reports
- Chris Hoare
KDDI (Buy, TP: ¥3,150, +13%) Q3 FY25 Quick Take: Good results masked ...
Due an investigation into its subsidiaries, KDDI results were restated and may be subject to further revision. Based on the results of the investigation, final corrected results will be reported by end March 2026. We comment on current preliminary results. On that basis, KDDI had a good quarter. Total Revenue and EBIT accelerated and were up 4.6% and 8.6% respectively. Softbank Corp remains our preferred pick in Japan, followed by KDDI and NTT.
- Chris Hoare
- Chris Hoare
SK Telecom (Buy, KRW 78,000, +1%) Q4 25 Quick Take: Mixed recovery an...
Numbers were mixed and together with the absence of dividends this quarter means these results are overall negative. However, like all the Korean telcos on valuation we think SKT is compelling for investors, despite strength so far this year. We therefore stay Buyers with a KRW 78k price target.
- Chris Hoare
NTT Corp (Buy, TP: ¥215, +39%) Q3 FY25 Quick Take: ARPU recovery cont...
NTT's 3Q results largely improved. Key points to note is the continued recovery in ARPU in mobile, and continued revenue recovery in the Global Solutions and Regional business. However, mobile marketing spend has dented profitability again, with management revising guidance for full year 2025 across the board downwards. We continue to be Buyers but prefer KDDI and SB (our top pick among the 3 Japanese incumbents).
- Chris Hoare
- Chris Hoare
- Chris Hoare
Singtel (Buy, S$6.2, +29%) STT GDC acquisition – Strategically sensibl...
Singtel announced it is acquiring a 25% stake in STT GDC. The deal was well flagged and we believe makes strategic sense but the detail is slightly underwhelming suggesting the stock is likely to see some profit taking near term.
- Chris Hoare
Global EM Telcos & Towers – Strong start – NSR GEM Top-10 February ‘26...
Our portfolio of Top Picks has started 2026 strongly, up 6% ytd already. This month we make no changes to our top picks. This note also includes key news & other thoughts, to try to help investors generate alpha within the EM Telco space.
- Chris Hoare
- Chris Hoare
VEON (Buy, TP: $100, +79%) VEON & Kyivstar – Guidance upgrade and sec...
Kyivstar upgraded their guidance for FY25 ahead of earnings in March and also announced a secondary offering. This dilutes VEON's stake in Kyivstar to ~84% from ~90%, but has a negligible effect on our sum of the parts valuation. We think VEON and Kyivstar are likely to re-rate due to their digital exposure with VEON being one of our GEM Top Picks.
- Chris Hoare
- Chris Hoare
EM Tower Trends Q3 CY25 review: Solid quarter, especially in Africa
Tower revenue trends were slightly slower across the board except for Indus Towers as it benefited again from VIL’s network catch up spend. EBITDA margins were roughly stable across EM except in Indonesia which faces the near-term pressure of the XL-Smartfren consolidation. Africa continue to perform well and the LatAm Towers space had a decent Q3.
- Chris Hoare
True Corp (Buy, THB 18, +59%) Telenor sells out of TRUE – implication...
Telenor has announced it is selling the majority of its stake in TRUE to a CP Group–affiliated company for THB 11.7, a 4% discount to the market price. In this brief note we discuss implications for TRUE, and thoughts for CelcomDigi.
- Chris Hoare
VEON (Buy, TP: $100, +85%) VEON – Feedback from Management NDR in Asi...
We hosted VEON management including the CFO and Head of Strategic Development in Hong Kong and Singapore last week. Operationally the message from the company continues to be strong. VEON operates in high risk countries, but has a quality, and technical capability that far exceeds similar sized EM Telcos in our view. We still see substantial upside in the stock and retain our Buy recommendation and US$100/ADR price target.
- Chris Hoare
- Chris Hoare
Reliance Industries (Buy, TP: INR 1,700, +22%) Q3 FY26 Quick Take: FW...
Reliance Industries reported Q3 results on Friday. Revenue growth accelerated to 10.5%, mainly driven by O2C. However, retail growth slowed materially. Overall EBITDA grew 6.1% YoY, with margins slightly dipping to 18.9% from 19.5%. Management confirmed that Jio’s IPO "should happen in the next few months for sure".
- Chris Hoare
- Chris Hoare
- Chris Hoare
Malaysian Telcos Q3 25 review: Still pressured by Prepaid but reitera...
Service revenue bounced back (1.4% YoY from -0.3%), supported by Fibre and Postpaid offsetting Prepaid weakness. Operationally, Maxis delivered stronger EBITDA growth on cost efficiencies while CelcomDigi was weighed by higher bad debt provisions. Maxis raised its EBITDA guidance to MSD growth, from LSD and CelcomDigi reiterated their LSD service revenue guidance, implying a stronger 4Q for both.
- Chris Hoare
Mexican Cable/FTTH Megacable the clear outperformer in Q3; Q3 25 revi...
Q3 was a slightly slower quarter for the Mexican Broadband market from a top line and EBITDA growth perspective. However, subscriber net adds remained decent, in line with the previous quarters. Financially, Megacable was the clear outperformer in Q3 with double-digit revenue and EBITDA growth and widened the gap with peers.
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