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

<a href="https://www.smartkarma.com/entities/21085" target="_blank" data-smartkarma-citation="entities:21085:1">Naspers' (NPN SJ)</a> full year results were recently released, but had been largely pre-announced. We view them positively given the challenges it has been facing in a number of markets, especially across Sub-Saharan Africa. Naspers has a strong management team that operates in difficult markets and has a strong track record of monetizing key businesses. However,  investors remain concerned about the use of cash generated from recent transactions and the subsequent delay in realizing value of the…

Naspers' (NPN SJ) full year results were recently released, but had been largely pre-announced. We view them positively given the challenges it has been facing in a number of markets, especially across Sub-Saharan Africa. Naspers has a strong management team that operates in difficult markets and has a strong track record of monetizing key businesses. However,  investors remain concerned about the use of cash generated from recent transactions and the subsequent delay in realizing value of the…

Naspers' Operational Improvements Continue

Asian Equities Analyst, Logistics & Transport, Tracking Traffic

Daniel Hellberg

Asian Equities Analyst, Logistics & Transport

Overall, <a href="https://www.smartkarma.com/entities/180" target="_blank" data-smartkarma-citation="entities:180:1">Ctrip.com International (ADR) (CTRP US)</a> net revenue in Q4 increased by 76% Y/Y to US$730 mn, beating the consensus revenue estimate by about 1%, or US$7 mn. The main driver of strong revenue growth was the consolidation of affiliate Qunar's financials. The company also managed to report positive earnings per ADS on the back of a large non-cash re-valuation gain on an investment, and it offered Q1 revenue guidance that investors viewed positively. The stock traded up approximately 5%…

Overall, Ctrip.com International (ADR) (CTRP US) net revenue in Q4 increased by 76% Y/Y to US$730 mn, beating the consensus revenue estimate by about 1%, or US$7 mn. The main driver of strong revenue growth was the consolidation of affiliate Qunar's financials. The company also managed to report positive earnings per ADS on the back of a large non-cash re-valuation gain on an investment, and it offered Q1 revenue guidance that investors viewed positively. The stock traded up approximately 5%…

Ctrip.com Q4 Result & Q1 Guidance First Impressions: Low-Quality Earnings, Low-Quality Growth

<h2>Overview</h2><a href="https://www.smartkarma.com/entities/23580" target="_blank" data-smartkarma-citation="entities:23580:1">Makemytrip Ltd (MMYT US)</a> and <a href="https://www.smartkarma.com/entities/180" target="_blank" data-smartkarma-citation="entities:180:1">Ctrip.com International (ADR) (CTRP US)</a> are both growth stocks: investors buy them expecting the companies to generate strong revenue and (eventually) earnings growth from booming demand for online travel services in India and China, respectively. But we believe MMYT, particularly since merging with rival Ibibo, is well-positioned to benefit from a broader range of demand growth drivers than CTRP in the medium-term. Furthermore, we believe MMYT does not yet…

OverviewMakemytrip Ltd (MMYT US) and Ctrip.com International (ADR) (CTRP US) are both growth stocks: investors buy them expecting the companies to generate strong revenue and (eventually) earnings growth from booming demand for online travel services in India and China, respectively. But we believe MMYT, particularly since merging with rival Ibibo, is well-positioned to benefit from a broader range of demand growth drivers than CTRP in the medium-term. Furthermore, we believe MMYT does not yet…

MakeMyTrip Boasts a Diversity of Growth Drivers & Appears Cheap Vs Ctrip.com on EV/Revenue

<a href="https://www.smartkarma.com/entities/21085" target="_blank" data-smartkarma-citation="entities:21085:1">Naspers' (NPN SJ)</a> 1H17 results show continued traction on the top-line with revenues (adjusted for M&amp;A and FX changes) continuing to accelerate, albeit slightly below our expectations. Profitability is a key issue for investors and, as expected, the African PayTV business remains under pressure. Sub-Saharan Africa, in particular, has struggled, while in South Africa trends have stabilized. Encouragingly, the e-commerce business segment saw better profitability despite continued investment in new…

Naspers' (NPN SJ) 1H17 results show continued traction on the top-line with revenues (adjusted for M&amp;A and FX changes) continuing to accelerate, albeit slightly below our expectations. Profitability is a key issue for investors and, as expected, the African PayTV business remains under pressure. Sub-Saharan Africa, in particular, has struggled, while in South Africa trends have stabilized. Encouragingly, the e-commerce business segment saw better profitability despite continued investment in new…

Naspers 1H17 Result Shows Encouraging Underlying Trends

A few days ago we wrote about <a href="https://www.smartkarma.com/entities/21085" target="_blank" data-smartkarma-citation="entities:21085:1">Naspers Ltd (NPN SJ)</a>  crystallizing value with the sale of its Polish eCommerce business for $3.25bn. The ink was barely dry before another deal was announced: this time from listed Indian online travel company <a href="https://www.smartkarma.com/entities/23580" target="_blank" data-smartkarma-citation="entities:23580:1">Makemytrip (MMYT US)</a> which will acquire Nasper's ibibo Group to create the largest online travel company in India. The two had been competing fiercely for market share so this deal should result is less competition and a quicker path to profitability. Naspers…

A few days ago we wrote about Naspers Ltd (NPN SJ)  crystallizing value with the sale of its Polish eCommerce business for $3.25bn. The ink was barely dry before another deal was announced: this time from listed Indian online travel company Makemytrip (MMYT US) which will acquire Nasper's ibibo Group to create the largest online travel company in India. The two had been competing fiercely for market share so this deal should result is less competition and a quicker path to profitability. Naspers…

Naspers: Creating Value in Online Travel in India with MakeMyTrip Deal.

United States

Makemytrip Ltd. offers travel services over the Internet.  The Company operates websites that allow travelers to research and plan trips and book airline tickets, hotels, packages, rail tickets, bus tickets, and rental cars. Makemytrip also offers access to travel insurance.

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Makemytrip Ltd (MMYT US)

Naspers' Operational Improvements Continue

Naspers' (NPN SJ) full year results were recently released, but had been largely pre-announced. We view them positively given the challenges it has...

New Street Research

Ctrip.com Q4 Result & Q1 Guidance First Impressions: Low-Quality Earnings, Low-Quality Growth

Overall, Ctrip.com International (ADR) (CTRP US) net revenue in Q4 increased by 76% Y/Y to US$730 mn, beating the consensus revenue estimate by...

Daniel Hellberg

MakeMyTrip Boasts a Diversity of Growth Drivers & Appears Cheap Vs Ctrip.com on EV/Revenue

OverviewMakemytrip Ltd (MMYT US) and Ctrip.com International (ADR) (CTRP US) are both growth stocks: investors buy them expecting the companies to...

Daniel Hellberg

Naspers 1H17 Result Shows Encouraging Underlying Trends

Naspers' (NPN SJ) 1H17 results show continued traction on the top-line with revenues (adjusted for M&A and FX changes) continuing to...

New Street Research

Naspers: Creating Value in Online Travel in India with MakeMyTrip Deal.

A few days ago we wrote about Naspers Ltd (NPN SJ) crystallizing value with the sale of its Polish eCommerce business for $3.25bn. The ink was...

New Street Research

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