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New Street Research Insights

New Street Research

Research is provided by our team of experienced analysts. Our work is idea driven, based on independence of thought, sector expertise, and firmly focused on fundamentals and valuation of telecoms and internet names globally. New Street is headquartered in London with offices in New York, Singapore and Australia. 

New Street Research is an independent, partner-owned, research firm specialising in equity and debt research. Our equity research embraces the following sectors:

Pan European Telecom Services and Cable
US Telecoms, Cable, Satellite and Towers
Global Emerging Market Telecoms
Japan Telecoms
Asian Internet
Pan European Healthcare
US Healthcare
Japanese Healthcare

We also provide debt research on:
Pan European Telecom Services and Cable

Equity Bottom-Up

Unlike <a href="https://www.smartkarma.com/entities/412" target="_blank" data-smartkarma-citation="entities:412:1">M1 (M1 SP)</a> which delivered decent results (with growth in mobile service revenues (MSR) and fixed line), <a href="https://www.smartkarma.com/entities/119" target="_blank" data-smartkarma-citation="entities:119:1">Starhub (STH SP)</a> continues to struggle. In 1Q18, Starhub revenues missed expectations with MSR falling 7.1%, a real contrast to M1 (+2.6%) which has more fully embraced MVNOs. That said, Starhub has now announced an imminent launch of MyRepublic's MVNO on its network, which <a href="https://www.smartkarma.com/profiles/1916" target="_blank" data-smartkarma-citation="accounts:1916">Iain Johnston</a> sees as a sensible response to the looming challenge of <a href="https://www.smartkarma.com/entities/323" target="_blank" data-smartkarma-citation="entities:323:1">TPG's (TPM AU)</a> entry later this year.…

Unlike M1 (M1 SP) which delivered decent results (with growth in mobile service revenues (MSR) and fixed line), Starhub (STH SP) continues to struggle. In 1Q18, Starhub revenues missed expectations with MSR falling 7.1%, a real contrast to M1 (+2.6%) which has more fully embraced MVNOs. That said, Starhub has now announced an imminent launch of MyRepublic's MVNO on its network, which Iain Johnston sees as a sensible response to the looming challenge of TPG's (TPM AU) entry later this year.…

Starhub's Mobile & PayTV Businesses Struggling. Gains from Enterprise Services the Bright Spot.

SGX Market Strategist, Equity & Fixed Income, Singapore Exchange Ltd (SGX)

Geoff Howie

SGX Market Strategist, Equity & Fixed Income

Asia’s leading multi-asset exchange

Singapore Exchange Ltd (SGX)

Singapore Exchange is Asia’s leading and trusted market infrastructure, facilitating the exchange of capital and ideas to create value for people, businesses and economies. As a multi-asset exchange operating equity, fixed income and derivatives markets to the highest regulatory standards, SGX is a vertically integrated business that provides listing, trading, clearing, settlement, depository and data services.

With about 40% of listed companies and over 80% of listed bonds originating outside of Singapore as well as established linkages across the region and in Europe, SGX is Asia’s most international and connected exchange. Offering a full suite of derivatives products across Asian equity indices, commodities and currencies, SGX is the world’s most liquid international market for the benchmark equity indices of China, India, Japan and ASEAN.

As Asia’s pioneering central counterparty, SGX is globally recognised for its risk management and clearing capabilities, and was one of the first globally to adopt the Principles for Financial Market Infrastructure.

Headquartered in AAA-rated Singapore, SGX has over 800 employees including offices in Beijing, Chicago, Hong Kong, London, New York, Mumbai, San Francisco, Shanghai and Tokyo.

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Singapore Led APAC in YTD, STI Halfway Through Earnings Reports

Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

<a href="https://www.smartkarma.com/entities/19341" target="_blank" data-smartkarma-citation="entities:19341:1">Television Broadcasts Ltd (511 HK)</a>, Hong Kong's largest free-to-air broadcaster, touched a ten-year low last week, three months after the <a href="http://www.hkexnews.hk/listedco/listconews/SEHK/2018/0123/LTN20180123698.pdf" target="_blank">lapse of its buyback offer</a>.Following the release of <a href="http://www.hkexnews.hk/listedco/listconews/SEHK/2018/0321/LTN20180321703.pdf" target="_blank">FY17 results</a> - where the adjusted earnings paint a more positive tilt than the headline numbers - I met with management to discuss the latest business developments. Management has recently completed an NDR in London and Singapore.The takeaway is largely positive. Revenues are stabilising, although growth would not be considered robust. Apart from its <a href="https://promo.bigbigchannel.com.hk/en/" target="_blank">Big Big Channel</a> (social media platform, 1% of revenue), all remaining segments are expected to be profitable and/or break even in FY18.And the opportunity to relaunch the buyback cannot be ruled out.

Television Broadcasts Ltd (511 HK), Hong Kong's largest free-to-air broadcaster, touched a ten-year low last week, three months after the lapse of its buyback offer.Following the release of FY17 results - where the adjusted earnings paint a more positive tilt than the headline numbers - I met with management to discuss the latest business developments. Management has recently completed an NDR in London and Singapore.The takeaway is largely positive. Revenues are stabilising, although growth would not be considered robust. Apart from its Big Big Channel (social media platform, 1% of revenue), all remaining segments are expected to be profitable and/or break even in FY18.And the opportunity to relaunch the buyback cannot be ruled out. 

<a href="https://www.smartkarma.com/entities/412" target="_blank" data-smartkarma-citation="entities:412:1">M1 Ltd (M1 SP)</a> reported 1Q18 results under the new SFRS-15 accounting standards (IFRS-15 is being adopted across the region). And as with other reports subject to the new standards, the year-on-year trends are not comparable. However, restated 1Q17 data reveals healthy growth in both mobile service revenues and in fixed line revenue growth. Mobile service revenue grew 2.6% YoY (+1% including IDD), while fixed line growth was 13.9%.Mobile service revenues were slightly ahead of <a href="https://www.smartkarma.com/profiles/1916" target="_blank" data-smartkarma-citation="accounts:1916">Iain Johnston</a>'s…

M1 Ltd (M1 SP) reported 1Q18 results under the new SFRS-15 accounting standards (IFRS-15 is being adopted across the region). And as with other reports subject to the new standards, the year-on-year trends are not comparable. However, restated 1Q17 data reveals healthy growth in both mobile service revenues and in fixed line revenue growth. Mobile service revenue grew 2.6% YoY (+1% including IDD), while fixed line growth was 13.9%.Mobile service revenues were slightly ahead of Iain Johnston's…

M1 Shows Positive Service Revenue Trends Ahead of TPG's Entry.

Leading Independent Investment Research, Morningstar, Inc.

Morningstar

Leading Independent Investment Research

Morningstar, Inc.

Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. We offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors. 

Morningstar provides data on more than 500,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 16 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries, with more than $180 billion in assets under advisement or management as of June 30, 2015. We have operations in 27 countries.

Download the Morningstar Fact Sheet : http://corporate.morningstar.com/US/documents/MarketingFactSheets/AboutMorningstarFactsheet.pdf

Thematic (Sector/Industry)

<a href="https://www.smartkarma.com/entities/323" target="_blank" data-smartkarma-citation="entities:323:1">TPG Telecom Ltd (TPM AU)</a> has provided an update on its Singapore mobile network progress and launched its first mobile plan aimed at the seniors market. While TPG had spent only AUD 30 million on mobile network capital expenditure as at end January 2018, management indicated that it was on target to meet its license requirement to build out a nationwide outdoor service network by the end of 2018. The mobile plan will be targeted at seniors over the age of 65 and will offer free 3 GB of data per…

TPG Telecom Ltd (TPM AU) has provided an update on its Singapore mobile network progress and launched its first mobile plan aimed at the seniors market. While TPG had spent only AUD 30 million on mobile network capital expenditure as at end January 2018, management indicated that it was on target to meet its license requirement to build out a nationwide outdoor service network by the end of 2018. The mobile plan will be targeted at seniors over the age of 65 and will offer free 3 GB of data per…

TPG Announces Aggressive Niche First Singapore Mobile Plan; Network Rollout on Target

Singapore

StarHub Ltd. is a fully-integrated info-communication company offering a full range of information, communications, and entertainment services for both consumer and corporate markets in Singapore. The Company provides mobile network and multi-channel cable TV services, including high definition and on-demand services, as well as high-speed residential broadband services.

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StarHub Ltd (STH SP)

Starhub's Mobile & PayTV Businesses Struggling. Gains from Enterprise Services the Bright Spot.

Unlike M1 (M1 SP) which delivered decent results (with growth in mobile service revenues (MSR) and fixed line), Starhub (STH SP) continues to...

New Street Research

Singapore Led APAC in YTD, STI Halfway Through Earnings Reports

Singapore Exchange Ltd (SGX)

TVB: A Discussion with Management

Television Broadcasts Ltd (511 HK), Hong Kong's largest free-to-air broadcaster, touched a ten-year low last week, three months after the lapse of...

David Blennerhassett

M1 Shows Positive Service Revenue Trends Ahead of TPG's Entry.

M1 Ltd (M1 SP) reported 1Q18 results under the new SFRS-15 accounting standards (IFRS-15 is being adopted across the region). And as with other...

New Street Research

TPG Announces Aggressive Niche First Singapore Mobile Plan; Network Rollout on Target

TPG Telecom Ltd (TPM AU) has provided an update on its Singapore mobile network progress and launched its first mobile plan aimed at the seniors...

Morningstar, Inc.

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