Founder and Strategist, Entext Economics & Strategy

Sean Maher

Founder and Strategist

Entext Economics & Strategy

Entext provides institutional investors with distinctive, actionable asset allocation and thematic research, which typically challenges the market consensus. Our clients range from credit, equity and multi-asset hedge and pension funds to family offices and sovereign funds. 
 
We focus on identifying key inflection points in macro data and relative asset performance amid the 'groupthink'  and confirmation bias that characterizes most investment bank analysis.

Macro Driven Investment Insight

Thematic (Sector/Industry)

<ul>
<li>The Open Banking initiative in the UK, the PSD2 directive in the EU and a Japanese equivalent are forcing banks to provide third party access via software APIs to customer data and accounts.</li>
<li>In effect, the new regulations will enable a separation of the functions of money i.e. the traditional bundling role of banks is being disintermediated in an ‘open source’ financial data world.</li>
<li>From being financial department stores, banks will have to become more like malls, hosting a range of independent…</li>
</ul>


The Open Banking initiative in the UK, the PSD2 directive in the EU and a Japanese equivalent are forcing banks to provide third party access via software APIs to customer data and accounts.
In effect, the new regulations will enable a separation of the functions of money i.e. the traditional bundling role of banks is being disintermediated in an ‘open source’ financial data world.
From being financial department stores, banks will have to become more like malls, hosting a range of independent…


Payments Battle Goes Global, as Fintech Threat Evolves…

Asian Equities Analyst, Logistics & Transport, Tracking Traffic

Daniel Hellberg

Asian Equities Analyst, Logistics & Transport

Equity Bottom-Up

On Wednesday morning in New York, <a href="https://www.smartkarma.com/entities/23580" target="_blank" data-smartkarma-citation="entities:23580:1">Makemytrip Ltd (MMYT US)</a> reported Q1 FY18 earnings that are best described as "mixed". The company's hotel booking segment generally performed well, and this lifted core margins. But much of this progress was offset by surprisingly high marketing costs in the quarter. On a day when many international stocks wobbled on rising US tensions with North Korea, MMYT shares fell -4.3% to US$32.05 despite pre-market trading that indicated a higher opening. In the…

On Wednesday morning in New York, Makemytrip Ltd (MMYT US) reported Q1 FY18 earnings that are best described as "mixed". The company's hotel booking segment generally performed well, and this lifted core margins. But much of this progress was offset by surprisingly high marketing costs in the quarter. On a day when many international stocks wobbled on rising US tensions with North Korea, MMYT shares fell -4.3% to US$32.05 despite pre-market trading that indicated a higher opening. In the…

MakeMyTrip Reports Mixed Q1FY18 Result: Core Margins Up, But So Are Marketing Expenses

Japan/Asia Long-Short, LightStream Research

Mio Kato

Japan/Asia Long-Short

Japanese and Asian equity long/short strategies

Uzabase

Specialising in Japanese and Asian equity long/short strategies with a focus on rigorous, but targeted quantitative analysis to temper evaluations of company strategy, potential and vision. At Uzabase, our team of analysts provides coverage of industry dynamics with a local Asian flavour on Speeda, our financial information platform. Going forward we are aiming to channel our focus toward thematic research on emerging industries and company research.

<h2>Stabilising Speeds a Sign of Jio’s Infrastructure Investment Paying off? </h2>We had stated in an earlier report (<a href="https://www.smartkarma.com/insights/jio-infra-ready-for-next-gen-mobile-networks" target="_blank" data-smartkarma-citation="insights:9515">Jio Infra: Ready for Next-Gen Mobile Networks</a>) that we expected Jio’s speeds to remain consistent once the free services were terminated and infrastructure ramped up. While data regarding speed is available only until the end of March 2017, it is clear that Jio will continue to lead and consistently offer high speeds even after the termination of its free services. This could be a…

Stabilising Speeds a Sign of Jio’s Infrastructure Investment Paying off? We had stated in an earlier report (Jio Infra: Ready for Next-Gen Mobile Networks) that we expected Jio’s speeds to remain consistent once the free services were terminated and infrastructure ramped up. While data regarding speed is available only until the end of March 2017, it is clear that Jio will continue to lead and consistently offer high speeds even after the termination of its free services. This could be a…

As Jio's Speed Stabilises It Looks for Ways to Attract High ARPU Customers

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

Alibaba Group Holding  / Equity Bottom-Up

We have been relatively cautious on <a href="https://www.smartkarma.com/entities/787" target="_blank" data-smartkarma-citation="entities:787:1">Alibaba (BABA US)</a> since prior to listing. Our concerns have centered on corporate governance issues (specifically around Ant Financial and for a time revenue reporting - GMV). We have always admired the scale and growth of the group, and over time have become increasingly optimistic about the potential of BABA as the top line continues to grow rapidly.  We have become more comfortable with eCommerce and Cloud services, helped in part by the introduction of the…

We have been relatively cautious on Alibaba (BABA US) since prior to listing. Our concerns have centered on corporate governance issues (specifically around Ant Financial and for a time revenue reporting - GMV). We have always admired the scale and growth of the group, and over time have become increasingly optimistic about the potential of BABA as the top line continues to grow rapidly.  We have become more comfortable with eCommerce and Cloud services, helped in part by the introduction of the…

Alibaba: Room to Grow from ECommerce and Cloud Services

Jio’s 100 million subscribers may be only a month away from the expiration of their free services, but the company seems to be playing its cards right with the introduction of the Jio Prime Membership scheme expected to last till the end of FY2018. The paid service is aggressive by itself, but now Jio’s competitors will not have to shoot in the dark when it comes to pricing. Will Jio be able to sustain its upper hand in the mobile internet market or will it cede its position to competitors who…

Jio’s 100 million subscribers may be only a month away from the expiration of their free services, but the company seems to be playing its cards right with the introduction of the Jio Prime Membership scheme expected to last till the end of FY2018. The paid service is aggressive by itself, but now Jio’s competitors will not have to shoot in the dark when it comes to pricing. Will Jio be able to sustain its upper hand in the mobile internet market or will it cede its position to competitors who…

Jio Aggression Sets the Cat Amongst the Pigeons

India

One 97 Communications Limited provides payment solutions. The Company provides online services such as hotel booking, top ups, data processing, games, mobile content, and bill payments. One 97 Communications Limited serves customers worldwide.

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Paytm (PAYTM IN)

Payments Battle Goes Global, as Fintech Threat Evolves…

The Open Banking initiative in the UK, the PSD2 directive in the EU and a Japanese equivalent are forcing banks to provide third party access via...

Sean Maher

MakeMyTrip Reports Mixed Q1FY18 Result: Core Margins Up, But So Are Marketing Expenses

On Wednesday morning in New York, Makemytrip Ltd (MMYT US) reported Q1 FY18 earnings that are best described as "mixed". The company's hotel...

Daniel Hellberg

As Jio's Speed Stabilises It Looks for Ways to Attract High ARPU Customers

Stabilising Speeds a Sign of Jio’s Infrastructure Investment Paying off? We had stated in an earlier report (Jio Infra: Ready for Next-Gen Mobile...

Mio Kato

Alibaba: Room to Grow from ECommerce and Cloud Services

We have been relatively cautious on Alibaba (BABA US) since prior to listing. Our concerns have centered on corporate governance issues...

New Street Research

Jio Aggression Sets the Cat Amongst the Pigeons

Jio’s 100 million subscribers may be only a month away from the expiration of their free services, but the company seems to be playing its cards...

Mio Kato

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