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

Thematic (Sector/Industry)

Malaysia Telecom services / Thematic (Sector/Industry)

Malaysian telcos reported a reasonable 3Q set of numbers. Axiata continues to under perform and we see further downside notwithstanding its foreign assets. Dividend yields at DIGI and Maxis look vulnerable while all three operators will have to work hard to meet guidance. Maxis operating performance has improved, but the share price has shrugged off a dividend cut and lack of growth. It is a good thing Malaysian share prices are so well supported domestically.The entire market seems to assume Telekom Malaysia's somewhat delayed 4G entry is not a concern. We disagree. Telekom is progressing and we expect competition to intensify with the new entrant able to gain up to 14% market share by 2020. It is hard to see where revenue growth is going to come from if and when Telekom begins to take share.&nbsp;The three listed mobile operators look expensive on a regional basis and with earnings likely to fall from here (and dividends) are also vulnerable to local funds losing confidence. These are not growth stocks and we see further downside. We do like Telekom's position as a challenger with an ability to take share.

Malaysian telcos reported a reasonable 3Q set of numbers. Axiata continues to under perform and we see further downside notwithstanding its foreign assets. Dividend yields at DIGI and Maxis look vulnerable while all three operators will have to work hard to meet guidance. Maxis operating performance has improved, but the share price has shrugged off a dividend cut and lack of growth. It is a good thing Malaysian share prices are so well supported domestically.The entire market seems to assume Telekom Malaysia's somewhat delayed 4G entry is not a concern. We disagree. Telekom is progressing and we expect competition to intensify with the new entrant able to gain up to 14% market share by 2020. It is hard to see where revenue growth is going to come from if and when Telekom begins to take share.&nbsp;The three listed mobile operators look expensive on a regional basis and with earnings likely to fall from here (and dividends) are also vulnerable to local funds losing confidence. These are not growth stocks and we see further downside. We do like Telekom's position as a challenger with an ability to take share.

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