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

Tower Bersama Infrastructure / Equity Bottom-Up

We wrote about <a href="https://www.smartkarma.com/entities/6848" target="_blank" data-smartkarma-citation="entities:6848:1">Sarana Menara Nusantara (aka Protelindo's)(TOWR IJ)</a> results recently which were boosted by its acquisition of towers from <a href="https://www.smartkarma.com/entities/15028" target="_blank" data-smartkarma-citation="entities:15028:1">XL Axiata (EXCL IJ)</a>. <a href="https://www.smartkarma.com/entities/3537" target="_blank" data-smartkarma-citation="entities:3537:1">Tower Bersama (TBIG IJ)</a> delivered similar revenue growth but achieved it through organic growth as it benefits from ongoing investments by Telkomsel into its 3G and  4G networks. While Protelindo has used access to cheap financing and a strong balance sheet to make the XL Axiata deal accretive despite the anchor tenant paying a discouted…

We wrote about Sarana Menara Nusantara (aka Protelindo's)(TOWR IJ) results recently which were boosted by its acquisition of towers from XL Axiata (EXCL IJ). Tower Bersama (TBIG IJ) delivered similar revenue growth but achieved it through organic growth as it benefits from ongoing investments by Telkomsel into its 3G and  4G networks. While Protelindo has used access to cheap financing and a strong balance sheet to make the XL Axiata deal accretive despite the anchor tenant paying a discouted…

Sarana Menara Nusantara / Equity Bottom-Up

While 2016 was a quiet year for the Indonesian towercos, we remain positive on their long-term prospects. <a href="https://www.smartkarma.com/entities/6848" target="_blank" data-smartkarma-citation="entities:6848:1">Protelindo (TOWR IJ)</a> announced FY16 results in-line with expectations. Revenue growth of +11% YoY was largely driven by the purchase of 2,500 towers from <a href="https://www.smartkarma.com/entities/15028" target="_blank" data-smartkarma-citation="entities:15028:1">XL Axiata (EXCL IJ)</a> in 2016. We estimate underlying growth was close to +5% YoY. There was good news on the small cells side, with  I-Forte reporting 2H16 revenue growth of 67% YoY, and now representing 5-6% of total revenue.  We see…

While 2016 was a quiet year for the Indonesian towercos, we remain positive on their long-term prospects. Protelindo (TOWR IJ) announced FY16 results in-line with expectations. Revenue growth of +11% YoY was largely driven by the purchase of 2,500 towers from XL Axiata (EXCL IJ) in 2016. We estimate underlying growth was close to +5% YoY. There was good news on the small cells side, with  I-Forte reporting 2H16 revenue growth of 67% YoY, and now representing 5-6% of total revenue.  We see…

Indonesian Towers: Protelindo (TOWR IJ) Targets Shareholder Returns While Still Looking for Growth.

SGX Market Strategist, Equity & Fixed Income, Singapore Exchange Ltd (SGX)

Geoff Howie

SGX Market Strategist, Equity & Fixed Income

Asia’s leading multi-asset exchange

Singapore Exchange Ltd (SGX)

Singapore Exchange is Asia’s leading and trusted market infrastructure, facilitating the exchange of capital and ideas to create value for people, businesses and economies. As a multi-asset exchange operating equity, fixed income and derivatives markets to the highest regulatory standards, SGX is a vertically integrated business that provides listing, trading, clearing, settlement, depository and data services.

With about 40% of listed companies and over 80% of listed bonds originating outside of Singapore as well as established linkages across the region and in Europe, SGX is Asia’s most international and connected exchange. Offering a full suite of derivatives products across Asian equity indices, commodities and currencies, SGX is the world’s most liquid international market for the benchmark equity indices of China, India, Japan and ASEAN.

As Asia’s pioneering central counterparty, SGX is globally recognised for its risk management and clearing capabilities, and was one of the first globally to adopt the Principles for Financial Market Infrastructure.

Headquartered in AAA-rated Singapore, SGX has over 800 employees including offices in Beijing, Chicago, Hong Kong, London, New York, Mumbai, San Francisco, Shanghai and Tokyo.

Thematic (Sector/Industry)

<table class="table table-striped"><tbody>
<tr><td> </td></tr>
<tr><td>
§  The SGX Maritime &amp; Offshore Services (MOE) Index, a benchmark for the MOE Sector, has rebounded 19.7% from its trough on 1 Sep 2016 in tandem with the recovery of crude oil prices, which may be an indication that the sector could be bottoming out.
 
§  Despite the rally, the 18 constituents within the SGX MOE Index are trading at an average current price-to-book (PB) ratio of 0.7x, with 10 of them trading below their book values.
 
§  Consensus estimates are expecting oil prices to stabilise and…
</td></tr>
</tbody></table>


 

§  The SGX Maritime &amp; Offshore Services (MOE) Index, a benchmark for the MOE Sector, has rebounded 19.7% from its trough on 1 Sep 2016 in tandem with the recovery of crude oil prices, which may be an indication that the sector could be bottoming out.
 
§  Despite the rally, the 18 constituents within the SGX MOE Index are trading at an average current price-to-book (PB) ratio of 0.7x, with 10 of them trading below their book values.
 
§  Consensus estimates are expecting oil prices to stabilise and…



SGX's MOE Sector Sustains 4Q16 Momentum into 2017

Indonesia has one of the more interesting telecom tower markets globally with its entrepreneur driven model, similar in structure to the US. This has resulted in a sector with high growth and high profits, but arguably also imposing high costs on the operators. There are three large listed Independent Indonesian towercos, <a href="https://www.smartkarma.com/entities/6848" target="_blank" data-smartkarma-citation="entities:6848:1">Protelindo (TOWR IJ)</a>, <a href="https://www.smartkarma.com/entities/3537" target="_blank" data-smartkarma-citation="entities:3537:1">Tower Bersama (TBIG IJ)</a>, and <a href="https://www.smartkarma.com/entities/422" target="_blank" data-smartkarma-citation="entities:422:1">Solusi Tunas (SUPR IJ)</a>, with most investor focus on the first two (liquidity in Solusi Tunas is negligible).In aggregate…

Indonesia has one of the more interesting telecom tower markets globally with its entrepreneur driven model, similar in structure to the US. This has resulted in a sector with high growth and high profits, but arguably also imposing high costs on the operators. There are three large listed Independent Indonesian towercos, Protelindo (TOWR IJ), Tower Bersama (TBIG IJ), and Solusi Tunas (SUPR IJ), with most investor focus on the first two (liquidity in Solusi Tunas is negligible).In aggregate…

Indonesian Towercos Still Show Revenue and Profit Growth.

Founder, Riedel Research

David Riedel

Founder

Independent equity research on GEM Markets

Riedel Research

Riedel provides equity research and analysis to leading financial organizations. By becoming members of a region (Asia, Latin America, Emerging Europe or Global), organizations have access to an integrated set of services including:

Regular company coverage reports
Up-to-date investment decision advice (buy, hold, sell)
Monthly regional and global conference calls
Customized company reports and unlimited on-line access to the program's services.

Riedel provides research coverage of companies across the full range of market capitalization. Experienced research professionals in each market develop company reports and analysis as well as earnings models and projections. Ratings are Buy, Hold and Sell with a focus on compelling investment ideas - both long and short. Downloadable, dynamic earnings models are built to facilitate sensitivity analysis.

Please feel free to contact us for complimentary access to our written research.  We want to show you that our unique research flow can add value and help develop a long-term, high value-add relationship.

Riedel's model focuses on providing clients with unique insights and consulting in addition to unlimited access to all produced research This model allows members to receive exponential benefits for their retainer fees.

<ul>
<li>Obama continues the 'pivot to Asia' by attending the ASEAN meeting in Laos.</li>
<li>ASEAN is a critical component of SE Asian stability, partnership with the US and should be a united front in protesting Chinese intrusions into the South China Sea.</li>
<li>A high-profile spat with Philippine president Duterte was an unfortunate distraction and an unhelpful development for the Philippines which benefits from strong U.S. support.</li>
<li>Thailand and Malaysia look like the best opportunities in ASEAN in the medium-term.</li>
<li>BUY…</li>
</ul>


Obama continues the 'pivot to Asia' by attending the ASEAN meeting in Laos.
ASEAN is a critical component of SE Asian stability, partnership with the US and should be a united front in protesting Chinese intrusions into the South China Sea.
A high-profile spat with Philippine president Duterte was an unfortunate distraction and an unhelpful development for the Philippines which benefits from strong U.S. support.
Thailand and Malaysia look like the best opportunities in ASEAN in the medium-term.
BUY…


Takeaways from ASEAN - Investment Opportunities

Indonesia

PT Jasa Marga Persero Tbk operates the Indonesian highway system.  The Company collects tolls, maintains the road surfaces, and offers towing and ambulance services.

PT Transcoal Pacific Tbk. provides logistics services. The Company offers sea transportation, warehousing, and fleets management services for energy related products. Transcoal Pacific serves customers in Indonesia.

PT AKR Corporindo Tbk distributes chemical products such as caustic soda, Polyvinyl Chloride (PVC) resin, sorbitol, soda ash, and sodium sulfate.  Through its subsidiaries, the Company also manufactures chemicals, operates storage tanks and warehouses, and provides logistic services.

PT Jaya Sukses Makmur Sentosa Tbk. provides general construction services. The Company offers contracting, trade, land management, procurement, and other related services. Jaya Sukses Makmur Sentosa serves customers in Indonesia.

PT Wijaya Karya (Persero) Tbk. (WIKA:IJ) one of the largest listed state-owned engineering, procurement and construction (“EPC”) companies in Indonesia with diversified construction projects was established In 1960 under the name Perusahaan Negara Bangunan Widjaja Karja.

WIKA have four business segments: Industry, Infrastructure & Building, Energy & Industrial Plant, and Realty & Property, Through these segments, we have successfully undertaken key national infrastructure projects including Balikpapan-Samarinda Toll Road, Semanggi Interchange, Jatigede Dam, Soekarno-Hatta Airport Terminal 3, Ngurah Rai Airport and the Suramadu Bridge, Serang-Panimbang Toll Road and Jakarta-Bandung High Speed Railway.

As of December 2021, WIKA is owned by the Government as to 65,05% and by public shareholders as to 34,95%, with market capitalization IDR9,91 Trillion and total order book IDR88,12 trillion

PT Petrosea Tbk provides engineering construction and contract mining services for the oil and gas, mining, and infrastructure industries. The Company also provides heavy equipment rentals throughout Indonesia for its clients.

PT Pelayaran Tempuran Emas Tbk provides sea transportation services. The company has network of branches and agents throughout Indonesia and Singapore. Pelayaran Tempuran Emas also offers logistic supports for cargo movements.

PT Citra Marga Nusaphala Persada Tbk constructs, operates, and manages toll highways systems.  The Company derives its revenue primarily from toll gate proceeds, project management fees, and related services.

Samudera Indonesia Tbk provides sea transportation services including regional container shipping services and tankers, offshore services, land transportation services for heavy equipment and containers, storage and maintenance for containers, warehousing and forwarding services. The Company also acts as an agent for other global shipping companies.

PT Surya Semesta Internusa Tbk and its subsidiaries develop and manage industrial and residential real estates, provide construction services, and manufacture building materials. The Company also operates hotels and provides information technology-related businesses design to support its main businesses.

Superloop Limited operates as a telecommunications infrastructure company. The Company designs, constructs, and operates underground fibre-optic cable network. Superloop conducts business throughout the Asia Pacific region.

Welldone Company sells prepaid phone cards for Taiwan Cellular and Chunghwa Telecom.  The Company also assembles cell phone batteries and markets its battery products under the SAINTOP brand name.  Welldone also acts as a sales agent for Toshiba Batteries.

Shanghai Electric Group Company Limited manufactures power generation equipment. The Company produces and sells thermal generator set, nuclear power units, wind power equipment, power transmission and distribution equipment, and other products. Shanghai Electric Group also manufactures environmental protection equipment.

Shanghai Electric Group Company (601727 CH)

GT Capital Holdings Inc. is an investment holding company. The Company, through its subsidiaries, provides banking, automotive, property development, infrastructure, utilities, and insurance services.

Shenzhen Expressway Company Limited offers toll expressway and road construction and investment services. The Company provides expressway operation, maintenance, and service station leasing services. Shenzhen Expressway also conducts real estate development, advertising, and engineering consulting businesses.

COSCO Shipping Ports Limited, through its subsidiaries, provides shipping container leasing services worldwide.  The Company also operates container terminals and provides container handling, storage, transportation and management services, as well as depot handling and stevedoring services.

LIXIL Group Corporation produces aluminum housing materials such as doors, windows,curtain walls, and screens.  The Company also sells interior materials and a variety of housing equipment.

ComfortDelGro Corporation Limited provides bus, taxi, car leasing and rental, automotive engineering, maintenance services, and diesel sales.  The Group also provides investment trading and operates vehicle inspection and assessment services, and advertising services.

Textainer Group Holdings Limited leases intermodal containers. The Company's core segments are container ownership, container management, and container resales with principal operations being the leasing of dry freight containers.

Zhengzhou Coal Mining Machinery Group Co., Ltd. develops and manufactures hydraulic support in coal industry.  The Company's products include two legs hydraulic support, four legs hydraulic support, caving support, and hydraulic valve.

Zhengzhou Coal Mining Machinery Group Co (601717 CH)

PT Solusi Tunas Pratama Tbk develops and constructs telecommunication towers for the wireless communications industry.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Solusi Tunas Pratama (SUPR IJ)

Indonesian Towers: TBIG Beats Guidance

We wrote about Sarana Menara Nusantara (aka Protelindo's)(TOWR IJ) results recently which were boosted by its acquisition of towers from XL Axiata...

New Street Research

Indonesian Towers: Protelindo (TOWR IJ) Targets Shareholder Returns While Still Looking for Growth.

While 2016 was a quiet year for the Indonesian towercos, we remain positive on their long-term prospects. Protelindo (TOWR IJ) announced FY16...

New Street Research

SGX's MOE Sector Sustains 4Q16 Momentum into 2017

§ The SGX Maritime & Offshore Services (MOE) Index, a benchmark for the MOE Sector, has rebounded 19.7% from its trough on 1 Sep 2016 in...

Singapore Exchange Ltd (SGX)

Indonesian Towercos Still Show Revenue and Profit Growth.

Indonesia has one of the more interesting telecom tower markets globally with its entrepreneur driven model, similar in structure to the US. This...

New Street Research

Takeaways from ASEAN - Investment Opportunities

Obama continues the 'pivot to Asia' by attending the ASEAN meeting in Laos. ASEAN is a critical component of SE Asian stability, partnership with...

David Riedel

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)