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

Event-Driven

Consolidation in the Indian market continues to gather pace. The latest merger rumor is that <a href="https://www.smartkarma.com/entities/953" target="_blank" data-smartkarma-citation="entities:953:1">Bharti Airtel (BHARTI IN)</a> and Tata are in talks to merge Tata's telecoms businesses into Bharti. We view a deal as being very positive for Bharti assuming they get a good price. We expect a number of related Tata businesses to be part of a deal as a sweetener to Bharti with total synergies worth up to US$4.6bn (INR75/Bharti share). Given the strength of Bharti’s hand in any negotiations, we expect that…

Consolidation in the Indian market continues to gather pace. The latest merger rumor is that Bharti Airtel (BHARTI IN) and Tata are in talks to merge Tata's telecoms businesses into Bharti. We view a deal as being very positive for Bharti assuming they get a good price. We expect a number of related Tata businesses to be part of a deal as a sweetener to Bharti with total synergies worth up to US$4.6bn (INR75/Bharti share). Given the strength of Bharti’s hand in any negotiations, we expect that…

Indian Telecom Consolidation Continues. Next to Go Is Tata, Rumored to Be in Talks with Bharti.

We view the now-confirmed deal between <a href="https://www.smartkarma.com/entities/22204" target="_blank" data-smartkarma-citation="entities:22204:1">Vodafone (VOD LN)</a> and <a href="https://www.smartkarma.com/entities/15678" target="_blank" data-smartkarma-citation="entities:15678:1">IDEA (IDEA IN)</a> as positive for investors in both stocks. Much of the announced deal was in line with our expectations: 50:50 including IDEA's towers and its 11% stake in Indus Towers but excluding Vodafone's 42% Indus stake with completion expected in 2018. The scale of the synergies claimed was also similar. For investors in IDEA willing to see through what will be some very tough quarterly results, the recent weakness looks like a…

We view the now-confirmed deal between Vodafone (VOD LN) and IDEA (IDEA IN) as positive for investors in both stocks. Much of the announced deal was in line with our expectations: 50:50 including IDEA's towers and its 11% stake in Indus Towers but excluding Vodafone's 42% Indus stake with completion expected in 2018. The scale of the synergies claimed was also similar. For investors in IDEA willing to see through what will be some very tough quarterly results, the recent weakness looks like a…

India: Vodafone/IDEA Merger Is Positive for Both. Market Repair Is Good for Surviving Operators.

Amareos

Ryan Shea

Thematic (Sector/Industry)

Summary: Housing has several characteristics that mean it is almost perfectly designed to be prone to bubble-like behaviour. By definition a bubble occurs when the price of an asset is significantly overvalued making it increasingly difficult to justify based on underlying fundamentals. In such situations it is the overriding optimism of the crowd, with unrealistically high expectations, that acts as the propellant for further gains. Ten years on from the bursting of the US housing market…

Summary: Housing has several characteristics that mean it is almost perfectly designed to be prone to bubble-like behaviour. By definition a bubble occurs when the price of an asset is significantly overvalued making it increasingly difficult to justify based on underlying fundamentals. In such situations it is the overriding optimism of the crowd, with unrealistically high expectations, that acts as the propellant for further gains. Ten years on from the bursting of the US housing market…

The Market Sentimentalist: Global Real Estate – Where Are The Risks Residing?

Founder-CEO & Chief Analyst, Real Estate Foresight

Robert Ciemniak

Founder-CEO & Chief Analyst

Real Estate Foresight

Since 2012, REF has been helping investors with market research, project due diligence, and strategy development. This has ranged from detailed assessments and estimates on distressed developers' project portfolios to market due diligence on specific projects to macro-level questions linked to demand for commodities. The unique combination of the housing markets and developer data from data partner China Index Academy in Beijing, primary research, and technology-powered alternative data collection from public sources result in a valuable content set used in REF analytics and reports.

Predictive Analytics for China Property

Three quick takeaways from the annual 2016 data on commercial property sales transactions - income producing assets in office, retail, industrial, apartment and hotel sectors, excluding the development sites. Select data/charts courtesy of our data partner <a href="http://www.rcanalytics.com" target="_blank">Real Capital Analytics</a>:1. GLOBAL DOLLAR VOLUMES DOWNFor the first time since 2009, the global volumes declined overall and across the major regions. Low interest rates had clearly given a boost to volumes over the past 7 years, with the rich…

Three quick takeaways from the annual 2016 data on commercial property sales transactions - income producing assets in office, retail, industrial, apartment and hotel sectors, excluding the development sites. Select data/charts courtesy of our data partner Real Capital Analytics:1. GLOBAL DOLLAR VOLUMES DOWNFor the first time since 2009, the global volumes declined overall and across the major regions. Low interest rates had clearly given a boost to volumes over the past 7 years, with the rich…

Global Capital Trends In Real Estate In 2016

Founder and Strategist, Entext Economics & Strategy

Sean Maher

Founder and Strategist

Entext Economics & Strategy

Entext provides institutional investors with distinctive, actionable asset allocation and thematic research, which typically challenges the market consensus. Our clients range from credit, equity and multi-asset hedge and pension funds to family offices and sovereign funds. 
 
We focus on identifying key inflection points in macro data and relative asset performance amid the 'groupthink'  and confirmation bias that characterizes most investment bank analysis.

Macro Driven Investment Insight

<ul>
<li>Both the surge in industrial commodity imports and excavator sales in February confirm the rebound in Chinese fixed investment led by infrastructure, but with housing also now picking up.</li>
<li>Sales of excavators reached a 15-year high - Komatsu reported real-time utilization rates on its machines in China soaring 85% y/y last month</li>
<li>Housing sales by value rose 22.7% y/y for Jan/Feb and investment in real-estate development rose 8.9% in the first two months, versus 6.9% over last year.</li>
<li>Prices seem to be…</li>
</ul>


Both the surge in industrial commodity imports and excavator sales in February confirm the rebound in Chinese fixed investment led by infrastructure, but with housing also now picking up.
Sales of excavators reached a 15-year high - Komatsu reported real-time utilization rates on its machines in China soaring 85% y/y last month
Housing sales by value rose 22.7% y/y for Jan/Feb and investment in real-estate development rose 8.9% in the first two months, versus 6.9% over last year.
Prices seem to be…


As China Digs for Growth, Can Korea Break Chaebol Dominance?

United States

American Tower Corp. is a real estate investment trust that owns, operates, and develops wireless communications and broadcast towers in the United States. The Company leases antennae sites on multi-tenant towers for a diverse range of wireless communications industries, including personal communications services, paging, and cellular.

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American Tower (AMT US)

Indian Telecom Consolidation Continues. Next to Go Is Tata, Rumored to Be in Talks with Bharti.

Consolidation in the Indian market continues to gather pace. The latest merger rumor is that Bharti Airtel (BHARTI IN) and Tata are in talks to...

New Street Research

India: Vodafone/IDEA Merger Is Positive for Both. Market Repair Is Good for Surviving Operators.

We view the now-confirmed deal between Vodafone (VOD LN) and IDEA (IDEA IN) as positive for investors in both stocks. Much of the announced deal...

New Street Research

The Market Sentimentalist: Global Real Estate – Where Are The Risks Residing?

Summary: Housing has several characteristics that mean it is almost perfectly designed to be prone to bubble-like behaviour. By definition a bubble...

Amareos

Global Capital Trends In Real Estate In 2016

Three quick takeaways from the annual 2016 data on commercial property sales transactions - income producing assets in office, retail, industrial,...

Robert Ciemniak

As China Digs for Growth, Can Korea Break Chaebol Dominance?

Both the surge in industrial commodity imports and excavator sales in February confirm the rebound in Chinese fixed investment led by...

Sean Maher

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