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/639" target="_blank" data-smartkarma-citation="entities:639:1">KDDI (9433 JP)</a> reported a solid 3Q17/18 result which was somewhat lost in the news that the well regarded CEO Tanaka would stand down (to become Chairman) at the ends of the fiscal year and a surprise share buyback which takes aggregate shareholder return in FY17 to over 5%.<a href="https://www.smartkarma.com/profiles/1920" target="_blank" data-smartkarma-citation="accounts:1920">Kirk Boodry</a> thinks the financial report and share buy-back news are good for the stock. The headline financial numbers were good (revenue +10%; Ebitda +7%) and he is pleased to see a return to retail subscriber growth…

KDDI (9433 JP) reported a solid 3Q17/18 result which was somewhat lost in the news that the well regarded CEO Tanaka would stand down (to become Chairman) at the ends of the fiscal year and a surprise share buyback which takes aggregate shareholder return in FY17 to over 5%.Kirk Boodry thinks the financial report and share buy-back news are good for the stock. The headline financial numbers were good (revenue +10%; Ebitda +7%) and he is pleased to see a return to retail subscriber growth…

KDDI Continues to Boost Shareholder Returns

<a href="https://www.smartkarma.com/entities/1089" target="_blank" data-smartkarma-citation="entities:1089:1">NTT Docomo (9437 JP)</a> posted 3Q results ahead of NSR and consensus forecasts, underscoring comments made in December that it was on track to beat FY17 guidance. The standout items in the quarter include a substantial beat in mobile service revenue (MSR) which grew 3% YoY (we expected flat), while margins were also better and YoY comps improved as DoCoMo lapped one-time network spending. A strong 3Q improves the chances of a meaningful beat to full-year numbers and should offset some of the…

NTT Docomo (9437 JP) posted 3Q results ahead of NSR and consensus forecasts, underscoring comments made in December that it was on track to beat FY17 guidance. The standout items in the quarter include a substantial beat in mobile service revenue (MSR) which grew 3% YoY (we expected flat), while margins were also better and YoY comps improved as DoCoMo lapped one-time network spending. A strong 3Q improves the chances of a meaningful beat to full-year numbers and should offset some of the…

NTT DoCoMo 3Q17/18 Results Were Solid. No Comment (Yet) On Rakuten Entry

<a href="https://www.smartkarma.com/entities/31" target="_blank" data-smartkarma-citation="entities:31:1">Rakuten (4755 JP)</a> announced in mid December that it would look to enter the Japan mobile industry and would apply for spectrum in the current FY17 allocation in hopes of leveraging its MVNO (currently they have 1.4m subs) to become the fourth mobile operator. It announced plans for a ¥600bn investment out to 2025 with the focus on 4G services. At the time, <a href="https://www.smartkarma.com/profiles/1920" target="_blank" data-smartkarma-citation="accounts:1920">Kirk Boodry</a> thought this would not be overly disruptive. That has not stopped share prices falling at both the incumbents and at Rakuten and…

Rakuten (4755 JP) announced in mid December that it would look to enter the Japan mobile industry and would apply for spectrum in the current FY17 allocation in hopes of leveraging its MVNO (currently they have 1.4m subs) to become the fourth mobile operator. It announced plans for a ¥600bn investment out to 2025 with the focus on 4G services. At the time, Kirk Boodry thought this would not be overly disruptive. That has not stopped share prices falling at both the incumbents and at Rakuten and…

Rakuten's Balance Sheet and Incremental Costs Limit Funding Flexibility as It Plans Mobile Entry

Director, Pearl Hill Advisors

Nicholas Tanner

Director

Pearl Hill Advisors

These shares have been oversold on the December 2017 news that Rakuten will enter the mobile communication market with its own network that it plans to build over the next few years. Whilst there is considerable risk to this strategy, it does have the advantage of having a captive potential customer base. The costs of rolling out the network will for sure weigh on profits over the next few years but we believe that this is now more than reflected in the share price, and if they get it right the…

These shares have been oversold on the December 2017 news that Rakuten will enter the mobile communication market with its own network that it plans to build over the next few years. Whilst there is considerable risk to this strategy, it does have the advantage of having a captive potential customer base. The costs of rolling out the network will for sure weigh on profits over the next few years but we believe that this is now more than reflected in the share price, and if they get it right the…

Rakuten (4755) Now Oversold on News of Entry into Mobile Market. BUY

Japan TMT Analyst

Pelham Smithers

Market Intel on Asian Tech with a Japan focus

Pelham Smithers Associates

Founded in 2009, Pelham Smithers Associates (PSA) provides market intelligence on Asian technology, focusing in particular on Japan. The industries covered by our team of specialists are: consumer electronics, telecomms, pharmaceuticals, internet, electronic parts and materials, automotive technology, retail and capital goods. 

Research is provided by the following:
Pelham Smithers: Macro, consumer electronics, telecoms & pharma
Joel Scheiman: Electronics materials / components
Julie Boote: Autos
Will Nestuk: Capital goods, machinery & transportation equipment parts
Thao Nguyen: eCommerce, internet content, marketing & advertising

<a href="https://www.smartkarma.com/entities/6126" target="_blank" data-smartkarma-citation="entities:6126:1">Kitano Tatsujin Corp (2930 JP)</a> started 2017 worth about US$50mil, it finished it worth over US$500mil. The "furasato" (home town) eCommerce stock finally started to deliver the sort of sales growth that had been expected of it, even before it listed in 2014, and investors were rewarded with a ten-fold increase in the share price. However, while 2017's performance means that the stock chart now resembles the north face of the Eiger, and that a bout of profit-taking is overdue, there's no reason…

Kitano Tatsujin Corp (2930 JP) started 2017 worth about US$50mil, it finished it worth over US$500mil. The "furasato" (home town) eCommerce stock finally started to deliver the sort of sales growth that had been expected of it, even before it listed in 2014, and investors were rewarded with a ten-fold increase in the share price. However, while 2017's performance means that the stock chart now resembles the north face of the Eiger, and that a bout of profit-taking is overdue, there's no reason…

Kitano Tatsujin (2930) - Japan's Top Performer in 2017 (And Still Worth Watching for 2018)

Japan

Rakuten Group, Inc. provides Internet services. The Company offers Internet finance services which including "Rakuten Card" and "Rakuten Bank". Rakuten Group also provides digital content services including electronic book services.

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Rakuten (4755 JP)

KDDI Continues to Boost Shareholder Returns

KDDI (9433 JP) reported a solid 3Q17/18 result which was somewhat lost in the news that the well regarded CEO Tanaka would stand down (to become...

New Street Research

NTT DoCoMo 3Q17/18 Results Were Solid. No Comment (Yet) On Rakuten Entry

NTT Docomo (9437 JP) posted 3Q results ahead of NSR and consensus forecasts, underscoring comments made in December that it was on track to beat...

New Street Research

Rakuten's Balance Sheet and Incremental Costs Limit Funding Flexibility as It Plans Mobile Entry

Rakuten (4755 JP) announced in mid December that it would look to enter the Japan mobile industry and would apply for spectrum in the current FY17...

New Street Research

Rakuten (4755) Now Oversold on News of Entry into Mobile Market. BUY

These shares have been oversold on the December 2017 news that Rakuten will enter the mobile communication market with its own network that it...

Pearl Hill Advisors

Kitano Tatsujin (2930) - Japan's Top Performer in 2017 (And Still Worth Watching for 2018)

Kitano Tatsujin Corp (2930 JP) started 2017 worth about US$50mil, it finished it worth over US$500mil. The "furasato" (home town) eCommerce stock...

Pelham Smithers Associates

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