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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

<a href="https://www.smartkarma.com/entities/1015" target="_blank" data-smartkarma-citation="entities:1015:1">China Telecom (728 HK)</a> reported solid 4Q16 results, with a sharp acceleration in mobile service revenue propelled by strong data trends. Mobile service revenue grew by 11.1% YoY in 4Q, the best growth since 3Q14. We see good traction for China Telecom's 4G offering while pressure on domestic roaming fees seems to have had little impact. Mobile data traffic grew 136% YoY in 4Q with 83% of this being on the 4G network. Data traffic per 4G user rose 39% to 1.36GB/month - solid growth but also…

China Telecom (728 HK) reported solid 4Q16 results, with a sharp acceleration in mobile service revenue propelled by strong data trends. Mobile service revenue grew by 11.1% YoY in 4Q, the best growth since 3Q14. We see good traction for China Telecom's 4G offering while pressure on domestic roaming fees seems to have had little impact. Mobile data traffic grew 136% YoY in 4Q with 83% of this being on the 4G network. Data traffic per 4G user rose 39% to 1.36GB/month - solid growth but also…

China Telecom: Strong Revenue Growth but Higher Network Costs Hit Ebitda. Outlook Remains Positive.

Energy Expert

Thierry Bros, PhD

Thierrybros.com

Thematic (Sector/Industry)

Interesting article in the Financial Time (FT) on stock exchanges fighting for Saudi Aramco IPO <a href="https://www.ft.com/content/41af604e-0315-11e7-ace0-1ce02ef0def9" target="_blank">https://www.ft.com/content/41af604e-0315-11e7-ace0-1ce02ef0def9 </a>with the following conclusion "Saudi Aramco will initially list as much as 5% of the company and investors and analysts have questioned the size of Riyadh’s $2tn valuation. But even if it reaches just half that target it would still raise $50bn — twice as much as Alibaba’s record IPO in 2014."Back in <a href="https://www.smartkarma.com/insights/saudi-aramco-value-tn-maybe-not" target="_blank" data-smartkarma-citation="insights:8177">Saudi Aramco Value: $tn? Maybe Not!</a> my…

Interesting article in the Financial Time (FT) on stock exchanges fighting for Saudi Aramco IPO https://www.ft.com/content/41af604e-0315-11e7-ace0-1ce02ef0def9 with the following conclusion "Saudi Aramco will initially list as much as 5% of the company and investors and analysts have questioned the size of Riyadh’s $2tn valuation. But even if it reaches just half that target it would still raise $50bn — twice as much as Alibaba’s record IPO in 2014."Back in Saudi Aramco Value: $tn? Maybe Not! my…

New York and London Battle for Saudi Aramco IPO

Investing in high growth Asian frontier economies., Asia Frontier Capital

Scott Osheroff

Investing in high growth Asian frontier economies.

Asia Frontier Capital

Asia Frontier Capital Ltd. is a pioneering fund management company based in Hong Kong that specializes in investing in high growth Asian frontier economies by managing the AFC Asia Frontier Fund , AFC Iraq Fund and the AFC Vietnam Fund.

The AFC Asia Frontier Fund invests in public equities of Asian frontier countries that are seeing increasing consumption due to favorable demographic trends, rising incomes and high GDP growth. The fund invests in listed equities of companies that have their principal business activities in Bangladesh, Bhutan, Cambodia, Iraq, Laos, Maldives, Mongolia, Myanmar (Burma), Nepal, Pakistan, Papua New Guinea, Sri Lanka and Vietnam. The AFC Asia Frontier Fund is positioned to take advantage of the continuing economic shifts in these countries and offers high returns combined with significant diversification opportunities. This fund is directed by the founder and CEO of Asia Frontier Capital, Thomas Hugger, who has been investing in frontier markets across Asia and Africa for more than 20 years.

The AFC Iraq Fund was launched on the 26th June 2015 and aims to achieve long-term capital appreciation for investors by capturing value and growth potential in the post conflict high-growth & resource rich Iraq market. The fund emphasises long term investment horizon to truly capture the opportunity in Iraq. The fund's investable universe consists of locally listed companies that have their principal business activities in Iraq as well as foreign listed companies that have the majority of the business in Iraq as a whole including the prosperous Kurdish Region of Iraq (KRI). The AFC Iraq Fund offers access to investments in post conflict recovery potential of Iraq, including the KRI, and/or stability in its territory. The AFC Iraq Fund is managed by Asia Frontier Capital (Iraq) Limited, Cayman Islands under the executive leadership team of Thomas Hugger (CEO & Fund Manager) and Ahmed Tabaqchali (CIO) who have more than 47 years of investment experience as well as an extensive background covering global, emerging, frontier and MENA markets.

The AFC Vietnam Fund invests exclusively in listed Vietnamese equities to capture value in growth companies with a focus on the small to medium size companies. This market segment offers a unique investment opportunity as the valuation gap between large- and small-cap stocks in Vietnam is presently much wider than in comparable neighboring markets and the valuations are significantly depressed versus their regional peers. The fund adopts a fundamental-quantitative approach and employs an in-house earnings model to identify attractive companies where we see high growth opportunities. In conjunction with targeting the maximum upside potential the portfolio has been structured to mitigate corporate government and liquidity risks. The fund invests in a diversified portfolio of 70-90 attractively valued companies to carefully control concentration risk.  This approach allows the fund to sell, or buy, positions without having a significant market impact. The fund is directed under the executive leadership of Thomas Hugger and Andreas Vogelsanger who have more than 50 years combined experience managing investments in frontier markets, Asia and around the world.

For more information about the fund, management team and investment strategy please contact us at info@asiafrontiercapital.com.

In line with our process of being on the ground in the countries we invest in, Scott Osheroff, Analyst at Asia Frontier Capital, traveled to Laos to visit portfolio companies and other companies on our shortlist. The photos in this article are all by AFC.

In line with our process of being on the ground in the countries we invest in, Scott Osheroff, Analyst at Asia Frontier Capital, traveled to Laos to visit portfolio companies and other companies on our shortlist. The photos in this article are all by AFC.

Asia Frontier Capital Travel Report: Laos

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

For those with the time and inclination, I have provided links to the Work Report (given by the Premier), the NDRC Draft Plan for National Economic and Social Development, and the Ministry of Finance Budget Report (previous year and plan for current year)  provided for Deputies to vote upon at the "Two Sessions" meetings of the National People's Congress (since 2000).Often, reading these reports is a somniferous affair. But they can hint at slight changes in priorities.I expect we will see much…

For those with the time and inclination, I have provided links to the Work Report (given by the Premier), the NDRC Draft Plan for National Economic and Social Development, and the Ministry of Finance Budget Report (previous year and plan for current year)  provided for Deputies to vote upon at the "Two Sessions" meetings of the National People's Congress (since 2000).Often, reading these reports is a somniferous affair. But they can hint at slight changes in priorities.I expect we will see much…

NPC17: National People's Congress Reports

<div class="content-highlight">As International Oil Companies (IOC) have now published their FY2016 results, let's compare their level of oil and gas production to see which one is best positioned if our world has to move away from oil (and coal) to gas, the cleanest fossil fuel (and renewable).</div><div style="text-align: center;" class="content-caption">
<figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/021/237/original/2016%20HC%20production.JPG?1487582898" class="editor-image img-responsive" data-smartkarma-image-id="21237"></figure>Source: company data, thierrybros.com
</div><ul><li>
<a href="https://www.smartkarma.com/entities/23749" target="_blank" data-smartkarma-citation="entities:23749:1">Gazprom PJSC (GAZP RX)</a>'s hydrocarbon production increased by 1% thanks to an 8% increase in oil. <a href="https://www.smartkarma.com/entities/23749" target="_blank" data-smartkarma-citation="entities:23749:1">Gazprom PJSC (GAZP RX)</a> is the biggest listed hydrocarbon producer but more importantly, with gas…</li></ul>

As International Oil Companies (IOC) have now published their FY2016 results, let's compare their level of oil and gas production to see which one is best positioned if our world has to move away from oil (and coal) to gas, the cleanest fossil fuel (and renewable).
Source: company data, thierrybros.com

Gazprom PJSC (GAZP RX)'s hydrocarbon production increased by 1% thanks to an 8% increase in oil. Gazprom PJSC (GAZP RX) is the biggest listed hydrocarbon producer but more importantly, with gas…

Are International Oil Companies Adapting to Climate Change Challenges?

China

China Shenhua Energy Company Limited is an integrated coal-based energy company focusing on the coal and power businesses in China.  The Company also owns and operates an integrated coal transportation network consisting of dedicated rail lines and port facilities.

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China Shenhua Energy Co H (1088 HK)

China Telecom: Strong Revenue Growth but Higher Network Costs Hit Ebitda. Outlook Remains Positive.

China Telecom (728 HK) reported solid 4Q16 results, with a sharp acceleration in mobile service revenue propelled by strong data trends. Mobile...

New Street Research

New York and London Battle for Saudi Aramco IPO

Interesting article in the Financial Time (FT) on stock exchanges fighting for Saudi Aramco IPO...

Thierry Bros, PhD

Asia Frontier Capital Travel Report: Laos

In line with our process of being on the ground in the countries we invest in, Scott Osheroff, Analyst at Asia Frontier Capital, traveled to Laos...

Asia Frontier Capital

NPC17: National People's Congress Reports

For those with the time and inclination, I have provided links to the Work Report (given by the Premier), the NDRC Draft Plan for National Economic...

Travis Lundy

Are International Oil Companies Adapting to Climate Change Challenges?

As International Oil Companies (IOC) have now published their FY2016 results, let's compare their level of oil and gas production to see which one...

Thierry Bros, PhD

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