New Street Research - Advanced Info Systems (AIS) ... EM Telcos Q1 23: Slowdown in India, elsewhere strong

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New Street Research

Chris Hoare

EUR 9484.00 For Business Accounts Only

EM Telcos Q1 23: Slowdown in India, elsewhere strong

EM Telcos top line growth slowed somewhat in Q1 driven by price increases in India lapping. However, other markets stayed strong and simple average revenue growth was 9%. Our thesis remains that EM telcos are set to grow sustainably at GDP+ rates.

27/06/2023 1 EN

Underlyings

Advanced Info Systems

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Airtel Africa Plc

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China Mobile

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CHINA TELECOM CORP LTD-H

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Tim Brasil SA

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New Street Research

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Chris Hoare

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EM Telcos Q1 23: Slowdown in India, elsewhere strong

NU US (Neutral, TP: $13, -15%) Q3 24: NuCel the Telco disrupter, diversifying from lending

VIVT3 (Buy, TP: R$61, +15%) TIMS3 (Buy, TP: R$23, +43%) AMX (Buy, TP: $22, +37%) Vivo (BUY) and Brazil Q3 wrap - TIM lagging in wireless. NuCel the perceived overhang

TIM Brasil (Buy, TP: R$23, +43%) - Q3 24: In-line trends, Nubank and pricing concerns linger

AMAT 4FQ24: Headwinds into 2025. Maintain cautious view. Neutral, $205.

Liquid Intelligent Technologies (HY, Overweight) Pro forma balance sheet for equity raise suggests the bonds offer good value

Sunrise (Neutral, TP: CHF37, -16%) Sunrise – Initiation, TP: CHF37, -16%, Neutral

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