Insight Provider, CrossASEAN Research

Nicolas Van Broekhoven

Insight Provider

CrossASEAN Research

At CrossASEAN Research we strive to produce unbiased and differentiated on the ground insights on companies across South East Asia. Our Research is produced for the most part after face to face meetings and conversations with company management to dig deep into the long term vision and strategy of the companies we cover. We seek to deliver investable and actionable themes on sectors and markets across SE Asia, often in collaboration with other Insight Providers across the region, pooling the vast experience of the analysts within the Smartkarma Ecosystem. We also offer bespoke work and tailor made trips for our clients. 

Insights across South East Asia

Equity Bottom-Up

<ul><li><a href="https://www.smartkarma.com/entities/21076" target="_blank" data-smartkarma-citation="entities:21076:1">Vivendi SA (VIV FP)</a> is the French conglomerate led by billionaire Vincent Bollore</li><li>Bollore has been invested in Vivendi since 2012 and is currently Chairman of the Board</li><li>Company crown jewel, Universal Music Group (UMG), is set for IPO soon</li><li>UMG is the best way to gain exposure to the growth of streaming music</li><li>UMG could realistically be worth 88-112% of Vivendi market cap</li><li>Risk/Reward highly attractive</li><li>Fair Value: bear case 22.4 EUR (5% upside), base case 30.8 EUR (44% upside), and bull case 35.62 EUR (66% upside).</li></ul>

Vivendi SA (VIV FP) is the French conglomerate led by billionaire Vincent BolloreBollore has been invested in Vivendi since 2012 and is currently Chairman of the BoardCompany crown jewel, Universal Music Group (UMG), is set for IPO soonUMG is the best way to gain exposure to the growth of streaming musicUMG could realistically be worth 88-112% of Vivendi market capRisk/Reward highly attractiveFair Value: bear case 22.4 EUR (5% upside), base case 30.8 EUR (44% upside), and bull case 35.62 EUR (66% upside).

Vivendi: Coming IPO of Universal Music Group (UMG) Gives Best Exposure to Growth in Streaming Music

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)

New Street Research attended this year's Mobile World Congress in Barcelona recently. While the move to 5G will bring huge increases in localized wireless capacity, the transition around 2020 to 5G looks increasingly likely to be smooth for many operators, with little impact on capex or revenue trajectories. 5G does not change the key economics of network densification. Where these are good, 5G will thrive. Where they are poor, 5G deployment will be slower. Only in markets with strong asymmetry…

New Street Research attended this year's Mobile World Congress in Barcelona recently. While the move to 5G will bring huge increases in localized wireless capacity, the transition around 2020 to 5G looks increasingly likely to be smooth for many operators, with little impact on capex or revenue trajectories. 5G does not change the key economics of network densification. Where these are good, 5G will thrive. Where they are poor, 5G deployment will be slower. Only in markets with strong asymmetry…

Report from Mobile World Congress: The Transition to 5G Comes into Focus.

<a href="https://www.smartkarma.com/entities/14026" target="_blank" data-smartkarma-citation="entities:14026:1">Vimpelcom (VIP US)</a> is one of our strongest conviction buy calls in the GEM space. We see 39% upside to the share price with a price target of $5.70. It will soon change its name to Veon (AGM on 30 March) and seek a secondary listing in Amsterdam. While results are mixed across their geographies, they are improving in the key Italian and Russian markets (which account for 36% and 32% of total EV respectively). There are two key parts to the positive thesis:The first draws on Italian market repair…

Vimpelcom (VIP US) is one of our strongest conviction buy calls in the GEM space. We see 39% upside to the share price with a price target of $5.70. It will soon change its name to Veon (AGM on 30 March) and seek a secondary listing in Amsterdam. While results are mixed across their geographies, they are improving in the key Italian and Russian markets (which account for 36% and 32% of total EV respectively). There are two key parts to the positive thesis:The first draws on Italian market repair…

Vimpelcom. Compelling GEM Telco Play. Improvements in Russia and Italy Lead to Reinstated Dividend.

5G considerations have moved to centre stage for operators, vendors, policy makers and regulators globally in recent months as technology roadmaps become clearer. Distinct regional roadmaps are emerging, with network densification a key differentiator between markets. We view dense networks as a key enabler for 5G to succeed. On that basis, China, Japan, and South Korea already operating widespread dense wireless networks today giving them a low-cost route for the further spread of small cells…

5G considerations have moved to centre stage for operators, vendors, policy makers and regulators globally in recent months as technology roadmaps become clearer. Distinct regional roadmaps are emerging, with network densification a key differentiator between markets. We view dense networks as a key enabler for 5G to succeed. On that basis, China, Japan, and South Korea already operating widespread dense wireless networks today giving them a low-cost route for the further spread of small cells…

5G: Will Enhanced TD-LTE Become a Stepping Stone to 5G?

With markets trying to make sense of the election of President Trump, we have looked at the implications on the stocks we cover globally (the implications really are global).   There are two versions of Trump’s America: one in which he attempts to lead like a CEO, and one in which he attempts to rule like a demagogue.  We have no idea which one will come to pass (we really don’t) but the market implications of each are quite different.   In either case, with Trump promising $1tr in infrastructure…

With markets trying to make sense of the election of President Trump, we have looked at the implications on the stocks we cover globally (the implications really are global).   There are two versions of Trump’s America: one in which he attempts to lead like a CEO, and one in which he attempts to rule like a demagogue.  We have no idea which one will come to pass (we really don’t) but the market implications of each are quite different.   In either case, with Trump promising $1tr in infrastructure…

Italy

Telecom Italia S.p.A., through subsidiaries, offers fixed line and mobile telephone and data transmission services in Italy and abroad.  The Company offers local and long-distance telephone, satellite communications, Internet access, and teleconferencing services.

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

Telecom Italia SPA (TIT IM)

Vivendi: Coming IPO of Universal Music Group (UMG) Gives Best Exposure to Growth in Streaming Music

Vivendi SA (VIV FP) is the French conglomerate led by billionaire Vincent Bollore Bollore has been invested in Vivendi since 2012 and is...

Nicolas Van Broekhoven

Report from Mobile World Congress: The Transition to 5G Comes into Focus.

New Street Research attended this year's Mobile World Congress in Barcelona recently. While the move to 5G will bring huge increases in localized...

New Street Research

Vimpelcom. Compelling GEM Telco Play. Improvements in Russia and Italy Lead to Reinstated Dividend.

Vimpelcom (VIP US) is one of our strongest conviction buy calls in the GEM space. We see 39% upside to the share price with a price target of...

New Street Research

5G: Will Enhanced TD-LTE Become a Stepping Stone to 5G?

5G considerations have moved to centre stage for operators, vendors, policy makers and regulators globally in recent months as technology roadmaps...

New Street Research

What Trump Means for Global Telcos

With markets trying to make sense of the election of President Trump, we have looked at the implications on the stocks we cover globally (the...

New Street Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)