Asia focused research insights & advisory, Asia Advisors

Vinay Patel

Asia focused research insights & advisory

Asia Advisors

Asia Advisors is an independent financial advisory and research firm working closely with corporates and institutions to provide consulting solutions & research insights. We provide advisory services including capital solutions, business strategy and investment insights.
Firm is headed by Vinay Patel who has close to two decades of experience in research and business development at large, international investment banks such as HSBC and ICICI Securities. Led research efforts in areas of Macroeconomics, Asset Allocation & Investment Strategy for close to a decade in global & domestic research teams. As a business head in Singapore, advised top global investment management firms & Portfolio managers in Asia for India related investments.
Vinay was recently joined by Swapnil Manish, an investment banker and ex-ecommerce entrepreneur with more than 12 years of experience. Swapnil was the TMT banker at BNP Paribas and was part of several large M&A and ECM transactions (Bharti-Zain, Bharti Infratel IPO, Schneider-Zicom among several others). He's also had a stint as an ecommerce entrepreneur having launched & led Mumbai's first online grocery player.

Equity Bottom-Up

Reliance Communications / Equity Bottom-Up

On 14th September, Reliance Communications (RCOM) and Maxis Communications Bhd (MCB), the majority shareholder of Aircel Ltd., announced signing of definitive agreements for the merger of their Indian wireless businesses (Transaction). This concluded nine months of discussions (with exclusivity period extended 4 times) between the two parties. The Transaction, along with RCOM’s ongoing all-stock acquisition of Sistema India’s wireless business (Sistema)1, will create an operator that displaces…

On 14th September, Reliance Communications (RCOM) and Maxis Communications Bhd (MCB), the majority shareholder of Aircel Ltd., announced signing of definitive agreements for the merger of their Indian wireless businesses (Transaction). This concluded nine months of discussions (with exclusivity period extended 4 times) between the two parties. The Transaction, along with RCOM’s ongoing all-stock acquisition of Sistema India’s wireless business (Sistema)1, will create an operator that displaces…

India Telecom Consolidation: RCOM-Aircel "Marriage of Convenience"

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

We wrote a quick note on the launch of the Jio's 4G offering. We hope to expand this in a couple of pieces this week which will reiterate our view that the major players in the Indian telecoms industry have room to thrive, even if Jio is successful. We will also look at the question of whether Jio is likely to succeed or not.The Indian telecoms industry is undergoing a period of rapid consolidation, perhaps the unintended consequence of a government focused on maximizing revenue from spectrum…

We wrote a quick note on the launch of the Jio's 4G offering. We hope to expand this in a couple of pieces this week which will reiterate our view that the major players in the Indian telecoms industry have room to thrive, even if Jio is successful. We will also look at the question of whether Jio is likely to succeed or not.The Indian telecoms industry is undergoing a period of rapid consolidation, perhaps the unintended consequence of a government focused on maximizing revenue from spectrum…

Indian Telecoms: Jio Has Arrived. Will It Succeed?

After years of speculation, Jio's launch date has arrived. At <a href="https://www.smartkarma.com/entities/198" target="_blank" data-smartkarma-citation="entities:198:1">Reliance Industries' (RIL IN)</a> AGM, Mukesh Ambani announced the official launch of their service on September 5th. With the exception of two wrinkles, the launch pricing is relatively close to what we anticipated with very cheap tariffs but focused on those subscribing to very high usage plans. The headlines of INR 50/GB are misleading, Jio is not selling 1GB data buckets for INR 50. Nevertheless, the headlines yesterday were alarming…

After years of speculation, Jio's launch date has arrived. At Reliance Industries' (RIL IN) AGM, Mukesh Ambani announced the official launch of their service on September 5th. With the exception of two wrinkles, the launch pricing is relatively close to what we anticipated with very cheap tariffs but focused on those subscribing to very high usage plans. The headlines of INR 50/GB are misleading, Jio is not selling 1GB data buckets for INR 50. Nevertheless, the headlines yesterday were alarming…

Jio Launches 4G in India. Will Bharti Be Hit?

We have spoken about likely consolidation in the Indian mobile market in the past, given the massive sums that need to be spent to stay relevant in a data world. Already, we have seen a number of smaller players sell/merge their companies/spectrum holdings. We discussed some of this in the note <a href="https://www.smartkarma.com/insights/bharti-jio-worries-overdone-recovery-continues" target="_blank" data-smartkarma-citation="insights:5285">Bharti: Jio Worries Overdone. Recovery Continues</a>. Our core thesis is that ROCE in most emerging markets is bottoming out and shareholders should benefit. We accept that consolidation in Europe has not…

We have spoken about likely consolidation in the Indian mobile market in the past, given the massive sums that need to be spent to stay relevant in a data world. Already, we have seen a number of smaller players sell/merge their companies/spectrum holdings. We discussed some of this in the note Bharti: Jio Worries Overdone. Recovery Continues. Our core thesis is that ROCE in most emerging markets is bottoming out and shareholders should benefit. We accept that consolidation in Europe has not…

IDEA/Vodafone Courtship: A New No1 in India? Indian Telecom Consolidation Moving Forward.

Jio has built a huge amount of wireless capacity in an Indian context, but India is a very large country, with thin incumbent networks. If Jio wants to deliver and retain a good customer experience they can probably only accommodate 50-80m subscribers, using 2.5-4GB/month of data with current capacity. This is insufficient to derail the improving ROIC picture for an industry that is rapidly consolidating.<a href="https://www.smartkarma.com/entities/953" target="_blank" data-smartkarma-citation="entities:953:1">Bharti (BHARTI IN)</a> is by far the best-positioned operator among the incumbents and we have raised our target price for Bharti to INR615 while downgrading the target price for <a href="https://www.smartkarma.com/entities/15678" target="_blank" data-smartkarma-citation="entities:15678:1">IDEA (IDEA IN)</a> and <a href="https://www.smartkarma.com/entities/5197" target="_blank" data-smartkarma-citation="entities:5197:1">RCOM (RCOM IN)</a> to INR130 and INR55 respectively. We have also cut our recommendation on RCOM to Neutral from Buy.

Jio has built a huge amount of wireless capacity in an Indian context, but India is a very large country, with thin incumbent networks. If Jio wants to deliver and retain a good customer experience they can probably only accommodate 50-80m subscribers, using 2.5-4GB/month of data with current capacity. This is insufficient to derail the improving ROIC picture for an industry that is rapidly consolidating.Bharti (BHARTI IN) is by far the best-positioned operator among the incumbents and we have raised our target price for Bharti to INR615 while downgrading the target price for IDEA (IDEA IN) and RCOM (RCOM IN) to INR130 and INR55 respectively. We have also cut our recommendation on RCOM to Neutral from Buy.

Bharti: Jio Worries Overdone. Recovery Continues

India

Reliance Communications Ltd. offers integrated telephone services. The Company offers fixed line and wireless voice, data and video transmission services, and Internet access.

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Reliance Communications (RCOM IN)

India Telecom Consolidation: RCOM-Aircel "Marriage of Convenience"

On 14th September, Reliance Communications (RCOM) and Maxis Communications Bhd (MCB), the majority shareholder of Aircel Ltd., announced signing of...

Asia Advisors

Indian Telecoms: Jio Has Arrived. Will It Succeed?

We wrote a quick note on the launch of the Jio's 4G offering. We hope to expand this in a couple of pieces this week which will reiterate our view...

New Street Research

Jio Launches 4G in India. Will Bharti Be Hit?

After years of speculation, Jio's launch date has arrived. At Reliance Industries' (RIL IN) AGM, Mukesh Ambani announced the official launch of...

New Street Research

IDEA/Vodafone Courtship: A New No1 in India? Indian Telecom Consolidation Moving Forward.

We have spoken about likely consolidation in the Indian mobile market in the past, given the massive sums that need to be spent to stay relevant in...

New Street Research

Bharti: Jio Worries Overdone. Recovery Continues

Jio has built a huge amount of wireless capacity in an Indian context, but India is a very large country, with thin incumbent networks. If Jio...

New Street Research

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