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.

Equity Bottom-Up

India is migrating to 4G faster than we previously thought as users warm to Jio's disruptive offerings. While we remain bullish on the long term prospects for <a href="https://www.smartkarma.com/entities/15678" target="_blank" data-smartkarma-citation="entities:15678:1">IDEA (IDEA IN)</a>/Vodafone post merger, we are increasingly concerned about both operators' ability to retain market share in the next 12-18 months prior to the merger completion. Lack of data capacity (particularly 4G capacity) puts IDEA, and to a lesser extent, Vodafone, at a significant disadvantage to <a href="https://www.smartkarma.com/entities/953" target="_blank" data-smartkarma-citation="entities:953:1">Bharti Airtel (BHARTI IN)</a> in the…

India is migrating to 4G faster than we previously thought as users warm to Jio's disruptive offerings. While we remain bullish on the long term prospects for IDEA (IDEA IN)/Vodafone post merger, we are increasingly concerned about both operators' ability to retain market share in the next 12-18 months prior to the merger completion. Lack of data capacity (particularly 4G capacity) puts IDEA, and to a lesser extent, Vodafone, at a significant disadvantage to Bharti Airtel (BHARTI IN) in the…

IDEA's Merger with Vodafone a Major Positive but Overshadowed by Lost Market Share in near Term

<a href="https://www.smartkarma.com/entities/8922" target="_blank" data-smartkarma-citation="entities:8922:1">Bharti Infratel (BHIN IN)</a> recently reported 4Q17 numbers (March). They show what looks like good revenue progression and profitability with headline revenue rising +10.4% YoY and Ebitda rising +7.9% YoY, both ahead of our expectations. However, these numbers are flattered by energy pass-throughs and are much less impressive when this is removed. Net profit was also well below expectations (NSR and consensus) on a reversal of finance income and a higher tax rate. We remain bearish on BHIN and…

Bharti Infratel (BHIN IN) recently reported 4Q17 numbers (March). They show what looks like good revenue progression and profitability with headline revenue rising +10.4% YoY and Ebitda rising +7.9% YoY, both ahead of our expectations. However, these numbers are flattered by energy pass-throughs and are much less impressive when this is removed. Net profit was also well below expectations (NSR and consensus) on a reversal of finance income and a higher tax rate. We remain bearish on BHIN and…

Bharti Infratel: Costs Rising. Telco Towers Will Struggle as Industry Consolidation Occurs

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.

Doing bespoke work since 2002....., Custom Products Group

Patrick Hansen

Doing bespoke work since 2002.....

Custom Products Group

Custom Products was started 14 years ago at Lehman Brothers by current co-founder Patrick Hansen, CFA. After 3 years at Lehman, Patrick moved the team to Macquarie Securities where Simon Rigney (co-founder) joined. 3 years ago we took Custom Products independent. 

Our core strength can be summed up three words. 1- Customization - we have very little off the shelf products and most work is done on a one on one bespoke basis. 2- Speed - We pride ourselves in our ability to get requests back to the client very quickly. 3- Confidentiality - We do not redistribute. There is no grace period where we wait a week and then mass blast. Any request stops with that client.

We track the number of Upgrades / Downgrades through Asia at both the Sector, Country and Company levels to identify trends in Analyst sentiment. We are basically looking for which Sectors were in and which were out over the last two weeks.<h2>Positive Side</h2>Over the last two week, the Non-Energy Minerals, Communications and Electronic Technology Sectors pick up the highest % of Upgrades relative to total recommendations in that sector. In Non-Energy Minerals, <a href="https://www.smartkarma.com/entities/6614" target="_blank" data-smartkarma-citation="entities:6614:1">Jindal Steel &amp; Power Ltd (JSP IN)</a> had 6…

We track the number of Upgrades / Downgrades through Asia at both the Sector, Country and Company levels to identify trends in Analyst sentiment. We are basically looking for which Sectors were in and which were out over the last two weeks.Positive SideOver the last two week, the Non-Energy Minerals, Communications and Electronic Technology Sectors pick up the highest % of Upgrades relative to total recommendations in that sector. In Non-Energy Minerals, Jindal Steel &amp; Power Ltd (JSP IN) had 6…

Most Popular and Unpopular Sectors in Asia over the Last Two Weeks...

India

Indus Towers is an Indian telecommunications infrastructure company that provides passive infrastructure services to mobile network operators and other wireless service providers. The company deploys, owns, and manages telecom towers and communication structures, offering tower infrastructure for mounting operator antennae, uninterrupted power supply solutions, and space for housing telecom and power equipment. Headquartered in Gurugram, Haryana, Indus Towers was incorporated in November 2007.

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Indus Towers (INDUSTOW IN)

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

Bharti Infratel: Costs Rising. Telco Towers Will Struggle as Industry Consolidation Occurs

Bharti Infratel (BHIN IN) recently reported 4Q17 numbers (March). They show what looks like good revenue progression and profitability with...

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

Most Popular and Unpopular Sectors in Asia over the Last Two Weeks...

We track the number of Upgrades / Downgrades through Asia at both the Sector, Country and Company levels to identify trends in Analyst sentiment....

Custom Products Group

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

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

IDEA's Merger with Vodafone a Major Positive but Overshadowed by Lost Market Share in near Term

India is migrating to 4G faster than we previously thought as users warm to Jio's disruptive offerings. While we remain bullish on the long term...

New Street Research

Bharti Infratel: Costs Rising. Telco Towers Will Struggle as Industry Consolidation Occurs

Bharti Infratel (BHIN IN) recently reported 4Q17 numbers (March). They show what looks like good revenue progression and profitability with...

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

Most Popular and Unpopular Sectors in Asia over the Last Two Weeks...

We track the number of Upgrades / Downgrades through Asia at both the Sector, Country and Company levels to identify trends in Analyst sentiment....

Custom Products Group