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

<p>We are bearish on the leading two mobile operators in Thailand. Revenues, earnings and dividends are likely to continue to fall as rising competitive pressure bites. Additionally, we believe spectrum costs represent a huge off balance sheet liability and a significant financing cost. In our view, neither are fully priced into the stocks despite recent falls.</p><p>We have become more positive on <a href="https://www.smartkarma.com/entities/8" target="_blank" data-smartkarma-citation="entities:8">True Corp Pcl</a> (TRUE) with an upgrade to Buy. The key for TRUE is rising market share which we see as a good indicator of future share price performance. We acknowledge the risks for a highly leveraged TRUE but see real market share gains being made as likely to translate into a higher share price. TRUE's success in a low growth market spells trouble for the other operators.</p>

We are bearish on the leading two mobile operators in Thailand. Revenues, earnings and dividends are likely to continue to fall as rising competitive pressure bites. Additionally, we believe spectrum costs represent a huge off balance sheet liability and a significant financing cost. In our view, neither are fully priced into the stocks despite recent falls.We have become more positive on True Corp Pcl (TRUE) with an upgrade to Buy. The key for TRUE is rising market share which we see as a good indicator of future share price performance. We acknowledge the risks for a highly leveraged TRUE but see real market share gains being made as likely to translate into a higher share price. TRUE's success in a low growth market spells trouble for the other operators.

Thai Telcos: TRUE's Gains Are AIS/DTACs' Loss