Category Archive for "Research"

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Quick Thoughts: Facebook F8 – Bots Offer Path to M-Commerce

CEO Mark Zuckerberg hit the stage for the keynote at FB’s annual F8 developers conference. The biggest reveal was a program to enable businesses to use AI-based “bots” to execute customer service communications across FB’s messaging platforms, a first step

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Axiall – Something Else Up Its Sleeve?

Axiall’s apparent reluctance to engage with Westlake in a formal discussion with respect to Westlake’s offer (resulting in a higher bid from Westlake this morning) suggests one of two possible positions: Axiall believes that it can win a proxy battle

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SHW/VAL – An Expensive Deal Not Without Its Hurdles

The announced acquisition of Valspar by Sherwin Williams, while consistent with our broad view on consolidation does not really tick any of the boxes we identified. This is not a segment facing massive offshore competition, nor is it oversupplied. Both

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Sasol Delays Ethylene Plant – Axiall, Westlake and Eastman Should be Paying Attention

  Last week Sasol announced a “delay” to some of its US Gulf investments and suggested that its ethylene unit would now start-up in 2019 rather than 2018. The company gave cash flow management as a reason, but this is

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Axiall – Asymmetric Risk Reward

  Axiall is either acting on very poor advice or has something up its sleeve. The company’s total and aggressive rejection of the bid from Westlake has opened a wide door for Westlake to walk through with a hostile bid,

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The VERY Long View: The Biggest TMT Companies for 2025

Of the top 10 US TMT companies by market cap today, just 5 were on the list a decade ago. AAPL, AMZN and FB were nowhere to be seen, and GOOG had just edged onto the list at #10. Meanwhile,

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TMT: Model Portfolio Update – NOW WITH SHORTS!

We have strong conviction on the near-term opportunities created by paradigmatic changes across the TMT landscape – i.e. Web scale cloud data centers, streaming on-demand media, native digital advertising, increasingly fast and efficient mobile commerce, falling competitive barriers in wireless

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AMZN: Winning Christmas

With ~$250B in annual gross merchandise volume (GMV) and more than 250M active customers, AMZN, already 3x the size of its closest US online rival Ebay, is responsible for nearly 20% of global e-tail sales and is on a trajectory

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TMT: 3Q Earnings – The Aftermath

3Q15 earnings season played out mostly, but not entirely, along the lines that we saw in 2Q and highlighted in our preview note from Oct 13. 1. Linear TV metrics were bad, but perhaps, not as bad as had been

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Quick Thoughts: QCOM – How Many Shoes are There to Drop?

QCOM traded off 9.4% on Wednesday after revealing that the South Korean government had opened an antitrust inquiry into the company’s patent licensing practices in the country. As we have seen with Qualcomm’s protracted negotiations with the Chinese government, even

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