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

Equity Bottom-Up

We have spoken about likely consolidation in the Indian mobile market in the past, given the massive sums that need to be spent to stay relevant in a data world. Already, we have seen a number of smaller players sell/merge their companies/spectrum holdings. We discussed some of this in the note <a href="https://www.smartkarma.com/insights/bharti-jio-worries-overdone-recovery-continues" target="_blank" data-smartkarma-citation="insights:5285">Bharti: Jio Worries Overdone. Recovery Continues</a>. Our core thesis is that ROCE in most emerging markets is bottoming out and shareholders should benefit. We accept that consolidation in Europe has not…

We have spoken about likely consolidation in the Indian mobile market in the past, given the massive sums that need to be spent to stay relevant in a data world. Already, we have seen a number of smaller players sell/merge their companies/spectrum holdings. We discussed some of this in the note Bharti: Jio Worries Overdone. Recovery Continues. Our core thesis is that ROCE in most emerging markets is bottoming out and shareholders should benefit. We accept that consolidation in Europe has not…

IDEA/Vodafone Courtship: A New No1 in India? Indian Telecom Consolidation Moving Forward.

Asymmetric Payoffs, Thracian Capital Management

Asymmetric Payoffs

Thracian Capital Management

The company is the largest owner of wireless and broadcast communication towers (100,000 sites globally). The stock has become a proxy for interest rates and is trading at very high valuations, which may not be sustainable in the long term.

The company is the largest owner of wireless and broadcast communication towers (100,000 sites globally). The stock has become a proxy for interest rates and is trading at very high valuations, which may not be sustainable in the long term.

Long AMT (American Tower) Jan '17 100-Strike Puts at $1.70

Chairman, sgtradex

Tan Chin-Hwee

Chairman

Thematic (Sector/Industry)

<blockquote>“Speculation is a hard and trying business, and a speculator must be on the job all the time or he'll soon have no job to be on.” - Reminiscences of a Stock Operator, 1923</blockquote>My first day at <a href="https://en.wikipedia.org/wiki/Amaranth_Advisors" target="_blank">Amaranth </a>could have been my last.After my Masters at Yale back in 2003, I joined this American multi-strategy Hedge Fund in Greenwich, Connecticut. It was my very first experience working in the rough-and-tumble world of a trading floor in the global hedge fund industry. I rescinded my trading position back in…

“Speculation is a hard and trying business, and a speculator must be on the job all the time or he'll soon have no job to be on.” - Reminiscences of a Stock Operator, 1923My first day at Amaranth could have been my last.After my Masters at Yale back in 2003, I joined this American multi-strategy Hedge Fund in Greenwich, Connecticut. It was my very first experience working in the rough-and-tumble world of a trading floor in the global hedge fund industry. I rescinded my trading position back in…

10 Years' Anniversary of the Collapse of Hedge Fund Amaranth - Reminiscences of a Stock Operator

Founder-CEO & Chief Analyst, Real Estate Foresight

Robert Ciemniak

Founder-CEO & Chief Analyst

Real Estate Foresight

Since 2012, REF has been helping investors with market research, project due diligence, and strategy development. This has ranged from detailed assessments and estimates on distressed developers' project portfolios to market due diligence on specific projects to macro-level questions linked to demand for commodities. The unique combination of the housing markets and developer data from data partner China Index Academy in Beijing, primary research, and technology-powered alternative data collection from public sources result in a valuable content set used in REF analytics and reports.

Predictive Analytics for China Property

With global capital flows in real estate at historical highs, property investors need to pay greater attention to currency dynamics across the world, even if their performance is measured on local currency basis. We have updated our currency impact tables post-Brexit for USD, EUR, JPY, AUD, GBP and CNY. We make a simple assumption that a property investor uses his/her domestic 'investor' currency to buy assets in 'investment' currency at a spot rate on a given start date and then repatriates…

With global capital flows in real estate at historical highs, property investors need to pay greater attention to currency dynamics across the world, even if their performance is measured on local currency basis. We have updated our currency impact tables post-Brexit for USD, EUR, JPY, AUD, GBP and CNY. We make a simple assumption that a property investor uses his/her domestic 'investor' currency to buy assets in 'investment' currency at a spot rate on a given start date and then repatriates…

Post-Brexit Currency Impact Tables - For International Property Investors

When we wrote about <a href="https://www.smartkarma.com/entities/8922" target="_blank" data-smartkarma-citation="entities:8922">Bharti Infratel</a> (BHIN) in February there was considerable push back on the idea that margins would be squeezed. We believe the market has been overly optimistic on BHIN. Bulls expect BHIN's rental revenues to growth faster than land rental costs and other costs leading to margin improvements. We believe that land rental costs are going to rise quickly and this will pressure future returns. In recent days, there has been a spate of analyst downgrades. We remain negative on the…

When we wrote about Bharti Infratel (BHIN) in February there was considerable push back on the idea that margins would be squeezed. We believe the market has been overly optimistic on BHIN. Bulls expect BHIN's rental revenues to growth faster than land rental costs and other costs leading to margin improvements. We believe that land rental costs are going to rise quickly and this will pressure future returns. In recent days, there has been a spate of analyst downgrades. We remain negative on the…

United States

American Tower Corp. is a real estate investment trust that owns, operates, and develops wireless communications and broadcast towers in the United States. The Company leases antennae sites on multi-tenant towers for a diverse range of wireless communications industries, including personal communications services, paging, and cellular.

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American Tower (AMT US)

IDEA/Vodafone Courtship: A New No1 in India? Indian Telecom Consolidation Moving Forward.

We have spoken about likely consolidation in the Indian mobile market in the past, given the massive sums that need to be spent to stay relevant in...

New Street Research

Long AMT (American Tower) Jan '17 100-Strike Puts at $1.70

The company is the largest owner of wireless and broadcast communication towers (100,000 sites globally). The stock has become a proxy for interest...

Asymmetric Payoffs

10 Years' Anniversary of the Collapse of Hedge Fund Amaranth - Reminiscences of a Stock Operator

“Speculation is a hard and trying business, and a speculator must be on the job all the time or he'll soon have no job to be on.” - Reminiscences...

Tan Chin-Hwee

Post-Brexit Currency Impact Tables - For International Property Investors

With global capital flows in real estate at historical highs, property investors need to pay greater attention to currency dynamics across the...

Robert Ciemniak

Bharti Infratel: The Squeeze Is Here

When we wrote about Bharti Infratel (BHIN) in February there was considerable push back on the idea that margins would be squeezed. We believe the...

New Street Research

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