In today’s briefing:
- A Look at How a Portfolio Composed of Our Top Five Innovators in Each Report Would Have Performed
- Japan Telecoms – There Are Hurdles to the Introduction of Mobile Spectrum Auctions
A Look at How a Portfolio Composed of Our Top Five Innovators in Each Report Would Have Performed
- We compare how a portfolio composed of our top five picks in each of our thematic reports based on datamining technical publications would have performed versus Indices
- The size of outperformance for various periods suggests that incorporating innovation quality index that we use to rank companies can be a solid tool to generate alpha.
- We understand that much of the outperformance is generated by positive skew but even backing out the largest two contributors we see solid outperformance.
Japan Telecoms – There Are Hurdles to the Introduction of Mobile Spectrum Auctions
- Japan’s telecom regulator has raised the issue of mobile spectrum auctions and is now soliciting public comments
- We think this conflicts with national policies to boost ICT exports after years of trade deficits whilst new entrant Rakuten, which MIC supports to promote competition, would suffer
- The proposals are for new spectrum only and current licenses and associated annual payments would not be affected. We remain overweight JP telcos, particularly NTT and KDDI
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