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

Thematic (Sector/Industry)

<p>We discussed the issues facing Chinese internet companies wanting to go through a delisting/relisting process in <a href="https://www.smartkarma.com/insights/china-internet-going-private-transactions-at-risk" target="_blank" data-smartkarma-citation="insights:4501">China Internet: Going Private Transactions at Risk</a> . Our view is that with the CSRC issuing tougher new rules for reverse listings in China, and the IPO pipeline full already, there were risks to the going private transactions already announced in the US. A number of these have now been withdrawn ( <a href="https://www.smartkarma.com/entities/285" target="_blank" data-smartkarma-citation="entities:285">YY Inc</a> and <a href="https://www.smartkarma.com/entities/21-vianet-group-inc-adr" target="_blank" data-smartkarma-citation="entities:8489">21 Vianet</a>), and more face issues.   </p><p><strong>Focus Media, a company that has</strong>…</p>

We discussed the issues facing Chinese internet companies wanting to go through a delisting/relisting process in China Internet: Going Private Transactions at Risk . Our view is that with the CSRC issuing tougher new rules for reverse listings in China, and the IPO pipeline full already, there were risks to the going private transactions already announced in the US. A number of these have now been withdrawn ( YY Inc and 21 Vianet), and more face issues.   Focus Media, a company that has…

Focus Media:  An Example of Why Chinese Firms Want To "Come Home"

<p>In May, the China Securities Regulatory Commission (CSRC) issued draft regulations on back-door listings in an attempt to curb market volatility and speculation around shell companies. The rules extend the lock-up period for strategic shareholders from one to two or three years and include a ban on fundraising. This has put the brakes on privatisation plans by US-listed China companies as private equity investors need to contemplate longer holding periods in a volatile environment. We expect more privatisation plans to be withdrawn after recent moves from <a href="https://www.smartkarma.com/entities/21-vianet-group-inc-adr" target="_blank" data-smartkarma-citation="entities:8489:1">21 Vianet</a>  and <a href="https://www.smartkarma.com/entities/285" target="_blank" data-smartkarma-citation="entities:285:1">YY Inc</a>. <a href="https://www.smartkarma.com/entities/523" target="_blank" data-smartkarma-citation="entities:523">Qihoo</a> is the largest offer still in the mix and they have pushed closing back to August.  Some companies with existing privatisation plans have seen their share prices fall dramatically and may now offer interesting risk reward. </p>

In May, the China Securities Regulatory Commission (CSRC) issued draft regulations on back-door listings in an attempt to curb market volatility and speculation around shell companies. The rules extend the lock-up period for strategic shareholders from one to two or three years and include a ban on fundraising. This has put the brakes on privatisation plans by US-listed China companies as private equity investors need to contemplate longer holding periods in a volatile environment. We expect more privatisation plans to be withdrawn after recent moves from 21 Vianet  and YY Inc. Qihoo is the largest offer still in the mix and they have pushed closing back to August.  Some companies with existing privatisation plans have seen their share prices fall dramatically and may now offer interesting risk reward. 

China Internet: Going Private Transactions at Risk

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.

<p>China has been building very fast supercomputers for some years, but now it has developed a new machine that only uses Chinese-designed and manufactured chips. This is one area in which China leads the world</p>

China has been building very fast supercomputers for some years, but now it has developed a new machine that only uses Chinese-designed and manufactured chips. This is one area in which China leads the world

Chinese Supercomputers Outstrip the Competition

<p>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.</p>

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

Global Head of Research, Smartkarma

Mark Artherton

Global Head of Research

Ecstrat

Ecstrat is a consultancy advising on asset allocation between global equity markets, with a focus on the intersection of governments, geopolitics, governance and markets.
 
Over the past few years and more especially since the Great Financial Crisis (GFC), investors have become more focused on short-term market movements and real-time returns and have consequently neglected the analysis of the underlying structural themes that underpin longer term performance.
​
More specifically we believe that the evolution of governance-based relationships between investors, controlling shareholders, labour and the state is one of the primary determinants of both relative and absolute performance between individual equity markets.
 
We will endeavour to provide investors with some of the context surrounding governance-related issues which encompass many different disciplines including history, economics and political science, as well as the financial metrics which are the most obvious manifestation of the structural characteristics of each market.
 
We will pay particular attention to the shifts and potential inflection points for governance in individual markets as these are often the best lead indicators for both economic and market performance.

Macroeconomics

<p style="text-align: justify;">Ecstrat were amongst the first to highlight the explosive growth of working capital in non-financial companies in China. We monitor over 3,000 listed Chinese corporates and with 20% of those having now reported for 2015 we can start to draw some conclusions.</p><div class="content-highlight"><ul><li><em><strong>The 'cash flow recession' in corporate China continues.</strong></em></li></ul></div><div class="content-highlight"><ul><li><em><strong>Almost all sectors have experienced a rise in receivable days when comparing 2015 to 2014.</strong></em></li></ul></div><div class="content-highlight"><p><em><strong>Almost all sectors have seen an even larger increase in payable days, suggesting that the listed</strong></em>…</p></div>

Ecstrat were amongst the first to highlight the explosive growth of working capital in non-financial companies in China. We monitor over 3,000 listed Chinese corporates and with 20% of those having now reported for 2015 we can start to draw some conclusions.The 'cash flow recession' in corporate China continues.Almost all sectors have experienced a rise in receivable days when comparing 2015 to 2014.Almost all sectors have seen an even larger increase in payable days, suggesting that the listed…

Large Caps Squeezing SMEs in Early Reading of FY2015 Chinese Working Capital

China

Hangzhou Hikvision Digital Technology Co., Ltd develops, manufactures and sells video surveillance products.  The Company manufactures video and audio compression card, network hard disk video recorders, video servers, cameras, network storage, and other digital products.

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Hangzhou Hikvision (002415 CH)

Focus Media: An Example of Why Chinese Firms Want To "Come Home"

We discussed the issues facing Chinese internet companies wanting to go through a delisting/relisting process in China Internet: Going Private...

New Street Research

China Internet: Going Private Transactions at Risk

In May, the China Securities Regulatory Commission (CSRC) issued draft regulations on back-door listings in an attempt to curb market volatility...

New Street Research

Chinese Supercomputers Outstrip the Competition

China has been building very fast supercomputers for some years, but now it has developed a new machine that only uses Chinese-designed and...

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

Large Caps Squeezing SMEs in Early Reading of FY2015 Chinese Working Capital

Ecstrat were amongst the first to highlight the explosive growth of working capital in non-financial companies in China. We monitor over 3,000...

Mark Artherton

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