reports
- Chris Hoare
- Chris Hoare
- Chris Hoare
- Chris Hoare
- Chris Hoare
- Chris Hoare
- Chris Hoare
- Chris Hoare
EMEA & African Telcos & Towers - High Yield Review – Initiate Coverage...
Following similar efforts in Europe and LatAm we are launching coverage on the HY Telcos & Towers in EMEA & Africa. New names under coverage include Helios (also initiated on equity, pt GBp140), Axian Telecom and Liquid Intelligent. We also address IHS Towers (pt cut to US$ 6), VEON and Helios’ bonds.
- Chris Hoare
- Chris Hoare
- David Lopes
Thai Telcos Q2 24 review: Strong momentum with continued margin uplif...
Thai operators delivered good margins uplift again, and TRUE upgraded guidance. After turning the corner in Q4, Thai mobile growth sustained in the 4% range on prepaid strength. With the outlook now positive , we stay bullish on the two with TRUE staying on as one of our top pick in EM Telcos.
- Chris Hoare
- Chris Hoare
- Chris Hoare
MTN (Buy, TP: ZAR130, +47%) Q2 24: Better topline trends including im...
Service revenue trends were faster off better Uganda, Nigeria and South Africa as network availability improved. While underlying service revenue improved from Q1, it was still below the mid-teen medium term guidance. However, the Group maintained its guidance, with full year’s capex (Rs28-33bn) expected to be down around 30% from last year off lower spend in Nigeria. HoldCo leverage had also improved to 1.6x this quarter with better upstreaming.
- Chris Hoare
Indian Telcos Q1 FY25 review: Slower mobile with modest rise in margi...
Indian mobile revenue rose steadily despite slowing this quarter due to softer ARPU trend. Both Bharti and Jio continue to take share from Vodafone Idea again. Mobile EBITDA kept ahead of topline with all three seeing YoY improvements in margin. Overall, Bharti remained ahead on both metrics.
- Chris Hoare
MTN (Buy, TP: ZAR130, +54%) MTN Rwanda – Q2 24 Quick take: Tough quar...
MTN Rwanda has reported a disappointing set of Q2 numbers. Service revenue and EBITDA trends continued to deteriorate as they continue to be impacted by the MTR cut and higher competition on price. Additionally, EBITDA continued to be impacted by the One Network Area initiative, handset subsidy and the local currency depreciating vs. the USD. As a result, management has cut FY24 guidance.
- Chris Hoare
Bharti Airtel (Neutral, TP: INR 1,500, +3%) Bharti Global to acquire ...
Bharti Enterprise's investment arm, Bharti Global, has sought to acquire 24.5% stake in BT from Altice UK. Although Bharti Airtel is separately owned by Bharti Enterprise (through Bharti Telecom), we share our thoughts on why we perceive this to be a likely overhang on Bharti Airtel.
- Chris Hoare
MTN (Buy, TP: ZAR130, +73%) IHS Towers (Buy, TP: $8, +167%) MTN and I...
Both MTN Nigeria and IHS Nigeria have announced the renewal and extension of all their MLAs in Nigeria, including new financial terms. This development is materially positive for both companies in our view. This means all MLAs in Africa between MTN and IHS have now been renewed and extended. Separately, MTN has also announced the exit from Guinea-Bissau.
- Chris Hoare
- Chris Hoare
- Chris Hoare
Singtel/AIS Merger of Intouch and Gulf Energy; VTO of AIS. Implicatio...
The merger between Intouch Holdings (where Singtel owns a 24.99% stake) and Gulf Energy was announced today. Following this, a waiver had been obtained to trigger a Voluntary Tender Offer (VTO) instead of a Mandatory Offer for 36.25% of AIS shares. We outline the implications for Singtel and AIS below.
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