Kcell Joint Stock Company - Handsets and low churn drive forecast increase
After a Q2 affected by COVID-19, Kcell’s revenue and profit growth accelerated sharply in Q3. Handset sales (+124% y-o-y to KZT11bn) were the main surprise (again), but there were encouraging trends in the services business also. Kcell posted its highest net additions in six years with churn remaining close to record lows. These trends are further evidence of an improving market and the success of Kcell’s new strategy in our view. We raise our FY20 EPS forecasts by 23% to KZT120.
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