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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

<h2>Refarming spectrum the catalyst for market breakdown</h2>The Malaysian regulator announced new spectrum allocations over a year ago, but they only came into force on July 1st. The main changes involve valuable 900MHZ and 1800MHZ  spectrum being transferred from <a href="https://www.smartkarma.com/entities/944" target="_blank" data-smartkarma-citation="entities:944:1">Axiata (AXIATA MK)</a> and <a href="https://www.smartkarma.com/entities/946" target="_blank" data-smartkarma-citation="entities:946:1">Maxis (MAXIS MK)</a>, to challenger U-Mobile. We think this will catalyze a change in tactics between the operators.Change in spectrum allocation by refarming: U-Mobile the winner<figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/029/567/original/mal%20spectrum%20refarm.jpg?1499761973" class="editor-image img-responsive" data-smartkarma-image-id="29567"></figure><div class="content-caption">Source: New Street Research</div>Once the refarming…

Refarming spectrum the catalyst for market breakdownThe Malaysian regulator announced new spectrum allocations over a year ago, but they only came into force on July 1st. The main changes involve valuable 900MHZ and 1800MHZ  spectrum being transferred from Axiata (AXIATA MK) and Maxis (MAXIS MK), to challenger U-Mobile. We think this will catalyze a change in tactics between the operators.Change in spectrum allocation by refarming: U-Mobile the winnerSource: New Street ResearchOnce the refarming…

Spectrum Refarming Increases Competitive Pressure on Malaysian Telcos.

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

Equity Capital Markets

Maxis plans to raise US$390m through a primary placement in order to repay borrowings and fund its expansion/growth plans. The sector overall doesn't look very attractive, to put it mildly. For a change, there seems to be a consensus among analysts on calling a SELL, with 16 analysts rating the stock a SELL and 13 a HOLD and no BUYs. <a href="https://www.smartkarma.com/companies/151" target="_blank" data-smartkarma-citation="companies:151">New Street Research</a> has been negative on the sector and the stock for a while and rightly so. The only positive seems to be that the stock has come off in the past…

Maxis plans to raise US$390m through a primary placement in order to repay borrowings and fund its expansion/growth plans. The sector overall doesn't look very attractive, to put it mildly. For a change, there seems to be a consensus among analysts on calling a SELL, with 16 analysts rating the stock a SELL and 13 a HOLD and no BUYs. New Street Research has been negative on the sector and the stock for a while and rightly so. The only positive seems to be that the stock has come off in the past…

ASEAN Insight Provider, CrossASEAN Research

Angus Mackintosh

ASEAN Insight Provider

Thematic (Sector/Industry)

This week has been a tough one for the people of Jakarta, as the outgoing Governor was handed an extremely dubious sentence of two years in jail, on an even more dubious trumped up charge of blasphemy. According to some interesting post-election analysis, Ahok lost squarely because of this case. A large number of voters, who approved of the great work he had done in Jakarta, moved to vote against him due to the religious angle (as well as some intimidation it seems).Even though President Jokowi…

This week has been a tough one for the people of Jakarta, as the outgoing Governor was handed an extremely dubious sentence of two years in jail, on an even more dubious trumped up charge of blasphemy. According to some interesting post-election analysis, Ahok lost squarely because of this case. A large number of voters, who approved of the great work he had done in Jakarta, moved to vote against him due to the religious angle (as well as some intimidation it seems).Even though President Jokowi…

The Week that Was in ASEAN@Smartkarma - Ghostowns, Thaksinites and Casinos

Founder, Riedel Research

David Riedel

Founder

Independent equity research on GEM Markets

Riedel Research

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Petronas Chemicals Group / Equity Bottom-Up

<ul>
<li>
Rising Malaysian exports, quickening GDP expansion, recovery in corporate earnings and a depressed MYR are spurring foreign interest in Malaysian equities
</li>
<li>
World economic growth is set to improve to 3.4 - 3.5% this year from 3.1% in 2016. A rising growth outlook in developed markets could drive strength in EM investing.
</li>
<li>
In April, the RHB economists upgraded Malaysia’s 2017 GDP growth forecast to 4.5% (2016: +4.2%) and export growth to 3.9% (2016: +0.1%).
</li>
<li>
The latest data points for March 2017 show…</li>
</ul>



Rising Malaysian exports, quickening GDP expansion, recovery in corporate earnings and a depressed MYR are spurring foreign interest in Malaysian equities


World economic growth is set to improve to 3.4 - 3.5% this year from 3.1% in 2016. A rising growth outlook in developed markets could drive strength in EM investing.


In April, the RHB economists upgraded Malaysia’s 2017 GDP growth forecast to 4.5% (2016: +4.2%) and export growth to 3.9% (2016: +0.1%).


The latest data points for March 2017 show…


Actionable Opportunities in Malaysia as Fundamentals Improve

Our view remains that the Malaysian incumbent wireless operators continue to look overvalued. Service revenues fell by 3.3% YoY in 4Q16, and it is hard to see where a recovery will come from. Within that decline, <a href="https://www.smartkarma.com/entities/944" target="_blank" data-smartkarma-citation="entities:944:1">Axiata (AXIATA MK)</a> recovered modestly in the quarter but remains -7.5% YoY. <a href="https://www.smartkarma.com/entities/946" target="_blank" data-smartkarma-citation="entities:946:1">Maxis (MAXIS MK)</a> remains the outperformer in a declining market with revenues down just 0.9% YoY. What has impressed has been margins, with the aggregate Ebitda margin up 30bps YoY boosted by Maxis and <a href="https://www.smartkarma.com/entities/945" target="_blank" data-smartkarma-citation="entities:945:1">Digi</a>…

Our view remains that the Malaysian incumbent wireless operators continue to look overvalued. Service revenues fell by 3.3% YoY in 4Q16, and it is hard to see where a recovery will come from. Within that decline, Axiata (AXIATA MK) recovered modestly in the quarter but remains -7.5% YoY. Maxis (MAXIS MK) remains the outperformer in a declining market with revenues down just 0.9% YoY. What has impressed has been margins, with the aggregate Ebitda margin up 30bps YoY boosted by Maxis and Digi…

Malaysian Wireless Operators See Falling Subscriber Numbers & Revenues. Competition Starting to Bite

Malaysia

Telekom Malaysia Berhad establishes, provides, and maintains telecommunication and related services. Through its subsidiaries, the Company provides payphone network, mobile telecommunication, public telephone, and leasing of optical fiber telecommunication system services. Telekom also manages and operates Kuala Lumpur Tower and provides intelligent security services.

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Telekom Malaysia (T MK)

Spectrum Refarming Increases Competitive Pressure on Malaysian Telcos.

Refarming spectrum the catalyst for market breakdownThe Malaysian regulator announced new spectrum allocations over a year ago, but they only came...

New Street Research

Maxis - No End of Woes in Sight

Maxis plans to raise US$390m through a primary placement in order to repay borrowings and fund its expansion/growth plans. The sector overall...

Sumeet Singh

The Week that Was in ASEAN@Smartkarma - Ghostowns, Thaksinites and Casinos

This week has been a tough one for the people of Jakarta, as the outgoing Governor was handed an extremely dubious sentence of two years in jail,...

Angus Mackintosh

Actionable Opportunities in Malaysia as Fundamentals Improve

Rising Malaysian exports, quickening GDP expansion, recovery in corporate earnings and a depressed MYR are spurring foreign interest in Malaysian...

David Riedel

Malaysian Wireless Operators See Falling Subscriber Numbers & Revenues. Competition Starting to Bite

Our view remains that the Malaysian incumbent wireless operators continue to look overvalued. Service revenues fell by 3.3% YoY in 4Q16, and it is...

New Street Research

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