reports
- Chris Hoare
Global EM Telcos & Towers Introducing the NSR Global EM Telco & Tower...
In a separate note published last week we introduced the NSR GEM-Top 8. However, many of the stocks in that list are not liquid and so, given the tailwinds we now see in the Telco industry we introduce a second list – the GEM Telco & Towers Liquid Compounders; large cap, well-managed telcos in attractive markets at cheap valuations that are likely to generate market-beating returns over time. These are the best large cap investments in the Global EM Telco & Towers space we think.
- Chris Hoare
- Chris Hoare
Global EM Telcos & Towers Themes and Top picks for 2025
We remain constructive on EM Telcos despite the major stocks generally performing well through 2023 and 2024. As the long telco cycle inflects, and the industry consolidates, conditions still seem ripe for GDP+ revenue growth and rising ROIC we think. In this note, we run through the themes we think investors should follow in 2025. In a separate note, also published today we introduce the NSR EM Telco – Top 8, our top EM picks in the Telco and Towers space.
- Chris Hoare
Global EM Telcos & Towers Introducing the NSR Global EM Telco & Tower...
This note introduces the NSR GEM-Top 8, which will be a regularly updated list of our preferred Telcos and Towers in Global Emerging Markets. In a separate note out today, we run through the key themes that we see driving the EM Telco and Towers sector in 2025
- Chris Hoare
Singtel (Buy, TP: S$4.6, +51%) Feedback from NDR: Positive
We hosted a brief NDR in London with Singtel Group CFO, Arthur Lang, last week. The backdrop to meetings was once again positive given strong performance in H1, upgraded guidance and a positive market response to the new Value Realisation Dividend.
- Adrian Loh Tzum Yung
- Singapore Research Team
544 CSE GLOBAL LTD.
V03 VENTURE CORPORATION LIMITED
U96 SEMBCORP INDUSTRIES LTD.
BN2 VALUETRONICS HOLDINGS
B8O YANGZIJIANG SHIPBUILDING (HOLDINGS) LTD.
C52 COMFORTDELGRO CORPORATION LIMITED
Z74 SINGAPORE TELECOMMUNICATIONS LIMITED
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
BN4 KEPPEL CORPORATION LIMITED
2GB 2G ENERGY AG
BAL BUMITAMA AGRI LTD
MINT MAPLETREE INDUSTRIAL TRUST
SSG SHENG SIONG GROUP LTD
MPM MARCO POLO MARINE LTD
Z29 029 GROUP SE
- Adrian Loh Tzum Yung
- Singapore Research Team
Market Strategy For 1H25 - Opportunities Abound Despite Muted Earnings...
For 1H25, we believe that a number of stocks within our universe should deliver strong returns in the near to medium term, backed by sustainable dividend yields despite our modest below-consensus 1.2% EPS growth forecast for our covered STI stocks in 2025. We forecast a 2025 year-end target of 4,115 for the STI, implying a 10% upside from current levels. Our top picks are BAL, CD, KEP, MINT, OCBC, SCI, ST, STE, VMS and YZJSGD. For the small/mid caps, we like CENT, CSE, MPM, SSG and VALUE.
S63 SINGAPORE TECHNOLOGIES ENGINEERING LTD
544 CSE GLOBAL LTD.
V03 VENTURE CORPORATION LIMITED
U96 SEMBCORP INDUSTRIES LTD.
BN2 VALUETRONICS HOLDINGS
B8O YANGZIJIANG SHIPBUILDING (HOLDINGS) LTD.
C52 COMFORTDELGRO CORPORATION LIMITED
Z74 SINGAPORE TELECOMMUNICATIONS LIMITED
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
BN4 KEPPEL CORPORATION LIMITED
BAL BUMITAMA AGRI LTD
MINT MAPLETREE INDUSTRIAL TRUST
SSG SHENG SIONG GROUP LTD
MPM MARCO POLO MARINE LTD
- Soomit Datta
- Adrian Loh Tzum Yung
- Singapore Research Team
Market Strategy - Opportunities Abound Despite Muted Earnings Growth I...
Our modest below-consensus 1.2% EPS growth forecast for our covered STI stocks for 2025 belies the fact that there are a number of stocks within our universe that should deliver strong returns in the near to medium term, backed by sustainable dividend yields. We forecast a 2025 year-end target of 4,115 for the STI, implying 10% upside from current levels, with the index’s current valuation looking inexpensive at 2025F PE and P/B of 11.5x and 1.2x respectively.
S63 SINGAPORE TECHNOLOGIES ENGINEERING LTD
544 CSE GLOBAL LTD.
V03 VENTURE CORPORATION LIMITED
U96 SEMBCORP INDUSTRIES LTD.
BN2 VALUETRONICS HOLDINGS
B8O YANGZIJIANG SHIPBUILDING (HOLDINGS) LTD.
C52 COMFORTDELGRO CORPORATION LIMITED
Z74 SINGAPORE TELECOMMUNICATIONS LIMITED
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
BN4 KEPPEL CORPORATION LIMITED
BAL BUMITAMA AGRI LTD
MINT MAPLETREE INDUSTRIAL TRUST
SSG SHENG SIONG GROUP LTD
MPM MARCO POLO MARINE LTD
Singapore Telecommunications Ltd: 1 director
A director at Singapore Telecommunications Ltd bought 20,000 shares at 3.010SGD and the significance rating of the trade was 69/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last...
- Chris Hoare
Thai Telcos Q3 24 review: Likely to beat full year guidance as market...
Despite Q3 being a seasonally weaker period, the industry delivered a better service revenue and EBITDA performance. Mobile improved on better prepaid numbers from AIS. Given how strong YTD numbers have been, it is very likely both will beat guidance. We stay bullish on the two with TRUE staying on as one of our top pick in EM Telcos.
- Anas Fitri Bin Ahmad
- Benjaphol Suthwanish
- Chong Lee Len
- Desmond Chong Chee Wai
- Heidi Mo Jinghui
- John Cheong Ming Chern
- Julia Pan Mengyao
- Kampon Akaravarinchai
- Kitpon Praipaisarnkit
- Kong Ho Meng
- Llelleythan Tan Tan
- Malaysia Research Team
- Ming San Soong
- Stevanus Juanda
- Tanaporn Visaruthaphong
- Wei Xiang Ku
Regional Morning Notes - Thursday, November 14, 2024
GREATER CHINA Results Tencent Holdings (700 HK/BUY/HK$403.80/Target: HK$570.00): 3Q24: Solid earnings beat; mini shop and potential blockbuster as key catalysts. INDONESIA Results Aspirasi Hidup Indonesia (ACES IJ/BUY/Rp835/Target: Rp1,200): 3Q24: NPAT up 13.7% yoy; slightly above consensus expectations. MALAYSIA Results Malaysia Marine and Heavy Engineering Holdings (MMHE MK/BUY/RM0.44/Target: RM0.70): 1H24: Positively surprises on project cost claims. Marine segment still weakened by competi...
PTT PTT PUBLIC COMPANY LIMITED
BN2 VALUETRONICS HOLDINGS
5186 MALAYSIA MARINE AND HEAVY ENGINEERING HOLDINGS BHD
PLANB PLAN B MEDIA
AWX AEM HOLDINGS
Z74 SINGAPORE TELECOMMUNICATIONS LIMITED
HANA HANA MICROELECTRONICS PCL
ACES PT ACE HARDWARE INDONESIA TBK
00700 TENCENT HOLDINGS LTD.
CPALL TB CP ALL
HAPL HAP SENG PLANTATIONS HOLDINGS BHD
VST VSTECS BHD
- Chong Lee Len
- Llelleythan Tan Tan
Singapore Telecommunications (ST SP) - 1HFY25: Results In Line As Busi...
For 1HFY25, Singtel reported a higher underlying net profit of S$1.2b (+6.1% yoy), driven by higher contributions from Optus and NCS, coupled with better cost discipline from the group’s cost-out programme. The group has identified about S$6b of capital recycling which we reckon would likely come from paring down its stakes in its regional associates and non-core fixed assets. In view of a decent dividend yield of 5.2% and an improving outlook, we maintain BUY with the same target price of S$3.5...
- Chris Hoare
- Chris Hoare
- Soomit Datta
- Soomit Datta
- Chris Hoare
Chinese Telcos Q3 24 review: Macro continues to impact the top line
Service revenue trend kept steady relative to Q2, albeit being slower than before due to macro headwinds. Yet earnings momentum continued to trend in the mid-single digits overall as we saw good cost control by China Telecom again (acceleration in EBITDA) while peers were cushioned by lower D&A costs (back by easing capex).
- Chris Hoare
- Chris Hoare
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