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)

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

Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

DZT Research

DZT Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Quantitative Analysis

<ul>
<li>We analysed the earning revision of component stocks of MS-Indonesia in the past month.</li>
<li>We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.</li>
<li>We highlighted EPS revision on Bank Mandiri, Merdeka Copper Gold, Gudang Garam, Medco Energi Internasional, Astra International, Telkom Indonesia.</li>
</ul>


We analysed the earning revision of component stocks of MS-Indonesia in the past month.
We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision.
We highlighted EPS revision on Bank Mandiri, Merdeka Copper Gold, Gudang Garam, Medco Energi Internasional, Astra International, Telkom Indonesia.


MS-Indonesia Index Earning Revision (Feb): Bank Mandiri, Merdeka Copper Gold, Gudang Garam

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Index Rebalance

<ul>
<li>The review period for the LQ45 Index rebalance ended on 31 December. The changes should be announced the last week of January, becoming effective after the close on 30 January.</li>
<li>We highlight 3 potential inclusions and 3 potential exclusions for the index at the rebalance. Depending on the index committee discretion, the actual number of changes could be lower/higher.</li>
<li>The impact on the forecast inclusions is not very high but the impact on the forecast deletion is much higher.</li>
</ul>


The review period for the LQ45 Index rebalance ended on 31 December. The changes should be announced the last week of January, becoming effective after the close on 30 January.
We highlight 3 potential inclusions and 3 potential exclusions for the index at the rebalance. Depending on the index committee discretion, the actual number of changes could be lower/higher.
The impact on the forecast inclusions is not very high but the impact on the forecast deletion is much higher.


LQ45 Index Rebalance Preview (Jan 2026): Identifying Potential Index Changes

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/jtower-inc" target="_blank" data-smartkarma-citation="entities:31042:1" rel="noopener">JTower (4485 JP)</a> has recommended a tender offer from <a href="https://www.smartkarma.com/entities/digitalbridge-group-inc" target="_blank" data-smartkarma-citation="entities:20231:1" rel="noopener">DigitalBridge Group (DBRG US)</a> at JPY3,600, a 161.8% premium to the undisturbed price of JPY1,375 (13 August). </li>
<li>Despite the hefty takeover premium, the offer is light (compared to historical trading ranges and the recent placement) and opportunistically timed (the share price has fallen 61% since 9 May). </li>
<li>Nevertheless, barring a spurt of activism, the offer should succeed as the required 40.7% minority acceptance rate is not onerous and should be comfortably met by Japanese cross-holders.    </li>
</ul>



JTower (4485 JP) has recommended a tender offer from DigitalBridge Group (DBRG US) at JPY3,600, a 161.8% premium to the undisturbed price of JPY1,375 (13 August). 
Despite the hefty takeover premium, the offer is light (compared to historical trading ranges and the recent placement) and opportunistically timed (the share price has fallen 61% since 9 May). 
Nevertheless, barring a spurt of activism, the offer should succeed as the required 40.7% minority acceptance rate is not onerous and should be comfortably met by Japanese cross-holders.    


JTOWER (4485 JP): DigitalBridge’s 162% Takeover Premium Offer Is Opportunistic

APAC IPOs & Placements, Aequitas Research

Ethan Aw

APAC IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

Barito Renewables Energy / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/pt-barito-renewables-energy-tbk" target="_blank" data-smartkarma-citation="entities:40150:1" rel="noopener">Barito Renewables Energy (BREN IJ)</a> raised around US$200m in its Indonesian IPO, after pricing at the top end at IDR780/share. Its eight-month lockup will expire on 29th May 2024.</li>
<li>Barito Renewables (BR) is Indonesia’s largest geothermal power producer, and the third-largest globally by installed capacity, as per the firm.</li>
<li>In this note, we will talk about the lock-up dynamics and updates since our last note.</li>
</ul>



Barito Renewables Energy (BREN IJ) raised around US$200m in its Indonesian IPO, after pricing at the top end at IDR780/share. Its eight-month lockup will expire on 29th May 2024.
Barito Renewables (BR) is Indonesia’s largest geothermal power producer, and the third-largest globally by installed capacity, as per the firm.
In this note, we will talk about the lock-up dynamics and updates since our last note.


Barito Renewables Lockup Expiry - US$8bn Lockup Expiry for Largest Indonesian Market Cap Stock

Indonesia

PT Sarana Menara Nusantara Tbk is an Indonesian investment company that primarily invests in and operates telecommunication tower sites and fiber optic networks, leasing them to wireless communication companies. The company, through its main subsidiary Protelindo, owns and operates tens of thousands of telecommunication towers across Indonesia. It was established in 2008 and is headquartered in Kudus, Indonesia.

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Sarana Menara Nusantara (TOWR 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

MS-Indonesia Index Earning Revision (Feb): Bank Mandiri, Merdeka Copper Gold, Gudang Garam

We analyzed MS-Indonesia's consensus for Feb 2026 and highlighted changes of EPS in Bank Mandiri, Merdeka Copper Gold, Gudang Garam, Medco Energi...

Ke Yan, CFA, FRM

LQ45 Index Rebalance Preview (Jan 2026): Identifying Potential Index Changes

We highlight 3 sets of changes for the LQ45 in January. The forecast adds have surged while the forecast deletes have dropped. Historically, adds...

Brian Freitas

JTOWER (4485 JP): DigitalBridge’s 162% Takeover Premium Offer Is Opportunistic

Despite the hefty takeover premium, the offer is light and opportunistically timed. Nevertheless, barring the emergence of activists, there seems...

Arun George

Barito Renewables Lockup Expiry - US$8bn Lockup Expiry for Largest Indonesian Market Cap Stock

Barito Renewables Energy (BREN IJ) raised around US$200m in its Indonesian IPO, after pricing at the top end at IDR780/share. Its eight-month...

Ethan Aw

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