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

Thematic (Sector/Industry)

5G considerations have moved to centre stage for operators, vendors, policy makers and regulators globally in recent months as technology roadmaps become clearer. Distinct regional roadmaps are emerging, with network densification a key differentiator between markets. We view dense networks as a key enabler for 5G to succeed. On that basis, China, Japan, and South Korea already operating widespread dense wireless networks today giving them a low-cost route for the further spread of small cells…

5G considerations have moved to centre stage for operators, vendors, policy makers and regulators globally in recent months as technology roadmaps become clearer. Distinct regional roadmaps are emerging, with network densification a key differentiator between markets. We view dense networks as a key enabler for 5G to succeed. On that basis, China, Japan, and South Korea already operating widespread dense wireless networks today giving them a low-cost route for the further spread of small cells…

5G: Will Enhanced TD-LTE Become a Stepping Stone to 5G?

SGX Market Strategist, Equity & Fixed Income, Singapore Exchange Ltd (SGX)

Geoff Howie

SGX Market Strategist, Equity & Fixed Income

Asia’s leading multi-asset exchange

Singapore Exchange Ltd (SGX)

Singapore Exchange is Asia’s leading and trusted market infrastructure, facilitating the exchange of capital and ideas to create value for people, businesses and economies. As a multi-asset exchange operating equity, fixed income and derivatives markets to the highest regulatory standards, SGX is a vertically integrated business that provides listing, trading, clearing, settlement, depository and data services.

With about 40% of listed companies and over 80% of listed bonds originating outside of Singapore as well as established linkages across the region and in Europe, SGX is Asia’s most international and connected exchange. Offering a full suite of derivatives products across Asian equity indices, commodities and currencies, SGX is the world’s most liquid international market for the benchmark equity indices of China, India, Japan and ASEAN.

As Asia’s pioneering central counterparty, SGX is globally recognised for its risk management and clearing capabilities, and was one of the first globally to adopt the Principles for Financial Market Infrastructure.

Headquartered in AAA-rated Singapore, SGX has over 800 employees including offices in Beijing, Chicago, Hong Kong, London, New York, Mumbai, San Francisco, Shanghai and Tokyo.

§  As many as 9 STI Stocks have traded more than double their three month daily average volume in trading sessions for the early week of 21 November.§  Biggest volume surges were generated by Genting Singapore PLC which traded almost 5x its average volume on Monday, and StarHub which traded 4x its average volume on Monday – then 3x its average volume on Tuesday.§  The 9 Stocks, which represent five Sectors have together averaged a 1.5% gain in the November MTD, bringing their 2016 YTD average…

§  As many as 9 STI Stocks have traded more than double their three month daily average volume in trading sessions for the early week of 21 November.§  Biggest volume surges were generated by Genting Singapore PLC which traded almost 5x its average volume on Monday, and StarHub which traded 4x its average volume on Monday – then 3x its average volume on Tuesday.§  The 9 Stocks, which represent five Sectors have together averaged a 1.5% gain in the November MTD, bringing their 2016 YTD average…

Nine STI Stocks See Volume Surge in Early Week

Equity Bottom-Up

My learned peers at Morningstar have already commented on the <a href="https://www.smartkarma.com/entities/27" target="_blank" data-smartkarma-citation="entities:27:1">China Mobile (941 HK)</a> results in <a href="https://www.smartkarma.com/insights/narrow-moat-china-mobile-reports-weaker-third-quarter-on-roaming-and-long-distance-removal" target="_blank" data-smartkarma-citation="insights:6601">Narrow-Moat China Mobile Reports Weaker Third Quarter on Roaming and Long-Distance Removal</a>. I will leave the details to them but make a few comments on the numbers and how it affects our view of the stock and the sector.Revenues at China Mobile were disappointing, affected by the gradual removal of domestic roaming charges. However, this was offset by strong cost control, with operating costs declining…

My learned peers at Morningstar have already commented on the China Mobile (941 HK) results in Narrow-Moat China Mobile Reports Weaker Third Quarter on Roaming and Long-Distance Removal. I will leave the details to them but make a few comments on the numbers and how it affects our view of the stock and the sector.Revenues at China Mobile were disappointing, affected by the gradual removal of domestic roaming charges. However, this was offset by strong cost control, with operating costs declining…

China Mobile: Revenue Slowdown, Profitability Intact.

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> "profit warning" should not be seen as a surprise. What was a surprise was the positive subscriber performance. We believe Unicom is starting to turn the corner and look forward to continued improvements into 2017. The warning indicates that 9-month earnings will be around RMB1.59bn, which is somewhat below our expectation of RMB1.8bn but does not derail the recovery story. The company confirmed that it has not changed its outlook following 1H16 results in August. The…

China Unicom's (762 HK) "profit warning" should not be seen as a surprise. What was a surprise was the positive subscriber performance. We believe Unicom is starting to turn the corner and look forward to continued improvements into 2017. The warning indicates that 9-month earnings will be around RMB1.59bn, which is somewhat below our expectation of RMB1.8bn but does not derail the recovery story. The company confirmed that it has not changed its outlook following 1H16 results in August. The…

China Unicom. Improving Performance Despite The "Profit Warning".

We look at concerns over whether Chinese consumers are being overcharged for their telco service. Our analysis on revenue/pop concludes that factoring in wealth differentials, consumers are not overspending relative to their peers and in fact are under-spending on mobile services as a % of income. This supports revenue growth, as the elasticity of data demand in China is the highest of markets where data is available. We remain positive on the sector and see rising returns as essential for the ongoing health of the smaller operators. We favor <a href="https://www.smartkarma.com/entities/1016" target="_blank" data-smartkarma-citation="entities:1016:1">China Unicom (762 HK)</a> of the three on valuation and turnaround potential but are positive on all three operators.

We look at concerns over whether Chinese consumers are being overcharged for their telco service. Our analysis on revenue/pop concludes that factoring in wealth differentials, consumers are not overspending relative to their peers and in fact are under-spending on mobile services as a % of income. This supports revenue growth, as the elasticity of data demand in China is the highest of markets where data is available. We remain positive on the sector and see rising returns as essential for the ongoing health of the smaller operators. We favor China Unicom (762 HK) of the three on valuation and turnaround potential but are positive on all three operators. 

Chinese Telecoms: The Demand Opportunity Remains Intact.

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)

5G: Will Enhanced TD-LTE Become a Stepping Stone to 5G?

5G considerations have moved to centre stage for operators, vendors, policy makers and regulators globally in recent months as technology roadmaps...

New Street Research

Nine STI Stocks See Volume Surge in Early Week

§ As many as 9 STI Stocks have traded more than double their three month daily average volume in trading sessions for the early week of 21...

Singapore Exchange Ltd (SGX)

China Mobile: Revenue Slowdown, Profitability Intact.

My learned peers at Morningstar have already commented on the China Mobile (941 HK) results in Narrow-Moat China Mobile Reports Weaker Third...

New Street Research

China Unicom. Improving Performance Despite The "Profit Warning".

China Unicom's (762 HK) "profit warning" should not be seen as a surprise. What was a surprise was the positive subscriber performance. We...

New Street Research

Chinese Telecoms: The Demand Opportunity Remains Intact.

We look at concerns over whether Chinese consumers are being overcharged for their telco service. Our analysis on revenue/pop concludes that...

New Street Research

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