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

Thematic (Sector/Industry)

<ul>
<li>It’s rather ironic that value fund GMO, which has been relentlessly underperforming and losing AUM, should now be grabbing headlines for ‘melt up’ scenarios</li>
<li>Bond market volatility is exceeding equity as markets begin second guessing the ECB/BoJ exit path and chartists draw lines through the generational 10-yr Treasury secular downtrend.</li>
<li>With N. Korea receding as a near-term alibi for inaction, the Trump administration seems likely to risk a trade confrontation with China on steel/solar etc. within…</li>
</ul>


It’s rather ironic that value fund GMO, which has been relentlessly underperforming and losing AUM, should now be grabbing headlines for ‘melt up’ scenarios
Bond market volatility is exceeding equity as markets begin second guessing the ECB/BoJ exit path and chartists draw lines through the generational 10-yr Treasury secular downtrend.
With N. Korea receding as a near-term alibi for inaction, the Trump administration seems likely to risk a trade confrontation with China on steel/solar etc. within…


Bears Become Endangered Species, as Tech Faces Zeitgeist Shift…

Asean-focused. Ex-Head of Thai Research

Athaporn Arayasantiparb, CFA

Asean (Thailand) Focused Independent Research

M Corp Review

M Corp is led by Athaporn Arayasantiparb who served as Head of Research for UOB and ANZ in Thailand and was an award-winning telecoms analyst at UBS in 2010 (AsiaMoney Thailand category) and Regional Strategist for DMG in Singapore. Prior to that, he also served as Kasikornbank credit analyst and scholar. He has a total work experience of 17 years, of which 14 were in research and 4 in research management roles. He started his career as an engineer for PTT and currently manages family investments. He holds an MBA from Stern (NYU) and CFA Charter since 2006. Apart from IPO Radar, which focuses on future listings, MCorp Review also provides six on-going thematic series ranked by frequency in descending order, namely: 1) Silicon Stories (technology) 2) Sathorn Series (financial services) 3) Thai-Coons (billionaire origin stories) 4) Reality Check (data-driven, investigative) 5) Thai Media Spotlight; and 6) Thai Macro Watch (global market drivers).

<p><strong>Netflix faces many challenges in Thailand compared to more developed markets, such as: 1) prevalence of piracy; 2) weak broadband Internet infrastructure; and 3) the chicken-and-egg problem of scale. </strong>The problems are not insurmountable, but at the moment, we see very little evidence of their success here. Rival video streaming apps such as Hooq and Primetime have also made their debut here by partnering with mobile operators AIS and DTAC for distribution. </p><table class="table table-striped"><tbody>
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Netflix faces many challenges in Thailand compared to more developed markets, such as: 1) prevalence of piracy; 2) weak broadband Internet infrastructure; and 3) the chicken-and-egg problem of scale. The problems are not insurmountable, but at the moment, we see very little evidence of their success here. Rival video streaming apps such as Hooq and Primetime have also made their debut here by partnering with mobile operators AIS and DTAC for distribution. 

Stocks
Business
Shr pr (Bt/sh)
Mkt cap

…

Silicon Stories G: Netflix's Uphill Battle in Thailand

Global Head of Research, Smartkarma

Mark Artherton

Global Head of Research

LR Research

<p><strong>In today's issue:</strong></p><p><strong>Off-balance sheet EU, TPP farce, Singles day bonanza, How Netflix works, hedge funds should be more conventional, eSports, peripheral Europe strength, Neural Networks for forecasting inflation, Latin Allocation, and Trump.</strong></p><div class="content-highlight"><p><strong>1.  A TPP farce.</strong>  As we noted in 21 Things on Friday, the Canadian contingent had denied the comments from Shinzo Abe that a TPP agreement had been reached in principle.  According to sources, a side meeting at the APEC summit in Vietnam between Canada and…</p></div>

In today's issue:Off-balance sheet EU, TPP farce, Singles day bonanza, How Netflix works, hedge funds should be more conventional, eSports, peripheral Europe strength, Neural Networks for forecasting inflation, Latin Allocation, and Trump.1.  A TPP farce.  As we noted in 21 Things on Friday, the Canadian contingent had denied the comments from Shinzo Abe that a TPP agreement had been reached in principle.  According to sources, a side meeting at the APEC summit in Vietnam between Canada and…

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%.

<ul><li>Internet TV is the most important theme driving Walt Disney’s share price and those of other TV networks</li><li>We have increased the weighting of this theme as an earnings driver for the TV broadcasting sector from 5% four years ago to 45% today.</li><li>Expect profit warnings from Disney related to its TV networks business</li><li>Sell Disney shares</li><li>Underweight the global TV broadcasting sector</li></ul>

Internet TV is the most important theme driving Walt Disney’s share price and those of other TV networksWe have increased the weighting of this theme as an earnings driver for the TV broadcasting sector from 5% four years ago to 45% today.Expect profit warnings from Disney related to its TV networks businessSell Disney sharesUnderweight the global TV broadcasting sector

Japan TMT Analyst

Pelham Smithers

Market Intel on Asian Tech with a Japan focus

Pelham Smithers Associates

Founded in 2009, Pelham Smithers Associates (PSA) provides market intelligence on Asian technology, focusing in particular on Japan. The industries covered by our team of specialists are: consumer electronics, telecomms, pharmaceuticals, internet, electronic parts and materials, automotive technology, retail and capital goods. 

Research is provided by the following:
Pelham Smithers: Macro, consumer electronics, telecoms & pharma
Joel Scheiman: Electronics materials / components
Julie Boote: Autos
Will Nestuk: Capital goods, machinery & transportation equipment parts
Thao Nguyen: eCommerce, internet content, marketing & advertising

<p style="text-align: left;">At first glance, <a href="https://www.smartkarma.com/entities/22213" target="_blank" data-smartkarma-citation="entities:22213:1">WPP's (WPP LN)</a> second sales warning of the year is merely a storyline in keeping with the growing “post-Brexit hangover” narrative which sees UK corporate earnings, having benefited initially from sterling’s weakness, now struggle, as consumption and capex decisions are delayed, pending clarity on the Brexit settlement. However, since WPP is a global company and generates just 13% of sales in the UK, this isn’t a very good explanation for its problems.</p><p style="text-align: left;">First up, WPP’s problems…</p>

At first glance, WPP's (WPP LN) second sales warning of the year is merely a storyline in keeping with the growing “post-Brexit hangover” narrative which sees UK corporate earnings, having benefited initially from sterling’s weakness, now struggle, as consumption and capex decisions are delayed, pending clarity on the Brexit settlement. However, since WPP is a global company and generates just 13% of sales in the UK, this isn’t a very good explanation for its problems.First up, WPP’s problems…

Negative Readthrough from WPP's Outlook Warning for Japanese Advertisers, Global Consumer Tech

United States

Netflix Inc. is an Internet subscription service for watching tv shows and movies. Subscribers can instantly watch unlimited TV shows and movies streamed over the Internet to their TVs, computers and mobile devices and in the United States, subscribers can receive standard definition DVDs and Blu-ray Discs delivered to their homes.

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Netflix Inc (NFLX US)

Bears Become Endangered Species, as Tech Faces Zeitgeist Shift…

It’s rather ironic that value fund GMO, which has been relentlessly underperforming and losing AUM, should now be grabbing headlines for ‘melt up’...

Sean Maher

Silicon Stories G: Netflix's Uphill Battle in Thailand

Netflix faces many challenges in Thailand compared to more developed markets, such as: 1) prevalence of piracy; 2) weak broadband Internet...

Athaporn Arayasantiparb, CFA

21 Things Worth Knowing (#13)

In today's issue:Off-balance sheet EU, TPP farce, Singles day bonanza, How Netflix works, hedge funds should be more conventional, eSports,...

Mark Artherton

Sell Disney; Underweight TV Broadcasters

Internet TV is the most important theme driving Walt Disney’s share price and those of other TV networks We have increased the weighting of this...

CM Research

Negative Readthrough from WPP's Outlook Warning for Japanese Advertisers, Global Consumer Tech

At first glance, WPP's (WPP LN) second sales warning of the year is merely a storyline in keeping with the growing “post-Brexit hangover” narrative...

Pelham Smithers Associates

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