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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

After some delay, the Japanese telecom regulator (Ministry of Industry Affairs and Communications) announced its 4G  spectrum allocation last Friday.  As expected, <a href="https://www.smartkarma.com/entities/31" target="_blank" data-smartkarma-citation="entities:31:1">Rakuten Inc (4755 JP)</a> has received spectrum (20 MHz paired at 1.7 GHz). <a href="https://www.smartkarma.com/entities/639" target="_blank" data-smartkarma-citation="entities:639:1">KDDI (9433 JP)</a> also received spectrum in this band while both <a href="https://www.smartkarma.com/entities/1089" target="_blank" data-smartkarma-citation="entities:1089:1">NTT Docomo (9437 JP)</a> and <a href="https://www.smartkarma.com/entities/315" target="_blank" data-smartkarma-citation="entities:315:1">Softbank (9984 JP)</a> were given spectrum in the 3.4GHZ band. As we saw with the UK spectrum auction last week, these higher frequency bands (around 3.5GHZ) have become much more…

After some delay, the Japanese telecom regulator (Ministry of Industry Affairs and Communications) announced its 4G  spectrum allocation last Friday.  As expected, Rakuten Inc (4755 JP) has received spectrum (20 MHz paired at 1.7 GHz). KDDI (9433 JP) also received spectrum in this band while both NTT Docomo (9437 JP) and Softbank (9984 JP) were given spectrum in the 3.4GHZ band. As we saw with the UK spectrum auction last week, these higher frequency bands (around 3.5GHZ) have become much more…

Japan Telcos: Rakuten Is Allocated 4G Spectrum (1.7GHZ). Now the Hard Work Begins

Thematic (Sector/Industry)

Share prices for Japanese telcos have settled at lower levels since <a href="https://www.smartkarma.com/entities/31" target="_blank" data-smartkarma-citation="entities:31:1">Rakuten's (4755 JP)</a> spectrum announcement. This weakness has come despite modestly better 3Q17/18 results and surprise share buybacks which have done little to revive interest. New entrant concerns are the key issue for investors but <a href="https://www.smartkarma.com/profiles/1920" target="_blank" data-smartkarma-citation="accounts:1920">Kirk Boodry</a> sees room for modest improvement in sentiment as the year progresses. We continue to like the shareholder return story in the Japanese telco sector and remain Buyers of <a href="https://www.smartkarma.com/entities/639" target="_blank" data-smartkarma-citation="entities:639:1">KDDI (9433 JP)</a>…

Share prices for Japanese telcos have settled at lower levels since Rakuten's (4755 JP) spectrum announcement. This weakness has come despite modestly better 3Q17/18 results and surprise share buybacks which have done little to revive interest. New entrant concerns are the key issue for investors but Kirk Boodry sees room for modest improvement in sentiment as the year progresses. We continue to like the shareholder return story in the Japanese telco sector and remain Buyers of KDDI (9433 JP)…

All Eyes on Rakuten's Plans as Japanese Telcos Remain Sidelined by Investors

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

NTT (Nippon Telegraph & Telephone) / Equity Bottom-Up

<a href="https://www.smartkarma.com/entities/623" target="_blank" data-smartkarma-citation="entities:623:1">NTT (Nippon Telegraph &amp; Telephone) (9432 JP)</a> and consolidated subsidiary <a href="https://www.smartkarma.com/entities/1089" target="_blank" data-smartkarma-citation="entities:1089:1">NTT Docomo Inc (9437 JP)</a> have an interesting push-me-pull-you (cf. Dr. Doolittle) relationship. NTT has spent something like ¥2.3 trillion over the past 10 fiscal years buying back stock. NTT's buying has been reasonably consistent. Docomo's has been less consistent until the last three years when the company has bought back (including the buyback currently underway) ¥1.2trln in 3 years. But NTT Docomo's buying back of…

NTT (Nippon Telegraph &amp; Telephone) (9432 JP) and consolidated subsidiary NTT Docomo Inc (9437 JP) have an interesting push-me-pull-you (cf. Dr. Doolittle) relationship. NTT has spent something like ¥2.3 trillion over the past 10 fiscal years buying back stock. NTT's buying has been reasonably consistent. Docomo's has been less consistent until the last three years when the company has bought back (including the buyback currently underway) ¥1.2trln in 3 years. But NTT Docomo's buying back of…

Leading Independent Investment Research, Morningstar, Inc.

Morningstar

Leading Independent Investment Research

Morningstar, Inc.

Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. We offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors. 

Morningstar provides data on more than 500,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 16 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries, with more than $180 billion in assets under advisement or management as of June 30, 2015. We have operations in 27 countries.

Download the Morningstar Fact Sheet : http://corporate.morningstar.com/US/documents/MarketingFactSheets/AboutMorningstarFactsheet.pdf

On an underlying basis, narrow-moat <a href="https://www.smartkarma.com/entities/623" target="_blank" data-smartkarma-citation="entities:623:1">NTT (Nippon Telegraph &amp; Telephone) (9432 JP)</a>, or NTT’s, third-quarter fiscal 2017 (quarter ended December) result was broadly in line with our expectations, and after small adjustments to our forecasts, we retain our JPY 5,600 per share fair value estimate. Our fair value estimate implies a forward price/earnings multiple of 12.4 times. Third quarter revenue was up 7.8%, with operating income up 10.1% to JPY 488 billion (excluding impairment charges of JPY 51…

On an underlying basis, narrow-moat NTT (Nippon Telegraph &amp; Telephone) (9432 JP), or NTT’s, third-quarter fiscal 2017 (quarter ended December) result was broadly in line with our expectations, and after small adjustments to our forecasts, we retain our JPY 5,600 per share fair value estimate. Our fair value estimate implies a forward price/earnings multiple of 12.4 times. Third quarter revenue was up 7.8%, with operating income up 10.1% to JPY 488 billion (excluding impairment charges of JPY 51…

NTT’s 3Q Posts Solid Growth Excluding Impacts of Several Small Write-Downs

Event-Driven

After the <a href="https://www.smartkarma.com/entities/1089" target="_blank" data-smartkarma-citation="entities:1089:1">NTT Docomo Inc (9437 JP)</a> tender offer buyback was completed in mid-January, I published an insight suggesting that the tendered offer size was designed so that the subsequent on-market buyback of shares would leave NTT with the same percentage holding of NTT Docomo as before the buyback (i.e. 68+% or so). After the result found an additional 1mm shares had been tendered, the remaining JPY 97.1bn available to be spent was, at a current share price of JPY 2700/share, about 36mm shares. …

After the NTT Docomo Inc (9437 JP) tender offer buyback was completed in mid-January, I published an insight suggesting that the tendered offer size was designed so that the subsequent on-market buyback of shares would leave NTT with the same percentage holding of NTT Docomo as before the buyback (i.e. 68+% or so). After the result found an additional 1mm shares had been tendered, the remaining JPY 97.1bn available to be spent was, at a current share price of JPY 2700/share, about 36mm shares. …

Docomo Buyback - Updated Estimates of Impact

Japan

NTT DOCOMO, INC. provides various types of telecommunication services including cellular phones, satellite mobile communication, and wireless LAN Network. The Company also sells cellular phones, and other equipment.

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NTT Docomo Inc (9437 JP)

Japan Telcos: Rakuten Is Allocated 4G Spectrum (1.7GHZ). Now the Hard Work Begins

After some delay, the Japanese telecom regulator (Ministry of Industry Affairs and Communications) announced its 4G spectrum allocation last...

New Street Research

All Eyes on Rakuten's Plans as Japanese Telcos Remain Sidelined by Investors

Share prices for Japanese telcos have settled at lower levels since Rakuten's (4755 JP) spectrum announcement. This weakness has come despite...

New Street Research

NTT (9432 JP) Back on the Buyback Trail

NTT (Nippon Telegraph & Telephone) (9432 JP) and consolidated subsidiary NTT Docomo Inc (9437 JP) have an interesting push-me-pull-you (cf. Dr....

Travis Lundy

NTT’s 3Q Posts Solid Growth Excluding Impacts of Several Small Write-Downs

On an underlying basis, narrow-moat NTT (Nippon Telegraph & Telephone) (9432 JP), or NTT’s, third-quarter fiscal 2017 (quarter ended December)...

Morningstar, Inc.

Docomo Buyback - Updated Estimates of Impact

After the NTT Docomo Inc (9437 JP) tender offer buyback was completed in mid-January, I published an insight suggesting that the tendered offer...

Travis Lundy

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