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

China Unicom Hong Kong / Equity Bottom-Up

After years of reporting declining returns due to high capex, intense competition, and regulatory interference, the Chinese telecom industry may have finally turned the corner. We have been optimistic on the sector following commentary that the government was looking to improve SOE efficiency and limit further declines given returns were already so low. Markets with very low returns eventually run out of capacity to invest.  This optimism started to be reflected in reality in 2016 when the…

After years of reporting declining returns due to high capex, intense competition, and regulatory interference, the Chinese telecom industry may have finally turned the corner. We have been optimistic on the sector following commentary that the government was looking to improve SOE efficiency and limit further declines given returns were already so low. Markets with very low returns eventually run out of capacity to invest.  This optimism started to be reflected in reality in 2016 when the…

Chinese Telcos Lower Capex Will Generate Higher Cash Returns. China Unicom Our Top Pick.

All three Chinese telcos have now reported their 1Q17 results. We will have more detail on this later but, in general terms, we continue to see decent revenue and Ebitda growth for the industry. While <a href="https://www.smartkarma.com/entities/1016" target="_blank" data-smartkarma-citation="entities:1016:1">China Unicom (762 HK)</a>, is outperforming as it manages its cost base, all three are performing well. Capex continues to fall in all three and this is positive for our rising return thesis on the sector. <a href="https://www.smartkarma.com/entities/1015" target="_blank" data-smartkarma-citation="entities:1015:1">China Telecom (728 HK)</a> was no exception and delivered solid 1Q17 numbers with accelerating…

All three Chinese telcos have now reported their 1Q17 results. We will have more detail on this later but, in general terms, we continue to see decent revenue and Ebitda growth for the industry. While China Unicom (762 HK), is outperforming as it manages its cost base, all three are performing well. Capex continues to fall in all three and this is positive for our rising return thesis on the sector. China Telecom (728 HK) was no exception and delivered solid 1Q17 numbers with accelerating…

China Telecom: Gaining Share as 1Q17 Shows Strong Top Line Traction

<a href="https://www.smartkarma.com/entities/1016" target="_blank" data-smartkarma-citation="entities:1016:1">China Unicom's (762 HK)</a> 1Q17 results continue the ongoing recovery with an acceleration in mobile service revenue growth and stable fixed line trends. China Unicom reported a 5% YoY increase in Ebitda (above expectations), with margins rising 200bps. While operating revenues were affected by weaker handset sales and other revenues, these businesses have little impact on net profit.  The key highlight for the quarter was the solid mobile service revenues trend coupled with clear evidence of…

China Unicom's (762 HK) 1Q17 results continue the ongoing recovery with an acceleration in mobile service revenue growth and stable fixed line trends. China Unicom reported a 5% YoY increase in Ebitda (above expectations), with margins rising 200bps. While operating revenues were affected by weaker handset sales and other revenues, these businesses have little impact on net profit.  The key highlight for the quarter was the solid mobile service revenues trend coupled with clear evidence of…

China Unicom's Strategy Gaining Traction. 1Q17 Results Show the Improvement

<a href="https://www.smartkarma.com/entities/27" target="_blank" data-smartkarma-citation="entities:27:1">China Mobile's (941 HK)</a> 1Q17 results showed an acceleration in service revenues from 3% in 4Q16 to 6% in 1Q17. The growth includes the wireline business which we estimate grew 40% YoY in 1Q17 (still only around 5% of service revenues). We estimate that underlying mobile service revenues accelerated from 1.5% YoY in 4Q16 to 4.8% in 1Q17.  We do expect future growth to slow slightly from the combination of lower net adds, and the cancellation of NLD tariffs, but the trends remain positive.Service…

China Mobile's (941 HK) 1Q17 results showed an acceleration in service revenues from 3% in 4Q16 to 6% in 1Q17. The growth includes the wireline business which we estimate grew 40% YoY in 1Q17 (still only around 5% of service revenues). We estimate that underlying mobile service revenues accelerated from 1.5% YoY in 4Q16 to 4.8% in 1Q17.  We do expect future growth to slow slightly from the combination of lower net adds, and the cancellation of NLD tariffs, but the trends remain positive.Service…

<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.

China

China Telecom Corporation Limited, through its subsidiaries, provides wireline telephone, data, and Internet, as well as leased line services in China.

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China Telecom Corp Ltd (Adr) (CHA US)

Chinese Telcos Lower Capex Will Generate Higher Cash Returns. China Unicom Our Top Pick.

After years of reporting declining returns due to high capex, intense competition, and regulatory interference, the Chinese telecom industry may...

New Street Research

China Unicom's Strategy Gaining Traction. 1Q17 Results Show the Improvement

China Unicom's (762 HK) 1Q17 results continue the ongoing recovery with an acceleration in mobile service revenue growth and stable fixed line...

New Street Research

China Mobile: Top Line Accelerates Again

China Mobile's (941 HK) 1Q17 results showed an acceleration in service revenues from 3% in 4Q16 to 6% in 1Q17. The growth includes the wireline...

New Street Research

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

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Chinese Telcos Lower Capex Will Generate Higher Cash Returns. China Unicom Our Top Pick.

After years of reporting declining returns due to high capex, intense competition, and regulatory interference, the Chinese telecom industry may...

New Street Research

China Telecom: Gaining Share as 1Q17 Shows Strong Top Line Traction

All three Chinese telcos have now reported their 1Q17 results. We will have more detail on this later but, in general terms, we continue to see...

New Street Research

China Unicom's Strategy Gaining Traction. 1Q17 Results Show the Improvement

China Unicom's (762 HK) 1Q17 results continue the ongoing recovery with an acceleration in mobile service revenue growth and stable fixed line...

New Street Research

China Mobile: Top Line Accelerates Again

China Mobile's (941 HK) 1Q17 results showed an acceleration in service revenues from 3% in 4Q16 to 6% in 1Q17. The growth includes the wireline...

New Street Research

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