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

Chinese telco stocks have been dismal performers since 4Q17, hit by a number of concerns over regulation and data pricing, and capex (esp for 5G). There has been some recovery from <a href="https://www.smartkarma.com/entities/1016" target="_blank" data-smartkarma-citation="entities:1016:1">China Unicom (762 HK)</a> and <a href="https://www.smartkarma.com/entities/1015" target="_blank" data-smartkarma-citation="entities:1015:1">China Telecom (728 HK)</a> but <a href="https://www.smartkarma.com/entities/27" target="_blank" data-smartkarma-citation="entities:27:1">China Mobile Ltd (941 HK)</a> is seen as most at risk on all counts and has been particularly weak.<figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/053/340/original/China-telcos-under-perform-vs-HSCEI-Index-in-past-year-China-Unicom-China-Mobile-China-Telecom-HSCEI-Index_chartbuilder.png?1527149188" class="editor-image img-responsive" data-smartkarma-image-id="53340"></figure>In fact, as we noted previously with the FY17 numbers, actual results have been reasonable, and 1Q18 was no exception. Overall service revenue growth for the industry rose…

Chinese telco stocks have been dismal performers since 4Q17, hit by a number of concerns over regulation and data pricing, and capex (esp for 5G). There has been some recovery from China Unicom (762 HK) and China Telecom (728 HK) but China Mobile Ltd (941 HK) is seen as most at risk on all counts and has been particularly weak.In fact, as we noted previously with the FY17 numbers, actual results have been reasonable, and 1Q18 was no exception. Overall service revenue growth for the industry rose…

Chinese Telecoms: Unwarranted Fears over Capex, Regulation and Data Prices.

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

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

Smartkarma

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

Research Reinvented

Equity Capital Markets

China Tower Corp, the largest telecom tower infrastructure provider in the world, is preparing to raise USD10 billion and list in Hong Kong. Founded in 2014 by the big three telcos in China, the company acquired tower assets from its shareholders and now provide shared tower facilities for their customers. In this insight, we will explore the following topics:<ul class=""><li>What are the company's business lines? How does its pricing matter?</li><li>What is the growth potential of the company? What are the dynamics of the industry?</li><li>What are the key risks?</li><li>What can we learn from its international peers?</li></ul>

China Tower Corp, the largest telecom tower infrastructure provider in the world, is preparing to raise USD10 billion and list in Hong Kong. Founded in 2014 by the big three telcos in China, the company acquired tower assets from its shareholders and now provide shared tower facilities for their customers. In this insight, we will explore the following topics:What are the company's business lines? How does its pricing matter?What is the growth potential of the company? What are the dynamics of the industry?What are the key risks?What can we learn from its international peers?

China Tower Corp IPO: An Elephant Still Growing

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

On Friday May 4th, the China Securities Regulatory Commission released a <a href="http://www.csrc.gov.cn/pub/zjhpublic/zjh/201805/t20180504_337725.htm" target="_blank">Draft Document</a> (CSRC link, Chinese only) called "Administrative Measures on Depository Receipts Issuing and Trading" (存托凭证发行与交易管理办法). At a press briefing, Chang Depeng, spokesman for the China Securities Regulatory Commission, said the CSRC was soliciting public comment for a period of one month, noting, according to a <a href="https://www.reuters.com/article/us-china-cdr/china-details-cdr-rules-to-woo-overseas-listed-companies-idUSKBN1I50TH" target="_blank">Reuters</a> story, that it would "lay the foundation for innovative companies to return to the domestic…

On Friday May 4th, the China Securities Regulatory Commission released a Draft Document (CSRC link, Chinese only) called "Administrative Measures on Depository Receipts Issuing and Trading" (存托凭证发行与交易管理办法). At a press briefing, Chang Depeng, spokesman for the China Securities Regulatory Commission, said the CSRC was soliciting public comment for a period of one month, noting, according to a Reuters story, that it would "lay the foundation for innovative companies to return to the domestic…

Update on Pilot Program on CDRs - Administrative Measures Draft Announced

Founder, Riedel Research

David Riedel

Founder

Independent equity research on GEM Markets

Riedel Research

Riedel provides equity research and analysis to leading financial organizations. By becoming members of a region (Asia, Latin America, Emerging Europe or Global), organizations have access to an integrated set of services including:

Regular company coverage reports
Up-to-date investment decision advice (buy, hold, sell)
Monthly regional and global conference calls
Customized company reports and unlimited on-line access to the program's services.

Riedel provides research coverage of companies across the full range of market capitalization. Experienced research professionals in each market develop company reports and analysis as well as earnings models and projections. Ratings are Buy, Hold and Sell with a focus on compelling investment ideas - both long and short. Downloadable, dynamic earnings models are built to facilitate sensitivity analysis.

Please feel free to contact us for complimentary access to our written research.  We want to show you that our unique research flow can add value and help develop a long-term, high value-add relationship.

Riedel's model focuses on providing clients with unique insights and consulting in addition to unlimited access to all produced research This model allows members to receive exponential benefits for their retainer fees.

Thematic (Sector/Industry)

Please find below a link to a CNBC interview yesterday with David Riedel of Riedel Research on opportunities in Emerging Markets in the context of recent market volatility.Outlook for Asian markets Inflation expectations rising. Long-awaited inflation has finally arrived. Commodity prices rising.Emerging Markets Provide a Haven Emerging Markets could do better than developed in this scenario. Emerging Markets Forward P/E 11.9 vs 17x for the USOpportunities in Emerging Markets Branded consumer tech in…

Please find below a link to a CNBC interview yesterday with David Riedel of Riedel Research on opportunities in Emerging Markets in the context of recent market volatility.Outlook for Asian markets Inflation expectations rising. Long-awaited inflation has finally arrived. Commodity prices rising.Emerging Markets Provide a Haven Emerging Markets could do better than developed in this scenario. Emerging Markets Forward P/E 11.9 vs 17x for the USOpportunities in Emerging Markets Branded consumer tech in…

Riedel CNBC Interview - Opportunities in EM During Market Volatility

<ul>
<li>Emerging Markets Have an Opportunity to Shine as Growth and Valuations Relative to Developed Markets Capture Market Attention</li>
<li>Euro Area: Draghi and the ECB are reluctant to reduce QE. Will wait for multiple quarters of growth before making a change.</li>
<li>Singapore: Inflation remains very low (0.2%). Watch housing prices which saw strongest growth in 8 years in 1Q18.</li>
<li>Brazil: Inflation in April remains subdued, unchanged at up 2.8% y/y. Moody's recently raised the outlook for Brazil's sovereign credit…</li>
</ul>


Emerging Markets Have an Opportunity to Shine as Growth and Valuations Relative to Developed Markets Capture Market Attention
Euro Area: Draghi and the ECB are reluctant to reduce QE. Will wait for multiple quarters of growth before making a change.
Singapore: Inflation remains very low (0.2%). Watch housing prices which saw strongest growth in 8 years in 1Q18.
Brazil: Inflation in April remains subdued, unchanged at up 2.8% y/y. Moody's recently raised the outlook for Brazil's sovereign credit…


As Political and Economic Uncertainty Rattle Developed Markets - Emerging Markets Provide a Haven

Hong Kong

China Mobile Limited, through its subsidiaries, provides cellular telecommunications and related services in the People's Republic of China and Hong Kong SAR.

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China Mobile Ltd Spon Adr (CHL US)

Chinese Telecoms: Unwarranted Fears over Capex, Regulation and Data Prices.

Chinese telco stocks have been dismal performers since 4Q17, hit by a number of concerns over regulation and data pricing, and capex (esp for 5G)....

New Street Research

China Tower Corp IPO: An Elephant Still Growing

China Tower Corp, the largest telecom tower infrastructure provider in the world, is preparing to raise USD10 billion and list in Hong...

Ke Yan, CFA, FRM

Update on Pilot Program on CDRs - Administrative Measures Draft Announced

On Friday May 4th, the China Securities Regulatory Commission released a Draft Document (CSRC link, Chinese only) called "Administrative Measures...

Travis Lundy

Riedel CNBC Interview - Opportunities in EM During Market Volatility

Please find below a link to a CNBC interview yesterday with David Riedel of Riedel Research on opportunities in Emerging Markets in the context of...

David Riedel

As Political and Economic Uncertainty Rattle Developed Markets - Emerging Markets Provide a Haven

Emerging Markets Have an Opportunity to Shine as Growth and Valuations Relative to Developed Markets Capture Market Attention Euro Area: Draghi...

David Riedel

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