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

Bespoke Research on China and neighbouring regions, Bixmoor

Bixmoor

Bespoke Research on China and neighbouring regions

Bixmoor specialises in providing bespoke research to business, governments and the financial community on China and neighbouring regions. We seek to build long-term relationships with our clients, based on our expertise, our reliability and our determination to find the right solution.

Thematic (Sector/Industry)

China spends billions of dollars every year on promoting its image around the world. But recent figures in the Soft Power 30 rankings suggest that the big spend is not achieving much. Will the big budget fall victim to inner-party politics?

China spends billions of dollars every year on promoting its image around the world. But recent figures in the Soft Power 30 rankings suggest that the big spend is not achieving much. Will the big budget fall victim to inner-party politics?

China: Poor Return for a Big Spend on Soft Power

Two recent reports on business confidence from the European Union and the American Chambers of Commerce in China show a marked fall in business confidence over the past year. Both reports share common concerns, although there are some marked differences, particularly on the question of innovation.

Two recent reports on business confidence from the European Union and the American Chambers of Commerce in China show a marked fall in business confidence over the past year. Both reports share common concerns, although there are some marked differences, particularly on the question of innovation.

US, EU Business Confidence Falls in China

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 (H) (728 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

China: Poor Return for a Big Spend on Soft Power

China spends billions of dollars every year on promoting its image around the world. But recent figures in the Soft Power 30 rankings suggest that...

Bixmoor

US, EU Business Confidence Falls in China

Two recent reports on business confidence from the European Union and the American Chambers of Commerce in China show a marked fall in business...

Bixmoor

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