Asia and Global Semiconductor and Tech Research

Andrew Lu

Equity Bottom-Up

<h2>Bitcoin and cryptocurrency trading has frozen in China</h2>Few days after China declared war against bitcoin and other digital currencies by banning cryptocurrency fundraising and shutting down top three cryptocurrency exchanges (OKCoin, BTC China, Huobi) along with over 10 other smaller ones a few days back, SZZC (上海海楓藤) yesterday announced to shut down its cryptocurrency trading business by 30 September. Also, most of the senior managers at these cryptocurrency exchanges are asked not to leave…

Bitcoin and cryptocurrency trading has frozen in ChinaFew days after China declared war against bitcoin and other digital currencies by banning cryptocurrency fundraising and shutting down top three cryptocurrency exchanges (OKCoin, BTC China, Huobi) along with over 10 other smaller ones a few days back, SZZC (上海海楓藤) yesterday announced to shut down its cryptocurrency trading business by 30 September. Also, most of the senior managers at these cryptocurrency exchanges are asked not to leave…

Bitcoin Trading Frozen in China - Negative to Cryptocurrency Mining Related Vendors

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

Technicals continue to endorse a bullish outlook. And with the S&amp;P 500 breaking out to new highs yesterday, and insurance stocks recovering from last week, we are benefitting from renewed clarity following the muddled, past two months.In today’s report we highlight actionable ideas in the following Groups:<ul><li>Semis... see page 14-20</li><li>Insurers... see page 8-13</li></ul>

Technicals continue to endorse a bullish outlook. And with the S&amp;P 500 breaking out to new highs yesterday, and insurance stocks recovering from last week, we are benefitting from renewed clarity following the muddled, past two months.In today’s report we highlight actionable ideas in the following Groups:Semis... see page 14-20Insurers... see page 8-13

U.S. Equity Uptrend Resumes; Outlook Remains Bullish

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)

<h2>AI is the next big computing wave. </h2>After transitioning from mainframes to PCs to servers to Cloud-based data centres, computing is about to make another transition: Artificial intelligence (AI) is the next computing wave. As demand for chips from the PC and smartphone industry subsides, demand for high-end processors to power AI-based platforms such as voice interfaces, robots, augmented reality, driverless cars, smart homes and advanced cybersecurity systems will rise. This new semiconductor industry is led by Microsoft, Google, Apple and Huawei. They increasingly tell their merchant suppliers what chips to make or do it better themselves, building custom, algorithmic chips and creating their own AI supercomputers in the Cloud.And Intel has got the message.So how should investors respond?

AI is the next big computing wave. After transitioning from mainframes to PCs to servers to Cloud-based data centres, computing is about to make another transition: Artificial intelligence (AI) is the next computing wave. As demand for chips from the PC and smartphone industry subsides, demand for high-end processors to power AI-based platforms such as voice interfaces, robots, augmented reality, driverless cars, smart homes and advanced cybersecurity systems will rise. This new semiconductor industry is led by Microsoft, Google, Apple and Huawei. They increasingly tell their merchant suppliers what chips to make or do it better themselves, building custom, algorithmic chips and creating their own AI supercomputers in the Cloud.And Intel has got the message.So how should investors respond?

Differentiated global TMT & Internet Research

New Street Research Insights

New Street Research

Research is provided by our team of experienced analysts. Our work is idea driven, based on independence of thought, sector expertise, and firmly focused on fundamentals and valuation of telecoms and internet names globally. New Street is headquartered in London with offices in New York, Singapore and Australia. 

New Street Research is an independent, partner-owned, research firm specialising in equity and debt research. Our equity research embraces the following sectors:

Pan European Telecom Services and Cable
US Telecoms, Cable, Satellite and Towers
Global Emerging Market Telecoms
Japan Telecoms
Asian Internet
Pan European Healthcare
US Healthcare
Japanese Healthcare

We also provide debt research on:
Pan European Telecom Services and Cable

<a href="https://www.smartkarma.com/entities/315" target="_blank" data-smartkarma-citation="entities:315:1">Softbank (9984 JP)</a> hosted an analyst meeting in Tokyo recently to discuss accounting details for the Softbank Vision Fund (SVF)  (Softbank presentation is attached). This was well attended by analysts but the subject matter is complex and many analysts and investors are likely to struggle with the details. We see the key takeaway as being the need for analysts to look at operating profits in each segment to get to a valuation and not the bottom line which is increasingly complex and affected by…

Softbank (9984 JP) hosted an analyst meeting in Tokyo recently to discuss accounting details for the Softbank Vision Fund (SVF)  (Softbank presentation is attached). This was well attended by analysts but the subject matter is complex and many analysts and investors are likely to struggle with the details. We see the key takeaway as being the need for analysts to look at operating profits in each segment to get to a valuation and not the bottom line which is increasingly complex and affected by…

Softbank - Accounting for the Vision Fund in Softbank

Voice is set to become the next big computing platform Many of us will be talking increasingly to machines. Products such as smartphones, in-car infotainment systems, biometric ID systems, home speakers, games consoles, televisions, doors, fridges and industrial machines are already, or will soon become, “conversational”.Speech recognition technology is currently about 90% accurate. In order for voice-activated products to go mainstream, speech recognition needs to reach 99% accuracy. This may take until 2030.But, in the meantime, investors need now to factor voice-driven AI into their thinking and into the way they assess the future prospects of many of their mid-term investments.

Voice is set to become the next big computing platform Many of us will be talking increasingly to machines. Products such as smartphones, in-car infotainment systems, biometric ID systems, home speakers, games consoles, televisions, doors, fridges and industrial machines are already, or will soon become, “conversational”.Speech recognition technology is currently about 90% accurate. In order for voice-activated products to go mainstream, speech recognition needs to reach 99% accuracy. This may take until 2030.But, in the meantime, investors need now to factor voice-driven AI into their thinking and into the way they assess the future prospects of many of their mid-term investments.

United States

NVIDIA Corporation designs, develops, and markets three dimensional (3D) graphics processors and related software.  The Company's products provide interactive 3D graphics to the mainstream personal computer market.

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NVIDIA Corp (NVDA US)

U.S. Equity Uptrend Resumes; Outlook Remains Bullish

Technicals continue to endorse a bullish outlook. And with the S&P 500 breaking out to new highs yesterday, and insurance stocks recovering...

Vermilion Research

Semiconductors in the Age of AI

AI is the next big computing wave. After transitioning from mainframes to PCs to servers to Cloud-based data centres, computing is about to make...

CM Research

Softbank - Accounting for the Vision Fund in Softbank

Softbank (9984 JP) hosted an analyst meeting in Tokyo recently to discuss accounting details for the Softbank Vision Fund (SVF) (Softbank...

New Street Research

Voice - The Next Big Computing Platform

Voice is set to become the next big computing platformMany of us will be talking increasingly to machines. Products such as smartphones, in-car...

CM Research

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52-week Range

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Bitcoin Trading Frozen in China - Negative to Cryptocurrency Mining Related Vendors

Bitcoin and cryptocurrency trading has frozen in ChinaFew days after China declared war against bitcoin and other digital currencies by banning...

Andrew Lu

U.S. Equity Uptrend Resumes; Outlook Remains Bullish

Technicals continue to endorse a bullish outlook. And with the S&P 500 breaking out to new highs yesterday, and insurance stocks recovering...

Vermilion Research

Semiconductors in the Age of AI

AI is the next big computing wave. After transitioning from mainframes to PCs to servers to Cloud-based data centres, computing is about to make...

CM Research

Softbank - Accounting for the Vision Fund in Softbank

Softbank (9984 JP) hosted an analyst meeting in Tokyo recently to discuss accounting details for the Softbank Vision Fund (SVF) (Softbank...

New Street Research

Voice - The Next Big Computing Platform

Voice is set to become the next big computing platformMany of us will be talking increasingly to machines. Products such as smartphones, in-car...

CM Research