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

Indian telcos have been hurt by continued speculation about the new entry from Reliance Jio (Jio). &nbsp;We think these concerns are overdone and prefer to focus on evidence of market repair and ongoing consolidation in India. The &nbsp;spectrum auction earlier this year highlighted the need to get big or get out of the industry. Recent moves by regulators to allow spectrum sharing and trading have begun to have an impact. We see India as ultimately a 4-5 player market, with 4 "real players" and one SOE.The rise of data usage is key to taking a positive view on India. Having followed a disastrous path in monetizing voice, India has been left with extremely low returns and an industry that has been focused on removing capital rather than making the massive investments needed to propel India to what it sees as its digital destiny.&nbsp;We are not expecting miracles but the journey from low to somewhat better returns can be a positive one for stocks that have only factored in bad news for a number of years. &nbsp;We see signs that the move to data will be a profitable one in India and that despite the noise, Jio is likely to be less disruptive than many fear, at least in initial years.

Indian telcos have been hurt by continued speculation about the new entry from Reliance Jio (Jio). &nbsp;We think these concerns are overdone and prefer to focus on evidence of market repair and ongoing consolidation in India. The &nbsp;spectrum auction earlier this year highlighted the need to get big or get out of the industry. Recent moves by regulators to allow spectrum sharing and trading have begun to have an impact. We see India as ultimately a 4-5 player market, with 4 "real players" and one SOE.The rise of data usage is key to taking a positive view on India. Having followed a disastrous path in monetizing voice, India has been left with extremely low returns and an industry that has been focused on removing capital rather than making the massive investments needed to propel India to what it sees as its digital destiny.&nbsp;We are not expecting miracles but the journey from low to somewhat better returns can be a positive one for stocks that have only factored in bad news for a number of years. &nbsp;We see signs that the move to data will be a profitable one in India and that despite the noise, Jio is likely to be less disruptive than many fear, at least in initial years.

Bharti Airtel

Indian Telecom Market Repair Underway