New Street Research - Advanced Info Systems (AIS) ... New Street: EM Telcos Slight slowdown but remains strong

Report

New Street Research

Chris Hoare

EUR 8822.00 For Business Accounts Only

New Street: EM Telcos Slight slowdown but remains strong

Our thesis is that EM telcos are set to grow sustainably at GDP+ rates. Despite scepticism on the buyside this is already happening. Although there was a slight slowdown in Q4, service revenue growth for leading EM Telcos remains well above historic levels at 9%.

26/04/2022 1 EN

Underlyings

Advanced Info Systems

See profile

Bharti Airtel

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

Global EM Telcos & Towers – On Fire - NSR GEM Top-10 April 25 Update. IHS target to $7.7.

Our picks were on fire in March, with our top EM Telcos now up 27% YTD on average. This note also includes key news & other thoughts catalysts, help investors generate alpha within the EM Telco space.

EUR 8822.00

April 2, 2025 April 2, 2025 1 EN

New Street Research

Thai Telcos Q4 24 review: Fundamentals remain in-tact; auction risk an overhang

Thai operators outperformed their guidance, with 2025 guidance signalling a steady mobile growth. TRUE has most room for margin improvement, partly supported by this year’s expiry of the spectrum rental with NT.

EUR 8822.00

March 10, 2025 March 10, 2025 1 EN

New Street Research

Indian Telcos Q3 FY25 review: Sustained margin expansion from July’s price increase

Trends continued to benefit from last July’s tariff hike with sustained margin expansion across all three operators. Capex intensity is expected to moderate further for Bharti as network build decelerates, whereas VIL would accelerate its spending on the back of its 5G launch in March. India’s FWA development remains promising, with potential positive implications on EM Telcos

EUR 8822.00

March 4, 2025 March 4, 2025 1 EN

T-Mobile: Quick thoughts following the 1Q25 call

What’s new: in this note we cover the case for T-Mobile buying a cable asset and what we learned about the odds of this from the call, new insights into T-Mobile’s fiber strategy, what it means for Cable and Fiber assets, further thoughts on the slowdown in growth in the broadband market, important insights into what might be driving the strength in the mobile market, and how T-Mobile will approach tariffs. We will publish a separate comprehensive review of results and model update shortly.

EUR 8822.00

4h / 7m 4h / 7m 1 EN

Jonathan Chaplin

Jonathan Chaplin

Comcast Post-1Q25 Model Update

What’s new: In this note, we cover changes to our estimates, and comparisons with guidance and consensus. Please see separate notes reviewing results and thoughts following the earnings call. The most significant changes are higher broadband losses and lower EBITDA in 2025. We expect Consensus to increase broadband losses as well as lower EBITDA. No change to thesis. Price target is $38 (+15%).

9h / 13m 9h / 13m 1 EN

Jonathan Chaplin

Jonathan Chaplin

CMCSA: Quick thoughts following the call 1Q25

What’s new: in this note we cover the source of the pressure Comcast is seeing on broadband growth (market vs competition), we cover the potential causes of slower market growth, we cover the causes of competitive pressures and the impact of recent pricing changes, and we touch on implications for ARPU and EBITDA growth.

10h / 34m 10h / 34m 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

New Street: EM Telcos Slight slowdown but remains strong

Global EM Telcos & Towers – On Fire - NSR GEM Top-10 April 25 Update. IHS target to $7.7.

Thai Telcos Q4 24 review: Fundamentals remain in-tact; auction risk an overhang

Indian Telcos Q3 FY25 review: Sustained margin expansion from July’s price increase

T-Mobile: Quick thoughts following the 1Q25 call

Comcast Post-1Q25 Model Update

CMCSA: Quick thoughts following the call 1Q25

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