Differentiated global TMT & Internet Research

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

In June 3UK, <a href="https://www.smartkarma.com/entities/132" target="_blank">CK Hutchison's (1 HK)</a> UK telco subsidiary, gave a presentation on its 5G plans where it emphasized the potential to deploy massive-MIMO 3.5GHz 5G services on its existing cell sites. Its large holdings of 3.5GHz spectrum are enough for it to offer fixed wireless broadband (FWB) as well as serving mobile users. Based on further explanation of its plans we have refined our view on the potential impact of Hutchison’s FWB offer in the UK market and more widely.  We view their plans as being viable (assuming equipment issues can be sorted out) and on the FWB side they could gain 3-5% market share over time.

In June 3UK, CK Hutchison's (1 HK) UK telco subsidiary, gave a presentation on its 5G plans where it emphasized the potential to deploy massive-MIMO 3.5GHz 5G services on its existing cell sites. Its large holdings of 3.5GHz spectrum are enough for it to offer fixed wireless broadband (FWB) as well as serving mobile users. Based on further explanation of its plans we have refined our view on the potential impact of Hutchison’s FWB offer in the UK market and more widely.  We view their plans as being viable (assuming equipment issues can be sorted out) and on the FWB side they could gain 3-5% market share over time.

CK Hutchsion Outlines Its Plans for 5G and Fixed Wireless Broadband in the UK

Thematic (Sector/Industry)

A quick tour of news flow in the Asian telco space in the past week. <h2>China: China Tower IPO, SOE reform and 5G</h2>China Tower IPO: The massive <a href="https://www.smartkarma.com/entities/27037" target="_blank" data-smartkarma-citation="entities:27037:1">China Tower Corp (1409417D HK)</a> IPO is upon us and if reports are to be believed the IPO is looking to raise $8.8bn by selling a 25% stake and valuing the company at US$35bn (with a greenshoe of 15%). It looks like the IPO will open on July 23rd with pricing on 1 August. We have written on this before (see <a href="https://www.smartkarma.com/insights/china-tower-ipo-a-low-return-entity-created-to-boost-telco-returns" target="_blank" data-smartkarma-citation="insights:21790">China Tower IPO - A Low Return Entity Created to Boost</a>…

A quick tour of news flow in the Asian telco space in the past week. China: China Tower IPO, SOE reform and 5GChina Tower IPO: The massive China Tower Corp (1409417D HK) IPO is upon us and if reports are to be believed the IPO is looking to raise $8.8bn by selling a 25% stake and valuing the company at US$35bn (with a greenshoe of 15%). It looks like the IPO will open on July 23rd with pricing on 1 August. We have written on this before (see China Tower IPO - A Low Return Entity Created to Boost…

This Week in Asian Telcos: China Tower IPO the Key Event to Watch Out For

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

<a href="https://www.smartkarma.com/entities/132" target="_blank" data-smartkarma-citation="entities:132:1">CK Hutchison Holdings Ltd (1 HK)</a>'s, or CKHH's, purchase of the remaining 50% of its Italian telco joint venture, Tre Wind, is positive for the company giving it access to a free cash flow-generating business that it is already familiar with at a fair price. We estimate that the EUR 2.45 billion (HKD 23 billion) purchase should lift CKHH's operating profit by around HKD 8 billion in 2019. However, we only raise our earnings estimates by less than 2% because we have incorporated in a stronger Hong…

CK Hutchison Holdings Ltd (1 HK)'s, or CKHH's, purchase of the remaining 50% of its Italian telco joint venture, Tre Wind, is positive for the company giving it access to a free cash flow-generating business that it is already familiar with at a fair price. We estimate that the EUR 2.45 billion (HKD 23 billion) purchase should lift CKHH's operating profit by around HKD 8 billion in 2019. However, we only raise our earnings estimates by less than 2% because we have incorporated in a stronger Hong…

CK Hutchison Buys Balance of Italian Telco, Positive Move Is Fairly Priced, Stock Is Attractive

Event-Driven

<a href="https://www.smartkarma.com/entities/14026" target="_blank" data-smartkarma-citation="entities:14026:1">VEON (VEON US)</a> announced a group restructuring that involved selling its 50% holding in Wind Tre (Wind) in Italy to <a href="https://www.smartkarma.com/entities/132" target="_blank" data-smartkarma-citation="entities:132:1">CK Hutchison Holdings (1 HK)</a> (Hutch) and taking 100% control of subsidiaries in Pakistan and Bangladesh from its affiliate (<a href="https://www.smartkarma.com/entities/25491" target="_blank" data-smartkarma-citation="entities:25491:1">Global Telecom Holding (GTHE EY)</a>). From the VEON point of view we like the transaction - they are receiving a good valuation for the Italian assets (6.7x EBITDA) and paying a low valuation for the EM assets in Pakistan and Bangladesh. VEON has abandoned its EM…

VEON (VEON US) announced a group restructuring that involved selling its 50% holding in Wind Tre (Wind) in Italy to CK Hutchison Holdings (1 HK) (Hutch) and taking 100% control of subsidiaries in Pakistan and Bangladesh from its affiliate (Global Telecom Holding (GTHE EY)). From the VEON point of view we like the transaction - they are receiving a good valuation for the Italian assets (6.7x EBITDA) and paying a low valuation for the EM assets in Pakistan and Bangladesh. VEON has abandoned its EM…

CK Hutchison Doubling Down in Italy as VEON Exits at a Good Valuation

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

Actionable Charts from Smart Karma’s Most-Searched Tickers.We ran through a list of the most frequently searched tickers on the SmartKarma platform using the Discovery Tool.  See the attached report for a complete list of our recommendations from this list.

Actionable Charts from Smart Karma’s Most-Searched Tickers.We ran through a list of the most frequently searched tickers on the SmartKarma platform using the Discovery Tool.  See the attached report for a complete list of our recommendations from this list.

Hong Kong

CK Hutchison Holdings Limited holds all of the non-property businesses of the Cheung Kong Group and the Hutchison Group, including ports and related services, telecommunications, retail, infrastructure, energy, and movable assets leasing operations.

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CK Hutchison Holdings (1 HK)

CK Hutchsion Outlines Its Plans for 5G and Fixed Wireless Broadband in the UK

In June 3UK, CK Hutchison's (1 HK) UK telco subsidiary, gave a presentation on its 5G plans where it emphasized the potential to deploy...

New Street Research

This Week in Asian Telcos: China Tower IPO the Key Event to Watch Out For

A quick tour of news flow in the Asian telco space in the past week. China: China Tower IPO, SOE reform and 5GChina Tower IPO: The massive China...

New Street Research

CK Hutchison Buys Balance of Italian Telco, Positive Move Is Fairly Priced, Stock Is Attractive

CK Hutchison Holdings Ltd (1 HK)'s, or CKHH's, purchase of the remaining 50% of its Italian telco joint venture, Tre Wind, is positive for the...

Morningstar, Inc.

CK Hutchison Doubling Down in Italy as VEON Exits at a Good Valuation

VEON (VEON US) announced a group restructuring that involved selling its 50% holding in Wind Tre (Wind) in Italy to CK Hutchison Holdings (1...

New Street Research

Popular Stocks, Attractive Charts

Actionable Charts from Smart Karma’s Most-Searched Tickers.We ran through a list of the most frequently searched tickers on the SmartKarma platform...

Vermilion Research

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