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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

Last week <a href="https://www.smartkarma.com/entities/315" target="_blank" data-smartkarma-citation="entities:315">Softbank Group Corp</a> (Softbank) reported that it was raising around $7.9bn in cash from selling down its stake in <a href="https://www.smartkarma.com/entities/787" target="_blank" data-smartkarma-citation="entities:787">Alibaba Group Holding Ltd</a> (BABA). This was an asset that no one expected Softbank to sell although the stake was treated as near cash by the group. The original amount was later raised to $8.9bn when an additional $500m was sold to Temasek and another $500m added to the METS security. Pricing was done at $74. Over the weekend the amount was raised to $10bn after a green-shoe…

Last week Softbank Group Corp (Softbank) reported that it was raising around $7.9bn in cash from selling down its stake in Alibaba Group Holding Ltd (BABA). This was an asset that no one expected Softbank to sell although the stake was treated as near cash by the group. The original amount was later raised to $8.9bn when an additional $500m was sold to Temasek and another $500m added to the METS security. Pricing was done at $74. Over the weekend the amount was raised to $10bn after a green-shoe…

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

The morning of June 1st saw the announcement by <a href="https://www.smartkarma.com/entities/315" target="_blank" data-smartkarma-citation="entities:315">Softbank Group</a> it would sell a minimum of $7.9bn of stock in <a href="https://www.smartkarma.com/entities/787" target="_blank" data-smartkarma-citation="entities:787">Alibaba Group Holding Ltd</a> through a series of transactions - $2bn back to Alibaba itself, $400mm to the Alibaba Partnership, $500mm to a sovereign wealth fund, and $5.0bn to a Mandatory Exchangeable Trust Securities (METS) offering.The METS offering was quickly bumped to $5.5bn, and the next day, Softbank announced basic <a href="http://www.softbank.jp/en/corp/set/data/news/press/sb/2016/20160602_02/pdf/20160602_02.pdf" target="_blank">terms</a> (e) and <a href="http://www.softbank.jp/en/corp/set/data/news/press/sb/2016/20160602_01/pdf/20160602_01.pdf" target="_blank">pricing</a> (e) of the METS and a sale of an additional…

The morning of June 1st saw the announcement by Softbank Group it would sell a minimum of $7.9bn of stock in Alibaba Group Holding Ltd through a series of transactions - $2bn back to Alibaba itself, $400mm to the Alibaba Partnership, $500mm to a sovereign wealth fund, and $5.0bn to a Mandatory Exchangeable Trust Securities (METS) offering.The METS offering was quickly bumped to $5.5bn, and the next day, Softbank announced basic terms (e) and pricing (e) of the METS and a sale of an additional…

Softbank continues to shake things up.Apparently displeased with how the market was valuing the conglomeration of assets that is <a href="https://www.smartkarma.com/entities/315" target="_blank" data-smartkarma-citation="entities:315">Softbank Group</a> , CEO Masayoshi Son has implemented a series of measures recently designed to demonstrate a commitment to raising its share price.<ul>
<li>In February Softbank announced a large buyback of Softbank shares discussed in <a href="https://www.smartkarma.com/insights/understanding-softbank-s-buyback-a-possible-less-obvious-angle" target="_blank" data-smartkarma-citation="insights:2721">Understanding Softbank’s Buyback - A Possible Less Obvious Angle</a>. That buyback proceeds apace.</li>
<li>In early March, Softbank <a href="http://www.softbank.jp/en/corp/news/press/sb/2016/20160307_01/" target="_blank">announced</a> a reorganization…</li>
</ul>

Softbank continues to shake things up.Apparently displeased with how the market was valuing the conglomeration of assets that is Softbank Group , CEO Masayoshi Son has implemented a series of measures recently designed to demonstrate a commitment to raising its share price.
In February Softbank announced a large buyback of Softbank shares discussed in Understanding Softbank’s Buyback - A Possible Less Obvious Angle. That buyback proceeds apace.
In early March, Softbank announced a reorganization…


Founder, Riedel Research

David Riedel

Founder

Independent equity research on GEM Markets

Riedel Research

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Alibaba Group Holding  / Equity Bottom-Up

<ul><li>No matter what direction the Chinese economy is taking there will always be places to invest in the second largest economy in the world.</li><li>Similarly, we believe that whatever the direction of the Chinese retail market is, BABA will continue to take market share from retail stores.</li><li>China retailing GMV (Gross Merchandise Volume) increased 24% YOY in 4Q16 (as of March 2016).</li><li>Within China retailing, ultimate consumers increased 21% YOY in 4Q16 (as of March 2016). (Exhibit 3)</li><li>We assume BABA’s total revenues will grow 37% in 2017 (as of March 2017) and 35% in 2018 versus 33% in 2016.</li><li>Operating margin will improve to 34% in 2017 (as of March 2017) and 39% in 2018 versus 29% in 2016.</li><li>Both time series and cross-sectional P/E comparisons suggest a target price of USD 97 and an upside of 20%. BUY.</li></ul>

No matter what direction the Chinese economy is taking there will always be places to invest in the second largest economy in the world.Similarly, we believe that whatever the direction of the Chinese retail market is, BABA will continue to take market share from retail stores.China retailing GMV (Gross Merchandise Volume) increased 24% YOY in 4Q16 (as of March 2016).Within China retailing, ultimate consumers increased 21% YOY in 4Q16 (as of March 2016). (Exhibit 3)We assume BABA’s total revenues will grow 37% in 2017 (as of March 2017) and 35% in 2018 versus 33% in 2016.Operating margin will improve to 34% in 2017 (as of March 2017) and 39% in 2018 versus 29% in 2016.Both time series and cross-sectional P/E comparisons suggest a target price of USD 97 and an upside of 20%. BUY.

Alibaba - 20%+ Upside as Dominance of China ECommerce Continues - BUY

Korea / Special Sits, Pairs, Index Rebalancing, Clepsydra Capital

Sanghyun Park

Korea / Special Sits, Pairs, Index Rebalancing

Event-Driven

Very interestingly, SK Group seems to have some important new friends. In the past two years, SK Group has conducted several interesting partnership projects with Hon Hai. Well, Hon Hai even made equity investment in SK Holding Co. Now, SK Group seems to run some other important joint businesses with Alibaba and Softbank.1. SK Holding Co.’s IT solution division (C&amp;C) became a strategic partner of Alibaba’s ambitious cloud business.In April this year, SK C&amp;C announced partnership deal with…

Very interestingly, SK Group seems to have some important new friends. In the past two years, SK Group has conducted several interesting partnership projects with Hon Hai. Well, Hon Hai even made equity investment in SK Holding Co. Now, SK Group seems to run some other important joint businesses with Alibaba and Softbank.1. SK Holding Co.’s IT solution division (C&amp;C) became a strategic partner of Alibaba’s ambitious cloud business.In April this year, SK C&amp;C announced partnership deal with…

SK Group Now Has a Close Tie with Alibaba and Softbank - Important Implications You Should Know

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)

Softbank Boosts Cash Resources

Last week Softbank Group Corp (Softbank) reported that it was raising around $7.9bn in cash from selling down its stake in Alibaba Group Holding...

New Street Research

Softbank: Moar Capital Moves!

The morning of June 1st saw the announcement by Softbank Group it would sell a minimum of $7.9bn of stock in Alibaba Group Holding Ltd through a...

Travis Lundy

Softbank: Capital Moves Afoot

Softbank continues to shake things up.Apparently displeased with how the market was valuing the conglomeration of assets that is Softbank Group ,...

Travis Lundy

Alibaba - 20%+ Upside as Dominance of China ECommerce Continues - BUY

No matter what direction the Chinese economy is taking there will always be places to invest in the second largest economy in the...

David Riedel

SK Group Now Has a Close Tie with Alibaba and Softbank - Important Implications You Should Know

Very interestingly, SK Group seems to have some important new friends. In the past two years, SK Group has conducted several interesting...

Sanghyun Park

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