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)

With markets trying to make sense of the election of President Trump, we have looked at the implications on the stocks we cover globally (the implications really are global).   There are two versions of Trump’s America: one in which he attempts to lead like a CEO, and one in which he attempts to rule like a demagogue.  We have no idea which one will come to pass (we really don’t) but the market implications of each are quite different.   In either case, with Trump promising $1tr in infrastructure…

With markets trying to make sense of the election of President Trump, we have looked at the implications on the stocks we cover globally (the implications really are global).   There are two versions of Trump’s America: one in which he attempts to lead like a CEO, and one in which he attempts to rule like a demagogue.  We have no idea which one will come to pass (we really don’t) but the market implications of each are quite different.   In either case, with Trump promising $1tr in infrastructure…

External broker reports(aggregated public sources), Topline Securities

Topline Securities

External broker reports(aggregated public sources)

Topline Securities is one of the fastest growing brokerage houses in Pakistan. It has strong equity brokerage, economic / equity research, mutual fund distribution, commodity trading and corporate finance & advisory functions. Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<ul><li>Systems Limited (SYS) held its corporate briefing session today, following the announcement of 2025 financial results.</li><li>The company posted a consolidated PAT of Rs11.0bn (EPS: Rs7.52) in 2025, up 48% YoY.</li><li>Net sales clocked in at Rs80.4bn during the year, marking a 19% YoY increase. This is driven by growth across all geographical regions including 19% in Middle East, 6% in North America, 32% in Pakistan and 40% and 20% in Europe and APAC, respectively.</li></ul>

Systems Limited (SYS) held its corporate briefing session today, following the announcement of 2025 financial results.The company posted a consolidated PAT of Rs11.0bn (EPS: Rs7.52) in 2025, up 48% YoY.Net sales clocked in at Rs80.4bn during the year, marking a 19% YoY increase. This is driven by growth across all geographical regions including 19% in Middle East, 6% in North America, 32% in Pakistan and 40% and 20% in Europe and APAC, respectively.

Topline Flash Note: Systems Limited (SYS) - Corporate Briefing Key Takeaways

<ul><li>Engro Connect reported revenue of Rs50bn in 2025, compared to Rs17bn in 2024, driven by an increase in site count to 15,012 following the Deodar merger.</li><li>Regarding the tenancy ratio, management noted that it ranges between 1.25 and 1.3 for Enfrashare and Deodar, resulting in a blended average of 1.27.</li><li>The company estimates its tower rollout target for the current year to be in the range of 400–500 towers, although this may vary depending on several factors.</li></ul>

Engro Connect reported revenue of Rs50bn in 2025, compared to Rs17bn in 2024, driven by an increase in site count to 15,012 following the Deodar merger.Regarding the tenancy ratio, management noted that it ranges between 1.25 and 1.3 for Enfrashare and Deodar, resulting in a blended average of 1.27.The company estimates its tower rollout target for the current year to be in the range of 400–500 towers, although this may vary depending on several factors.

Topline Flash Note: Engro Holdings Limited (ENGROH): Corporate Briefing Key Takeaways

Event-Driven

<ul><li>The long-standing PTC – Telenor deal is finally accorded by Competition Commission of Pakistan (CCP) on Oct 01, 2025 subject to some conditions to ensure to preserve competition in industry and pass-through of efficiencies to consumers.</li><li>As of Dec 14, 2023, and subsequent communications to exchange, the company mentioned that, deal is negotiated at an Enterprise Value of Rs108bn on a cash free and debt free basis and will be funded through external debt raised by the company (PTCL or the company).</li><li>Subsequently on Jun 27, 2024, the company announced approval of a debt financing amounting to US$400mn (7-year facility) with International Finance Corporation (IFC) led consortium comprising of Silk Road Fund (SRF) and British International Investment (BII).</li></ul>

The long-standing PTC – Telenor deal is finally accorded by Competition Commission of Pakistan (CCP) on Oct 01, 2025 subject to some conditions to ensure to preserve competition in industry and pass-through of efficiencies to consumers.As of Dec 14, 2023, and subsequent communications to exchange, the company mentioned that, deal is negotiated at an Enterprise Value of Rs108bn on a cash free and debt free basis and will be funded through external debt raised by the company (PTCL or the company).Subsequently on Jun 27, 2024, the company announced approval of a debt financing amounting to US$400mn (7-year facility) with International Finance Corporation (IFC) led consortium comprising of Silk Road Fund (SRF) and British International Investment (BII).

Pakistan Telecommunication (PTC) - Telenor Deal; Value To Be Unlocked

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

<ul><li>Telenor Group reported its first-quarter earnings with some notable results and strategic updates.</li><li>The Group, which operates in the telecom industry, emphasized its efforts in promoting stability amidst geopolitical turbulence.</li><li>Telenor continues to focus on enhancing its digital infrastructure to meet rising demands for sovereign and mission-critical solutions and has launched new services such as Splitt in the Nordics.</li></ul>

Telenor Group reported its first-quarter earnings with some notable results and strategic updates.The Group, which operates in the telecom industry, emphasized its efforts in promoting stability amidst geopolitical turbulence.Telenor continues to focus on enhancing its digital infrastructure to meet rising demands for sovereign and mission-critical solutions and has launched new services such as Splitt in the Nordics.

Telenor ASA: Initiation of Coverage- How Strategic M&A Moves Could Reshape Europe’s Telecom Battlefield!

Norway

Telenor ASA is an international provider of tele, data and media communication services, and has mobile operations in 13 markets across the Nordic region, Central and Eastern Europe and Asia. The Group also offers fixed telephony, broadband and TV services in the Nordic region.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Telenor ASA (TEL NO)

What Trump Means for Global Telcos

With markets trying to make sense of the election of President Trump, we have looked at the implications on the stocks we cover globally (the...

New Street Research

Topline Flash Note: Systems Limited (SYS) - Corporate Briefing Key Takeaways

Systems Limited (SYS) held its corporate briefing session today, following the announcement of 2025 financial results. The company posted a...

Topline Securities

Topline Flash Note: Engro Holdings Limited (ENGROH): Corporate Briefing Key Takeaways

Engro Connect reported revenue of Rs50bn in 2025, compared to Rs17bn in 2024, driven by an increase in site count to 15,012 following the Deodar...

Topline Securities

Pakistan Telecommunication (PTC) - Telenor Deal; Value To Be Unlocked

The long-standing PTC – Telenor deal is finally accorded by Competition Commission of Pakistan (CCP) on Oct 01, 2025 subject to some conditions to...

Topline Securities

Telenor ASA: Initiation of Coverage- How Strategic M&A Moves Could Reshape Europe’s Telecom Battlefield!

Telenor Group reported its first-quarter earnings with some notable results and strategic updates. The Group, which operates in the telecom...

Baptista Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)