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

Report

New Street Research

Chris Hoare

EUR 9310.00 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

See profile

Airtel Africa Plc

See profile

China Mobile

See profile

CHINA TELECOM CORP LTD-H

See profile

Tim Brasil SA

See profile

Provider

New Street Research

Provided by our team of experienced analysts, our work is idea driven, based on independence of thought, sector expertise, and firmly focussed on fundamentals and valuation.

New Street Research is an independent, partner-owned, research firm specialising in equity and debt research. Our equity research embraces the following sectors:

Pan European Telecom Services and Cable
US Telecoms, Cable, Satellite and Towers
Global Emerging Market Telecoms
Japan Telecoms
Asian Internet
Pan European Healthcare
Global healthcare thematic research

We provide debt research on:

Pan European Telecom Services and Cable

See profile

Analysts

Chris Hoare

Other Reports on these Companies

New Street Research

VIVT3 (Buy, TP: BRL61, +23%) Vivo - Solid underlying Q1s – headline EBITDA hit by one-offs

Underlying Q1 trends remained robust at Vivo, with revenue in-line (+7% y/y growth) and headline EBITDA missing (1.5%) only due to other items in the cost base (gains/sales) fluctuating. Excluding this and underlying EBITDA of +9% y/y was steady on Q4, and comparable to TIM’s +10% (reported yesterday). Vivo’s mobile service revenue was the strongest in Brazil vs peers, offset slightly by lower fixed growth (the more volatile data/IT business slowing this quarter).

EUR 9310.00

12h / 57m 12h / 57m 1 EN

New Street Research

TIMS3 (Buy, TP: BRL23, +24%) TIM Brasil - Solid Q1s, trending ahead of FY guide

TIM reported solid Q1 24 earnings overnight, coming in a shade of ahead of estimates (1% at EBITDA). Service revenue growth remains robust at >7% y/y, with some seasonality potentially impacting Q1 pre-pay revenue; EBITDA of +10% y/y and EBITDAaL +20% y/y is also very strong (and well ahead of 4% inflation), the latter enjoying historic lease reductions (though these are now sequentially stabilising). Q1 trends are tracking a touch above FY guide, potentially enabling further earnings uplift.

EUR 9310.00

May 7, 2024 May 7, 2024 1 EN

New Street Research

5G FWA in EM Rapidly falling CPE prices likely to accelerate adoption in EM

This is the 4th in a series of notes looking at FWA (see HERE, HERE and HERE). Recent sharp declines in 5G FWA CPE prices and the launch of 5G RedCap makes us more optimistic on timing of widespread adoption in EM.

EUR 9310.00

April 2, 2024 April 2, 2024 1 EN

Millicom (Buy, TP: $24) Q1 24 - Big (10%) EBITDA beat as Xavier Niel carves out more cost; revenue holding for now

On the back of a 1% revenue beat, it was mainly cost which drove a 10% underlying beat at EBITDA.

EUR 9310.00

27m 27m 1 EN

Jonathan Chaplin

Jonathan Chaplin

EchoStar: Quick thoughts following the call

In this brief note, we cover: 1) securitizable spectrum value; 2) when cash runs out; 3) the implications of the DBS lawsuit for raising new capital; 4) operating improvements in prepaid wireless; 4) progress on cost savings; 5) preliminary thoughts on a new strategy in postpaid wireless.

EUR 9310.00

3h / 50m 3h / 50m 1 EN

Pierre FerraguÊ

Pierre FerraguÊ

CPUs in 1Q24: Node parity in notebooks leads to stable market shares. Intel not there yet in desktop & servers.

Mercury released its latest PC and server processors report yesterday.

8h / 16m 8h / 16m 1 EN

Sign-up for free to access full reports immediately

Email Address*

Choose Password* ( 6 or more characters )

Due to regulatory restrictions regarding the distribution of financial research, this report is restricted to a specific region or investor type. Get access to exclusive reports by answering the questions below.

Select your country*

Get financial insights straight to your inbox

By clicking "register" you accept the Terms and Conditions & Privacy Policy

Already on ResearchPool?

Almost there...

Are you a professional investor?

Select your country

REGISTER

Create a free ResearchPool account to access full reports, get a personalised dashboard and follow providers or companies

In order to access this report please create an account.

LOGIN

EM Telcos Q1 23: Slowdown in India, elsewhere strong

VIVT3 (Buy, TP: BRL61, +23%) Vivo - Solid underlying Q1s – headline EBITDA hit by one-offs

TIMS3 (Buy, TP: BRL23, +24%) TIM Brasil - Solid Q1s, trending ahead of FY guide

5G FWA in EM Rapidly falling CPE prices likely to accelerate adoption in EM

Millicom (Buy, TP: $24) Q1 24 - Big (10%) EBITDA beat as Xavier Niel carves out more cost; revenue holding for now

EchoStar: Quick thoughts following the call

CPUs in 1Q24: Node parity in notebooks leads to stable market shares. Intel not there yet in desktop & servers.

Create a free ResearchPool account to access full reports, get a personalised dashboard and follow providers or companies

Sign-up for free to access full reports immediately

ResearchPool Subscriptions

Get the most out of your insights

Why subscribe?

How to subscribe

ResearchPool Subscriptions

This report is only available to subscribers

Why subscribe?

How to subscribe