We publish this morning our comprehensive quarterly bible: 170 pages of detailed analyses on what happened in the last 3 months, and how we interpret it, in light of our current convictions. The first section acts as a PM summary, outlining our key findings in 5 slides: The Bible presents our latest views on the semiconductor cycle and how we see the industry positioned for 2023.
Our Tech Bible is a must-read for any tech investor. It wraps up all what the >130 companies we track have reported and said and provides an update on our key perspectives and convictions, in light of what we learnt. We publish today the eighth section, on Service Provider Infrastructure. Telcos confirmed that capex is peaking this year or next. In telco equipment, Nokia outperformed Ericsson for the first time in 2 years and both companies experienced margin pressure from rising input costs. We...
We publish this morning our comprehensive quarterly bible: 182 pages of detailed analyses on what happened in the last 3 months, and how we interpret it, in light of our current convictions. The first section acts as a PM summary, outlining our key findings in 21 slides: • In PCs: demand is now weakening across the board with the beginning of a deterioration in demand in high-end and in commercial; a CPU inventory correction at OEMs is now in full swing. • Smartphone demand is deteriorating in t...
Our Tech Bible is a must-read for any tech investor. It wraps up all what the >130 companies we track have reported and said and provides an update on our key perspectives and convictions, in light of what we learnt. We publish today the third section of our 2Q22 Bible, on Service Provider Infrastructure. Operators reiterated that spending will peak this year, but telecom equipment revenue expectations still imply some growth next year, leaving room for disappointment. In addition, there are ini...
We publish this morning our comprehensive quarterly bible: 164 pages of detailed analyses on what happened in the last 3 months, and how we interpret it, in light of our current convictions. This quarter was in our view particularly telling for those wondering how the next cycle will play out: In Industrials and Autos, we see early signs of a peak, with inventories rebuilding and semi revenues as a percentage of end-product revenues multiple standard deviations above trend. In PCs and Smartpho...
Our Tech Bible is a must-read for any tech investor. It wraps up all what the >130 companies we track have reported and said and provides an update on our key perspectives and convictions, in light of what we learnt. We publish today the third section of our 1Q22 Bible, on Service Provider Infrastructure. Our thesis is playing out with operators signalling that the 5G peak is approaching this year or next. Consensus currently expects continued growth in the telecom equipment market, but we see d...
Our Tech Bible is a must-read for any tech investor. It wraps up all what the >120 companies we track have reported and said and provides an update on our key perspectives and convictions, in light of what we learnt. We publish today the sixth section of our 4Q21 Bible, on Service Providers. 5G momentum is set to continue in 2022, driving further growth in the telco equipment market, but momentum will slow as the peak of the cycle is looming. The combination of Open RAN accelerating and 5G poten...
Rakuten launched Symphony in August last year, as an independent telecom equipment supplier, leveraging the experience and assets developed over the roll out of the first nationwide Open-RAN network in Japan. In today’s piece we look at how the new company could challenge the telecom equipment competitive landscape.
We publish the eighth section, on the service provider value chain. We conclude that there will be further growth in the telco equipment market next year, but momentum will slow as the peak of the 5G cycle is looming. We remain positive on telco semis, with momentum set to accelerate in 2022 as Huawei is out of compares.
Earlier this week, we hosted the sixth bi-annual New Street Research / BCG 5G conference. We learnt a lot on the day. Our updated thoughts on the 5G cycle and value chain and best slides we saw. For access to replays of any of the sessions we hosted, please contact
Full Article at IIR has reaffirmed its Recommended rating for PIA after undertaking a review post the appointment of a new Portfolio Manager, Harding Loevner. The full report can be found on the IIR website. On 26 July 2021, Pengana International Equities Limited (PIA) announced a fully franked dividend of 1.35 cents per share for the June quarter. This represents an 8% increase on the March quarter dividend and takes the total dividends declared for FY21 of 5.1 cents per share, fully franked....
Today we publish a deep dive on the Open RAN ecosystem and the future of the telecom industry. We have left no stone unturned, preparing for this 75-page report. We have talked to all players in the ecosystem, leading adopters, and we have broadened the scope of our work to the changing competitive landscape, driven by geopolitical tensions and a broader trend that we named “Alternative RAN”, in which we see operators diversifying the way they buy technology for their networks, within the scope ...
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