Softbank 2.0 Is Coming But, for Now, Upside Is Driven by Sprint/Alibaba.

Alibaba: Room to Grow from ECommerce and Cloud Services

China Internet: Online Advertising Now >50% of Total Chinese Ad Spend.

NTT/DoCoMo: Weakness at NTT Comes from Earlier DoCoMo Results

KDDI Produces Solid Third Quarter; Fair Value Estimate Retained at JPY 3,700

KDDI 3Q17 Results Mostly Positive and Support Our BUY Call. Japanese Telcos Offer Reasonable Value.

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

<p>We have previously written individually about Japanese 3Q17 telecoms results. In total, they were largely as expected. Competitive intensity in the mobile sector remains focused on the low-end of the market where MVNOs are now fighting <a href="https://www.smartkarma.com/entities/639" target="_blank" data-smartkarma-citation="entities:639:1">KDDI (9433 JP)</a> (UQ Mobile) and <a href="https://www.smartkarma.com/entities/315" target="_blank" data-smartkarma-citation="entities:315:1">Softbank (9984 JP)</a> (Y!Mobile) for lower-ARPU subs. Growth rates in mobile have slowed modestly from previous quarters.</p><p>Operators are wary of volatile competitive moves and are focused more on free cash flow. The 3Q offers a glimpse of…</p>

We have previously written individually about Japanese 3Q17 telecoms results. In total, they were largely as expected. Competitive intensity in the mobile sector remains focused on the low-end of the market where MVNOs are now fighting KDDI (9433 JP) (UQ Mobile) and Softbank (9984 JP) (Y!Mobile) for lower-ARPU subs. Growth rates in mobile have slowed modestly from previous quarters.Operators are wary of volatile competitive moves and are focused more on free cash flow. The 3Q offers a glimpse of…

NTT (Nippon Telegraph & Telephone) (9432 JP)

Japan Telcos: Focus Remains on Cash Flow and Dividends. Competition Is Relatively Benign.

KDDI Corp

Japan Telcos: Focus Remains on Cash Flow and Dividends. Competition Is Relatively Benign.