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

After almost a year of discussion in China, we have finally seen announcements from the China Towerco on lease fee payments. The Chinese telco operators sold their towers to the Towerco in October 2015 and have been providing for their estimate of what the towerco lease fee payments will be in their accounts for Q415 and Q116.The key points to note are that lease fee rates are extremely low by global standards, low even compared to India. The Towerco is clearly a mechanism to reduce Opex at the…

After almost a year of discussion in China, we have finally seen announcements from the China Towerco on lease fee payments. The Chinese telco operators sold their towers to the Towerco in October 2015 and have been providing for their estimate of what the towerco lease fee payments will be in their accounts for Q415 and Q116.The key points to note are that lease fee rates are extremely low by global standards, low even compared to India. The Towerco is clearly a mechanism to reduce Opex at the…

China TowerCo: A Low Fee, Low Return Telecom Tower Business. Positive for Chinese Telcos.

Asia Pac IPO & Placement Research, China biotech, Aequitas Research

Ke Yan, CFA, FRM

Asia Pac IPO & Placement Research, China biotech

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

Equity Capital Markets

China Unicom Hong Kong / Equity Capital Markets

<a href="https://www.smartkarma.com/entities/1016" target="_blank" data-smartkarma-citation="entities:1016:1">China Unicom Hong Kong Ltd</a> , one of the three major telecom service providers in China, sees its shareholder <a href="https://www.smartkarma.com/entities/21299" target="_blank" data-smartkarma-citation="entities:21299:1">Telefonica SA</a> placing 361m shares worth US$360m. The deal scores below borderline for participation in our ECM framework, mainly because of its poor share performance, placement track record, recent stock derating, and higher leverage than peers. We also take a quick look at its fundamentals.<h2>Deal Overview</h2><ul>
<li>Company Name: China Unicom Hong Kong Ltd</li>
<li>Ticker: 762 HK Equity</li>
<li>Secondary offering </li>
<li>…</li>
</ul>

China Unicom Hong Kong Ltd , one of the three major telecom service providers in China, sees its shareholder Telefonica SA placing 361m shares worth US$360m. The deal scores below borderline for participation in our ECM framework, mainly because of its poor share performance, placement track record, recent stock derating, and higher leverage than peers. We also take a quick look at its fundamentals.Deal Overview
Company Name: China Unicom Hong Kong Ltd
Ticker: 762 HK Equity
Secondary offering 
…


China Unicom Placement: Worst Performing Chinese Telco, Albeit Turn-Around Potential

Founder, Riedel Research

David Riedel

Founder

Independent equity research on GEM Markets

Riedel Research

Riedel provides equity research and analysis to leading financial organizations. By becoming members of a region (Asia, Latin America, Emerging Europe or Global), organizations have access to an integrated set of services including:

Regular company coverage reports
Up-to-date investment decision advice (buy, hold, sell)
Monthly regional and global conference calls
Customized company reports and unlimited on-line access to the program's services.

Riedel provides research coverage of companies across the full range of market capitalization. Experienced research professionals in each market develop company reports and analysis as well as earnings models and projections. Ratings are Buy, Hold and Sell with a focus on compelling investment ideas - both long and short. Downloadable, dynamic earnings models are built to facilitate sensitivity analysis.

Please feel free to contact us for complimentary access to our written research.  We want to show you that our unique research flow can add value and help develop a long-term, high value-add relationship.

Riedel's model focuses on providing clients with unique insights and consulting in addition to unlimited access to all produced research This model allows members to receive exponential benefits for their retainer fees.

China Telecom Corp Ltd (Adr) / Equity Bottom-Up

<ul><li>China Telecom Sees Revenue Growth with Stable Margins - 30%+Upside - BUY</li><li>We recently gained insight into some of China Mobile’s competitive strategies and initiatives. With slogan like ‘Ruin China Telecom’ and aggressive internal training we believe China Mobile is feeling pressure from CHA’s mobile broadband.</li><li>The growth rate of the fixed-line broadband user base accelerated, as quality is bringing users back. We believe CHA will have stable margins, as CHA is shifting its base stations to China Tower, a newly established state-owned company.</li><li>The P/E band provides a target price of USD61 and an upside of 36%. Upgrade to BUY.</li><li>Given the company’s relatively low Corporate Governance Score (52/100) we would be nimble and be ready to reduce exposure as the shares approach full value.</li></ul>

China Telecom Sees Revenue Growth with Stable Margins - 30%+Upside - BUYWe recently gained insight into some of China Mobile’s competitive strategies and initiatives. With slogan like ‘Ruin China Telecom’ and aggressive internal training we believe China Mobile is feeling pressure from CHA’s mobile broadband.The growth rate of the fixed-line broadband user base accelerated, as quality is bringing users back.  We believe CHA will have stable margins, as CHA is shifting its base stations to China Tower, a newly established state-owned company.The P/E band provides a target price of USD61 and an upside of 36%. Upgrade to BUY.Given the company’s relatively low Corporate Governance Score (52/100) we would be nimble and be ready to reduce exposure as the shares approach full value.

China Mobile Internal Training Highlights Competitive Threat of China Telecom - BUY - 30%+ Upside

Thematic Investing in Tech and Media, CM Research

Cyrus Mewawalla

Thematic Investing in Tech and Media

Thematic TMT investing

CM Research

CM Research is an independent research house based in London, England. We provide global thematic research in the Technology, Media and Telecoms (TMT) sectors. 

Our focus is on disruptive technologies: how will they unfold; which industries will be impacted; and who will be the ultimate winners and losers. 

Our aim is to help investors predict share prices and corporate executives stay one step ahead of the technology trends that are shaping their industry. 

We research technology investment themes in detail and then feed the results into a scorecard system to quantify the impact of several conflicting themes on individual stocks. 

Recent themes covered include internet TV, the Internet of Things, Big Data, Mobile payments, crowdfunding, artificial intelligence, the cloud, software defined networking and Generation Hashtag.

We cover the top 500 global TMT stocks by market capitalisation and several technology start-ups and pre-IPO companies too. 

In 2015, CM Research analysts outperformed the Bloomberg Benchmark Analyst Index - which measures how good analysts are at predicting stock prices - by 7.1%.

Thematic (Sector/Industry)

Forget everything you learned about Millennials....Millennials were ‘digital’ as defined by the discrete electronic tasks they performed on laptops, iPods or mobile handsets. Generation Hashtag, by contrast, is ‘born digital’.Generation Hashtag has never seen a world without the Internet. They were born into smartphones, social media and the sharing economy. They are technology reliant, hyper-aware and extremely demanding. They are the first generation not to have to read or typed using a computer. For them, it is a world of touch screens filled with constellations of online apps.... and focus on Generation HashtagAged 10 to 24 and numbering about 1.2 billion people worldwide, Generation Hashtag comprises the younger Millennials and the older cohorts of Generation Z. Every year for the next decade, at least one hundred million of them will enter the world of work. They do things differently to previous generations. They will soon become the primary agenda setters for the corporate world, quite literally forcing corporations to re-compile the world using a ‘native digital first’ mindset.

Forget everything you learned about Millennials....Millennials were ‘digital’ as defined by the discrete electronic tasks they performed on laptops, iPods or mobile handsets. Generation Hashtag, by contrast, is ‘born digital’.Generation Hashtag has never seen a world without the Internet. They were born into smartphones, social media and the sharing economy. They are technology reliant, hyper-aware and extremely demanding. They are the first generation not to have to read or typed using a computer. For them, it is a world of touch screens filled with constellations of online apps.... and focus on Generation HashtagAged 10 to 24 and numbering about 1.2 billion people worldwide, Generation Hashtag comprises the younger Millennials and the older cohorts of Generation Z. Every year for the next decade, at least one hundred million of them will enter the world of work. They do things differently to previous generations. They will soon become the primary agenda setters for the corporate world, quite literally forcing corporations to re-compile the world using a ‘native digital first’ mindset.

Generation Hashtag as an Investment Theme

Leading Independent Investment Research, Morningstar, Inc.

Morningstar

Leading Independent Investment Research

Morningstar, Inc.

Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. We offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors. 

Morningstar provides data on more than 500,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 16 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries, with more than $180 billion in assets under advisement or management as of June 30, 2015. We have operations in 27 countries.

Download the Morningstar Fact Sheet : http://corporate.morningstar.com/US/documents/MarketingFactSheets/AboutMorningstarFactsheet.pdf

<ul><li class="p1">All fixed-income indexes posted especially strong returns considering the current low-yield environment, because of falling interest rates and narrowing credit spreads</li><li class="p1">After many years of underperformance, value stocks reasserted themselves in the first quarter, outperforming growth</li><li class="p1">A year ago, small stocks looked overvalued, but after a 9.8% drop (versus a 1.8% gain for large stocks), they are now closer to fairly valued territory</li></ul>Analysts: Bob Johnson, Timothy Strauts, Alina Lamy

All fixed-income indexes posted especially strong returns considering the current low-yield environment, because of falling interest rates and narrowing credit spreadsAfter many years of underperformance, value stocks reasserted themselves in the first quarter, outperforming growthA year ago, small stocks looked overvalued, but after a 9.8% drop (versus a 1.8% gain for large stocks), they are now closer to fairly valued territoryAnalysts: Bob Johnson, Timothy Strauts, Alina Lamy

Hong Kong

China Mobile Limited provides telecommunication services. The Company offers wireline voice, broadband, roaming, and other related services. China Mobile serves customers in Hong Kong.

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China Mobile (941 HK)

China TowerCo: A Low Fee, Low Return Telecom Tower Business. Positive for Chinese Telcos.

After almost a year of discussion in China, we have finally seen announcements from the China Towerco on lease fee payments. The Chinese telco...

New Street Research

China Unicom Placement: Worst Performing Chinese Telco, Albeit Turn-Around Potential

China Unicom Hong Kong Ltd , one of the three major telecom service providers in China, sees its shareholder Telefonica SA placing 361m shares...

Ke Yan, CFA, FRM

China Mobile Internal Training Highlights Competitive Threat of China Telecom - BUY - 30%+ Upside

China Telecom Sees Revenue Growth with Stable Margins - 30%+Upside - BUY We recently gained insight into some of China Mobile’s competitive...

David Riedel

Generation Hashtag as an Investment Theme

Forget everything you learned about Millennials....Millennials were ‘digital’ as defined by the discrete electronic tasks they performed on...

CM Research

Morningstar Markets Observer: Q2 2016

All fixed-income indexes posted especially strong returns considering the current low-yield environment, because of falling interest rates and...

Morningstar, Inc.

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