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)

Returns in emerging market wireless telecoms have bottomed as the sector takes a capex holiday after the 4G roll-out. We continue to like low-return markets where we look for returns to rise (e.g. India, Indonesia, China are prime examples). We have also become more bullish where returns are high and stable (e.g. Hong Kong). A number of markets continue to face tough conditions typically due to rising spectrum payments (e.g. Malaysia and Thailand).Higher returns imply higher cash flows and that is good news for both debt reduction and rising dividends. it also may encourage more M&amp;A, an area we think makes sense for in market consolidation and fixed/wireless convergence.In terms of stocks, we favor names such as <a href="https://www.smartkarma.com/entities/953" target="_blank" data-smartkarma-citation="entities:953:1">Bharti Airtel (BHARTI IN)</a> , <a href="https://www.smartkarma.com/entities/1016" target="_blank" data-smartkarma-citation="entities:1016:1">China Unicom (762 HK)</a>, Telefonica Brasil, <a href="https://www.smartkarma.com/entities/15028" target="_blank" data-smartkarma-citation="entities:15028:1">XL Axiata (EXCL IJ)</a> and <a href="https://www.smartkarma.com/entities/873" target="_blank" data-smartkarma-citation="entities:873:1">PCCW (8 HK)</a>. Top shorts include <a href="https://www.smartkarma.com/entities/946" target="_blank" data-smartkarma-citation="entities:946:1">Maxis (MAXIS MK)</a> and <a href="https://www.smartkarma.com/entities/947" target="_blank" data-smartkarma-citation="entities:947:1">AIS (ADVANC TB)</a> .

Returns in emerging market wireless telecoms have bottomed as the sector takes a capex holiday after the 4G roll-out. We continue to like low-return markets where we look for returns to rise (e.g. India, Indonesia, China are prime examples). We have also become more bullish where returns are high and stable (e.g. Hong Kong). A number of markets continue to face tough conditions typically due to rising spectrum payments (e.g. Malaysia and Thailand).Higher returns imply higher cash flows and that is good news for both debt reduction and rising dividends. it also may encourage more M&amp;A, an area we think makes sense for in market consolidation and fixed/wireless convergence.In terms of stocks, we favor names such as Bharti Airtel (BHARTI IN) , China Unicom (762 HK), Telefonica Brasil, XL Axiata (EXCL IJ) and PCCW (8 HK). Top shorts include Maxis (MAXIS MK) and AIS (ADVANC TB) .

Emerging Market Telecoms: Returns Have Bottomed. Outlook Improves.

Equity Bottom-Up

We don't write about the Taiwanese telcos all that often. This is effectively a three player market with the new entrants having had little impact on the market. However, it is also a market where data use is very high but not monetized well while voice prices are high but have been largely retained so far. The overall market lacks much growth but the good news is that pricing discipline is returning to the market.Recent pricing moves positive, but not transformative: The recent move to increase…

We don't write about the Taiwanese telcos all that often. This is effectively a three player market with the new entrants having had little impact on the market. However, it is also a market where data use is very high but not monetized well while voice prices are high but have been largely retained so far. The overall market lacks much growth but the good news is that pricing discipline is returning to the market.Recent pricing moves positive, but not transformative: The recent move to increase…

Taiwan Telcos: Benign Competition and Dividends Support Valuations

Recent meetings with the Taiwan telcos revealed a pretty stable industry. All three large operators stress the "rationality" of the market and relatively benign competitions. The situation is vaguely similar to that in Japan where rising returns have allowed stocks to perform strongly. Recent share market performance of the Taiwanese telcos has been poor but we see few real negative catalysts.The issue is that we also do not see many positive catalysts either. Valuations remain quite high but the dividend yield of 5-6% looks sustainable and is particularly attractive to domestic (and some Japanese) pension funds and insurance companies. &nbsp;With the telcos past peak 4G capex, cash flows should rise in coming years further supporting dividends. While not exciting the Taiwanese telcos, esp Far EasTone and Taiwan Mobile, are starting to look interesting.

Recent meetings with the Taiwan telcos revealed a pretty stable industry. All three large operators stress the "rationality" of the market and relatively benign competitions. The situation is vaguely similar to that in Japan where rising returns have allowed stocks to perform strongly. Recent share market performance of the Taiwanese telcos has been poor but we see few real negative catalysts.The issue is that we also do not see many positive catalysts either. Valuations remain quite high but the dividend yield of 5-6% looks sustainable and is particularly attractive to domestic (and some Japanese) pension funds and insurance companies. &nbsp;With the telcos past peak 4G capex, cash flows should rise in coming years further supporting dividends. While not exciting the Taiwanese telcos, esp Far EasTone and Taiwan Mobile, are starting to look interesting.

Taiwan

Taiwan Mobile Co., Ltd. provides cellular telecommunication services in Taiwan. The Company also sells and leases cellular phones.

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

Taiwan Mobile (3045 TT)

Emerging Market Telecoms: Returns Have Bottomed. Outlook Improves.

Returns in emerging market wireless telecoms have bottomed as the sector takes a capex holiday after the 4G roll-out. We continue to like...

New Street Research

Taiwan Telcos: Benign Competition and Dividends Support Valuations

We don't write about the Taiwanese telcos all that often. This is effectively a three player market with the new entrants having had little impact...

New Street Research

Taiwan Telcos: Dividend Supported

Recent meetings with the Taiwan telcos revealed a pretty stable industry. All three large operators stress the "rationality" of the market and...

New Street Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)