Report
EUR 1204.70 For Business Accounts Only

New Street Emerging Market Wireless: Pricing power improves in middle and lower income Ems

Mobile service revenue growth is back above inflation across a broad swathe of middle income EMs as pricing power appears to have improved (finally!), leading to ARPU inflection.
Underlyings
Advanced Info Systems

CHINA TELECOM CORP LTD-H

Chunghwa Telecom Co. Ltd

Chunghwa Telecom is a telecommunications service provider. Co.'s principal services include domestic fixed communications services, including local and domestic long distance telephone services, broadband access services, Wi-Fi services, and other domestic services; mobile communications services, including mobile services, sales of mobile handsets, tablets, and other mobile services; internet services, including HiNet, internet value-added services, and other internet services; international fixed communications services, including international long distance telephone services, satellite services and other international services; and other services, including non-telecom services.

Far Eastone Telecommunications Co. Ltd.

Far Eastone Telecommunications provides wireless communications, leased-circuit services, Internet and international simple resale (ISR) services and also sells cellular phone units and accessories. Co. is engaged in the installation, maintenance, wholesale and import/export business for electronic and radio communications equipments and its components; the purchase, sale, installation, and maintenance of radio transceivers and receivers (limited to pagers); handling price quotations and tender applications on behalf of local or foreign companies with regard to the retail business; manufacturing business of wireless communications equipment; and other services business.

Indosat

PT Indosat is an Indonesian telecommunications network and service provider. Co.'s principal products and services include Cellular services in which Co. provides Global System for Mobile Communications 900 and 1800 cellular services; Fixed telecommunications services in which Co. provides international long-distance services in Indonesia; and MIDI services in which Co. provides broadband and narrowband fixed data services, including frame relay services, Very Small Aperture Terminal services, leased circuits and Internet services, through Lintasarta, PT Indosat Mega Media to corporate and retail customers and wholesalers.

KT Corp (ADR)

Mobile TeleSystems PJSC

Mobile Telesystems is a provider of mobile cellular communications services in the Russian Federation, Ukraine, Uzbekistan and Turkmenistan to consumers and corporate customers, employing technology based primarily on Global System for Mobile Communications (GSM). Co. had a mobile subscriber base of around 102.5 million (77.3 million in Russia, 20.4 million in Ukraine, 2.1 million in Turkmenistan, 1.6 million in Uzbekistan and 1.1 million in Armenia). In addition to standard voice services, Co. provides improved services, including voice mail, short message service, general packet radio service, and various SMS- and GPRS-based information and entertainment services.

PLDT Inc.

PLDT is telecommunications service provider in the Philippines. Co., through its three principal business segments, wireless, fixed line and others, offers a range of telecommunications services across the Philippines' extensive fiber optic network as well as wireless, fixed line and satellite networks. Through its wireless business, Co. provides cellular and wireless broadband, satellite and other services. Co.'s fixed line business group offers local exchange, international long distance, national long distance, data and other network and miscellaneous services. Co.'s other business segment includes investments in multi-media content and other companies.

Singapore Telecommunications Limited

Singapore Telecommunications is engaged in the operation and provision of telecommunications systems and services, and investment holding. Co. provides a range of multimedia and Information and communications technology solutions, including voice, data and video services over fixed and wireless platforms. Within both Singapore and Australia, Co. provides mobile communications, data and Internet, national telephone, information technology and engineering, sale of equipment, international telephone and pay television. Co.'s key businesses include: Group Consumer, Group Digital L!fe, and Group Information and communications technology.

TIM SA (Brazil)

TIM Participacoes is holding company. Through its subsidiaries in various telecommunications markets throughout Brazil, Co. operates mobile, fixed and long distance telephony, data transmission and ultra-broadband (speeds of more than 34 MB per second, or Mbps) services. Co. offers extensive data coverage throughout Brazil, with Co.'s general packet radio services technology, or GPRS, covering 100% of Co.'s coverage area and Co.'s EDGE technology reached almost 95% of Co.'s coverage area, in addition to Co.'s 3G and 4G network covering approximately 89% and 74%, respectively, of the urban population of Brazil.

Vodafone Group Plc

Vodafone Group provides mobile and fixed telecommunication services including: access charges, voice and video calls, messaging, interconnect fees, fixed and mobile broadband and related services such as providing televisual and music content, connection fees and equipment sales. Co. provides a range of consumer products and services including mobile, fixed voice, broadband and television, financial as well as other services to operators outside its footprint. Co. also provides a range of enterprise products and services including total communications such as mobile, fixed and a suite of converged communications services, internet of things, cloud and hosting and carrier services.

Vodafone Idea Ltd

Idea Cellular provides Global System for Mobile Communications (GSM) based mobile services and related telephony services to individuals and businesses in India. The company operates through three segments: Mobility Services, which provides GSM based mobile and related telephony services; International Long Distance (ILD), which provides international long distance services; and Passive Infrastructure, which provides passive infrastructure services. Co. offers 2G and 3G services that comprise roaming arrangements; ILD and other services; and a range of mobile broadband devices, including dongles and 3G smartphones that provide 3G applications and data services.

Provider
New Street Research
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Analysts
Chris Hoare

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