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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:

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Global Emerging Market Telecoms
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We also provide debt research on:
Pan European Telecom Services and Cable

Equity Bottom-Up

<p> <a href="https://www.smartkarma.com/entities/9181" target="_blank" data-smartkarma-citation="entities:9181:1">Chunghwa Telecom (2412 TT)</a> continues to be our main source of concern in the Taiwanese telecom market. The market remains expensive and hopes for a revenue pick up as the country moved from 3G to 4G have largely been unmet. In fact, they have declined and that has put pressure on margins. Investors had hoped for a move away from unlimited to tiered plans but the ongoing market share losses at Chunghwa suggest the risks are now on the downside. </p><p>While new entrants have failed to have much impact…</p>

 Chunghwa Telecom (2412 TT) continues to be our main source of concern in the Taiwanese telecom market. The market remains expensive and hopes for a revenue pick up as the country moved from 3G to 4G have largely been unmet. In fact, they have declined and that has put pressure on margins. Investors had hoped for a move away from unlimited to tiered plans but the ongoing market share losses at Chunghwa suggest the risks are now on the downside. While new entrants have failed to have much impact…

Taiwan Telcos Remain Under Pressure. How Will Chunghwa Respond to Market Share Losses?

Macro & Asian equity Technical Strategies, BBSP Asia

Federico D'Inca

Macro & Asian equity Technical Strategies

BBSP Asia

Technical Analysis

Chunghwa Telecom Co., Ltd (Adr) / Technical Analysis

<figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/025/901/original/BBSP%20Chunghwa%20Telecom%20.JPG?1494557345" class="editor-image img-responsive" data-smartkarma-image-id="25901"></figure><table class="table table-striped"><tbody><tr><td><div id="dtd_titreConseil">Bullish above <strong>100.00</strong>
</div></td></tr></tbody></table><div id="dtd_analyse">*** Strong view conviction</div><table class="table table-striped"><tbody><tr><td>
<div id="dtd_titreCas1_pre"><strong>Preferred case:</strong></div>
<div id="dtd_titreCas1_suf"><strong>Bullish</strong></div>
<ul><li>
<strong>100.00</strong> support, rise expected to <strong>116.00</strong>.</li></ul>
</td></tr></tbody></table><div id="dtd_kelTitre">Key elements on a weekly basis:</div><ul>
<li>Back to graphical support and 144 week MA</li>
<li>weekly Rsi at level where the stock reversed in the past.</li>
</ul><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/025/903/original/BBSP%20Chunghwa%20rv%20vs%20TWSE%20outperf.JPG?1494557499" class="editor-image img-responsive" data-smartkarma-image-id="25903"></figure><p>Also, relative value 2412 TT vs TWSE outperformance expected</p><div class="content-remarks"><p>Access to this document is restricted to the use of the intended recipient designated by BBSP and may not be<br>shared with others. Any unauthorized use, dissemination, distribution or copying of this…</p></div>

Bullish above 100.00
*** Strong view conviction
Preferred case:
Bullish

100.00 support, rise expected to 116.00.
Key elements on a weekly basis:
Back to graphical support and 144 week MA
weekly Rsi at level where the stock reversed in the past.
Also, relative value 2412 TT vs TWSE outperformance expectedAccess to this document is restricted to the use of the intended recipient designated by BBSP and may not be shared with others. Any unauthorized use, dissemination, distribution or copying of this…

Chunghwa Telecom 2412 TT - About to Explode Upside - Target 116 (+10%)

Asia and Global Semiconductor and Tech Research

Andrew Lu

Thematic (Sector/Industry)

<h2>Why does foreign exchange matter?</h2><p>After <a href="https://www.smartkarma.com/entities/18126" target="_blank" data-smartkarma-citation="entities:18126:1">Phison Electronics Corp (8299 TT)</a> chairman/CEO said NT$ appreciation to have a negative earnings impacts to 1Q17 EPS up to NT$1.5 per share (please see earlier report "<a href="https://www.smartkarma.com/insights/phison-chairman-expects-nand-price-correction-in-2q17-and-not-ruling-out-to-invest-toshiba-memory" target="_blank" data-smartkarma-citation="insights:9867">Phison Chairman Expects NAND Price Correction in 2Q17 and Not Ruling Out to Invest Toshiba Memory</a>" dated 8 April 2017 and <a href="https://www.smartkarma.com/entities/11230" target="_blank" data-smartkarma-citation="entities:11230:1">Taiwan Semiconductor Mfg. Co. Ltd. (2330 TT)</a> missed its 1Q17 sales guidance by 2% (please see "<a href="https://www.smartkarma.com/insights/tsmc-misses-1q-sales-guidance-and-will-likely-miss-margin-guidance-and-2q-consensus-as-well" target="_blank" data-smartkarma-citation="insights:9895">TSMC Misses 1Q Sales Guidance and Will Likely Miss Margin Guidance and 2Q</a>…</p>

Why does foreign exchange matter?After Phison Electronics Corp (8299 TT) chairman/CEO said NT$ appreciation to have a negative earnings impacts to 1Q17 EPS up to NT$1.5 per share (please see earlier report "Phison Chairman Expects NAND Price Correction in 2Q17 and Not Ruling Out to Invest Toshiba Memory" dated 8 April 2017 and Taiwan Semiconductor Mfg. Co. Ltd. (2330 TT) missed its 1Q17 sales guidance by 2% (please see "TSMC Misses 1Q Sales Guidance and Will Likely Miss Margin Guidance and 2Q…

Quick Analysis of US$ Depreciation Impacts to Top 20 Market Cap Taiwan Tech Vendors

<p>New Street Research attended this year's Mobile World Congress in Barcelona recently. While the move to 5G will bring huge increases in localized wireless capacity, the transition around 2020 to 5G looks increasingly likely to be smooth for many operators, with little impact on capex or revenue trajectories. 5G does not change the key economics of network densification. Where these are good, 5G will thrive. Where they are poor, 5G deployment will be slower. Only in markets with strong asymmetry…</p>

New Street Research attended this year's Mobile World Congress in Barcelona recently. While the move to 5G will bring huge increases in localized wireless capacity, the transition around 2020 to 5G looks increasingly likely to be smooth for many operators, with little impact on capex or revenue trajectories. 5G does not change the key economics of network densification. Where these are good, 5G will thrive. Where they are poor, 5G deployment will be slower. Only in markets with strong asymmetry…

Report from Mobile World Congress: The Transition to 5G Comes into Focus.

<p>When we wrote about the Taiwanese telcos after our December visits we noted <a href="https://www.smartkarma.com/entities/9181" target="_blank" data-smartkarma-citation="entities:9181:1">Chunghwa's (2412 TT)</a> market share losses. So far they have acceded to falling market share while <a href="https://www.smartkarma.com/entities/19488" target="_blank" data-smartkarma-citation="entities:19488:1">Far Eastone (4904 TT)</a> and <a href="https://www.smartkarma.com/entities/12128" target="_blank" data-smartkarma-citation="entities:12128:1">Taiwan Mobile (3045 TT)</a> have gained. However, we are starting to worry about retaliatory action.</p><p><strong>Taiwan</strong><strong> December operator numbers: Chunghwa’s struggles continue</strong></p><p>The Taiwanese telecom operators have all reported their December 2016 results. The key conclusion is that Chunghwa continues to struggle which…</p>

When we wrote about the Taiwanese telcos after our December visits we noted Chunghwa's (2412 TT) market share losses. So far they have acceded to falling market share while Far Eastone (4904 TT) and Taiwan Mobile (3045 TT) have gained. However, we are starting to worry about retaliatory action.Taiwan December operator numbers: Chunghwa’s struggles continueThe Taiwanese telecom operators have all reported their December 2016 results. The key conclusion is that Chunghwa continues to struggle which…

Taiwan Telcos: Chunghwa Still Struggling. Risk Increasing They Take Action to Protect Share

Taiwan

Chunghwa Telecom Co., Ltd. provides local, domestic, and international long distance services. The Company also offers wireless telecommunication, paging, and Internet services.

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Chunghwa Telecom (2412 TT)