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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

We have a preference in the Indian telecoms market for <a href="https://www.smartkarma.com/entities/953" target="_blank" data-smartkarma-citation="entities:953:1">Bharti Airtel (BHARTI IN)</a> over its peers. Our concerns have been discussed previously but they relate to scale and a possible need for <a href="https://www.smartkarma.com/entities/15678" target="_blank" data-smartkarma-citation="entities:15678:1">Idea Cellular (IDEA IN)</a> to look at merging with <a href="https://www.smartkarma.com/entities/22204" target="_blank" data-smartkarma-citation="entities:22204:1">Vodafone's (VOD LN)</a> Indian business.  We still think that would be an excellent deal but it remains far from certain. In the meantime, the only true nationwide competitor for the newly launched Jio is Bharti. The latest results from Bharti and the Jio launch…

We have a preference in the Indian telecoms market for Bharti Airtel (BHARTI IN) over its peers. Our concerns have been discussed previously but they relate to scale and a possible need for Idea Cellular (IDEA IN) to look at merging with Vodafone's (VOD LN) Indian business.  We still think that would be an excellent deal but it remains far from certain. In the meantime, the only true nationwide competitor for the newly launched Jio is Bharti. The latest results from Bharti and the Jio launch…

Bharti's Margins Continue to Improve. IDEA, Not so Good.

We wrote about India's spectrum auction recently. In the end, it concluded yesterday with a total $9.9bn outlay from the operators. The high reserve prices ($84bn) and constrained financial position of the bidders meant most lots were left untouched. Those that sold went mostly close to the reserve price (the overall premium was just 4%). The industry spent $2bn more than expected but they also bought more spectrum.Summary of result:<ul><li>No sales at all in the 700MHz or 900MHz bands (reserve prices…</li></ul>

We wrote about India's spectrum auction recently. In the end, it concluded yesterday with a total $9.9bn outlay from the operators. The high reserve prices ($84bn) and constrained financial position of the bidders meant most lots were left untouched. Those that sold went mostly close to the reserve price (the overall premium was just 4%). The industry spent $2bn more than expected but they also bought more spectrum.Summary of result:No sales at all in the 700MHz or 900MHz bands (reserve prices…

India's Spectrum Auction Ends. Most Spectrum Unsold. Vodafone the Biggest Buyer.

India's latest spectrum auction commenced on 1 October with two rounds of bidding now completed. Total bids amount to INR567bn ($8.5bn), a small INR32bn increase over Day 1 and massively short of the government's own targets (total reserve price is over INR5tr). In fact, most bidding moved only marginally but a new bid emerged for spectrum in Maharashtra (where <a href="https://www.smartkarma.com/entities/9534" target="_blank" data-smartkarma-citation="entities:9534:1">Tata (TTLS IN)</a> has expiring spectrum so may have been the bidder). There have been no bids for 700MHZ and 900MHZ spectrum with operators…

India's latest spectrum auction commenced on 1 October with two rounds of bidding now completed. Total bids amount to INR567bn ($8.5bn), a small INR32bn increase over Day 1 and massively short of the government's own targets (total reserve price is over INR5tr). In fact, most bidding moved only marginally but a new bid emerged for spectrum in Maharashtra (where Tata (TTLS IN) has expiring spectrum so may have been the bidder). There have been no bids for 700MHZ and 900MHZ spectrum with operators…

Bharti, IDEA and Jio Show Limited Interest in India's Current Spectrum Auction

In the past few weeks, <a href="https://www.smartkarma.com/entities/198" target="_blank" data-smartkarma-citation="entities:198:1">Reliance Industries' (RIL IN)</a> Jio has launched to much fanfare. Once the initial headlines died down it is pretty clear there are issues with the launch, not least being the incumbent operators dragging their feet on interconnect. There are also issues within Jio in terms of line speed, voice quality, poor service etc. Over time we do see Jio carving out a significant market share but some of the stories suggest less disruption than originally feared. The lack of pricing…

In the past few weeks, Reliance Industries' (RIL IN) Jio has launched to much fanfare. Once the initial headlines died down it is pretty clear there are issues with the launch, not least being the incumbent operators dragging their feet on interconnect. There are also issues within Jio in terms of line speed, voice quality, poor service etc. Over time we do see Jio carving out a significant market share but some of the stories suggest less disruption than originally feared. The lack of pricing…

Bharti Has Market Leadership, Jio Struggles, and IDEA/Vodafone in a Tough Position

Asia focused research insights & advisory, Asia Advisors

Vinay Patel

Asia focused research insights & advisory

Asia Advisors

Asia Advisors is an independent financial advisory and research firm working closely with corporates and institutions to provide consulting solutions & research insights. We provide advisory services including capital solutions, business strategy and investment insights.
Firm is headed by Vinay Patel who has close to two decades of experience in research and business development at large, international investment banks such as HSBC and ICICI Securities. Led research efforts in areas of Macroeconomics, Asset Allocation & Investment Strategy for close to a decade in global & domestic research teams. As a business head in Singapore, advised top global investment management firms & Portfolio managers in Asia for India related investments.
Vinay was recently joined by Swapnil Manish, an investment banker and ex-ecommerce entrepreneur with more than 12 years of experience. Swapnil was the TMT banker at BNP Paribas and was part of several large M&A and ECM transactions (Bharti-Zain, Bharti Infratel IPO, Schneider-Zicom among several others). He's also had a stint as an ecommerce entrepreneur having launched & led Mumbai's first online grocery player.

Reliance Communications / Equity Bottom-Up

On 14th September, Reliance Communications (RCOM) and Maxis Communications Bhd (MCB), the majority shareholder of Aircel Ltd., announced signing of definitive agreements for the merger of their Indian wireless businesses (Transaction). This concluded nine months of discussions (with exclusivity period extended 4 times) between the two parties. The Transaction, along with RCOM’s ongoing all-stock acquisition of Sistema India’s wireless business (Sistema)1, will create an operator that displaces…

On 14th September, Reliance Communications (RCOM) and Maxis Communications Bhd (MCB), the majority shareholder of Aircel Ltd., announced signing of definitive agreements for the merger of their Indian wireless businesses (Transaction). This concluded nine months of discussions (with exclusivity period extended 4 times) between the two parties. The Transaction, along with RCOM’s ongoing all-stock acquisition of Sistema India’s wireless business (Sistema)1, will create an operator that displaces…

India Telecom Consolidation: RCOM-Aircel "Marriage of Convenience"

India

Reliance Communications Ltd. offers integrated telephone services. The Company offers fixed line and wireless voice, data and video transmission services, and Internet access.

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Reliance Communications (RCOM IN)

Bharti's Margins Continue to Improve. IDEA, Not so Good.

We have a preference in the Indian telecoms market for Bharti Airtel (BHARTI IN) over its peers. Our concerns have been discussed previously but...

New Street Research

India's Spectrum Auction Ends. Most Spectrum Unsold. Vodafone the Biggest Buyer.

We wrote about India's spectrum auction recently. In the end, it concluded yesterday with a total $9.9bn outlay from the operators. The high...

New Street Research

Bharti, IDEA and Jio Show Limited Interest in India's Current Spectrum Auction

India's latest spectrum auction commenced on 1 October with two rounds of bidding now completed. Total bids amount to INR567bn ($8.5bn), a small...

New Street Research

Bharti Has Market Leadership, Jio Struggles, and IDEA/Vodafone in a Tough Position

In the past few weeks, Reliance Industries' (RIL IN) Jio has launched to much fanfare. Once the initial headlines died down it is pretty clear...

New Street Research

India Telecom Consolidation: RCOM-Aircel "Marriage of Convenience"

On 14th September, Reliance Communications (RCOM) and Maxis Communications Bhd (MCB), the majority shareholder of Aircel Ltd., announced signing of...

Asia Advisors

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