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

Event-Driven

Consolidation in the Indian market continues to gather pace. The latest merger rumor is that <a href="https://www.smartkarma.com/entities/953" target="_blank" data-smartkarma-citation="entities:953:1">Bharti Airtel (BHARTI IN)</a> and Tata are in talks to merge Tata's telecoms businesses into Bharti. We view a deal as being very positive for Bharti assuming they get a good price. We expect a number of related Tata businesses to be part of a deal as a sweetener to Bharti with total synergies worth up to US$4.6bn (INR75/Bharti share). Given the strength of Bharti’s hand in any negotiations, we expect that…

Consolidation in the Indian market continues to gather pace. The latest merger rumor is that Bharti Airtel (BHARTI IN) and Tata are in talks to merge Tata's telecoms businesses into Bharti. We view a deal as being very positive for Bharti assuming they get a good price. We expect a number of related Tata businesses to be part of a deal as a sweetener to Bharti with total synergies worth up to US$4.6bn (INR75/Bharti share). Given the strength of Bharti’s hand in any negotiations, we expect that…

Indian Telecom Consolidation Continues. Next to Go Is Tata, Rumored to Be in Talks with Bharti.

Equity Bottom-Up

<a href="https://www.smartkarma.com/entities/639" target="_blank" data-smartkarma-citation="entities:639:1">KDDI's (9433 JP)</a> recent results and guidance were close to our expectations (and consensus) with the main positive being a surprise ¥100bn buy-back (1.2% of market cap). With the dividend also increased (expected) this is good for sentiment.  The FY17/18 outlook is not as bad as some had feared: mobile service revenue should be flat for the year as should consolidated operating free cash flow. Mobile service revenue is being affected by stronger than expected MVNO competition which is leading to…

KDDI's (9433 JP) recent results and guidance were close to our expectations (and consensus) with the main positive being a surprise ¥100bn buy-back (1.2% of market cap). With the dividend also increased (expected) this is good for sentiment.  The FY17/18 outlook is not as bad as some had feared: mobile service revenue should be flat for the year as should consolidated operating free cash flow. Mobile service revenue is being affected by stronger than expected MVNO competition which is leading to…

KDDI Delivering Rising Shareholder Returns While Results Were Broadly in Line.

Japan TMT Analyst

Pelham Smithers

Market Intel on Asian Tech with a Japan focus

Pelham Smithers Associates

Founded in 2009, Pelham Smithers Associates (PSA) provides market intelligence on Asian technology, focusing in particular on Japan. The industries covered by our team of specialists are: consumer electronics, telecomms, pharmaceuticals, internet, electronic parts and materials, automotive technology, retail and capital goods. 

Research is provided by the following:
Pelham Smithers: Macro, consumer electronics, telecoms & pharma
Joel Scheiman: Electronics materials / components
Julie Boote: Autos
Will Nestuk: Capital goods, machinery & transportation equipment parts
Thao Nguyen: eCommerce, internet content, marketing & advertising

The Japanese stock market is replete with companies that never quite deliver on their potential. Some seem to just miss the target time after time, whilst others fail at the last hurdle, but there are probably not any more frustrating stocks than <a href="https://www.smartkarma.com/entities/16032" target="_blank" data-smartkarma-citation="entities:16032:1">Nexon</a>. Ever since the shares were listed, the company has sat on a huge and growing cash pile, one that has almost trebled since the IPO. As a consequence the debate has been whether the shares are "cheap and cheerful" or "cheap and nasty". On the…

The Japanese stock market is replete with companies that never quite deliver on their potential. Some seem to just miss the target time after time, whilst others fail at the last hurdle, but there are probably not any more frustrating stocks than Nexon. Ever since the shares were listed, the company has sat on a huge and growing cash pile, one that has almost trebled since the IPO. As a consequence the debate has been whether the shares are "cheap and cheerful" or "cheap and nasty". On the…

Nexon... When Saving Money Is Not in Investor Interests, Only Management's

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Tata Teleservices (Maharashtra) / Event-Driven

After months of speculation as to which foreign partner would join with Tata Teleservices (public speculation included Carlos Slim, Altimo, Telcol, Etisalat), <a href="https://www.smartkarma.com/entities/1089" target="_blank" data-smartkarma-citation="entities:1089:1">NTT Docomo Inc (9437 JP)</a> signed a deal with Indian conglomerate Tata Sons Limited, which was the principle promoter of the Tata group companies, signed a deal whereby NTT Docomo would purchase 1,248,974,378 shares, or 26.5% of Tata Teleservices Limited (TTSL) for JPY 130.7bn. As part of this deal, Docomo would acquire up to 20% of the…

After months of speculation as to which foreign partner would join with Tata Teleservices (public speculation included Carlos Slim, Altimo, Telcol, Etisalat), NTT Docomo Inc (9437 JP) signed a deal with Indian conglomerate Tata Sons Limited, which was the principle promoter of the Tata group companies, signed a deal whereby NTT Docomo would purchase 1,248,974,378 shares, or 26.5% of Tata Teleservices Limited (TTSL) for JPY 130.7bn. As part of this deal, Docomo would acquire up to 20% of the…

Delhi High Court Deal for Docomo/Tata Good for Foreign FDI, May Help Further Realign Sector

If there's a trend to Japanese results season as far as the export / tech sectors are concerned it is "over-deliver on results, under-promise on forecasts". (There are exceptions (see <a href="https://www.smartkarma.com/entities/18107" target="_blank" data-smartkarma-citation="entities:18107:1">Advantest</a> below) but fewer than one might have supposed.)  With some sell-side forecasts having run-up a lot, that obviously leads to disappointment, but at least it is the right way round. Current sentiment isn't attuned to under-delivering on results, whatever the forecast.Not just last week, but for the whole…

If there's a trend to Japanese results season as far as the export / tech sectors are concerned it is "over-deliver on results, under-promise on forecasts". (There are exceptions (see Advantest below) but fewer than one might have supposed.)  With some sell-side forecasts having run-up a lot, that obviously leads to disappointment, but at least it is the right way round. Current sentiment isn't attuned to under-delivering on results, whatever the forecast.Not just last week, but for the whole…

Update on FY16 Results from Japan Export / Tech Sector - Delivering on Results, Not on Forecasts

Japan

NTT DOCOMO, INC. provides various types of telecommunication services including cellular phones, satellite mobile communication, and wireless LAN Network. The Company also sells cellular phones, and other equipment.

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NTT Docomo Inc (9437 JP)

Indian Telecom Consolidation Continues. Next to Go Is Tata, Rumored to Be in Talks with Bharti.

Consolidation in the Indian market continues to gather pace. The latest merger rumor is that Bharti Airtel (BHARTI IN) and Tata are in talks to...

New Street Research

KDDI Delivering Rising Shareholder Returns While Results Were Broadly in Line.

KDDI's (9433 JP) recent results and guidance were close to our expectations (and consensus) with the main positive being a surprise ¥100bn buy-back...

New Street Research

Nexon... When Saving Money Is Not in Investor Interests, Only Management's

The Japanese stock market is replete with companies that never quite deliver on their potential. Some seem to just miss the target time after time,...

Pelham Smithers Associates

Delhi High Court Deal for Docomo/Tata Good for Foreign FDI, May Help Further Realign Sector

After months of speculation as to which foreign partner would join with Tata Teleservices (public speculation included Carlos Slim, Altimo, Telcol,...

Travis Lundy

Update on FY16 Results from Japan Export / Tech Sector - Delivering on Results, Not on Forecasts

If there's a trend to Japanese results season as far as the export / tech sectors are concerned it is "over-deliver on results, under-promise on...

Pelham Smithers Associates

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