SE 1Q25 Results: Improving Margin Trend
What’s new: SE’s reported 1Q25 top-line results that were below consensus and our expectations. However, margins beat expectations partly driven by continued cost controls and a rational market environment. All major business segments could remain resilient, while margins could fluctuate QoQ depending on seasonality. We up our PT from USD160 to USD180 on improving margin outlook. Our revised PT of USD180 implies 4.9x FY25E EV/Rev. We maintain our BUY rating.Analysts:
Jin Yoon
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New Street Research is an independent, partner-owned, research firm specialising in equity and debt research. Our equity research embraces the following sectors:
- Pan European Telecom Services and Cable
- US Telecoms, Cable, Satellite and Towers
- Global Emerging Market Telecoms
- Japan Telecoms
- Asian Internet
- Pan European Healthcare
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We provide debt research on:
- Pan European Telecom Services and Cable
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