New Street Research - Bharti Airtel (532454) Axiata (Buy, TP: MYR 5.7, +88%) Merger of Dialog and Bharti Airtel Lanka – Our Take

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New Street Research

Chris Hoare

EUR 9281.00 For Business Accounts Only

Axiata (Buy, TP: MYR 5.7, +88%) Merger of Dialog and Bharti Airtel Lanka – Our Take

Dialog Axiata, Axiata Group and Bharti Airtel have entered into a binding agreement to merge Dialog Axiata with Bharti Airtel Lanka, a wholly-owned subsidiary of Bharti Airtel. In exchange, Bharti Airtel will receive a stake (likely small) in Dialog through the issuance of new Dialog shares.

03/05/2023 1 EN

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Bharti Airtel

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New Street Research

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Analysts

Chris Hoare

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Axiata (Buy, TP: MYR 5.7, +88%) Merger of Dialog and Bharti Airtel Lanka – Our Take

Indian Mobile Q3 FY24 review: Still tracking well even without tariff hikes

Bharti Airtel (Buy, TP: INR 1,500, +34%) Marginal margin continuing to drive upside. Buy, pt to INR 1,500 (from INR 1,400)

Bharti Airtel (Buy, TP: INR 1,400, +26%) Q3 FY24 Quick Take: In-line, with domestic mobile trends ahead of peers again

Safaricom (Neutral, TP: KES17, +7%) H2 FY24: Decent semester; Strong performance in Kenya, Ethiopia still a drag; Encouraging FY25 guidance

European Telecoms High Yield review Setting out our key preferences

KT Corp (Buy, TP: KRW 70,000, +93%) Q1 24 Quick Take: Better profitability; shares cancellation a positive

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