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)

<ul><li>TV broadcasters still control 93% of subscriptions and advertising revenues that pass through the TV set. The remaining 7% of revenues relates to video streaming services like Netflix.</li><li>But Internet TV will move faster and be more disruptive than analysts predict.</li><li>The inflection point will be the arrival of a “pure” internet TV in which all TV viewing is accessed by a single operating system, probably remote controlled by a smartphone or tablet.</li><li>Film and TV studios will see content prices bid up as technology companies – like Apple, Netflix and Alibaba – compete to acquire content rights.</li><li>TV broadcasters will report profit warnings as they lose control of payTV subscription revenues and TV advertising revenues.</li></ul>

TV broadcasters still control 93% of subscriptions and advertising revenues that pass through the TV set. The remaining 7% of revenues relates to video streaming services like Netflix.But Internet TV will move faster and be more disruptive than analysts predict.The inflection point will be the arrival of a “pure” internet TV in which all TV viewing is accessed by a single operating system, probably remote controlled by a smartphone or tablet.Film and TV studios will see content prices bid up as technology companies – like Apple, Netflix and Alibaba – compete to acquire content rights.TV broadcasters will report profit warnings as they lose control of payTV subscription revenues and TV advertising revenues.

Korea / Special Situations, Clepsydra Capital

Sanghyun Park

Korea / Special Situations

Coupang (wholly owned by Forward Ventures) announced its 2015 financial performance yesterday.: For the specific details of Coupang's financials, you can refer to Douglas' report "<a href="https://www.smartkarma.com/insights/coupang-taking-amazon-s-market-share-at-all-cost-strategy-coupang-s-2015-financials-are-out" target="_blank">Coupang: Taking Amazon’s Market Share at All Cost Strategy (Coupang’s 2015 Financials Are Out)</a>".Most of us already knew much about Coupang's 2015 financial performance. That is, Coupang's remarkable growth story (along with a hefty amount of operating loss) has already been publicized by many media and research…

Coupang (wholly owned by Forward Ventures) announced its 2015 financial performance yesterday.: For the specific details of Coupang's financials, you can refer to Douglas' report "Coupang: Taking Amazon’s Market Share at All Cost Strategy (Coupang’s 2015 Financials Are Out)".Most of us already knew much about Coupang's 2015 financial performance. That is, Coupang's remarkable growth story (along with a hefty amount of operating loss) has already been publicized by many media and research…

Another View on Coupang's 2015 Financials and Possible Future Scenario

Surprisingly, NHN Entertainment (which was spun off from Naver in 2013) made USD40m investment in Ticket Monster (one of the three major social commerce companies in Korea along with the famous Coupang and WeMakePrice). In return of this investment, NHN Entertainment is believed to receive slightly less than 3 percent equity in Ticket Monster.Earlier this year, Ticket Monster publicly announced its plan of USD300m fundraising in a bid to compete more effectively against Softbank-backed Coupang…

Surprisingly, NHN Entertainment (which was spun off from Naver in 2013) made USD40m investment in Ticket Monster (one of the three major social commerce companies in Korea along with the famous Coupang and WeMakePrice). In return of this investment, NHN Entertainment is believed to receive slightly less than 3 percent equity in Ticket Monster.Earlier this year, Ticket Monster publicly announced its plan of USD300m fundraising in a bid to compete more effectively against Softbank-backed Coupang…

NHN Entertainment Invests in Ticket Monster - Implications for Softbank and Softbank-Backed Coupang

Equity Bottom-Up

Following are the important points from Line Conference Tokyo 2016, which took place yesterday (March 24). <ul>
<li>First and foremost, there was no word about Line IPO. Naver did not mention anything about its future plan of Line IPO.</li>
<li>The most important thing that came out of this conference was that Line will enter Japan’s mobile carrier market as MVNO.</li>
<li>Specifically, Line’s MVNO service will be launched in a few months (possibly second or third quarter of this year), starting at an affordable JPY500…</li>
</ul>

Following are the important points from Line Conference Tokyo 2016, which took place yesterday (March 24). 
First and foremost, there was no word about Line IPO. Naver did not mention anything about its future plan of Line IPO.
The most important thing that came out of this conference was that Line will enter Japan’s mobile carrier market as MVNO.
Specifically, Line’s MVNO service will be launched in a few months (possibly second or third quarter of this year), starting at an affordable JPY500…


Update and Interesting Implication on Naver Line's MVNO Business in Japan

M&A Reporting, CTFN

Jonathan Spitzer

M&A Reporting

CTFN

Bringing the marketplace leading coverage of mergers, events, and major corporate actions, CTFN has a team of seasoned reporters from Los Angeles to London, publishing news that advances stories that matter to event-driven investors and deal professionals.

Event-Driven

SoftBank is rumored to be participating in the upcoming auction of broadcast spectrum to wireless carriers, two sector bankers told <a href="http://ctfn.news" target="_blank">CTFN</a>.SoftBank might acquire the spectrum by setting up a new company, which later sells or swaps it as it sees fit, the first banker said.SoftBank announced on March 7 that it would split into two companies, one managing SoftBank’s Japanese media and telecom businesses, and one managing overseas operations like Sprint and Alibaba. Both bankers said they did not know…

SoftBank is rumored to be participating in the upcoming auction of broadcast spectrum to wireless carriers, two sector bankers told CTFN.SoftBank might acquire the spectrum by setting up a new company, which later sells or swaps it as it sees fit, the first banker said.SoftBank announced on March 7 that it would split into two companies, one managing SoftBank’s Japanese media and telecom businesses, and one managing overseas operations like Sprint and Alibaba. Both bankers said they did not know…

SoftBank Expected to Participate in Upcoming FCC Spectrum Auction

Japan

SoftBank Group Corp provides telecommunication services.  The Company also operates ADSL (Asymmetric Digital Subscriber Line) and fiber optic high-speed Internet connection, e-Commerce businesses, and Internet based advertising and auction businesses.

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Softbank Group (ADR) (SFTBY US)

Internet TV as an Investment Theme

TV broadcasters still control 93% of subscriptions and advertising revenues that pass through the TV set. The remaining 7% of revenues relates to...

CM Research

Another View on Coupang's 2015 Financials and Possible Future Scenario

Coupang (wholly owned by Forward Ventures) announced its 2015 financial performance yesterday.: For the specific details of Coupang's financials,...

Sanghyun Park

NHN Entertainment Invests in Ticket Monster - Implications for Softbank and Softbank-Backed Coupang

Surprisingly, NHN Entertainment (which was spun off from Naver in 2013) made USD40m investment in Ticket Monster (one of the three major social...

Sanghyun Park

Update and Interesting Implication on Naver Line's MVNO Business in Japan

Following are the important points from Line Conference Tokyo 2016, which took place yesterday (March 24). First and foremost, there was no word...

Sanghyun Park

SoftBank Expected to Participate in Upcoming FCC Spectrum Auction

SoftBank is rumored to be participating in the upcoming auction of broadcast spectrum to wireless carriers, two sector bankers told CTFN.SoftBank...

CTFN

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