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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>Recent results from the Korean telcos show a continued pattern of a very benign operating and competitive environment with mid-single digit EBITDA growth and declining capex supporting OpFCF generation (up 55% in the last 18 months). 75% of the OpFCF recovery has been driven by lower capex and 9M16 capex numbers were well below FY16 guidance. Looking ahead, we expect capex to remain low (ahead of 5G). In the medium/longer-term we think the risk of a significant spike in capex spend for 5G is…</p>

Recent results from the Korean telcos show a continued pattern of a very benign operating and competitive environment with mid-single digit EBITDA growth and declining capex supporting OpFCF generation (up 55% in the last 18 months). 75% of the OpFCF recovery has been driven by lower capex and 9M16 capex numbers were well below FY16 guidance. Looking ahead, we expect capex to remain low (ahead of 5G). In the medium/longer-term we think the risk of a significant spike in capex spend for 5G is…

Korean Telcos: Free Cash Flow Stability. KT Now Our Preferred Pick

KT Corp

Korean Telcos: Free Cash Flow Stability. KT Now Our Preferred Pick