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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:

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XLSMART Telecom Sejahtera / Equity Bottom-Up

Aggressive 4G offers from Indonesian telco operators have driven dramatic data volume growth. So far pricing has been very weak, restricting revenue growth, but we think this may be about to change as the market moves into the monetization phase.Despite very low data prices, mobile internet already accounts for &gt;50% of <a href="https://www.smartkarma.com/entities/15028" target="_blank" data-smartkarma-citation="entities:15028:1">XL Axiata's (EXCL IJ)</a> revenue, and it is not much lower at <a href="https://www.smartkarma.com/entities/5737" target="_blank" data-smartkarma-citation="entities:5737:1">Indosat (ISAT IJ)</a>. If volumes continue to grow and pricing stabilizes (or the pace of decline slows) then we could see a period of rapid revenue acceleration for both smaller operators. It has less impact on PT Telkom <a href="https://www.smartkarma.com/entities/1051" target="_blank" data-smartkarma-citation="entities:1051:1">(TLKM IJ)</a> given its broader revenue base but would also be a positive. And it might just suit Telkom to allow it to happen.If data pricing does not stabilize, then the alternative could be for the two smaller operators to merge. We believe this would create $2.5bn of synergies. Either way, we see upside for all 3 operators, particularly XL Axiata and Indosat.Mobile internet as a % of sales<figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/028/472/original/indo%20mi%20sales.jpg?1498101981" class="editor-image img-responsive" data-smartkarma-image-id="28472"></figure>

Aggressive 4G offers from Indonesian telco operators have driven dramatic data volume growth. So far pricing has been very weak, restricting revenue growth, but we think this may be about to change as the market moves into the monetization phase.Despite very low data prices, mobile internet already accounts for &gt;50% of XL Axiata's (EXCL IJ) revenue, and it is not much lower at Indosat (ISAT IJ). If volumes continue to grow and pricing stabilizes (or the pace of decline slows) then we could see a period of rapid revenue acceleration for both smaller operators. It has less impact on PT Telkom (TLKM IJ) given its broader revenue base but would also be a positive. And it might just suit Telkom to allow it to happen.If data pricing does not stabilize, then the alternative could be for the two smaller operators to merge. We believe this would create $2.5bn of synergies. Either way, we see upside for all 3 operators, particularly XL Axiata and Indosat.Mobile internet as a % of sales

Indonesian Telcos: Prospect of Better Data Monetization Offers a Path to Revenue Acceleration

United Arab Emirates

Ooredoo Q.S.C. is an international communications company delivering mobile, fixed, broadband Internet and corporate managed services tailored to the needs of consumers and businesses across markets in the Middle East, North Africa and South-East Asia.

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Ooredoo Q.S.C (ORDS QD)

Indonesian Telcos: Prospect of Better Data Monetization Offers a Path to Revenue Acceleration

Aggressive 4G offers from Indonesian telco operators have driven dramatic data volume growth. So far pricing has been very weak, restricting...

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