China Telecom/Unicom Merger Opportunity to Large to Ignore? We See $50bn+ Synergy Value (Or More)

China Tower: How Far Could It Fall If China Unicom and China Telecom Merge?

From Famine Comes Feast: China Mobile's Strong 1Q16 Driven by Rising Mobile Data Usage

Chinese Telcos: Underlying Return Story Intact Despite Poor Quarterly Results.

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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

<p>After almost a year of discussion in China, we have finally seen announcements from the China Towerco on lease fee payments. The Chinese telco operators sold their towers to the Towerco in October 2015 and have been providing for their estimate of what the towerco lease fee payments will be in their accounts for Q415 and Q116.</p><p>The key points to note are that lease fee rates are extremely low by global standards, low even compared to India. The Towerco is clearly a mechanism to reduce Opex at the…</p>

After almost a year of discussion in China, we have finally seen announcements from the China Towerco on lease fee payments. The Chinese telco operators sold their towers to the Towerco in October 2015 and have been providing for their estimate of what the towerco lease fee payments will be in their accounts for Q415 and Q116.The key points to note are that lease fee rates are extremely low by global standards, low even compared to India. The Towerco is clearly a mechanism to reduce Opex at the…

China TowerCo: A Low Fee, Low Return Telecom Tower Business. Positive for Chinese Telcos.