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><a href="https://www.smartkarma.com/entities/17203" target="_blank" data-smartkarma-citation="entities:17203">Netease Inc Adr</a> (NTES) is the global leader in mobile game publishing, with revenue ahead of <a href="https://www.smartkarma.com/entities/26" target="_blank" data-smartkarma-citation="entities:26">Tencent Holdings Ltd</a> (Tencent) in recent iOS monthly data for November and December.  NTES 4Q15 results were strong but, we believe, also show  a peak in gaming revenue growth. Sequential growth has started to moderate  and while advertising revenue surprised on the upside, there is a lack of visibility around this part of the business. The Lottery business also remains uncertain. </p><p>The stock fell sharply after the earnings release and has struggled since. While NTES has been hugely successful as a gaming company, it remains essentially a one trick pony (games). We prefer the more balanced Tencent with its broader revenue streams. That said, from the current share price the stock looks quite attractive even with a slower growth profile. It is also a rarity in the internet space: it has a real dividend yield.</p>

Netease Inc Adr (NTES) is the global leader in mobile game publishing, with revenue ahead of Tencent Holdings Ltd (Tencent) in recent iOS monthly data for November and December.  NTES 4Q15 results were strong but, we believe, also show  a peak in gaming revenue growth. Sequential growth has started to moderate  and while advertising revenue surprised on the upside, there is a lack of visibility around this part of the business. The Lottery business also remains uncertain. The stock fell sharply after the earnings release and has struggled since. While NTES has been hugely successful as a gaming company, it remains essentially a one trick pony (games). We prefer the more balanced Tencent with its broader revenue streams. That said, from the current share price the stock looks quite attractive even with a slower growth profile. It is also a rarity in the internet space: it has a real dividend yield.

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NetEase Inc

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