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>Having been out of the office for a couple of weeks this note attempts to briefly summarize recent results from around the region (ex Japan - separate note).</p><h2>Australia:</h2><p><strong>Telstra FY18 results were in line, beating bearish fears. However, subscriber growth comes at a cost.</strong></p><p><a href="https://www.smartkarma.com/entities/690" target="_blank" data-smartkarma-citation="entities:690:1">Telstra (TLS AU)</a> reported FY18 results in line with guidance (which was reaffirmed on 14 May), although towards the low end on EBITDA. FCF remains strong at A$4.9bn, again well supported by one-off NBN receipts. Telstra confirmed…</p>

Having been out of the office for a couple of weeks this note attempts to briefly summarize recent results from around the region (ex Japan - separate note).Australia:Telstra FY18 results were in line, beating bearish fears. However, subscriber growth comes at a cost.Telstra (TLS AU) reported FY18 results in line with guidance (which was reaffirmed on 14 May), although towards the low end on EBITDA. FCF remains strong at A$4.9bn, again well supported by one-off NBN receipts. Telstra confirmed…

Asian Telco Wrap: Catching up with Results Around the Region

Korea / Special Sits, Pairs, Index Rebalancing, Clepsydra Capital

Sanghyun Park

Korea / Special Sits, Pairs, Index Rebalancing

Equity Bottom-Up

<p><a href="https://www.smartkarma.com/entities/15002" target="_blank" data-smartkarma-citation="entities:15002:1">Kakao Corp (035720 KS)</a> has been getting a momentum lately. For the period of Aug 7-10, Kakao's trade volume has soared to as high as a 4x 90-day moving average. Not only that, the shares have gone up by a whopping 15.32% since the price hit the 30-day low at ₩110,000 on Aug 2. Why? Well, we have had a couple of positive news during this period, better-than-expected 2Q18 numbers and possible regulation easing on financial company stakeholders (Kakao Bank). However, I'm still feeling somewhat…</p>

Kakao Corp (035720 KS) has been getting a momentum lately. For the period of Aug 7-10, Kakao's trade volume has soared to as high as a 4x 90-day moving average. Not only that, the shares have gone up by a whopping 15.32% since the price hit the 30-day low at ₩110,000 on Aug 2. Why? Well, we have had a couple of positive news during this period, better-than-expected 2Q18 numbers and possible regulation easing on financial company stakeholders (Kakao Bank). However, I'm still feeling somewhat…

Kakao Is Still a Short - Nature of Recent Momentum

Equity Analyst, LightStream Research

Supun Walpola

Equity Analyst

Long-Short Analysis on Japan, Asia and the World

LightStream Research

LightStream conducts quantitatively rigorous and data-driven analysis with a focus on Japan and Asia.

We consistently cover the Tech, Consumer and Industrial sectors, and provide ECM and Events coverage more broadly.

We supplement traditional qualitative insights from company relationships with a robust quantitative foundation that examines as much historical data as is available.
We further refine the accuracy of our insights and calls through the use of alternative data to flesh out current trends, and through a valuation framework that emphasises non-superficial peer group selection and a proper attempt to understand the metrics and changes that have driven security valuations in the past.

<p><a href="https://www.smartkarma.com/entities/25895" target="_blank" data-smartkarma-citation="entities:25895:1">Bitcoin</a> fell below the USD6,500 mark this week following the decision of the US SEC to delay the approval of the Bitcoin ETF of VanEck and SolidX. The US SEC was previously thought to be positive about the ETF but decided to postpone their decision on its approval to September 30th. Previously, in July, the US SEC rejected the proposal for a Bitcoin ETF by Winklevoss Brothers and postponed the review on five Bitcoin ETFs proposed by investment firm Direxion Asset Management. ETFs are long…</p>

Bitcoin fell below the USD6,500 mark this week following the decision of the US SEC to delay the approval of the Bitcoin ETF of VanEck and SolidX. The US SEC was previously thought to be positive about the ETF but decided to postpone their decision on its approval to September 30th. Previously, in July, the US SEC rejected the proposal for a Bitcoin ETF by Winklevoss Brothers and postponed the review on five Bitcoin ETFs proposed by investment firm Direxion Asset Management. ETFs are long…

This Week in Blockchain & Cryptos: Bitcoin Falls Below USD6,500 After SEC Delays ETF Approvals

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

<div>
<h2><strong>This Week's Blockchain &amp; Crypto Headlines:</strong></h2>
</div>
<p><strong>The following were the main headlines impacting the blockchain and cryptocurrencies sectors in South Korea, Japan, and globally in the past week. </strong></p>
<p><strong>[SOUTH KOREA]</strong></p>
<ul>
<li>
<strong>Bithumb stops issuing new virtual accounts - </strong>Bithumb, the largest cryptocurrency exchange in Korea, announced that it will stop issuing new virtual accounts starting August 1st since it failed to renew a contract with NH Nonghyup Bank. However, customers who already have virtual accounts…</li>
</ul>


This Week's Blockchain &amp; Crypto Headlines:

The following were the main headlines impacting the blockchain and cryptocurrencies sectors in South Korea, Japan, and globally in the past week. 
[SOUTH KOREA]


Bithumb stops issuing new virtual accounts - Bithumb, the largest cryptocurrency exchange in Korea, announced that it will stop issuing new virtual accounts starting August 1st since it failed to renew a contract with NH Nonghyup Bank. However, customers who already have virtual accounts…


This Week in Blockchain & Cryptos: Legitimizing Cryptos in Korea & Top Bitcoin Cities in the World

Equity Capital Markets

<div class="content-highlight">
<p><strong><a href="https://www.smartkarma.com/entities/27346" target="_blank" data-smartkarma-citation="entities:27346:1">Sonos Inc (SONO US)</a></strong> <strong>is an IPO which is expected to get completed in the US in August/early September.</strong> The Sonos IPO is expected be be priced between US$17 to US$19 per share, suggesting market cap up to US$1.9 billion. In 2012, the company's implied valuation was US$682 million in a Series D private funding. We are interested in analyzing Sonos not just because of its merits as an investment opportunity but also because it could help us to better understand the competitive dynamics of the…</p>
</div>


Sonos Inc (SONO US) is an IPO which is expected to get completed in the US in August/early September. The Sonos IPO is expected be be priced between US$17 to US$19 per share, suggesting market cap up to US$1.9 billion. In 2012, the company's implied valuation was US$682 million in a Series D private funding. We are interested in analyzing Sonos not just because of its merits as an investment opportunity but also because it could help us to better understand the competitive dynamics of the…


Sonos IPO Preview (Part 1): To Fill Every Home with Music

South Korea

KT Corporation provides telecommunication services including local, long distance, and international calling, satellite communication, data transmission, and wireless telephone services in South Korea.  The Company also offers network portal and high-speed Internet access services using asymmetric digital subscriber lines (ADSLs).

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KT Corp (030200 KS)

Asian Telco Wrap: Catching up with Results Around the Region

Having been out of the office for a couple of weeks this note attempts to briefly summarize recent results from around the region (ex Japan -...

New Street Research

Kakao Is Still a Short - Nature of Recent Momentum

Kakao Corp (035720 KS) has been getting a momentum lately. For the period of Aug 7-10, Kakao's trade volume has soared to as high as a 4x 90-day...

Sanghyun Park

This Week in Blockchain & Cryptos: Bitcoin Falls Below USD6,500 After SEC Delays ETF Approvals

Bitcoin fell below the USD6,500 mark this week following the decision of the US SEC to delay the approval of the Bitcoin ETF of VanEck and SolidX....

Supun Walpola

This Week in Blockchain & Cryptos: Legitimizing Cryptos in Korea & Top Bitcoin Cities in the World

This Week's Blockchain & Crypto Headlines: The following were the main headlines impacting the blockchain and cryptocurrencies sectors in...

Douglas Kim

Sonos IPO Preview (Part 1): To Fill Every Home with Music

Sonos Inc (SONO US) is an IPO which is expected to get completed in the US in August/early September. The Sonos IPO is expected be be priced...

Douglas Kim

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