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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:

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We also provide debt research on:
Pan European Telecom Services and Cable

Thematic (Sector/Industry)

Fibre/cable firms (Altnets) have a strong growth dynamic in most EMs and the potential to create value through wireless entry using small cells technology. Many EM telcos face stagnant growth and declining returns in contrast to opportunities in fibre. Rising middle classes in Asia will pay to have fibre in the home. What has been seen as a niche product will have wider resonance as income levels rise. We believe investors are materially underestimating the potential demand for fixed broadband and for the revenues that result. In some ways this is analogous to concepts of addressable markets for mobile operators in the early days of GSM.As we have seen in Europe, we expect a number of the fibre/cable payers to be acquired by cellular firms look to both remove potential competition and to ensure a strong fibre network to deal with soaring data usage.&nbsp;&nbsp;

Fibre/cable firms (Altnets) have a strong growth dynamic in most EMs and the potential to create value through wireless entry using small cells technology. Many EM telcos face stagnant growth and declining returns in contrast to opportunities in fibre. Rising middle classes in Asia will pay to have fibre in the home. What has been seen as a niche product will have wider resonance as income levels rise. We believe investors are materially underestimating the potential demand for fixed broadband and for the revenues that result. In some ways this is analogous to concepts of addressable markets for mobile operators in the early days of GSM.As we have seen in Europe, we expect a number of the fibre/cable payers to be acquired by cellular firms look to both remove potential competition and to ensure a strong fibre network to deal with soaring data usage.&nbsp;&nbsp;

Emerging market fibre/cable operators (Altnets) are likely to outperform local wireless peers

Equity Bottom-Up

Thailand continues&nbsp;preparations to auction 900 and 1800 MHZ spectrum in Nov/Dec this year, if all things run to plan. Bidding is likely to come from&nbsp;the existing 3 operators plus potential new entrants, Jasmine (with TOT recently suggesting a bid as well). &nbsp;We expect high prices to be paid given the weak spectrum holdings of no 1 player AIS and the limited amount of spectrum on offer.Looking further ahead, we expect spectrum to shift from concession to full ownership (lease) over the next three years. This will enable operators to be masters of their own destiny and not beholden to the authorities (TOT/CAT), but comes with a cost. It is plausible that the total bill for spectrum could reach $6-8bn. That is equivalent to 10-40% of their market cap and 70-280% of cumulative free cash flow in the period 2015-18.Investors should be aware of risks from the auction process delivering large sums to the government but reducing the attractiveness of the sector. In addition the threat of new entry via these auctions is real.&nbsp; The era of super high returns in Thai Telcos is coming to an end.

Thailand continues&nbsp;preparations to auction 900 and 1800 MHZ spectrum in Nov/Dec this year, if all things run to plan. Bidding is likely to come from&nbsp;the existing 3 operators plus potential new entrants, Jasmine (with TOT recently suggesting a bid as well). &nbsp;We expect high prices to be paid given the weak spectrum holdings of no 1 player AIS and the limited amount of spectrum on offer.Looking further ahead, we expect spectrum to shift from concession to full ownership (lease) over the next three years. This will enable operators to be masters of their own destiny and not beholden to the authorities (TOT/CAT), but comes with a cost. It is plausible that the total bill for spectrum could reach $6-8bn. That is equivalent to 10-40% of their market cap and 70-280% of cumulative free cash flow in the period 2015-18.Investors should be aware of risks from the auction process delivering large sums to the government but reducing the attractiveness of the sector. In addition the threat of new entry via these auctions is real.&nbsp; The era of super high returns in Thai Telcos is coming to an end.

Thai Spectrum auctions could be a  massive cash drain on the telcos

Thailand

True Corporation PCL is an integrated telecommunications provider. The Company offers a wide range of voice, video, and data services, including dial-up and broadband Internet services, pay television, fixed-line phone, online games, and mobile phone services.

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True Corp Pcl (TRUE TB)

Emerging market fibre/cable operators (Altnets) are likely to outperform local wireless peers

Fibre/cable firms (Altnets) have a strong growth dynamic in most EMs and the potential to create value through wireless entry using small cells...

New Street Research

Thai Spectrum auctions could be a massive cash drain on the telcos

Thailand continues preparations to auction 900 and 1800 MHZ spectrum in Nov/Dec this year, if all things run to plan. Bidding is likely to come...

New Street Research

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