why is this tagged with "newhalf", there is nothing visable or anything on the source announcing that it is newhalf, from what i can see inside the panties is either a very small pair of testicles or one of those "fatmons", you know the slightly bulged out pubic area. for now i will label from what i can see and what i think is there.
The rule is "tag what you see", so I'd say futanari applies here too. IIRC newhalf should be used only when you can clearly see there's no vagina, but I'm not sure so I'll leave it there.