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

Equity Bottom-Up

Telekomunikasi Indonesia / Equity Bottom-Up

A recent visit to Indonesia confirms our view that change is coming. The current situation implies that the dominant player (PT Telkom) will continue to increase market share. That is not a good outcome for Indonesia and is something the government seems to now realize.We expect the government to allow some sort of network consolidation which will allow smaller operators to join forces on investment and potentially reduce capex. In addition Interconnect fees, which currently favor the dominant player (Telkom), are likely to be slashed further leveling the paying field.&nbsp;There are signs that returns are inflecting and we expect this to continue. Voice revenues are rising while data usage is rising but prices seem to have stabilized, albeit at low levels. We are hopeful of seeing modest increases in data prices not disturbing the very strong data growth picture. Combined, this implies a real improvement in returns going forward. In turn that will allow the necessary capex to build for a data centric future. Stock prices have begun to rally but still reflect bearish assumptions weighed down by several years of dismal performance. There is a real opportunity to surprise on the upside here.&nbsp;&nbsp;

A recent visit to Indonesia confirms our view that change is coming. The current situation implies that the dominant player (PT Telkom) will continue to increase market share. That is not a good outcome for Indonesia and is something the government seems to now realize.We expect the government to allow some sort of network consolidation which will allow smaller operators to join forces on investment and potentially reduce capex. In addition Interconnect fees, which currently favor the dominant player (Telkom), are likely to be slashed further leveling the paying field.&nbsp;There are signs that returns are inflecting and we expect this to continue. Voice revenues are rising while data usage is rising but prices seem to have stabilized, albeit at low levels. We are hopeful of seeing modest increases in data prices not disturbing the very strong data growth picture. Combined, this implies a real improvement in returns going forward. In turn that will allow the necessary capex to build for a data centric future. Stock prices have begun to rally but still reflect bearish assumptions weighed down by several years of dismal performance. There is a real opportunity to surprise on the upside here.&nbsp;&nbsp;

Government Prepares Measures to Encourage Smaller Telco Players.