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

<a href="https://www.smartkarma.com/entities/21085" target="_blank" data-smartkarma-citation="entities:21085">Naspers Ltd</a> (Naspers) is the major shareholder of leading Chinese internet firm <a href="https://www.smartkarma.com/entities/26" target="_blank" data-smartkarma-citation="entities:26">Tencent Holdings Ltd</a> (Tencent) with a 33.5% stake. It is South African listed and has a market cap of US$54bn. Naspers' stake in Tencent alone is worth nearly $60bn so the market seems to assume negative values for the rest of the businesses. This is patently unfair and we think there is a compelling investment case to hold Naspers, both as a proxy for its Tencent holding as well as its developing internet holdings globally. These are now past peak funding and starting to deliver real revenue growth.

Naspers Ltd (Naspers) is the major shareholder of leading Chinese internet firm Tencent Holdings Ltd (Tencent) with a 33.5% stake. It is South African listed and has a market cap of US$54bn. Naspers' stake in Tencent alone is worth nearly $60bn so the market seems to assume negative values for the rest of the businesses. This is patently unfair and we think there is a compelling investment case to hold Naspers, both as a proxy for its Tencent holding as well as its developing internet holdings globally. These are now past peak funding and starting to deliver real revenue growth.

Information Technology Consultant

Ishita Jain

Thematic (Sector/Industry)

Amazon.com has recorded one of its best years ever. Many investors are following its success while also wondering if the future will be as bright. Jeff Bezos’s management took steps in the right direction aligning their strategies in the direction of the current. If they continue taking these steps, there is good reason to stay bullish on the company.

Amazon.com has recorded one of its best years ever. Many investors are following its success while also wondering if the future will be as bright. Jeff Bezos’s management took steps in the right direction aligning their strategies in the direction of the current. If they continue taking these steps, there is good reason to stay bullish on the company.

Global Asset Allocation, Politics & Governance, Ecstrat

John-Paul Smith

Global Asset Allocation, Politics & Governance

Ecstrat

Ecstrat is a consultancy advising on asset allocation between global equity markets, with a focus on the intersection of governments, geopolitics, governance and markets.
 
Over the past few years and more especially since the Great Financial Crisis (GFC), investors have become more focused on short-term market movements and real-time returns and have consequently neglected the analysis of the underlying structural themes that underpin longer term performance.
​
More specifically we believe that the evolution of governance-based relationships between investors, controlling shareholders, labour and the state is one of the primary determinants of both relative and absolute performance between individual equity markets.
 
We will endeavour to provide investors with some of the context surrounding governance-related issues which encompass many different disciplines including history, economics and political science, as well as the financial metrics which are the most obvious manifestation of the structural characteristics of each market.
 
We will pay particular attention to the shifts and potential inflection points for governance in individual markets as these are often the best lead indicators for both economic and market performance.

Cross Asset Strategy

Our bearish outlook for 2016 predicated on the rising risk of a “sudden stop” for China and uncontrolled FX depreciation across EM is unfortunately starting to play out; although markets currently feel very oversold and could rally sharply over the short term, we believe that there is further downside for EM equities in absolute and relative terms over the remainder of the year.

Our bearish outlook for 2016 predicated on the rising risk of a “sudden stop” for China and uncontrolled FX depreciation across EM is unfortunately starting to play out; although markets currently feel very oversold and could rally sharply over the short term, we believe that there is further downside for EM equities in absolute and relative terms over the remainder of the year.

Special Situations, Content Strategist, Smartkarma

Crispin Francis

Special Situations, Content Strategist

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

Event-Driven

<h2>The Roller-Coaster Ride</h2>My initial note on Qihoo was back in June 2015, titled "QIHU MBO - Fair Offer &amp; Attractive spreads" (<a href="https://www.smartkarma.com/insights/qihu-mbo-fair-offer-attractive-spreads" target="_blank">link</a>).That was before the 24 August 2015 crash. Following the crash, spreads on almost all ADRs going private widened substantially.It has indeed been a roller-coaster ride for arbitrageurs that got into Qihoo:<figure class="editor-figure"><figure class="editor-figure"><figure class="editor-figure"><img src="https://static-prod.smartkarma.com/images/media/000/004/369/original/Spread.png?1449040401" class="editor-image img-responsive" data-smartkarma-image-id="4369"></figure></figure>Qihoo traded as low as 42.21 (82.4% gross spread) before slowly climbing back up to the current spread of 10.1% as of 1 December 2015.
Qihoo closed 3% up last night…
</figure>

The Roller-Coaster RideMy initial note on Qihoo was back in June 2015, titled "QIHU MBO - Fair Offer &amp; Attractive spreads" (link).That was before the 24 August 2015 crash. Following the crash, spreads on almost all ADRs going private widened substantially.It has indeed been a roller-coaster ride for arbitrageurs that got into Qihoo:Qihoo traded as low as 42.21 (82.4% gross spread) before slowly climbing back up to the current spread of 10.1% as of 1 December 2015.
Qihoo closed 3% up last night…


Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

We have earlier covered Xinyi Solar's <a href="http://www.smartkarma.com/insights/xinyi-solar-968-hk-rapid-growth-set-to-continue-take-the-deal" target="_blank">US$150m</a> and <a href="http://www.smartkarma.com/insights/xinyi-solar-968-hk-policy-support-remains-strong-momentum-likely-to-continue-take-the-deal" target="_blank">US$70m</a> placement for the development in solar farm and its Malaysia PV glass plant. Flat Glass, the key competitor of Xinyi, is said to be raising US$200m in an upcoming IPO. We think it is interesting to get the latest feel of the industry dynamics.We spoke to Xinyi Solar's management recently, to understand the the latest industry dynamics and how the company is positioned for the tailwind.In this insight, we cover the following topics:<ul><li>Recent promotional effort and policy changes by Chinese government</li><li>Industry players' reaction and observation</li><li>How Xinyi maintain its leadership in PV glass and diversifies into the downstream</li></ul>More fold below...

We have earlier covered Xinyi Solar's US$150m and US$70m placement for the development in solar farm and its Malaysia PV glass plant. Flat Glass, the key competitor of Xinyi, is said to be raising US$200m in an upcoming IPO. We think it is interesting to get the latest feel of the industry dynamics.We spoke to Xinyi Solar's management recently, to understand the the latest industry dynamics and how the company is positioned for the tailwind.In this insight, we cover the following topics:Recent promotional effort and policy changes by Chinese governmentIndustry players' reaction and observationHow Xinyi maintain its leadership in PV glass and diversifies into the downstreamMore fold below...

Xinyi Solar: post deal call with management. Where the industry and the company are heading?

China

Baidu, Inc. operates an Internet search engine. The Company offers algorithmic search, enterprise search, news, MP3, and image searches, voice assistance, online storage, and navigation services. Baidu serves clients globally.

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Baidu (BIDU US)

Naspers. More than a Ten(Percent) Story

Naspers Ltd (Naspers) is the major shareholder of leading Chinese internet firm Tencent Holdings Ltd (Tencent) with a 33.5% stake. It is South...

New Street Research

A to Z - Amazon's Growth Story

Amazon.com has recorded one of its best years ever. Many investors are following its success while also wondering if the future will be as bright....

Ishita Jain

China and the EM Ugly Contest

Our bearish outlook for 2016 predicated on the rising risk of a “sudden stop” for China and uncontrolled FX depreciation across EM is unfortunately...

John-Paul Smith

Qihoo, Back from the Dead

The Roller-Coaster RideMy initial note on Qihoo was back in June 2015, titled "QIHU MBO - Fair Offer & Attractive spreads" (link).That was...

Crispin Francis

Xinyi Solar: post deal call with management. Where the industry and the company are heading?

We have earlier covered Xinyi Solar's US$150m and US$70m placement for the development in solar farm and its Malaysia PV glass plant. Flat Glass,...

Ke Yan, CFA, FRM

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