reports
- Chris Hoare
KDDI (Buy, ¥3,150, +24%) Q1 FY25 Quick Take: Modest start but managem...
Q1 results were a touch softer than expected as trends in Business moderated. Tone remains encouraging for mobile to further accelerate in the second half as the impact of new mobile plans and price increase begin to flow through. Guidance remains unchanged. We continue to see good upside surprise in Mobile and stay Buyers with a ¥3,150 price target.
- Chris Hoare
- Chris Hoare
Global EM Telcos & Towers Another monster month: NSR GEM Top-10 Augus...
Our top picks performed very strongly again in July, marked by a strong recovery from VEON, Millicom and IHS Towers alongside continued momentum at Singtel and Airtel Africa. Heading into earnings season, we continue to see the EM Telco cycle in an upswing. This note also includes key news & other thoughts, to try to help investors generate alpha within the EM Telco space. In our view, our picks remain undervalued, so we make no changes to the list.
- Chris Hoare
- Chris Hoare
- Chris Hoare
- Chris Hoare
Sarana Menara Nusantara (Buy, IDR 780, +18%) Q2 25 Quick Take: YTD pe...
TOWR saw a slower revenue trend in Q2 across all segments, except for Tower which maintained growth at just under 3%. This was aided by the consolidation of IBST in 3Q24. Although YTD performance is still aligned with the full year’s guidance, there is risk of further slowdown as it laps the IBST consolidation next quarter if the pace of non-Towers growth remains unchanged.
- Chris Hoare
Mitratel (Buy, IDR 740, +30%) Q2 25 Quick Take: Momentum expected to ...
Trends improved in Q2, supported by strong tower orders from Telkomsel and Indosat – largely driven by ex-Java rollout. Management appears upbeat on second half momentum, underpinned by the BTS pipeline and potential fiber M&A deals. Guidance was maintained.
- Chris Hoare
- Chris Hoare
- Chris Hoare
- Chris Hoare
- Chris Hoare
- Chris Hoare
- Chris Hoare
Televisa (Neutral, TP: $2.3, -3%) Better broadband KPIs and nice EPS ...
Televisa has reported a mixed set of Q2 results after the close yesterday. Revenue came in slightly below consensus expectations while OSI came in roughly in line. The small revenue miss was driven by Sky which saw a further deterioration in trends this quarter. EPS beat nicely, mainly driven by TVUNI which posted a better quarter. Perhaps the highlight this quarter is the Broadband net adds which were positive (+6k).
- Chris Hoare
Reliance Industries (Buy, TP: INR 1,700, +18%) Q1 FY26 Quick Take: St...
Reliance Industries delivered a record quarterly EBITDA and earnings, supported by a one-off gain from the sale of Asian Paints. Offsetting that, underlying earnings were still up strongly (+25% YoY) as O2C, Retail and Jio posted better margins. Crucially, Reliance Jio now claims to be the largest FWA provider globally supporting our view that FWA is following an S-curve development
- Chris Hoare
Televisa (Neutral, TP: $2.3, +7%) Debt downgrade / TelevisaUnivision: ...
Moody’s has downgraded Televisa’s senior unsecured ratings to Ba1 from Baa3 and assigned a Ba1 corporate family rating; the outlook remains negative. TelevisaUnivision has announced a proposed $1bn refinancing and preliminary Q2 25.
- Chris Hoare
Global EM Towers - A Consistent Approach to EFCF and Shareholder Remun...
Following a similar note we published on the EM Telco sector, we apply the same consistent approach to Equity FCF for Global EM Towers. We have preferred Telcos over Towers for some time, as the drivers of upside for the Telcos (consolidation and declining capital intensity) is a headwind for the Towers.
- Chris Hoare
- Chris Hoare
SK Telecom (Neutral, KRW 78,000, +43%) Overall impact of data breach ...
It is now clear that as we thought, the market’s initial response to SKT’s data breach was too sanguine, as earlier today, South Korea's regulator ordered SKT to waive the termination fees following April's cyberattack, and thereafter, SKT agreed to the waiver and announced a Customer Appreciation package and therefore cut 2025 revenue guidance, and said that it now expects EBIT to decline this year too. In this note, we summarise our thoughts and assess the potential financial impact.
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