Polish Telecoms: Subscription model rules
The outbreak of the Coronavirus has forced many countries to take unprecedented steps like keeping people at home for two weeks or more. Such a widespread halt of human, consumer and business activity will obviously have a negative impact on economies and companies but due to the uniqueness of the situation and the uncertainty of where and how long it will go on, it is also very hard to predict the scale of impact on companies’ P&Ls. Polish telcos are one of the sectors that have experienced a sell off but should not feel an overly negative hit for the following reasons: First, a subscription-based model allows for predictable and stable revenue streams; second, recent and current price increases will support ARPU in the coming quarters; and third, home working and #stayathome actions increase demand for telco services like voice & video conf calls, mobile data and payTV/VOD consumption. During turbulent times cash and dividend are king and thus we maintain our preference for high cash generating and dividend payers PLY and CPS over OPL.
Orange Polska SA is a supplier of telecommunications services in Poland. Co. provides services, including fixed-line telecommunication services, Integrated Services Digital Network, voice mail, dial-up and fixed access to the Internet and Voice over Internet Protocol. Co. is one of Poland's three DCS 1800 and GSM 900 mobile telecommunications providers. Co. provides also third generation UMTS services. In addition, Co. provides leased lines, radio-communications and other telecommunications value added services, sells telecommunications equipment, produces electronic phone cards and provides data transmission, telephone directories, multimedia services and various Internet services.
Play Communications SA Formerly known as Play Holdings 2 SARL. Play Communications SA, formerly Play Holdings 2 SARL, is a Luxembourg-based provider of financial investment services. The Company is the owner of mobile operator P4 Sp z o o, that provides a wide range of mobile telecommunications services, including voice, data transmission services, messaging, video service (PLAY NOW), as well as Value Added Services and sales of handsets and other devices, to individual and business subscribers in Poland.
Haitong is the first international Chinese investment bank and our goal is to be the primary channel for capital flows into and out of China. During 2015 the Senior Management Team in London was expanded significantly to focus on this objective and to provide a full-service cross-asset markets business coupled with sector-focused investment banking. We work closely with our world-wide network of offices to bring a true depth of understanding to all client situations.
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