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

All three Chinese telcos have now reported their 1Q17 results. We will have more detail on this later but, in general terms, we continue to see decent revenue and Ebitda growth for the industry. While <a href="https://www.smartkarma.com/entities/1016" target="_blank" data-smartkarma-citation="entities:1016:1">China Unicom (762 HK)</a>, is outperforming as it manages its cost base, all three are performing well. Capex continues to fall in all three and this is positive for our rising return thesis on the sector. <a href="https://www.smartkarma.com/entities/1015" target="_blank" data-smartkarma-citation="entities:1015:1">China Telecom (728 HK)</a> was no exception and delivered solid 1Q17 numbers with accelerating…

All three Chinese telcos have now reported their 1Q17 results. We will have more detail on this later but, in general terms, we continue to see decent revenue and Ebitda growth for the industry. While China Unicom (762 HK), is outperforming as it manages its cost base, all three are performing well. Capex continues to fall in all three and this is positive for our rising return thesis on the sector. China Telecom (728 HK) was no exception and delivered solid 1Q17 numbers with accelerating…

China Telecom: Gaining Share as 1Q17 Shows Strong Top Line Traction

China Unicom Hong Kong / Equity Bottom-Up

<a href="https://www.smartkarma.com/entities/1016" target="_blank" data-smartkarma-citation="entities:1016:1">China Unicom's (762 HK)</a> 1Q17 results continue the ongoing recovery with an acceleration in mobile service revenue growth and stable fixed line trends. China Unicom reported a 5% YoY increase in Ebitda (above expectations), with margins rising 200bps. While operating revenues were affected by weaker handset sales and other revenues, these businesses have little impact on net profit.  The key highlight for the quarter was the solid mobile service revenues trend coupled with clear evidence of…

China Unicom's (762 HK) 1Q17 results continue the ongoing recovery with an acceleration in mobile service revenue growth and stable fixed line trends. China Unicom reported a 5% YoY increase in Ebitda (above expectations), with margins rising 200bps. While operating revenues were affected by weaker handset sales and other revenues, these businesses have little impact on net profit.  The key highlight for the quarter was the solid mobile service revenues trend coupled with clear evidence of…

China Unicom's Strategy Gaining Traction. 1Q17 Results Show the Improvement

<a href="https://www.smartkarma.com/entities/27" target="_blank" data-smartkarma-citation="entities:27:1">China Mobile's (941 HK)</a> 1Q17 results showed an acceleration in service revenues from 3% in 4Q16 to 6% in 1Q17. The growth includes the wireline business which we estimate grew 40% YoY in 1Q17 (still only around 5% of service revenues). We estimate that underlying mobile service revenues accelerated from 1.5% YoY in 4Q16 to 4.8% in 1Q17.  We do expect future growth to slow slightly from the combination of lower net adds, and the cancellation of NLD tariffs, but the trends remain positive.Service…

China Mobile's (941 HK) 1Q17 results showed an acceleration in service revenues from 3% in 4Q16 to 6% in 1Q17. The growth includes the wireline business which we estimate grew 40% YoY in 1Q17 (still only around 5% of service revenues). We estimate that underlying mobile service revenues accelerated from 1.5% YoY in 4Q16 to 4.8% in 1Q17.  We do expect future growth to slow slightly from the combination of lower net adds, and the cancellation of NLD tariffs, but the trends remain positive.Service…

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

In this insight, we highlight some recent developments on the policy front in China before commenting on the tactical indicators. The main current issues for investors to consider are:<ol>
<li>is the very visible pick-up in the economy and corporate sector likely to prove self-sustaining;</li>
<li>are the authorities serious about policy tightening and/or economic reform;</li>
<li>what action will the US administration take over both the bilateral trade imbalance and also over North Korea, which has emerged as the second…</li>
</ol>

In this insight, we highlight some recent developments on the policy front in China before commenting on the tactical indicators. The main current issues for investors to consider are:
is the very visible pick-up in the economy and corporate sector likely to prove self-sustaining;
are the authorities serious about policy tightening and/or economic reform;
what action will the US administration take over both the bilateral trade imbalance and also over North Korea, which has emerged as the second…


China: Can Beijing Maintain the Policy Balancing Act Through 2017? (Part 2 of 8)

<a href="https://www.smartkarma.com/entities/1015" target="_blank" data-smartkarma-citation="entities:1015:1">China Telecom (728 HK)</a> reported solid 4Q16 results, with a sharp acceleration in mobile service revenue propelled by strong data trends. Mobile service revenue grew by 11.1% YoY in 4Q, the best growth since 3Q14. We see good traction for China Telecom's 4G offering while pressure on domestic roaming fees seems to have had little impact. Mobile data traffic grew 136% YoY in 4Q with 83% of this being on the 4G network. Data traffic per 4G user rose 39% to 1.36GB/month - solid growth but also…

China Telecom (728 HK) reported solid 4Q16 results, with a sharp acceleration in mobile service revenue propelled by strong data trends. Mobile service revenue grew by 11.1% YoY in 4Q, the best growth since 3Q14. We see good traction for China Telecom's 4G offering while pressure on domestic roaming fees seems to have had little impact. Mobile data traffic grew 136% YoY in 4Q with 83% of this being on the 4G network. Data traffic per 4G user rose 39% to 1.36GB/month - solid growth but also…

China Telecom: Strong Revenue Growth but Higher Network Costs Hit Ebitda. Outlook Remains Positive.

Hong Kong

China Unicom (Hong Kong) Limited, through its subsidiaries, provides telecommunications services in the People's Republic of China.  The Company's services include cellular, paging, long distance, data, and Internet services.

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China Unicom Hong Kong (Adr) (CHU US)

China Unicom's Strategy Gaining Traction. 1Q17 Results Show the Improvement

China Unicom's (762 HK) 1Q17 results continue the ongoing recovery with an acceleration in mobile service revenue growth and stable fixed line...

New Street Research

China Mobile: Top Line Accelerates Again

China Mobile's (941 HK) 1Q17 results showed an acceleration in service revenues from 3% in 4Q16 to 6% in 1Q17. The growth includes the wireline...

New Street Research

China: Can Beijing Maintain the Policy Balancing Act Through 2017? (Part 2 of 8)

In this insight, we highlight some recent developments on the policy front in China before commenting on the tactical indicators. The main current...

John-Paul Smith

China Telecom: Strong Revenue Growth but Higher Network Costs Hit Ebitda. Outlook Remains Positive.

China Telecom (728 HK) reported solid 4Q16 results, with a sharp acceleration in mobile service revenue propelled by strong data trends. Mobile...

New Street Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

China Telecom: Gaining Share as 1Q17 Shows Strong Top Line Traction

All three Chinese telcos have now reported their 1Q17 results. We will have more detail on this later but, in general terms, we continue to see...

New Street Research

China Unicom's Strategy Gaining Traction. 1Q17 Results Show the Improvement

China Unicom's (762 HK) 1Q17 results continue the ongoing recovery with an acceleration in mobile service revenue growth and stable fixed line...

New Street Research

China Mobile: Top Line Accelerates Again

China Mobile's (941 HK) 1Q17 results showed an acceleration in service revenues from 3% in 4Q16 to 6% in 1Q17. The growth includes the wireline...

New Street Research

China: Can Beijing Maintain the Policy Balancing Act Through 2017? (Part 2 of 8)

In this insight, we highlight some recent developments on the policy front in China before commenting on the tactical indicators. The main current...

John-Paul Smith

China Telecom: Strong Revenue Growth but Higher Network Costs Hit Ebitda. Outlook Remains Positive.

China Telecom (728 HK) reported solid 4Q16 results, with a sharp acceleration in mobile service revenue propelled by strong data trends. Mobile...

New Street Research