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

Tower Bersama Infrastructure / Equity Bottom-Up

We wrote about <a href="https://www.smartkarma.com/entities/6848" target="_blank" data-smartkarma-citation="entities:6848:1">Sarana Menara Nusantara (aka Protelindo's)(TOWR IJ)</a> results recently which were boosted by its acquisition of towers from <a href="https://www.smartkarma.com/entities/15028" target="_blank" data-smartkarma-citation="entities:15028:1">XL Axiata (EXCL IJ)</a>. <a href="https://www.smartkarma.com/entities/3537" target="_blank" data-smartkarma-citation="entities:3537:1">Tower Bersama (TBIG IJ)</a> delivered similar revenue growth but achieved it through organic growth as it benefits from ongoing investments by Telkomsel into its 3G and  4G networks. While Protelindo has used access to cheap financing and a strong balance sheet to make the XL Axiata deal accretive despite the anchor tenant paying a discouted…

We wrote about Sarana Menara Nusantara (aka Protelindo's)(TOWR IJ) results recently which were boosted by its acquisition of towers from XL Axiata (EXCL IJ). Tower Bersama (TBIG IJ) delivered similar revenue growth but achieved it through organic growth as it benefits from ongoing investments by Telkomsel into its 3G and  4G networks. While Protelindo has used access to cheap financing and a strong balance sheet to make the XL Axiata deal accretive despite the anchor tenant paying a discouted…

Sarana Menara Nusantara / Equity Bottom-Up

While 2016 was a quiet year for the Indonesian towercos, we remain positive on their long-term prospects. <a href="https://www.smartkarma.com/entities/6848" target="_blank" data-smartkarma-citation="entities:6848:1">Protelindo (TOWR IJ)</a> announced FY16 results in-line with expectations. Revenue growth of +11% YoY was largely driven by the purchase of 2,500 towers from <a href="https://www.smartkarma.com/entities/15028" target="_blank" data-smartkarma-citation="entities:15028:1">XL Axiata (EXCL IJ)</a> in 2016. We estimate underlying growth was close to +5% YoY. There was good news on the small cells side, with  I-Forte reporting 2H16 revenue growth of 67% YoY, and now representing 5-6% of total revenue.  We see…

While 2016 was a quiet year for the Indonesian towercos, we remain positive on their long-term prospects. Protelindo (TOWR IJ) announced FY16 results in-line with expectations. Revenue growth of +11% YoY was largely driven by the purchase of 2,500 towers from XL Axiata (EXCL IJ) in 2016. We estimate underlying growth was close to +5% YoY. There was good news on the small cells side, with  I-Forte reporting 2H16 revenue growth of 67% YoY, and now representing 5-6% of total revenue.  We see…

Indonesian Towers: Protelindo (TOWR IJ) Targets Shareholder Returns While Still Looking for Growth.

SGX Market Strategist, Equity & Fixed Income, Singapore Exchange Ltd (SGX)

Geoff Howie

SGX Market Strategist, Equity & Fixed Income

Asia’s leading multi-asset exchange

Singapore Exchange Ltd (SGX)

Singapore Exchange is Asia’s leading and trusted market infrastructure, facilitating the exchange of capital and ideas to create value for people, businesses and economies. As a multi-asset exchange operating equity, fixed income and derivatives markets to the highest regulatory standards, SGX is a vertically integrated business that provides listing, trading, clearing, settlement, depository and data services.

With about 40% of listed companies and over 80% of listed bonds originating outside of Singapore as well as established linkages across the region and in Europe, SGX is Asia’s most international and connected exchange. Offering a full suite of derivatives products across Asian equity indices, commodities and currencies, SGX is the world’s most liquid international market for the benchmark equity indices of China, India, Japan and ASEAN.

As Asia’s pioneering central counterparty, SGX is globally recognised for its risk management and clearing capabilities, and was one of the first globally to adopt the Principles for Financial Market Infrastructure.

Headquartered in AAA-rated Singapore, SGX has over 800 employees including offices in Beijing, Chicago, Hong Kong, London, New York, Mumbai, San Francisco, Shanghai and Tokyo.

Thematic (Sector/Industry)

<table class="table table-striped"><tbody>
<tr><td> </td></tr>
<tr><td>
§  The SGX Maritime &amp; Offshore Services (MOE) Index, a benchmark for the MOE Sector, has rebounded 19.7% from its trough on 1 Sep 2016 in tandem with the recovery of crude oil prices, which may be an indication that the sector could be bottoming out.
 
§  Despite the rally, the 18 constituents within the SGX MOE Index are trading at an average current price-to-book (PB) ratio of 0.7x, with 10 of them trading below their book values.
 
§  Consensus estimates are expecting oil prices to stabilise and…
</td></tr>
</tbody></table>


 

§  The SGX Maritime &amp; Offshore Services (MOE) Index, a benchmark for the MOE Sector, has rebounded 19.7% from its trough on 1 Sep 2016 in tandem with the recovery of crude oil prices, which may be an indication that the sector could be bottoming out.
 
§  Despite the rally, the 18 constituents within the SGX MOE Index are trading at an average current price-to-book (PB) ratio of 0.7x, with 10 of them trading below their book values.
 
§  Consensus estimates are expecting oil prices to stabilise and…



SGX's MOE Sector Sustains 4Q16 Momentum into 2017

Indonesia has one of the more interesting telecom tower markets globally with its entrepreneur driven model, similar in structure to the US. This has resulted in a sector with high growth and high profits, but arguably also imposing high costs on the operators. There are three large listed Independent Indonesian towercos, <a href="https://www.smartkarma.com/entities/6848" target="_blank" data-smartkarma-citation="entities:6848:1">Protelindo (TOWR IJ)</a>, <a href="https://www.smartkarma.com/entities/3537" target="_blank" data-smartkarma-citation="entities:3537:1">Tower Bersama (TBIG IJ)</a>, and <a href="https://www.smartkarma.com/entities/422" target="_blank" data-smartkarma-citation="entities:422:1">Solusi Tunas (SUPR IJ)</a>, with most investor focus on the first two (liquidity in Solusi Tunas is negligible).In aggregate…

Indonesia has one of the more interesting telecom tower markets globally with its entrepreneur driven model, similar in structure to the US. This has resulted in a sector with high growth and high profits, but arguably also imposing high costs on the operators. There are three large listed Independent Indonesian towercos, Protelindo (TOWR IJ), Tower Bersama (TBIG IJ), and Solusi Tunas (SUPR IJ), with most investor focus on the first two (liquidity in Solusi Tunas is negligible).In aggregate…

Indonesian Towercos Still Show Revenue and Profit Growth.

Founder, Riedel Research

David Riedel

Founder

Independent equity research on GEM Markets

Riedel Research

Riedel provides equity research and analysis to leading financial organizations. By becoming members of a region (Asia, Latin America, Emerging Europe or Global), organizations have access to an integrated set of services including:

Regular company coverage reports
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Riedel provides research coverage of companies across the full range of market capitalization. Experienced research professionals in each market develop company reports and analysis as well as earnings models and projections. Ratings are Buy, Hold and Sell with a focus on compelling investment ideas - both long and short. Downloadable, dynamic earnings models are built to facilitate sensitivity analysis.

Please feel free to contact us for complimentary access to our written research.  We want to show you that our unique research flow can add value and help develop a long-term, high value-add relationship.

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<ul>
<li>Obama continues the 'pivot to Asia' by attending the ASEAN meeting in Laos.</li>
<li>ASEAN is a critical component of SE Asian stability, partnership with the US and should be a united front in protesting Chinese intrusions into the South China Sea.</li>
<li>A high-profile spat with Philippine president Duterte was an unfortunate distraction and an unhelpful development for the Philippines which benefits from strong U.S. support.</li>
<li>Thailand and Malaysia look like the best opportunities in ASEAN in the medium-term.</li>
<li>BUY…</li>
</ul>


Obama continues the 'pivot to Asia' by attending the ASEAN meeting in Laos.
ASEAN is a critical component of SE Asian stability, partnership with the US and should be a united front in protesting Chinese intrusions into the South China Sea.
A high-profile spat with Philippine president Duterte was an unfortunate distraction and an unhelpful development for the Philippines which benefits from strong U.S. support.
Thailand and Malaysia look like the best opportunities in ASEAN in the medium-term.
BUY…


Takeaways from ASEAN - Investment Opportunities

Indonesia

PT Solusi Tunas Pratama Tbk develops and constructs telecommunication towers for the wireless communications industry.

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Solusi Tunas Pratama (SUPR IJ)

Indonesian Towers: TBIG Beats Guidance

We wrote about Sarana Menara Nusantara (aka Protelindo's)(TOWR IJ) results recently which were boosted by its acquisition of towers from XL Axiata...

New Street Research

Indonesian Towers: Protelindo (TOWR IJ) Targets Shareholder Returns While Still Looking for Growth.

While 2016 was a quiet year for the Indonesian towercos, we remain positive on their long-term prospects. Protelindo (TOWR IJ) announced FY16...

New Street Research

SGX's MOE Sector Sustains 4Q16 Momentum into 2017

§ The SGX Maritime & Offshore Services (MOE) Index, a benchmark for the MOE Sector, has rebounded 19.7% from its trough on 1 Sep 2016 in...

Singapore Exchange Ltd (SGX)

Indonesian Towercos Still Show Revenue and Profit Growth.

Indonesia has one of the more interesting telecom tower markets globally with its entrepreneur driven model, similar in structure to the US. This...

New Street Research

Takeaways from ASEAN - Investment Opportunities

Obama continues the 'pivot to Asia' by attending the ASEAN meeting in Laos. ASEAN is a critical component of SE Asian stability, partnership with...

David Riedel

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)