New Street Research - Reliance Industries Limited (RELIANCE) Reliance Industries (Buy, TP: INR 3,270, +38%) Jio launches 5G FWA – Game changing for Global FWA customer numbers which are set to ramp rapidly

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New Street Research

Chris Hoare

EUR 9475.00 For Business Accounts Only

Reliance Industries (Buy, TP: INR 3,270, +38%) Jio launches 5G FWA – Game changing for Global FWA customer numbers which are set to ramp rapidly

Jio in India has announced the commercial launch of JioAirFiber, their 5G FWA service. The start of the service by the leader in the world’s most populated country is likely to be game-changing for global FWA subscriber figures and is consistent with Reliance’s target of 100m FWA customers in the medium term. Thoughts and implications below.

21/09/2023 1 EN

Underlying

Reliance Industries Limited

Reliance Industries is primarily engaged in the production and market of petrochemical products, and refinery and retail of petroleum and LPG. Co.'s petrochemical products include polymer - polypropylene (PP), polyethylene (PE), poly vinyl chloride (PVC); polyester - polyester filament yarn (PFY), polyester staple fiber (PSF), polyethylene terephthalate (PET); polyester intermediates - paraxylene (PX), purified terephthalic acid (PTA), mono-ethylene glycol (MEG); and cracker products - ethylene, propylene and aromatics. Co. is also engaged in the manufacture of RELAB and textiles. Co.'s textile products are sold under the brand names: Only Vimal, Harmony, Reance, RueRel and V2.

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INE002A01018 National Stock Exchange of India India

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Analysts

Chris Hoare

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Reliance Industries (Buy, TP: INR 3,270, +38%) Jio launches 5G FWA – Game changing for Global FWA customer numbers which are set to ramp rapidly

Reliance Industries (Buy, INR 3,270, +4.9%) Q1 FY25 Quick Take: Steady consumer trend but bottom line fell on weaker O2C and higher depreciation; FWA disclosure is encouraging

Indian Mobile Q4 FY24 review: Faster trends; Vodafone raises money finally

Reliance Industries (Buy, TP: INR 3,270, +11%) Q4 24 Quick Take: Topline accelerated again led by inflection in O2C; balance sheet further strengthened as capex moderates

Altice France (SFR) (Most Preferred) Q3 24: Weaker B2C SR trends in France, but KPIs a bit better

Nigerian Telcos Underlying top line stronger than ever, EBITDA inflecting; Q3 24 review

EOLO Q2 25: Evolving churn and ARPU levels

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