than $1,000 China leads the world in gene sequencing The...

CM Research

Sun Pharmaceutical (SUNP IN): Organon Acquisition to Enhance Scale At the Cost of Growth

Sun Pharma to acquire Organon for $14 per share in all-cash deal, boosting innovative medicines business revenue share to 27%, up from 20% now....

Tina Banerjee

US Healthcare Overhaul Stumbling, Singapore Cyclical Rally Looking Premature

The Republican replacement for ‘Obamacare’ has been announced and looks an incoherent mess – resurgent healthcare inflation will be a drag on...

Sean Maher

AI & Machine Learning Disrupting The Healthcare Industry

In the omnipresence of machine learning, one of the most impacted segments is healthcare. Not only is AI in healthcare at the forefront of a...

Ishita Jain

Abbisko Cayman (2256 HK): Placement of Shares to Feed R&D Pipeline

Abbisko Cayman is placing 42.9M shares at the price of HK$12.18 per share to raise HK$517M. The company intends to use the proceeds for the R&D of...

Tina Banerjee

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Genomics as an Investment Theme

Genomics as an investment theme Costs of sequencing a human genome have fallen to less than $1,000 China leads the world in gene sequencing The...

CM Research

Sun Pharmaceutical (SUNP IN): Organon Acquisition to Enhance Scale At the Cost of Growth

​Sun Pharma to acquire Organon for $14 per share in all-cash deal, boosting innovative medicines business revenue share to 27%, up from 20% now....

Tina Banerjee

US Healthcare Overhaul Stumbling, Singapore Cyclical Rally Looking Premature

The Republican replacement for ‘Obamacare’ has been announced and looks an incoherent mess – resurgent healthcare inflation will be a drag on...

Sean Maher

AI & Machine Learning Disrupting The Healthcare Industry

In the omnipresence of machine learning, one of the most impacted segments is healthcare. Not only is AI in healthcare at the forefront of a...

Ishita Jain

Abbisko Cayman (2256 HK): Placement of Shares to Feed R&D Pipeline

Abbisko Cayman is placing 42.9M shares at the price of HK$12.18 per share to raise HK$517M. The company intends to use the proceeds for the R&D of...

Tina Banerjee

Sun Pharma to acquire Organon for $14 per share in all-cash deal, boosting innovative medicines business revenue share to 27%, up from 20% now....