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

The stock reacted poorly to recent results, falling as much as 12% in subsequent days and mounting a weak recovery (so far). The market is concerned by <a href="https://www.smartkarma.com/entities/446" target="_blank" data-smartkarma-citation="entities:446">Jd.Com Inc Adr</a> (JD.Com) continuing low profitability,  something that is likely to continue at the group level for some time. However, we believe this reflects the cost of growth and that the opportunity is large enough  to justify this. We believe an overall negative operating margin today could reach +10% by 2020 as they achieve scaleThe latest…

The stock reacted poorly to recent results, falling as much as 12% in subsequent days and mounting a weak recovery (so far). The market is concerned by Jd.Com Inc Adr (JD.Com) continuing low profitability,  something that is likely to continue at the group level for some time. However, we believe this reflects the cost of growth and that the opportunity is large enough  to justify this. We believe an overall negative operating margin today could reach +10% by 2020 as they achieve scaleThe latest…

JD.Com: Market Concerns on Profitability Overdone

Value Investor, Frontier Asia Capital

Winston Chu

Value Investor

Frontier Asia Capital

Yahoo! was the easiest 25% return for discerning investors in 1Q16, but the time is ripe to head for the exits as the current share price already implies bids at a premium to the disclosed range of $4-8bn.  <table class="table table-striped"><tbody>
<tr>
<td>Company</td>
<td>Ownership %</td>
<td>Share Price</td>
<td>Shares O/S</td>
<td>Market Value</td>
<td>After Tax Value (30%)</td>
</tr>
<tr>
<td>Yahoo</td>
<td>100%</td>
<td>37.03</td>
<td>947</td>
<td>35,067</td>
<td>35,067</td>
</tr>
<tr>
<td>Alibaba</td>
<td>15%</td>
<td>79.16</td>
<td>2,476</td>
<td>29,400</td>
<td>17,640</td>
</tr>
<tr>
<td>Yahoo Japan</td>
<td>35%</td>
<td>489</td>
<td>5,695</td>
<td>8,980</td>
<td>5,388</td>
</tr>
<tr>
<td>Implied Value of Core</td>
<td>12,039</td>
</tr>
</tbody></table>While the values vary with mark to market prices for Alibaba and Yahoo Japan, but effectively, the…

Yahoo! was the easiest 25% return for discerning investors in 1Q16, but the time is ripe to head for the exits as the current share price already implies bids at a premium to the disclosed range of $4-8bn.  

Company
Ownership %
Share Price
Shares O/S
Market Value
After Tax Value (30%)


Yahoo
100%
37.03
947
35,067
35,067


Alibaba
15%
79.16
2,476
29,400
17,640


Yahoo Japan
35%
489
5,695
8,980
5,388


Implied Value of Core
12,039

While the values vary with mark to market prices for Alibaba and Yahoo Japan, but effectively, the…

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

<a href="https://www.smartkarma.com/entities/787" target="_blank" data-smartkarma-citation="entities:787">Alibaba Group Holding Ltd</a> is taking the initial steps to divide and conquer Korea market with much ambition, firm strategy, and loads of cash to invest. It has been partnering with some of the key players in Korea in areas such as cloud services, online travel, online shopping, and entertainment. In this report, we explain how the company is trying to establish a major foothold in Korea in some of these key sectors in Korea. <h2>Cloud Services</h2>In April 2016, <a href="https://www.smartkarma.com/entities/787" target="_blank" data-smartkarma-citation="entities:787">Alibaba Group Holding Ltd</a> started its…

Alibaba Group Holding Ltd is taking the initial steps to divide and conquer Korea market with much ambition, firm strategy, and loads of cash to invest. It has been partnering with some of the key players in Korea in areas such as cloud services, online travel, online shopping, and entertainment. In this report, we explain how the company is trying to establish a major foothold in Korea in some of these key sectors in Korea. Cloud ServicesIn April 2016, Alibaba Group Holding Ltd started its…

Alibaba - Jack Ma's Grand Ambition to Divide and Conquer Korea Market?

Strong results from <a href="https://www.smartkarma.com/entities/27" target="_blank" data-smartkarma-citation="entities:27">China Mobile Ltd</a> (CM) in particular are supportive of the Chinese internet stocks.  Our view has been that just looking at the macro economic numbers gives a false picture of the internet. Instead investors should be looking upstream at the telecom operators. And what we see there is supportive.We look at 4G subscriber net additions and mobile internet traffic growth to provide a view on what consumers/ internet users are doing. People who buy a 4G handset intend to use it…

Strong results from China Mobile Ltd (CM) in particular are supportive of the Chinese internet stocks.  Our view has been that just looking at the macro economic numbers gives a false picture of the internet. Instead investors should be looking upstream at the telecom operators. And what we see there is supportive.We look at 4G subscriber net additions and mobile internet traffic growth to provide a view on what consumers/ internet users are doing. People who buy a 4G handset intend to use it…

China Internet: Sector Inputs Supportive for Tencent and NetEase.

Thematic Investing in Tech and Media, CM Research

Cyrus Mewawalla

Thematic Investing in Tech and Media

Thematic TMT investing

CM Research

CM Research is an independent research house based in London, England. We provide global thematic research in the Technology, Media and Telecoms (TMT) sectors. 

Our focus is on disruptive technologies: how will they unfold; which industries will be impacted; and who will be the ultimate winners and losers. 

Our aim is to help investors predict share prices and corporate executives stay one step ahead of the technology trends that are shaping their industry. 

We research technology investment themes in detail and then feed the results into a scorecard system to quantify the impact of several conflicting themes on individual stocks. 

Recent themes covered include internet TV, the Internet of Things, Big Data, Mobile payments, crowdfunding, artificial intelligence, the cloud, software defined networking and Generation Hashtag.

We cover the top 500 global TMT stocks by market capitalisation and several technology start-ups and pre-IPO companies too. 

In 2015, CM Research analysts outperformed the Bloomberg Benchmark Analyst Index - which measures how good analysts are at predicting stock prices - by 7.1%.

Thematic (Sector/Industry)

<ul><li>TV broadcasters still control 93% of subscriptions and advertising revenues that pass through the TV set. The remaining 7% of revenues relates to video streaming services like Netflix.</li><li>But Internet TV will move faster and be more disruptive than analysts predict.</li><li>The inflection point will be the arrival of a “pure” internet TV in which all TV viewing is accessed by a single operating system, probably remote controlled by a smartphone or tablet.</li><li>Film and TV studios will see content prices bid up as technology companies – like Apple, Netflix and Alibaba – compete to acquire content rights.</li><li>TV broadcasters will report profit warnings as they lose control of payTV subscription revenues and TV advertising revenues.</li></ul>

TV broadcasters still control 93% of subscriptions and advertising revenues that pass through the TV set. The remaining 7% of revenues relates to video streaming services like Netflix.But Internet TV will move faster and be more disruptive than analysts predict.The inflection point will be the arrival of a “pure” internet TV in which all TV viewing is accessed by a single operating system, probably remote controlled by a smartphone or tablet.Film and TV studios will see content prices bid up as technology companies – like Apple, Netflix and Alibaba – compete to acquire content rights.TV broadcasters will report profit warnings as they lose control of payTV subscription revenues and TV advertising revenues.

China

Alibaba Group Holding Limited provides online sales services. The Company provides internet infrastructure, electronic commerce, online financial, and internet content services through its subsidiaries. Alibaba Group Holding offers its products and services worldwide.

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Alibaba (BABA US)

JD.Com: Market Concerns on Profitability Overdone

The stock reacted poorly to recent results, falling as much as 12% in subsequent days and mounting a weak recovery (so far). The market is...

New Street Research

Yahoo! - Run For It

Yahoo! was the easiest 25% return for discerning investors in 1Q16, but the time is ripe to head for the exits as the current share price already...

Winston Chu

Alibaba - Jack Ma's Grand Ambition to Divide and Conquer Korea Market?

Alibaba Group Holding Ltd is taking the initial steps to divide and conquer Korea market with much ambition, firm strategy, and loads of cash to...

Douglas Kim

China Internet: Sector Inputs Supportive for Tencent and NetEase.

Strong results from China Mobile Ltd (CM) in particular are supportive of the Chinese internet stocks. Our view has been that just looking at the...

New Street Research

Internet TV as an Investment Theme

TV broadcasters still control 93% of subscriptions and advertising revenues that pass through the TV set. The remaining 7% of revenues relates to...

CM Research

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