New Street Research - Bharti Airtel (532454) ... Indian Mobile Broadband upgraded as FWA takes off; Bharti price target upgraded and Recommendations of both RIL and Bharti back to Buy

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New Street Research

Chris Hoare

EUR 9486.00 For Business Accounts Only

Indian Mobile Broadband upgraded as FWA takes off; Bharti price target upgraded and Recommendations of both RIL and Bharti back to Buy

Jio’s recent FWA figures suggest India is entering an S-curve of adoption. We think this means Jio is set to capture the lion’s share of a $20bn revenue industry (by 2030). Bharti is likely to benefit strongly too.

30/10/2024 1 EN

Underlyings

Bharti Airtel

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Bharti Airtel

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India

Reliance Industries

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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:

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Pan European Telecom Services and Cable

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Analysts

Chris Hoare

Other Reports on these Companies

New Street Research

5G FWA in EM Hold on for a massive acceleration in FWA demand, Bharti & RIL back to Buy

When Jio announced it was targeting 100m 5G FWA customers we said this was likely to be game changing for the industry globally, and so it is proving.

EUR 9486.00

October 30, 2024 October 30, 2024 1 EN

New Street Research

Reliance Industries (Neutral, TP: INR 3,400, +25%) Q2 FY25 Quick Take: Better Jio performance overshadowed by weaker Retail and O2C; FWA momentum building up

Reliance Industries posted results yesterday. Jio remained the bright spot as it benefited from the tariff hike effective since July. However, weaker O2C and Retail saw revenue decelerate whilst EBITDA was lower due to the fall in O2C product margins. Notwithstanding this, momentum is building up for Jio AirFiber as FWA additions accelerated and commentary suggests that Retail sales is picking up in October leading up to the festive period.

EUR 9486.00

October 15, 2024 October 15, 2024 1 EN

CelcomDigi (Buy, TP: RM6, +80%) Q3 24 Quick Take: Lowered service revenue guidance on Prepaid SIM consolidation; EBIT trend improving

Service revenue trend remained muted on SIM consolidation and a conscious effort to flush out rotational churners in Prepaid, resulting in a downward revision in service revenue guidance to “flat to slight decrease” from “low single digit increase” prior.

EUR 9486.00

47m 47m 1 EN

Jin Yoon

Jin Yoon

BABA FY2Q25 Results: Monetization Starts to Stabilize for Taobao and Tmall

What’s new: Alibaba’s reported FY2Q25 revs that were below consensus and our expectations. Taobao and Tmall take rate starts to stabilize partly driven by full-quarter impact from the software service fee and further merchant adoption of Quanzhantui. Margins could see quarterly fluctuations as BABA continues to invest in user experience. We maintain our PT at USD100. Analysts: Jin Yoon

1h / 19m 1h / 19m 1 EN

Pierre FerraguÊ

Pierre FerraguÊ

ASML 2024 CMD: What did we learn?

ASML hosted its 2024 CMD last week. This note follows our initial reaction on the company’s updated financial targets and our recent updated perspective on the broader semicap equipment sector and ASML. The event was particularly rich and will provide us with research topics for months to come. For a summary of our main takeaways, please follow the link below.

1h / 45m 1h / 45m 1 EN

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Indian Mobile Broadband upgraded as FWA takes off; Bharti price target upgraded and Recommendations of both RIL and Bharti back to Buy

5G FWA in EM Hold on for a massive acceleration in FWA demand, Bharti & RIL back to Buy

Reliance Industries (Neutral, TP: INR 3,400, +25%) Q2 FY25 Quick Take: Better Jio performance overshadowed by weaker Retail and O2C; FWA momentum building up

CelcomDigi (Buy, TP: RM6, +80%) Q3 24 Quick Take: Lowered service revenue guidance on Prepaid SIM consolidation; EBIT trend improving

BABA FY2Q25 Results: Monetization Starts to Stabilize for Taobao and Tmall

ASML 2024 CMD: What did we learn?

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