Game of Groans as Convergence Moves in U.S. Spell Nervous Times for Domestic Telecoms

Reality Bites as TPG Telecom's Fair Value Estimate Cut to AUD 8.50 Per Share

TPG Telecom Mobilises in Singapore; Fair Value Estimate Dialled Down

TPG Telecom Feels the Pain of Great Expectations

Another Day, Another Deal in Telco Land, as TPG Telecom Gets Closer to Vodafone

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

We initiate on <a href="https://www.smartkarma.com/entities/323" target="_blank" data-smartkarma-citation="entities:323:1">TPG Telecom (TPM AU)</a> with a SELL rating and a target price of $6.05. After peaking at close to $13/share at the start of August, the shares plummeted when guidance given was well below market expectations. It was a rapid move from market darling to market pariah and since 1 August, the stock has lost 39%.We believe growth expectations are still too high for TPG and that moves to build a mobile business, potentially in Singapore and Australia will require significant capital. The outlook is for lower margins and returns as capex increases.

We initiate on TPG Telecom (TPM AU) with a SELL rating and a target price of $6.05. After peaking at close to $13/share at the start of August, the shares plummeted when guidance given was well below market expectations. It was a rapid move from market darling to market pariah and since 1 August, the stock has lost 39%.We believe growth expectations are still too high for TPG and that moves to build a mobile business, potentially in Singapore and Australia will require significant capital. The outlook is for lower margins and returns as capex increases. 

TPG Telecom: Margin Outlook Hit by Higher Access Charges. Growth Expectations Slashed.