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)

Argentina Wireless telecommunication services / Thematic (Sector/Industry)

In an earlier note, <a href="https://www.smartkarma.com/insights/em-telcos-video-growth-drives-an-em-wireless-growth-inflection" target="_blank" data-smartkarma-citation="insights:14384">EM Telcos: Video Growth Drives an EM Wireless Growth Inflection</a>,  we looked at the impact of growing online video consumption on the Emerging Market (EM) Telcos. We believe that in many emerging markets, the growth of video consumption offers a path to renewed revenue and profit growth for the first time in ten years. ARPUs are finally starting to inflect, led by the China where the big three internet names (BAT) have aggressively pushed their online video businesses.  We think the best way to play this growth story is through the EM Telcos with the theme playing best in Indonesia and Brazil but also in China, India, Thailand, the Philippines and the rest of Latin America as well. Top picks on this theme are <a href="https://www.smartkarma.com/entities/1016" target="_blank" data-smartkarma-citation="entities:1016:1">China Unicom (762 HK)</a>, <a href="https://www.smartkarma.com/entities/25977" target="_blank" data-smartkarma-citation="entities:25977:1">TIM Brasil (TIMP3 BZ)</a>, <a href="https://www.smartkarma.com/entities/953" target="_blank" data-smartkarma-citation="entities:953:1">Bharti (BHARTI IN)</a> and <a href="https://www.smartkarma.com/entities/15028" target="_blank" data-smartkarma-citation="entities:15028:1">XL Axiata (EXCL IJ)</a>.In this second note, we look at the differences in Emerging Markets vs Developed Markets (DM) which helps to explain why 4G is driving a growth acceleration in EMs which has not (and probably will not) be seen in DMs.  Key factors are demographics and lack of good WiFi. This is leading to a growth inflection in EM telcos. EM Wireless growth inflecting: driven by online video<figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/041/252/original/EM%20inflection.jpg?1514969197" class="editor-image img-responsive" data-smartkarma-image-id="41252"></figure>

In an earlier note, EM Telcos: Video Growth Drives an EM Wireless Growth Inflection,  we looked at the impact of growing online video consumption on the Emerging Market (EM) Telcos. We believe that in many emerging markets, the growth of video consumption offers a path to renewed revenue and profit growth for the first time in ten years. ARPUs are finally starting to inflect, led by the China where the big three internet names (BAT) have aggressively pushed their online video businesses.  We think the best way to play this growth story is through the EM Telcos with the theme playing best in Indonesia and Brazil but also in China, India, Thailand, the Philippines and the rest of Latin America as well. Top picks on this theme are China Unicom (762 HK), TIM Brasil (TIMP3 BZ), Bharti (BHARTI IN) and XL Axiata (EXCL IJ).In this second note, we look at the differences in Emerging Markets vs Developed Markets (DM) which helps to explain why 4G is driving a growth acceleration in EMs which has not (and probably will not) be seen in DMs.  Key factors are demographics and lack of good WiFi. This is leading to a growth inflection in EM telcos. EM Wireless growth inflecting: driven by online video

Emerging Market Telcos: Revenue Accelerating as Youth and Scarce WiFi Leads Users into Mobile Data.