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)

In this report, we predict which technology companies will be targeted over the next two years, who is likely to acquire them and why.Some of the investment themes driving these deals include artificial intelligence, the internet of things, MedTech, 3D printing, internet TV, virtual and augmented reality, robotics, cloud computing and the race between the US and China to dominate the next generation of advanced technologies.

In this report, we predict which technology companies will be targeted over the next two years, who is likely to acquire them and why.Some of the investment themes driving these deals include artificial intelligence, the internet of things, MedTech, 3D printing, internet TV, virtual and augmented reality, robotics, cloud computing and the race between the US and China to dominate the next generation of advanced technologies.

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

There are some important regulatory changes that are coming to the IPOs market for companies listing on the KOSDAQ exchange in Korea. Although the exact dates of when these new measures will be enforced were not announced, these measures are expected to become enforced starting 4Q16. Financial Services Commission (FSC) is the key government entity that is spearheading these changes. We believe the net effect of these changes is positive for the investors and negative for the securities companies…

There are some important regulatory changes that are coming to the IPOs market for companies listing on the KOSDAQ exchange in Korea. Although the exact dates of when these new measures will be enforced were not announced, these measures are expected to become enforced starting 4Q16. Financial Services Commission (FSC) is the key government entity that is spearheading these changes. We believe the net effect of these changes is positive for the investors and negative for the securities companies…

Important Regulatory Changes for IPOs on the KOSDAQ Exchange

Equity Bottom-Up

It was just reported that Snap Inc. (parent of Snapchat) is preparing for an IPO in 1H17, valuing the company at US$25 billion or more (WSJ, CNBC). This is faster than what the market anticipated. We believe this accelerated attempt to IPO Snap Inc. is positive to SNOW, Naver (75% owner of SNOW) and LINE (25% owner of SNOW), because it will result in a concrete public market value of Snapchat which could raise valuation profile of SNOW.  (See our report <a href="https://www.smartkarma.com/insights/snow-asia-s-snapchat" target="_blank" data-smartkarma-citation="insights:5000">SNOW - Asia’s Snapchat</a>. The timeframe of…

It was just reported that Snap Inc. (parent of Snapchat) is preparing for an IPO in 1H17, valuing the company at US$25 billion or more (WSJ, CNBC). This is faster than what the market anticipated. We believe this accelerated attempt to IPO Snap Inc. is positive to SNOW, Naver (75% owner of SNOW) and LINE (25% owner of SNOW), because it will result in a concrete public market value of Snapchat which could raise valuation profile of SNOW.  (See our report SNOW - Asia’s Snapchat. The timeframe of…

Snapchat Parent Is Preparing for an IPO in 1H17 - Impact on SNOW, Naver, & LINE

<ul><li>The six major events in the Korea Stock Market in September were as follows: LG Chem-LG Life Sciences merger, Hanjin Shipping applying for court receivership, Samsung Electronics involved in a major product recall of Galaxy Note 7, the start of One-Shot Act program, the opening of Shinsegae's Starfield Hanam, and Hanmi Pharm's ending of license deal with Boehringer.</li><li>The best-performing sectors in September were Media/Telecom (up 3.1% YoY) and Software/Internet (up 2.8% YoY). The worst-performing sectors were Health Care (down 2% YoY) and Shipbuilding (down 2.6% YoY). </li><li>Our top picks in the stock market were up 0.1% on average in September versus KOSPI which was up 0.2% in the same period. </li></ul>

The six major events in the Korea Stock Market in September were as follows: LG Chem-LG Life Sciences merger, Hanjin Shipping applying for court receivership, Samsung Electronics involved in a major product recall of Galaxy Note 7, the start of One-Shot Act program, the opening of Shinsegae's Starfield Hanam, and Hanmi Pharm's ending of license deal with Boehringer.The best-performing sectors in September were Media/Telecom (up 3.1% YoY) and Software/Internet (up 2.8% YoY). The worst-performing sectors were Health Care (down 2% YoY) and Shipbuilding (down 2.6% YoY). Our top picks in the stock market were up 0.1% on average in September versus KOSPI which was up 0.2% in the same period. 

Korea Stock Market Monthly Recap #6 - (September 2016)

<ul><li>
It was reported today that <a href="https://www.smartkarma.com/entities/22772" target="_blank" data-smartkarma-citation="entities:22772:1">LINE Corp (3938 JP)</a> will buy a 25% stake in SNOW for about 50 billion won (US$45 million). SNOW is a wholly owned company of <a href="https://www.smartkarma.com/entities/16029" target="_blank" data-smartkarma-citation="entities:16029:1">Naver Corp (035420 KS)</a>. This would put the private market value of SNOW at around US$180 million. Post this transaction, Naver has the remaining 75% stake in SNOW. We continue to have a positive view on LINE Corp. It is interesting how SNOW chose to receive its funding from Line Corp, instead of from Naver directly. Regardless, the amount is not…</li></ul>


It was reported today that LINE Corp (3938 JP) will buy a 25% stake in SNOW for about 50 billion won (US$45 million). SNOW is a wholly owned company of Naver Corp (035420 KS). This would put the private market value of SNOW at around US$180 million. Post this transaction, Naver has the remaining 75% stake in SNOW. We continue to have a positive view on LINE Corp. It is interesting how SNOW chose to receive its funding from Line Corp, instead of from Naver directly. Regardless, the amount is not…

South Korea

Naver Corp. provides Internet site with web portal services, such as search engine, online game and content development.  The Company also offers marketing service through text and banner advertisement.

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Naver Corp (035420 KS)

Tech M&A Targets

In this report, we predict which technology companies will be targeted over the next two years, who is likely to acquire them and why.Some of the...

CM Research

Important Regulatory Changes for IPOs on the KOSDAQ Exchange

There are some important regulatory changes that are coming to the IPOs market for companies listing on the KOSDAQ exchange in Korea. Although the...

Douglas Kim

Snapchat Parent Is Preparing for an IPO in 1H17 - Impact on SNOW, Naver, & LINE

It was just reported that Snap Inc. (parent of Snapchat) is preparing for an IPO in 1H17, valuing the company at US$25 billion or more (WSJ, CNBC)....

Douglas Kim

Korea Stock Market Monthly Recap #6 - (September 2016)

The six major events in the Korea Stock Market in September were as follows: LG Chem-LG Life Sciences merger, Hanjin Shipping applying for court...

Douglas Kim

LINE Buys a 25% Stake in SNOW

It was reported today that LINE Corp (3938 JP) will buy a 25% stake in SNOW for about 50 billion won (US$45 million). SNOW is a wholly owned...

Douglas Kim

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