New Street: MTN (Buy, TP: ZAR145, +7%) MTN Ghana: Strong results continue through Q321
MTN Ghana has reported a strong set of results highlighting the continued strength in the Sub-Saharan markets as demand for telco services remain unabated. Despite regulatory challenges resulting in only 3% voice revenue growth, total revenues grew 25% y/y showing the underlying demand for non-voice services, and continued success in the mobile money business.
MTN Group is a holding company engaged in the investment in the telecommunications industry offering voice services via 2G and 3G networks, including prepaid and postpaid airtime, please-call-me message service, international roaming, electronic voucher distribution services and community payphones, mobile and fixed data products, including short message service (SMS), multimedia message services, internet access, MTN MobileMoney, content portal MTN Play, Google SMS information services, USSD services and corporate data services. Co.'s operations are divided into the following three regions: South and East Africa, West and Central Africa, and the Middle East and North Africa.
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