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

Equity Bottom-Up

<p>India is migrating to 4G faster than we previously thought as users warm to Jio's disruptive offerings. While we remain bullish on the long term prospects for <a href="https://www.smartkarma.com/entities/15678" target="_blank" data-smartkarma-citation="entities:15678:1">IDEA (IDEA IN)</a>/Vodafone post merger, we are increasingly concerned about both operators' ability to retain market share in the next 12-18 months prior to the merger completion. Lack of data capacity (particularly 4G capacity) puts IDEA, and to a lesser extent, Vodafone, at a significant disadvantage to <a href="https://www.smartkarma.com/entities/953" target="_blank" data-smartkarma-citation="entities:953:1">Bharti Airtel (BHARTI IN)</a> in the…</p>

India is migrating to 4G faster than we previously thought as users warm to Jio's disruptive offerings. While we remain bullish on the long term prospects for IDEA (IDEA IN)/Vodafone post merger, we are increasingly concerned about both operators' ability to retain market share in the next 12-18 months prior to the merger completion. Lack of data capacity (particularly 4G capacity) puts IDEA, and to a lesser extent, Vodafone, at a significant disadvantage to Bharti Airtel (BHARTI IN) in the…

IDEA's Merger with Vodafone a Major Positive but Overshadowed by Lost Market Share in near Term

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><strong>Stabilising Speeds a Sign of Jio’s Infrastructure Investment Paying off? </strong></h2><p>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…</p>

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

Asia-Focused Industry Research, Speeda Research

Speeda

Asia-Focused Industry Research

Speeda Research

Speeda Research analysts cover China, Japan, India and SEA on the latest trends and topics. We have analysts of diverse nationalities who are able to access information in their respective local languages to provide customers with comprehensive reports. With access to private company data in these regions, Speeda Research is also able to provide insights into niche sectors which are not usually covered by other parties. We are also able to undertake ad hoc company and industry research reports.

Thematic (Sector/Industry)

<p><strong>Compulsion for Financial Inclusion in India</strong></p><p>In India, the GINI coefficient in rural areas rose to 0.28 in 2011-12 from 0.26 in 2004-05 and rose during the same period to an all-time high of 0.37 from 0.35 in urban areas. This puts India at the bottom of the table in Asia, just above Papua New Guinea and China. The household debt-GDP ratio of 8.9% is among the lowest in the region, contrasted with China (36.8%) and Thailand (83%). The absence of inclusion is especially revealing in rural areas…</p>

Compulsion for Financial Inclusion in IndiaIn India, the GINI coefficient in rural areas rose to 0.28 in 2011-12 from 0.26 in 2004-05 and rose during the same period to an all-time high of 0.37 from 0.35 in urban areas. This puts India at the bottom of the table in Asia, just above Papua New Guinea and China. The household debt-GDP ratio of 8.9% is among the lowest in the region, contrasted with China (36.8%) and Thailand (83%). The absence of inclusion is especially revealing in rural areas…

Payment Banks Emerge as Financial Inclusion Becomes Need of the Hour in India

<h2><strong>Jio Serves as Fuel to Propel Digital India</strong></h2><p>During his monthly radio programme (Mann ki Baat) broadcast in March 2017, Modi used the BJP’s state election win as an example of the support that demonetisation has been able to garner in the country. During the programme he also upheld the importance of a cashless economy and the push towards achieving 25 billion cashless payment transactions by the end of FY2018. The cumulative m-wallet transactions in FY2017 until January 2017 stood at 10.8 billion.</p><div class="content-caption">…</div>

Jio Serves as Fuel to Propel Digital IndiaDuring his monthly radio programme (Mann ki Baat) broadcast in March 2017, Modi used the BJP’s state election win as an example of the support that demonetisation has been able to garner in the country. During the programme he also upheld the importance of a cashless economy and the push towards achieving 25 billion cashless payment transactions by the end of FY2018. The cumulative m-wallet transactions in FY2017 until January 2017 stood at 10.8 billion.…

Jio's Dependence on the Rural Sector to Remain High in the Medium Term

Event-Driven

<p>We view the now-confirmed deal between <a href="https://www.smartkarma.com/entities/22204" target="_blank" data-smartkarma-citation="entities:22204:1">Vodafone (VOD LN)</a> and <a href="https://www.smartkarma.com/entities/15678" target="_blank" data-smartkarma-citation="entities:15678:1">IDEA (IDEA IN)</a> as positive for investors in both stocks. Much of the announced deal was in line with our expectations: 50:50 including IDEA's towers and its 11% stake in Indus Towers but excluding Vodafone's 42% Indus stake with completion expected in 2018. The scale of the synergies claimed was also similar. For investors in IDEA willing to see through what will be some very tough quarterly results, the recent weakness looks like a…</p>

We view the now-confirmed deal between Vodafone (VOD LN) and IDEA (IDEA IN) as positive for investors in both stocks. Much of the announced deal was in line with our expectations: 50:50 including IDEA's towers and its 11% stake in Indus Towers but excluding Vodafone's 42% Indus stake with completion expected in 2018. The scale of the synergies claimed was also similar. For investors in IDEA willing to see through what will be some very tough quarterly results, the recent weakness looks like a…

India: Vodafone/IDEA Merger Is Positive for Both. Market Repair Is Good for Surviving Operators.

India

Reliance Industries Ltd. manufactures petrochemicals, synthetic fibers, fiber intermediates, textiles, blended yarn and polyester staple fiber. The Company also owns a petroleum refinery cum petrochemicals complex in Jamnagar, India that produces a wide range of products such as gasoline, superior kerosene oil and liquefied petroleum gas.

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Reliance Industries (RIL IN)

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

Payment Banks Emerge as Financial Inclusion Becomes Need of the Hour in India

Compulsion for Financial Inclusion in IndiaIn India, the GINI coefficient in rural areas rose to 0.28 in 2011-12 from 0.26 in 2004-05 and rose...

Speeda Research

Jio's Dependence on the Rural Sector to Remain High in the Medium Term

Jio Serves as Fuel to Propel Digital IndiaDuring his monthly radio programme (Mann ki Baat) broadcast in March 2017, Modi used the BJP’s state...

Mio Kato

India: Vodafone/IDEA Merger Is Positive for Both. Market Repair Is Good for Surviving Operators.

We view the now-confirmed deal between Vodafone (VOD LN) and IDEA (IDEA IN) as positive for investors in both stocks. Much of the announced deal...

New Street Research

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52-week Range

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IDEA's Merger with Vodafone a Major Positive but Overshadowed by Lost Market Share in near Term

India is migrating to 4G faster than we previously thought as users warm to Jio's disruptive offerings. While we remain bullish on the long term...

New Street Research

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

Payment Banks Emerge as Financial Inclusion Becomes Need of the Hour in India

Compulsion for Financial Inclusion in IndiaIn India, the GINI coefficient in rural areas rose to 0.28 in 2011-12 from 0.26 in 2004-05 and rose...

Speeda Research

Jio's Dependence on the Rural Sector to Remain High in the Medium Term

Jio Serves as Fuel to Propel Digital IndiaDuring his monthly radio programme (Mann ki Baat) broadcast in March 2017, Modi used the BJP’s state...

Mio Kato

India: Vodafone/IDEA Merger Is Positive for Both. Market Repair Is Good for Surviving Operators.

We view the now-confirmed deal between Vodafone (VOD LN) and IDEA (IDEA IN) as positive for investors in both stocks. Much of the announced deal...

New Street Research