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)

Recent news reports suggesting that Japan could move to an auction system for spectrum allocation appear overdone. They were driven by a Cabinet Office regulatory reform proposal. Meanwhile, at the regulator (Ministry of Industry Affairs and Communications - MIC), spectrum allocations in 4G (FY17/18) and 5G (FY18/19) are moving ahead and would fall outside any proposals the Cabinet Office makes. <a href="https://www.smartkarma.com/profiles/1920" target="_blank" data-smartkarma-citation="accounts:1920">Kirk Boodry</a> believes that regulatory reform proposals do not look onerous whilst progress towards 5G…

Recent news reports suggesting that Japan could move to an auction system for spectrum allocation appear overdone. They were driven by a Cabinet Office regulatory reform proposal. Meanwhile, at the regulator (Ministry of Industry Affairs and Communications - MIC), spectrum allocations in 4G (FY17/18) and 5G (FY18/19) are moving ahead and would fall outside any proposals the Cabinet Office makes. Kirk Boodry believes that regulatory reform proposals do not look onerous whilst progress towards 5G…

Japan Telcos: Cabinet Office to Look at Spectrum Allocation

Global Asset Allocation, Politics & Governance, Ecstrat

John-Paul Smith

Global Asset Allocation, Politics & Governance

Ecstrat

Ecstrat is a consultancy advising on asset allocation between global equity markets, with a focus on the intersection of governments, geopolitics, governance and markets.
 
Over the past few years and more especially since the Great Financial Crisis (GFC), investors have become more focused on short-term market movements and real-time returns and have consequently neglected the analysis of the underlying structural themes that underpin longer term performance.
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More specifically we believe that the evolution of governance-based relationships between investors, controlling shareholders, labour and the state is one of the primary determinants of both relative and absolute performance between individual equity markets.
 
We will endeavour to provide investors with some of the context surrounding governance-related issues which encompass many different disciplines including history, economics and political science, as well as the financial metrics which are the most obvious manifestation of the structural characteristics of each market.
 
We will pay particular attention to the shifts and potential inflection points for governance in individual markets as these are often the best lead indicators for both economic and market performance.

Cross Asset Strategy

Bull markets are born when the prevailing sentiment is one of disgust and die amidst hubris. The post-GFC run-up in equity prices has been rightly labelled as the most hated bull market in history, but sentiment and flows are finally catching up with the 425% appreciation in the S&amp;P 500 index, which has taken place since the markets' post-GFC nadir at the start of February 2009. Conventional wisdom is that long-term investors should not attempt to time markets but there are times such as 1999-2000 and 2007-08, when it is worth taking the risk of being early and shifting assets into cash and cash proxies given the prevailing levels of valuations and sentiment.I believe this is one of those occasions, as current market levels do not discount the potential impact of three key secular drivers on the anticipated returns to capital over the medium term.

Bull markets are born when the prevailing sentiment is one of disgust and die amidst hubris. The post-GFC run-up in equity prices has been rightly labelled as the most hated bull market in history, but sentiment and flows are finally catching up with the 425% appreciation in the S&amp;P 500 index, which has taken place since the markets' post-GFC nadir at the start of February 2009. Conventional wisdom is that long-term investors should not attempt to time markets but there are times such as 1999-2000 and 2007-08, when it is worth taking the risk of being early and shifting assets into cash and cash proxies given the prevailing levels of valuations and sentiment.I believe this is one of those occasions, as current market levels do not discount the potential impact of three key secular drivers on the anticipated returns to capital over the medium term.

Global Equities: China, Technology and Politics to Dominate 2018

Asian Equities Analyst, Logistics & Transport, Tracking Traffic

Daniel Hellberg

Asian Equities Analyst, Logistics & Transport

Equity Bottom-Up

China Logistics Property Holdings / Equity Bottom-Up

Last week we chatted with a representative from <a href="https://www.smartkarma.com/entities/22799" target="_blank" data-smartkarma-citation="entities:22799:1">China Logistics Property Holdings Co Ltd (1589 HK)</a> and it appears the company has recently made progress on addressing some of our concerns, which we expressed in earlier notes <a href="https://www.smartkarma.com/insights/glp-wannabe-revisiting-china-logistics-property-holdings-after-sale-of-global-logistic-properties" target="_blank">here</a> and <a href="https://www.smartkarma.com/insights/glp-wannabe-china-logistics-property-holdings-still-some-concerns-post-h1-results-unfortunately" target="_blank">here</a>. CLPH is still fairly small (US$925 mn market capitalization) and somewhat illiquid (trades about US$500,000 per day), but the privatization of <a href="https://www.smartkarma.com/entities/2894" target="_blank" data-smartkarma-citation="entities:2894:1">Global Logistic Properties Ltd (GLP SP)</a> leaves it as one of only a few instruments available to investors wishing to…

Last week we chatted with a representative from China Logistics Property Holdings Co Ltd (1589 HK) and it appears the company has recently made progress on addressing some of our concerns, which we expressed in earlier notes here and here. CLPH is still fairly small (US$925 mn market capitalization) and somewhat illiquid (trades about US$500,000 per day), but the privatization of Global Logistic Properties Ltd (GLP SP) leaves it as one of only a few instruments available to investors wishing to…

Chat with China Logistics Property Hldgs (1589:HK) Shows Progress on Fundamentals; BUY Below HK$2.40

Global Head of Research, Smartkarma

Mark Artherton

Global Head of Research

LR Research

In this issue:The bargain between the party and the population in China, US banking regulation, ECB complexity, distraction and productivity, NTPC to buy stressed power assets, IoT in agriculture, changing Chinese consumption patterns, Alibaba bonds, China Mobile buying Oi?,  FCA looks at IPO collusion in the UK.<div class="content-highlight">1.  The forced eviction of migrant workers in Beijing, following a fire, has led to an increase in censorship.  China continues to struggle with the needs of its population as the…</div>

In this issue:The bargain between the party and the population in China, US banking regulation, ECB complexity, distraction and productivity, NTPC to buy stressed power assets, IoT in agriculture, changing Chinese consumption patterns, Alibaba bonds, China Mobile buying Oi?,  FCA looks at IPO collusion in the UK.1.  The forced eviction of migrant workers in Beijing, following a fire, has led to an increase in censorship.  China continues to struggle with the needs of its population as the…

Asset Allocation & Fund Positioning, Copley Fund Research

Steven Holden

Asset Allocation & Fund Positioning

Copley Fund Research

Copley Fund Research provide research and data on asset allocation among Global and Emerging Market equity funds.  The analysis details absolute and relative positioning across countries, sectors and industries together with highly granular data on single stock and single fund allocations.  The data is updated monthly with time series going back to January 2011.

Global Research - Analysis of 165 prominent Global equity funds, combined AUM $335bn
GEM Research - Analysis of 127 prominent global EM equity funds, combined AUM $250bn

Asset Allocation - Global and GEM Equity

Global Emerging Market fund managers are, on average, underweight technology stocks.  In fact, though tech positioning among EM managers is at its highest in absolute terms, it is at its lowest in relative terms when measured against the MSCI Emerging Markets Index.  In this report, we analyse the level to which this record tech underweight has affected average fund performance this year, whilst also highlighting the sectors that have contributed positively.  On a stock level, underweights in <a href="https://www.smartkarma.com/entities/26" target="_blank" data-smartkarma-citation="entities:26:1">Tencent Holdings Ltd (700 HK)</a> and <a href="https://www.smartkarma.com/entities/787" target="_blank" data-smartkarma-citation="entities:787:1">Alibaba Group Holding Ltd (BABA US)</a> have caused the most pain, yet this isn't the case for all managers.  Baillie Gifford and Hermes stand out as early allocators of tech, long before it became the dominant force it is today.

Global Emerging Market fund managers are, on average, underweight technology stocks.  In fact, though tech positioning among EM managers is at its highest in absolute terms, it is at its lowest in relative terms when measured against the MSCI Emerging Markets Index.  In this report, we analyse the level to which this record tech underweight has affected average fund performance this year, whilst also highlighting the sectors that have contributed positively.  On a stock level, underweights in Tencent Holdings Ltd (700 HK) and Alibaba Group Holding Ltd (BABA US) have caused the most pain, yet this isn't the case for all managers.  Baillie Gifford and Hermes stand out as early allocators of tech, long before it became the dominant force it is today.

China

Alibaba Group Holding Limited provides online sales services. The Company provides internet infrastructure, electronic commerce, online financial, and internet content services through its subsidiaries. Alibaba Group Holding offers its products and services worldwide.

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Alibaba Group Holding (BABA US)

Japan Telcos: Cabinet Office to Look at Spectrum Allocation

Recent news reports suggesting that Japan could move to an auction system for spectrum allocation appear overdone. They were driven by a Cabinet...

New Street Research

Global Equities: China, Technology and Politics to Dominate 2018

Bull markets are born when the prevailing sentiment is one of disgust and die amidst hubris. The post-GFC run-up in equity prices has been rightly...

John-Paul Smith

Chat with China Logistics Property Hldgs (1589:HK) Shows Progress on Fundamentals; BUY Below HK$2.40

Last week we chatted with a representative from China Logistics Property Holdings Co Ltd (1589 HK) and it appears the company has recently made...

Daniel Hellberg

21 Things Worth Knowing (#18)

In this issue:The bargain between the party and the population in China, US banking regulation, ECB complexity, distraction and productivity, NTPC...

Mark Artherton

EM Tech: The Pain Trade Of 2017

Global Emerging Market fund managers are, on average, underweight technology stocks. In fact, though tech positioning among EM managers is at its...

Steven Holden

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