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

When we wrote about the Taiwanese telcos after our December visits we noted <a href="https://www.smartkarma.com/entities/9181" target="_blank" data-smartkarma-citation="entities:9181:1">Chunghwa's (2412 TT)</a> market share losses. So far they have acceded to falling market share while <a href="https://www.smartkarma.com/entities/19488" target="_blank" data-smartkarma-citation="entities:19488:1">Far Eastone (4904 TT)</a> and <a href="https://www.smartkarma.com/entities/12128" target="_blank" data-smartkarma-citation="entities:12128:1">Taiwan Mobile (3045 TT)</a> have gained. However, we are starting to worry about retaliatory action.Taiwan December operator numbers: Chunghwa’s struggles continueThe Taiwanese telecom operators have all reported their December 2016 results. The key conclusion is that Chunghwa continues to struggle which…

When we wrote about the Taiwanese telcos after our December visits we noted Chunghwa's (2412 TT) market share losses. So far they have acceded to falling market share while Far Eastone (4904 TT) and Taiwan Mobile (3045 TT) have gained. However, we are starting to worry about retaliatory action.Taiwan December operator numbers: Chunghwa’s struggles continueThe Taiwanese telecom operators have all reported their December 2016 results. The key conclusion is that Chunghwa continues to struggle which…

Taiwan Telcos: Chunghwa Still Struggling. Risk Increasing They Take Action to Protect Share

We met with the CFOs of all three Taiwanese telcos before Christmas. The overall picture was modestly positive in our view. Competition remains benign with the three operators acting rationally and all wary of igniting price competition.  Our current recommendations for the stocks are neutral for <a href="https://www.smartkarma.com/entities/19488" target="_blank" data-smartkarma-citation="entities:19488:1">Far Eastone (FET) (4904 TT)</a> and <a href="https://www.smartkarma.com/entities/12128" target="_blank" data-smartkarma-citation="entities:12128:1">Taiwan Mobile (TM) (3045 TT)</a> with a modest reduce on <a href="https://www.smartkarma.com/entities/9181" target="_blank" data-smartkarma-citation="entities:9181:1">Chunghwa Telecom (CHT) (2412 TT)</a> (8% downside after recent rally). We are not more positive because of the high…

We met with the CFOs of all three Taiwanese telcos before Christmas. The overall picture was modestly positive in our view. Competition remains benign with the three operators acting rationally and all wary of igniting price competition.  Our current recommendations for the stocks are neutral for Far Eastone (FET) (4904 TT) and Taiwan Mobile (TM) (3045 TT) with a modest reduce on Chunghwa Telecom (CHT) (2412 TT) (8% downside after recent rally). We are not more positive because of the high…

Taiwan Telecom Meetings: Strong Dividends Support the Sector.

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

We last wrote about Taiwanese Telcos just over three months ago with a recognition of benign competitive conditions and an improved outlook. The stocks did actually perform quite well for a while but have struggled since mid-July and are now all essentially flat since 1 June. The latest results (3Q16) reflect increased pressure on earnings following the iPhone launch and tougher YoY comparables. This has seen Ebitda growth move from +4% in 1H16 to -6% in 3Q16. Consensus forecasts seem to assume…

We last wrote about Taiwanese Telcos just over three months ago with a recognition of benign competitive conditions and an improved outlook. The stocks did actually perform quite well for a while but have struggled since mid-July and are now all essentially flat since 1 June. The latest results (3Q16) reflect increased pressure on earnings following the iPhone launch and tougher YoY comparables. This has seen Ebitda growth move from +4% in 1H16 to -6% in 3Q16. Consensus forecasts seem to assume…

Taiwan Telcos: Downgrading Chunghwa to Reduce

Taiwan

Chunghwa Telecom Co., Ltd. provides local, domestic, and international long distance services. The Company also offers wireless telecommunication, paging, and Internet services.

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Chunghwa Telecom (2412 TT)

Taiwan Telecom Meetings: Strong Dividends Support the Sector.

We met with the CFOs of all three Taiwanese telcos before Christmas. The overall picture was modestly positive in our view. Competition remains...

New Street Research

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)

Taiwan Telcos: Downgrading Chunghwa to Reduce

We last wrote about Taiwanese Telcos just over three months ago with a recognition of benign competitive conditions and an improved outlook. The...

New Street Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Taiwan Telcos: Chunghwa Still Struggling. Risk Increasing They Take Action to Protect Share

When we wrote about the Taiwanese telcos after our December visits we noted Chunghwa's (2412 TT) market share losses. So far they have acceded to...

New Street Research

Taiwan Telecom Meetings: Strong Dividends Support the Sector.

We met with the CFOs of all three Taiwanese telcos before Christmas. The overall picture was modestly positive in our view. Competition remains...

New Street Research

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)

Taiwan Telcos: Downgrading Chunghwa to Reduce

We last wrote about Taiwanese Telcos just over three months ago with a recognition of benign competitive conditions and an improved outlook. The...

New Street Research