Telkom | Initiation I Driving data
Telkom provides investors with enhanced exposure to persistent growth in South African data demand. Over the past seven years, management has positioned TKG to benefit from increasing data demand through its mobile investments, fibre optic deployment and rationalisation of legacy business lines. Consequently, TKG has generated an annualised total return of 21% since FY'12 (MTN: +2%, VOD: +8%). We believe TKG's network data capacity is unmatched in SA and will allow it to maintain its superior value propositions in the market.We initiate coverage with a 12-month target price of R95ps and an OUTPERFORM recommendation.
Telkom SA SOC is a technology company. Co.'s services and products include: Fixed-line retail voice services to post-paid, pre-paid and private payphone customers; Fixed-line customer premises equipment rental, sales and services both voice and data needs; Interconnection services; Fixed-line data services, including domestic and international data transmission services; Data center operations which includes e-commerce, application service provider, hosting, data storage, e-mail and security services; W-CDMA, a 3G next generation network; Mobile communication services, including voice services, data services and handset sales and; Other services including directory services.
Avior is a globally recognised capital markets research and trading firm, with the broadest research coverage within the region, with 100+ SA and 20+ SSA companies under coverage. Avior services clients from offices in London, Cape Town and Johannesburg.
Our research quality is consistently recognised in local and global surveys, with 18 analysts currently rated in their respective sectors (FM 2017). Value add through in-depth, innovative, high quality and consistent research with comprehensive underlying fundamental modelling supported by regular analyst and roadshow interactions.
Avior has proven that by working closely with our clients we can mutually develop dominant positions in certain sectors, going from strength to strength. Avior has a dedicated ESG team, having been ranked #1 in Corporate Governance research since 2008.
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