cm research corporate presentation 2014
TRANSCRIPT
Technology Media Telecoms
Analysing Global Trends in Technology, Media and Telecoms
www.researchcm.com +44 (0) 20 3393 3866
CM Research Authorised and regulated by the Financial Conduct Authority
22 Upper Grosvenor Street London W1K 7PE, U.K.
www.researchcm.com 2
Contents About us Our clients Our research approach Our business model Our executive team Our research services Our top themes for 2014
www.researchcm.com 3
About us CM Research provides a subscription research service covering the global technology, media and telecom industries. Our research is: Independent Thematic Global TMT-focused
www.researchcm.com 4
Our clients Our research approach is thematic, helping our clients to see the big picture. Our analysis is supported by rigorous global sector models. Our predictive analysis is invaluable to both investors and industry executives. Investor clients For our investor clients, we convert these trends into global investment themes, highlighting local stocks that might be impacted. Our aim is to help CIOs formulate a TMT investment strategy that is global, thematic, timely and coherent. Corporate clients For our corporate clients, we provide industry analysis and market intelligence, predicting how technology markets will evolve and which business models will win. Our aim is to help CEOs stay one step ahead of the technology trends that are shaping their industry.
“We help Chief Executive Officers and Chief Investment Officers predict the future.”
www.researchcm.com 5
Our research approach 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 research approach: Search for emerging technology trends Spot global investment themes Screen for local companies affected
Our research product: Global TMT Trend Forecast (annual) In-depth thematic research (fortnightly) Technology briefings Analyst access Bespoke research
Our clients:
Asset managers Industry executives Private equity & venture capital Consultancy houses Governments Family offices
Our recent themes: 3D printing, App revolution, Chinese Internet, Big Data, Chinese Internet, Cloud Computing, Cyber Security, Digital Media, HTML5, Mobile Internet, Mobile Payments, Net Neutrality, Regulation, Robotics, Smartphones, Social networks, Software Defined Networks, Video Games
Technology, Media & Telecoms
Thematic Research Track record
Forward thinking
www.researchcm.com 6
Our business model Growth: through word of mouth and an
established track record
Client base: institutional investors, governments, family offices, consultancies, corporations
Payment o by direct subscription; or o commission sharing agreements
(CSAs) using any major broker
Global distribution: subscribers can access research through global platforms such as S&P Capital IQ, Bloomberg and Factset
Regulation: Authorised and regulated by the UK’s Financial Conduct Authority
Research partnerships Distribution platforms
Broker relationships
Regulator
www.researchcm.com 7
Our executive team
Cyrus Mewawalla Director of Research
Elgen Strait Director of Sales
TMT strategist
20 years’ experience in TMT sector
Former No. 1 ranked analyst (Bloomberg)
Formerly at Nomura and PwC
Former advisor to McKinsey
Mentor at Level 39
Chartered Accountant
M.A. in Economics, University of Cambridge
Author of a bestselling book about conflicts of interest in the investment research sector
Head of Sales 10 years’ experience in institutional research
sales Formerly at BCA Research First Salesperson at a start-up research firm
(CognoLink) First Salesperson for a technology start-up
servicing the institutional research community
B.A. in Economics, University of Maryland
www.researchcm.com 8
Our research services Our clients use us to analyse global trends in Technology, Media and Technology. We have three research services
Thematic research Bespoke research Analyst access
TMT sector outlook
(annually)
In-depth thematic research on
emerging technology themes
(fortnightly)
Client-specific research
White-labelled research
Valuation
Forensic analysis
Breakfast briefings
Quarterly analyst conference calls
Fast response to client queries by
email and telephone
Fee structure
Subscription fees Commissioned fees Dependent upon amount of
analyst time required
www.researchcm.com 9
Our Top Investment Themes for 2014 These are the main investment themes we will be researching this year.
Social‐ crowd funding‐music, video, games‐ group shopping‐ Google Glass
Cloud‐ everything everywhere‐ cyber security ‐ IT cost reduction‐ software ecosystems
Mobile‐ wearable devices‐maps‐mobile payments‐mobile ads
Big data‐ Re‐imagination ‐ privacy issues‐ wearable devices‐ age of software analytics
Copying Apple‐ Ecosystem lock‐in‐Walled gardens‐ Hardware/software integration
Cyber security‐ BYOD‐ national security issues‐ open SDN standards‐M&A
Adv. Manufacturing ‐ 3D printing‐ Robotics‐ Flexible displays‐ software defined network
Regulation‐ Net neutrality‐ Data privacy‐ Patents‐ Anti‐competition law
TV‐ Internet TV‐ Second/third screens‐ 16k / flexible screens‐ Social networks
Software definednetworks
‐ Cost reduction‐ service enhancement‐ Network function virtualis
Local‐maps‐ Google Glass‐ Ecommerce
China‐ telecom equip trade wars‐ Varied Interest Entities‐ Accounting scandals‐ Alibaba IPO
www.researchcm.com 10
About CM Research CM Research is an independent research provider with a blue chip list of institutional clients. We analyse emerging trends in the technology, media and telecom sectors and develop them into global investment themes, highlighting the winners and losers. At a time when many of our competitors have had their reputations mired by conflicts of interest, we fiercely guard our independence. Our business model is based on independence, exclusivity and experience. CM Research is a member of the European Association of Independent Research Providers (EuroIRP). CM Research is authorised and regulated by the Financial Conduct Authority.
Contact CM Research Research Cyrus Mewawalla [email protected] +44 20 3393 3866
Sales Elgen Strait [email protected] +44 20 3744 0105
22 Upper Grosvenor Street | London W1K 7PE | United Kingdom www.researchcm.com Important Disclosures This document is issued by CM Research (“CMR”) solely for our clients. This document may not be reproduced, redistributed or passed to any other person in whole or in part for any purpose without our written consent. This document is provided for information purposes only and should not be regarded as an offer, solicitation, invitation, inducement or recommendation relating to the subscription, purchase or sale of any security or other financial instrument. This document does not constitute, and should not be interpreted as, investment advice. It is accordingly recommended that you should seek independent advice from a suitably qualified professional advisor before taking any decisions in relation to the investments detailed herein. All expressions of opinions and estimates constitute a judgement and, unless otherwise stated, are those of the author and the research department of CMR only, and are subject to change without notice. CMR is under no obligation to update the information contained herein. Whilst CMR has taken all reasonable care to ensure that the information contained in this document is not untrue or misleading at the time of publication, CMR cannot guarantee its accuracy or completeness, and you should not act on it without first independently verifying its contents. This document is not guaranteed to be a complete statement or summary of any securities, markets, reports or developments referred to herein. No representation or warranty either expressed or implied is made, nor responsibility of any kind is accepted, by CMR, its directors, officers, employees or analysts either as to the accuracy or completeness of any information contained in this document nor should it be relied on as such. No liability whatsoever is accepted by CMR, its directors, officers, employees or analysts for any loss, whether direct or consequential, arising whether directly or indirectly as a result of the recipient acting on the content of this document, including, without limitation, lost profits arising from the use of this document or any of its contents. This document is provided with the understanding that CMR is not acting in a fiduciary capacity and it is not a personal recommendation to you. Investing in securities entails risks. Past performance is not necessarily a guide to future performance. The value of and the income produced by products may fluctuate, so that an investor may get back less than he invested. Investments in the entities and/or the securities or other financial instruments referred to are not suitable for all investors and this document should not be relied upon in substitution for the exercise of independent judgment in relation to any such investment. The stated price of any securities mentioned herein will generally be the closing price at the end of any of the three business days immediately prior to the publication date on this document. This stated price is not a representation that any transaction can be effected at this price. The material in this document is not intended for distribution or use outside the United Kingdom. This material is not directed at you if CMR is prohibited or restricted by any legislation or regulation in any jurisdiction from making it available to you. CMR and its analysts are remunerated for providing investment research to professional investors, corporations, other research institutions and consultancy houses. CMR, its directors, officers, employees and clients may have or take positions in the securities or entities mentioned in this document. Any of these circumstances could create, or be perceived as creating, conflicts of interest. CMR analysts are not censored in any way and are free to express their personal opinions. As a result, CMR may have issued other documents that are inconsistent with and reach different conclusions from, the information contained in this document. Those documents reflect the different assumptions, views and analytical methods of their authors. No director, officer or employee of CMR is on the board of directors of any company referenced herein and no one at any such referenced company is on the board of directors of CMR. “CM Research” is a trading name of CHM Research Limited. CHM Research Limited is registered in England, under company No. 07251947 and registered address Amaris, Hill Close, Harrow-on-the-Hill, Middlesex HA1 3PQ, United Kingdom. CHM Research Limited is authorised and regulated by the Financial Conduct Authority (Firm Reference Number: 579360). © CM Research 2014. This document, including the text and graphics, is subject to copyright protection under English law and, through international treaties, other countries. No part of the contents or materials available in this document may be reproduced, licensed, sold, hired, published, transmitted, modified, adapted, publicly displayed, broadcast or otherwise made available in any way without the prior written permission of CHM Research Limited. All rights reserved. Analysts’ Certification The analysts involved in the production of this document hereby certify that the views expressed in this document accurately reflect their personal views about the securities mentioned herein. The analysts point out that they may buy, sell or already have taken positions in the securities, and related financial instruments, mentioned in this document.