reports
- Chris Hoare
- Chris Hoare
- Chris Hoare
- Chris Hoare
- Chris Hoare
Thai Telcos Auction concludes, no major surprises
Thailand concluded its spectrum auction on Sunday and raised THB 41.3bn (US$ 1.26bn). Overall process was benign and results were as expected – AIS retained its 2100MHz share whilst TRUE won the 2300MHz and 1500MHz band; only the 850MHz was left unsold. Our brief thoughts below.
- Chris Hoare
Thai Telcos Q1 25 review: Steady Q1, incoming auction risk likely mod...
Thai telcos had a good run in 2024 and the momentum carried into Q1 2025 with steady service revenue and margin growth. However, weaker inbound tourism figures and the tariff overhang have raised concerns, contributing to the downward revision in GDP forecasts (1.8% to 1.1% in 2025).
- Chris Hoare
- Chris Hoare
- Chris Hoare
- Chris Hoare
- Chris Hoare
MTN (Buy, TP: ZAR190, +60%) MTN Rwanda – Q1 25: Still mixed but MT gu...
MTN Rwanda has reported a somewhat mixed set of Q1 numbers. On the one hand, service revenue trends slowed, impacted by strong competition. On the other hand, EBITDA growth is back into positive territory and low capex spend this quarter translated into solid OpFCF
- Chris Hoare
- Chris Hoare
- Chris Hoare
- Chris Hoare
- Chris Hoare
Indian Telcos Q3 FY25 review: Sustained margin expansion from July’s ...
Trends continued to benefit from last July’s tariff hike with sustained margin expansion across all three operators. Capex intensity is expected to moderate further for Bharti as network build decelerates, whereas VIL would accelerate its spending on the back of its 5G launch in March. India’s FWA development remains promising, with potential positive implications on EM Telcos
- Chris Hoare
Thai Telcos Thoughts on upcoming spectrum auction
We give our thoughts on pricing and total spend ahead of the upcoming THB 121bn (USD 3.6bn) spectrum auction in Thailand (likely in May 2025). Reserve prices seem reasonable, but the early auction of expiring 2027 spectrum means total spend this year is likely to be above our original forecasts.
- Chris Hoare
EM FWA-Watch S-Curve continuing to accelerate in India, with implicat...
Indian FWA net adds continue to accelerate and reached roughly c. 2.1m in the December quarter. India is probably therefore now accounting for around 50% of global shipments. We continue to think this is a critical development, and likely to drive an S-curve of adoption in Global EM.
- Chris Hoare
Indian Telcos & Towers News reports that the Indian government may vo...
Indian press is reporting that the Indian government is planning to cut AGR liabilities for the industry by around INR 1 trn (c. $12bn), by cutting 50% of interest and 100% of penalties and interest on penalties relating to the AGR fines. Implication would be a c. INR 520bn (US$ 6.2bn) reduction in liabilities for Vodafone IDEA and around INR 380bn (US $4.5bn) for Bharti.
- Chris Hoare
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