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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
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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

Malaysian wireless revenue is declining. The wireless stocks trade at premiums implying an earnings turnaround. The imminent launch of Telekom Malaysia's 4G offering brings a powerful new competitor into the market. Telekom has a strong Corporate business and with their extensive broadband footprint they can identify potential subscribers. There is potential for them to take significant market share, implying a steep fall in revenues for the 3 existing operators. The wild card here is a potential re-merger of Telekom and Axiata. Current Malaysian returns on invested capital are high creating a huge opportunity for Telekom to add value to its shareholders. We are wary of the incumbents Maxis and Digi while Axiata has international assets to make it less sensitive.&nbsp;

Malaysian wireless revenue is declining. The wireless stocks trade at premiums implying an earnings turnaround. The imminent launch of Telekom Malaysia's 4G offering brings a powerful new competitor into the market. Telekom has a strong Corporate business and with their extensive broadband footprint they can identify potential subscribers. There is potential for them to take significant market share, implying a steep fall in revenues for the 3 existing operators. The wild card here is a potential re-merger of Telekom and Axiata. Current Malaysian returns on invested capital are high creating a huge opportunity for Telekom to add value to its shareholders. We are wary of the incumbents Maxis and Digi while Axiata has international assets to make it less sensitive.&nbsp;

Telekom Malaysia's coming 4G launch is an under appreciated risk to the 3 incumbent telcos

Malaysia

Axiata Group Berhad is a telecommunication company.  The Company's main activities is the establishment, maintenance, and provision of telecommunications and related services.

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Axiata Group (AXIATA MK)

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

Telekom Malaysia's coming 4G launch is an under appreciated risk to the 3 incumbent telcos

Malaysian wireless revenue is declining. The wireless stocks trade at premiums implying an earnings turnaround. The imminent launch of Telekom...

New Street Research

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