New Street Research - Reliance Industries (RILIN) Reliance Industries (Neutral, INR 3,400 from INR 3,270, +12%) Deeper dive into Reliance Jio; Raise RIL pt to INR 3,400 but downgrade to Neutral

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New Street Research

Chris Hoare

EUR 9589.00 For Business Accounts Only

Reliance Industries (Neutral, INR 3,400 from INR 3,270, +12%) Deeper dive into Reliance Jio; Raise RIL pt to INR 3,400 but downgrade to Neutral

As speculation mounts that the Jio IPO is forthcoming we carry out a deep dive analysis on the major drivers. We value Jio at US$ 119bn. The IPO is set to spark intense interest in Indian mobile.

01/08/2024 1 EN

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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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Chris Hoare

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Reliance Industries (Neutral, INR 3,400 from INR 3,270, +12%) Deeper dive into Reliance Jio; Raise RIL pt to INR 3,400 but downgrade to Neutral

Indonesian Telcos Q3 24 review: Softer, expect Q4 to improve on price increase; XL-Smartfren merger positive for continued market repair

Indian Mobile Q2 FY25 review: Renewed acceleration off tariff hike, FWA development very positive

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

OpenAI: o3 is a game changer - a few steps away from AG. After the $1bn-to-train model, the $1m-inference model.

Airtel Africa (Buy, TP: GBp200, +85%) Second share buyback program

Takeaways from our conversation with VerticalScope (FORA-TO, Not rated)

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