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Jin Yoon
  • Jin Yoon

New Street: Kuaishou 3Q21 Results - Ad Demand Could be Challenged Head...

What's new: Kuaishou reported 3Q21 results were above consensus and our expectations driven by resiliency in ads amid macro backdrops. While advertising could face near-term macro and regulatory headwinds, operating losses is expected to further narrow driven by continued efficiency in S&M spending. We maintain our PT at HKD 122. Analysts: Jin Yoon

Jin Yoon
  • Jin Yoon

New Street: DADA 3Q21 Results - Inline Guidance With Continued Uptick ...

What's new: Dada Nexus reported 3Q21 revenues came in above consensus and our estimates, while 4Q21 guidance range was largely inline with expectations. JDDJ revs is expected to accelerate in 4Q driven by promotional seasonality, and direct margins could turn positive by next year driven by better efficiency in customer incentives and operating leverage. We maintain our PT at USD40 and reiterate our BUY rating. Analysts: Jin Yoon

Blair Levin
  • Blair Levin

To Resolve FAA/FCC Standoff, VZ and AT&T File Letter Describing Mitiga...

What's new: Today, Verizon and AT&T filed a letter with the FCC outlining mitigation efforts they will take in an effort to placate interference concerns raised by the FAA as to the impact on 5G transmissions in the C-Band spectrum.

Blair Levin
  • Blair Levin

To Resolve FAA/FCC Standoff, VZ and AT&T File Letter Describing Mitiga...

What's new: Today, Verizon and AT&T filed a letter with the FCC outlining mitigation efforts they will take in an effort to placate interference concerns raised by the FAA as to the impact on 5G transmissions in the C-Band spectrum.

Chris Hoare
  • Chris Hoare

New Street: Protelindo (Sarana Menara) (Buy, TP: IDR1,900, +60%) Q3 2...

Protelindo (Sarana Menara) has reported a good set of Q3 2021 figures with ARP/Tenant improving again which led to an acceleration in revenue and EBITDA growth. Protelindo shares have traded off since August, this provides a good opportunity for investors who have been on the sidelines as we continue to think the market is underestimating the long term growth opportunity in Indonesian towers, we remain bullish on the space.

Soomit Datta
  • Soomit Datta

New Street: MELI US (Buy, TP: $2100, +63%) MercadoLibre - Client call...

We held an Investor Call with MercadoLibre at the end of last week. Given the recent capitulation of Brazilian payment company share prices, there was focus on Fintech and 1/ the likelihood of rising Acquiring prices (nothing significant yet), 2/ funding mix shift (up to 10% from cheaper alternatives to discounted receivables for prepayments), 3/ credit (robust) and 4/ wallet launches (in coming days, since which we have seen a crypto push).

Chris Hoare
  • Chris Hoare

New Street: Chinese Telcos Good quarter, fundamentals are strong, sta...

Q3 was another good quarter for the Chinese telcos. Everything is going into the right direction for the sector in our view, stocks are cheap and we continue to think they are compelling investment for those who can invest in those names.

Chris Hoare
  • Chris Hoare

New Street: Chinese Telcos Good quarter, fundamentals are strong, sta...

Q3 was another good quarter for the Chinese telcos. Everything is going into the right direction for the sector in our view, stocks are cheap and we continue to think they are compelling investment for those who can invest in those names.

Chris Hoare
  • Chris Hoare

New Street: Chinese Telcos Good quarter, fundamentals are strong, sta...

Q3 was another good quarter for the Chinese telcos. Everything is going into the right direction for the sector in our view, stocks are cheap and we continue to think they are compelling investment for those who can invest in those names.

Russell Waller
  • Russell Waller

New Street: Orange (Buy, TP: €15.0, +50%) Could benefit by 24% from M...

M&A fever is well and truly back in Europe. Recent comments from Orange (and Vodafone) about deals in Spain, the Towers space and in France have fuelled that speculation. In this note, we look at the potential net upside to Orange if deals are done in these three areas. In total, Orange could be set to benefit by up to c24% - but outcomes will vary depending on deal type and structures etc.

James Ratzer
  • James Ratzer

New Street: European telecoms consolidation Is the holy grail within ...

The last 10 days have been busy for sector newsflow - and on top of that, we also held our 6th NSR/ BCG 5G conference. One of the topics to come out of company commentary last week was a sharp increase in the rhetoric around the potential for in-market consolidation - both between operators and tower companies. In case you missed it, our Global Weekly published over the weekend ran through our latest thoughts on this as it pertains to the European telecoms operators. It probably wasn't at the to...

James Ratzer
  • James Ratzer

New Street: European telecoms consolidation Is the holy grail within ...

The last 10 days have been busy for sector newsflow - and on top of that, we also held our 6th NSR/ BCG 5G conference. One of the topics to come out of company commentary last week was a sharp increase in the rhetoric around the potential for in-market consolidation - both between operators and tower companies. In case you missed it, our Global Weekly published over the weekend ran through our latest thoughts on this as it pertains to the European telecoms operators. It probably wasn't at the to...

James Ratzer
  • James Ratzer

New Street: European telecoms consolidation Is the holy grail within ...

The last 10 days have been busy for sector newsflow - and on top of that, we also held our 6th NSR/ BCG 5G conference. One of the topics to come out of company commentary last week was a sharp increase in the rhetoric around the potential for in-market consolidation - both between operators and tower companies. In case you missed it, our Global Weekly published over the weekend ran through our latest thoughts on this as it pertains to the European telecoms operators. It probably wasn't at the to...

James Ratzer
  • James Ratzer

New Street: European telecoms consolidation Is the holy grail within ...

The last 10 days have been busy for sector newsflow - and on top of that, we also held our 6th NSR/ BCG 5G conference. One of the topics to come out of company commentary last week was a sharp increase in the rhetoric around the potential for in-market consolidation - both between operators and tower companies. In case you missed it, our Global Weekly published over the weekend ran through our latest thoughts on this as it pertains to the European telecoms operators. It probably wasn't at the to...

James Ratzer
  • James Ratzer

New Street: European telecoms consolidation Is the holy grail within ...

The last 10 days have been busy for sector newsflow - and on top of that, we also held our 6th NSR/ BCG 5G conference. One of the topics to come out of company commentary last week was a sharp increase in the rhetoric around the potential for in-market consolidation - both between operators and tower companies. In case you missed it, our Global Weekly published over the weekend ran through our latest thoughts on this as it pertains to the European telecoms operators. It probably wasn't at the to...

James Ratzer
  • James Ratzer

New Street: European telecoms consolidation Is the holy grail within ...

The last 10 days have been busy for sector newsflow - and on top of that, we also held our 6th NSR/ BCG 5G conference. One of the topics to come out of company commentary last week was a sharp increase in the rhetoric around the potential for in-market consolidation - both between operators and tower companies. In case you missed it, our Global Weekly published over the weekend ran through our latest thoughts on this as it pertains to the European telecoms operators. It probably wasn't at the to...

James Ratzer
  • James Ratzer

New Street: European telecoms consolidation Is the holy grail within ...

The last 10 days have been busy for sector newsflow - and on top of that, we also held our 6th NSR/ BCG 5G conference. One of the topics to come out of company commentary last week was a sharp increase in the rhetoric around the potential for in-market consolidation - both between operators and tower companies. In case you missed it, our Global Weekly published over the weekend ran through our latest thoughts on this as it pertains to the European telecoms operators. It probably wasn't at the to...

James Ratzer
  • James Ratzer

New Street: European telecoms consolidation Is the holy grail within ...

The last 10 days have been busy for sector newsflow - and on top of that, we also held our 6th NSR/ BCG 5G conference. One of the topics to come out of company commentary last week was a sharp increase in the rhetoric around the potential for in-market consolidation - both between operators and tower companies. In case you missed it, our Global Weekly published over the weekend ran through our latest thoughts on this as it pertains to the European telecoms operators. It probably wasn't at the to...

James Ratzer
  • James Ratzer

New Street: EU Towers 3Q21: M&A coming back on the scene?

Following Q3 earnings season, we revisit key themes for the tower names, which have generally performed well this year, with the impact of rising inflation offsetting the potential drag from rising bond yields. M&A activity has been quieter than usual, but expectations of future M&A have been increasing and now swirl around all names. We revisit the Inwit synergy case to show what this might mean for Vantage Towers, and we revisit our broader thesis on the EU tower names.

James Ratzer
  • James Ratzer

New Street: EU Towers 3Q21: M&A coming back on the scene?

Following Q3 earnings season, we revisit key themes for the tower names, which have generally performed well this year, with the impact of rising inflation offsetting the potential drag from rising bond yields. M&A activity has been quieter than usual, but expectations of future M&A have been increasing and now swirl around all names. We revisit the Inwit synergy case to show what this might mean for Vantage Towers, and we revisit our broader thesis on the EU tower names.

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