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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)

Fibre/cable firms (Altnets) have a strong growth dynamic in most EMs and the potential to create value through wireless entry using small cells technology. Many EM telcos face stagnant growth and declining returns in contrast to opportunities in fibre. Rising middle classes in Asia will pay to have fibre in the home. What has been seen as a niche product will have wider resonance as income levels rise. We believe investors are materially underestimating the potential demand for fixed broadband and for the revenues that result. In some ways this is analogous to concepts of addressable markets for mobile operators in the early days of GSM.As we have seen in Europe, we expect a number of the fibre/cable payers to be acquired by cellular firms look to both remove potential competition and to ensure a strong fibre network to deal with soaring data usage.&nbsp;&nbsp;

Fibre/cable firms (Altnets) have a strong growth dynamic in most EMs and the potential to create value through wireless entry using small cells technology. Many EM telcos face stagnant growth and declining returns in contrast to opportunities in fibre. Rising middle classes in Asia will pay to have fibre in the home. What has been seen as a niche product will have wider resonance as income levels rise. We believe investors are materially underestimating the potential demand for fixed broadband and for the revenues that result. In some ways this is analogous to concepts of addressable markets for mobile operators in the early days of GSM.As we have seen in Europe, we expect a number of the fibre/cable payers to be acquired by cellular firms look to both remove potential competition and to ensure a strong fibre network to deal with soaring data usage.&nbsp;&nbsp;

Emerging market fibre/cable operators (Altnets) are likely to outperform local wireless peers

External broker reports(aggregated public sources), BRI Danareksa Research

BRI Danareksa Research

External broker reports(aggregated public sources)

As a one-stop financial solution with the vision to be the most valuable securities house, BRI Danareksa Sekuritas (BRIDS) has maintained an excellent track record and extensive experience in the capital market as an underwriter, broker, and financial advisor for individual, institutional, foreign and domestic, private and government clients. Established in 1992, PT Danareksa Sekuritas is a securities company that performs activities as a securities broker, underwriter, or arranger and financial advisor.

Equity Bottom-Up

Indosat Ooredoo Hutchison / Equity Bottom-Up

<ul><li>We cut our FY25-27F net profit est. by 6.4-1.3%, reflecting weak mobile revenue in 1H25, but see brighter outlook in 2H25 from price repair.</li><li>ISAT raised entry-level prices by 10% and continued phasing out freebies in Jun25, supporting ARPU recovery beyond starter pack effects. </li><li>We maintain TP at Rp2,600, blending DCF and raised EV/EBITDA to mean, reflecting room for re-rating on 2H25 yield recovery</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

We cut our FY25-27F net profit est. by 6.4-1.3%, reflecting weak mobile revenue in 1H25, but see brighter outlook in 2H25 from price repair.ISAT raised entry-level prices by 10% and continued phasing out freebies in Jun25, supporting ARPU recovery beyond starter pack effects. We maintain TP at Rp2,600, blending DCF and raised EV/EBITDA to mean, reflecting room for re-rating on 2H25 yield recoveryContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

ISAT.IJ - Expecting Inflection in 2H25 as Price Repair Initiatives Progress

<ul>
<li>1Q25 core profit rose 6.1% qoq from OPEX savings setting new base; topline dipped on macro, but subs and ARPU rose via rural push.</li>
<li>FY25 revenue will be supported by starter pack simplification, AI-led personalization, and stronger Lebaran tailwinds peaking in April.</li>
<li>We maintain our Buy rating (TP Rp3,200), based on our blended valuation, as we keep our forecast unchanged.</li>
</ul>
Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.


1Q25 core profit rose 6.1% qoq from OPEX savings setting new base; topline dipped on macro, but subs and ARPU rose via rural push.
FY25 revenue will be supported by starter pack simplification, AI-led personalization, and stronger Lebaran tailwinds peaking in April.
We maintain our Buy rating (TP Rp3,200), based on our blended valuation, as we keep our forecast unchanged.

Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

ISAT IJ -1Q25 Earnings Miss Due to Persisting Macro Headwinds

ASEAN Insight Provider, CrossASEAN Research

Angus Mackintosh

ASEAN Insight Provider

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

<ul>
<li>
<a href="https://www.smartkarma.com/entities/goto-gojek-tokopedia-tbk-pt" target="_blank" data-smartkarma-citation="entities:25976:1" rel="noopener">GoTo Gojek Tokopedia</a>'s 4Q2024 is likely just the start of the positive impact of its barbell strategy of enticing new users through affordable products before monetising through premium offerings.</li>
<li>The rapid turnaround of the fintech business as it booked its first quarterly positive adjusted EBITDA was a key standout and was front and centre of management results comments.</li>
<li>
<a href="https://www.smartkarma.com/entities/goto-gojek-tokopedia-tbk-pt" target="_blank" data-smartkarma-citation="entities:25976:1" rel="noopener">GOTO</a> remains upbeat in its prospects for 2025, providing its first guidance for adjusted EBITDA, and highlighting the positive contribution from fintech and mid-teens growth for ODS. </li>
</ul>



GoTo Gojek Tokopedia's 4Q2024 is likely just the start of the positive impact of its barbell strategy of enticing new users through affordable products before monetising through premium offerings.
The rapid turnaround of the fintech business as it booked its first quarterly positive adjusted EBITDA was a key standout and was front and centre of management results comments.

GOTO remains upbeat in its prospects for 2025, providing its first guidance for adjusted EBITDA, and highlighting the positive contribution from fintech and mid-teens growth for ODS. 


GoTo Gojek Tokopedia (GOTO IJ) - Entering New Territory

<ul><li>At NVIDIA GTC 2025, IOH CEO Vikram Sinha made it clear: the company will not follow technology—it will shape it, sovereignly (fully independent) and strategically, from within Indonesia at the heart of SE Asia.</li><li>Indosat is evolving from a legacy telco into a sovereign, AI-native TechCo and a national enabler placing Indonesia firmly on the global map as not just an AI adopter, but an AI creator.</li><li>“Where others see data traffic,” Vikram notes, “we see 120 million dreams in motion.”</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

At NVIDIA GTC 2025, IOH CEO Vikram Sinha made it clear: the company will not follow technology—it will shape it, sovereignly (fully independent) and strategically, from within Indonesia at the heart of SE Asia.Indosat is evolving from a legacy telco into a sovereign, AI-native TechCo and a national enabler placing Indonesia firmly on the global map as not just an AI adopter, but an AI creator.“Where others see data traffic,” Vikram notes, “we see 120 million dreams in motion.”Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Indonesia

Indosat Ooredoo Hutchison provides digital telecommunication services, including cellular, fixed telecommunications, and multimedia, data communication, and internet (MIDI) services across Indonesia. The company offers prepaid and post-paid mobile services, international and roaming services, data communication, IT services, and electronic payment and remittance services. It was founded in 1967 and is headquartered in Jakarta, Indonesia.

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Indosat Ooredoo Hutchison (ISAT IJ)

Emerging market fibre/cable operators (Altnets) are likely to outperform local wireless peers

Fibre/cable firms (Altnets) have a strong growth dynamic in most EMs and the potential to create value through wireless entry using small cells...

New Street Research

ISAT.IJ - Expecting Inflection in 2H25 as Price Repair Initiatives Progress

We cut our FY25-27F net profit est. by 6.4-1.3%, reflecting weak mobile revenue in 1H25, but see brighter outlook in 2H25 from price repair.

BRI Danareksa Research

ISAT IJ -1Q25 Earnings Miss Due to Persisting Macro Headwinds

1Q25 core profit rose 6.1% qoq from OPEX savings setting new base; topline dipped on macro, but subs and ARPU rose via rural push.

BRI Danareksa Research

GoTo Gojek Tokopedia (GOTO IJ) - Entering New Territory

GOTO remains upbeat in its prospects for 2025, providing its first guidance for adjusted EBITDA, and highlighting the positive contribution from...

Angus Mackintosh

BRIDS TMT News - Thursday, March 27 2025

At NVIDIA GTC 2025, IOH CEO Vikram Sinha made it clear: the company will not follow technology—it will shape it, sovereignly (fully independent)...

BRI Danareksa Research

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