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>The cost of Telecoms has become an issue in Japan in recent weeks. We look at whether regulatory pressure will increase. The regulator has started a mid-cycle review but our view is that drastic measures are unnecessary and unlikely to occur. In comparison to other Developed Asian markets, pricing appears reasonable. It is higher than the US and Europe but not dramatically so. In particular we highlight KDDI as potentially attractive here.&nbsp;</p><p>We expect the government to push for more lower priced handsets to be made available while extending existing handset plans. This could reduce subscriber acquisition/retention costs. Together with lower capex and flat service revenues we see Industry Ebitda expanding around 8% per year.</p>

The cost of Telecoms has become an issue in Japan in recent weeks. We look at whether regulatory pressure will increase. The regulator has started a mid-cycle review but our view is that drastic measures are unnecessary and unlikely to occur. In comparison to other Developed Asian markets, pricing appears reasonable. It is higher than the US and Europe but not dramatically so. In particular we highlight KDDI as potentially attractive here.&nbsp;We expect the government to push for more lower priced handsets to be made available while extending existing handset plans. This could reduce subscriber acquisition/retention costs. Together with lower capex and flat service revenues we see Industry Ebitda expanding around 8% per year.

NTT (Nippon Telegraph & Telephone) (9432 JP)

Concern over increased Japanese Telecom regulation is overdone. Industry can deliver Ebitda growth.

KDDI Corp

Concern over increased Japanese Telecom regulation is overdone. Industry can deliver Ebitda growth.