reports
- Chris Hoare
VEON (Buy, $100, +130%) [Sponsored Research] Q3 25 Quick Take: Strong...
VEON printed a strong EBITDA beat, ahead of us by 10% on account of strong cost outs in Pakistan, continued momentum in Kyivstar partly supported by its Uklon acquisition and a tax relief in Kazakhstan. As a result, EBITDA guidance was upgraded again and in USD terms, it is aligned with our forecasts.
VEON Raises 2025 Outlook, Robust Revenue and EBITDA Momentum, Direct D...
VEON Raises 2025 Outlook, Robust Revenue and EBITDA Momentum, Direct Digital Revenue up 63% YoY VEON Raises 2025 Outlook, Robust Revenue and EBITDA Momentum, Direct Digital Revenue up 63% YoY Dubai, November 10, 2025 VEON 3Q25 Highlights Total revenue growth of 7.5% year-on-year (“YoY”) to USD 1,115 mn. EBITDA growth of 19.7% YoY to USD 524 mn Direct digital revenue growth of 63.1% YoY to USD 198 mn, representing 17.8% of Group revenue. Financial services revenues grew 32.6% to $107.5 mn Total cash, cash equivalents and deposits of USD 1,666 mn, including USD 653 mn at Headquarters; net ...
Kyivstar reports 20% top-line and EBITDA growth as digital rises to 12...
Kyivstar reports 20% top-line and EBITDA growth as digital rises to 12% of revenues Kyivstar reports 20% top-line and EBITDA growth as digital rises to 12% of revenues 10 November 2025. KYIV, Ukraine Kyivstar Group Ltd (“Kyivstar”, the “Group”) 3Q25 unaudited results highlights Total revenue grew 20.9% YoY to UAH 12.3 bn (+19.8% to USD 297 mn).EBITDA grew 21.5% YoY to UAH 7.1 bn (20.4% to USD 171 mn).Adjusted net profit was USD 73 mn. This metric excludes the non-cash charge of USD 162 mn recognized in 3Q25 related to the Kyivstar listing. Without adjustments, loss for 3Q25 was USD 89 mn...
- Chris Hoare
- Chris Hoare
KT Corp (Buy, KRW 105,000, +117%) Q3 25 Quick Take: Good progress mas...
KT printed a decent set of results; however, we think this was overshadowed by the search for its next CEO and news of the hacking incidents which have plagued the industry. Although the size of breach is on a much smaller scale compared to SK Telecom, ongoing investigations remain an overhang.
VEON’s Beeline Kazakhstan Partners with Starlink Direct to Cell to Lau...
VEON’s Beeline Kazakhstan Partners with Starlink Direct to Cell to Launch Satellite Connectivity to Kazakhstan, with Support from Kazakhstan Ministry of Artificial Intelligence and Digital Development Almaty and Washington, DC, November 6, 2025 – VEON Ltd. (Nasdaq: VEON), a global digital operator (“VEON”), announces that Beeline Kazakhstan, its digital operator in Kazakhstan, is partnering with Starlink Direct to Cell to make essential connectivity accessible across Kazakhstan, including in remote areas not covered by terrestrial networks. At a trilateral meeting held during the offi...
- Chris Hoare
VEON Appoints Sebastian Rice as General Counsel
VEON Appoints Sebastian Rice as General Counsel Vitaly Shmakov promoted to the newly created Chief Investment Officer role Dubai, November 6, 2025: VEON Ltd. (Nasdaq: VEON), a global digital operator (“VEON” or the “Group”), today announces the appointment of Sebastian Rice as General Counsel of the Group, effective January 1, 2026. Sebastian will succeed the Group’s Acting General Counsel Vitaly Shmakov, who has been appointed as Chief Investment Officer, leading the Group’s mergers & acquisitions function. Anand Ramachandran, VEON’s Chief Corporate Development Officer, will continue in...
- Greater China Research Team
- Johnny Yum
- Malaysia Research Team
- Singapore Research Team
- Thailand Research Team
Regional Strategy: Alpha Picks - November 2025
Greater China Strategy | Alpha Picks: November Conviction Calls HSI and MSCI China fell 3.5%/4.0% mom in October, dragged by renewed US-China trade tensions and lack of fresh policy signals from the 4th Plenum. We remain constructive in the medium term but expect further consolidation as uncertainties persist. The best performer among our picks was SELL-rated Li Auto (+21.4% mom). For November, we rotate into oversold names with near-term upside: add AIA, LINK REIT, NAURA, Pinduoduo, PICC P&C an...
OU8 CENTURION
544 CSE GLOBAL LTD.
CTRA CIPUTRA DEVELOPMENT
EGCO ELECTRICITY GENERATING PUBLIC CO. LTD.
BBRI PT BANK RAKYAT INDONESIA (PERSERO) TBK CLASS B
V03 VENTURE CORPORATION LIMITED
ERW ERAWAN GROUP
EZQ CHINA MENGNIU DAIRY CO. LTD.
U96 SEMBCORP INDUSTRIES LTD.
B8O YANGZIJIANG SHIPBUILDING (HOLDINGS) LTD.
SXC SUNNY OPTICAL TECHNOLOGY (GROUP) CO. LTD.
JSMR PT JASA MARGA (PERSERO) TBK CLASS B
00285 BYD ELECTRONIC (INTERNATIONAL) CO. LTD.
01299 AIA GROUP LIMITED
00027 GALAXY ENTERTAINMENT GROUP LIMITED
3816 MISC BHD
BMRI PT BANK MANDIRI (PERSERO) TBK
KBANK KASIKORNBANK PUBLIC CO. LTD.
7113 TOP GLOVE CORPORATION BHD.
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
601668 CHINA STATE CONSTRUCTION ENGINEERING CORP. LTD. CLASS A
X2S SINOPHARM GROUP CO. LTD. CLASS H
599A SANDS CHINA LTD.
CPN CENTRAL PATTANA PUBLIC CO. LTD.
ASII PT ASTRA INTERNATIONAL TBK
00700 TENCENT HOLDINGS LTD.
TRUE TRUE CORP. PUBLIC CO. LTD.
2318 PING AN INSURANCE (GROUP) COMPANY OF CHINA LTD. CLASS H
SATS SP SATS LTD.
D01 DAIRY FARM INTERNATIONAL HOLDINGS LIMITED
G13 GENTING SINGAPORE LIMITED
03690 MEITUAN CLASS B
RHBBANK RHB BANK BHD
GAM GAMUDA BHD
VSI V.S. INDUSTRY BERHAD
3933 THE UNITED LABORATORIES INTE
MYEG MY EG SERVICES BHD
MINT MAPLETREE INDUSTRIAL TRUST
CPALL TB CP ALL
SDPL SIME DARBY PLANTATION BHD
ECW ECO WORLD DEVELOPMENT GROUP
RATCH RATCH GROUP PUBLIC CO. LTD.
2013 WEIMOB INC
RGB RGB INTERNATIONAL BHD
WHA TB WHA CORP PCL
MPM MARCO POLO MARINE LTD
CSSC CHINA SUNSINE CHEMICAL HOLDINGS LTD
LREIT SP LENDLEASE GLOBAL COMMERCIAL REIT
3692 HANSOH PHARMACEUTICAL GROUP
MNSO MINISO GROUP HOLDING ADS (N SHARES)
CVL CIVMEC
002920 HUIZHOU DESAY SV AUTOMOTIVE CO LTD
02618 JD LOGISTICS INC
BBTN BANK TABUNGAN NEGARA PERSERO TBK PT
BBNI BANK NEGARA INDONESIA PERSER
CMRY PT CISARUA MOUNTAIN DAIRY TBK
ITC I-TAIL CORPORATION PUBLIC COMPANY LIMITED
STM SEATRIUM LTD
NCKL PT TRIMEGAH BANGUN PERSADA TBK (HARITA NICKEL)
2232 CRYSTAL INTERNATIONAL GROUP LTD
YINSON YINSON HOLDINGS BHD
09961 CTRIP.COM INTERNATIONAL
BTG BETAGRO PUBLIC COMPANY LIMITED
LAGENDA LAGENDA PROPERTIES BHD
PEKAT PEKAT GROUP BHD
1523 PLOVER BAY TECHNOLOGIES LTD (1523 HK)
GEELY GEELY AUTOMOBILE
EXCL XLSMART TELECOM SEJAHTERA
- Chris Hoare
Global EM Telcos & Towers Back to Black: NSR GEM Top-10 November ‘25 ...
Our portfolio of Top Picks was higher again in October, and now up 69% ytd. 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
Global EM Telcos When does Digital drive a re-rating? Upgrade VEON, V...
We analyze how much revenue EM Telcos are generating from digital businesses, and therefore at what point they are likely to make the transition from being “Telcos with digital assets” to “Digital first”. We use this to predict when the market is likely to re-rate those exposed, and as a result make multiple upgrades across our GEM Telcos.
VEON’s JazzCash Wins Silver Award for Innovation in Lending at Money20...
VEON’s JazzCash Wins Silver Award for Innovation in Lending at Money20/20 USA 2025 DUBAI / LAS VEGAS – October 28, 2025: VEON Ltd. (NASDAQ: VEON), a global digital operator (“VEON” and, together with its subsidiaries, the “Group”), today announces that its digital financial services platform in Pakistan, JazzCash, has won the Silver Award in the Banking category at Money20/20 USA 2025, a leading global platform for the financial services ecosystem. The award recognizes ReadyCash, JazzCash’s pioneering digital lending feature that provides instant and accessible credit to individuals and mi...
- Chris Hoare
- Chris Hoare
VEON (Buy, $65, +29%) [Sponsored Research] 3Q25 Earnings Preview
Ahead of VEON's results day on 10th November, we lay out our 3Q25 expectations. We highlight two non-cash charges that are likely and present our expectations for adjusted earnings in this note. We continue to see VEON is a unique operator whose expanding digital presence has created a strong ecosystem in our view. It remains as one of our top EM picks.
VEON to Release 3Q25 Earnings Update on November 10, 2025
VEON to Release 3Q25 Earnings Update on November 10, 2025 VEON to Release 3Q25 Earnings Update on November 10, 2025 Dubai, October 24, 2025 – VEON Ltd. (NASDAQ: VEON), a global digital operator, today confirms that it will release its selected consolidated financial and operating results for the third quarter and nine-month period ended September 30, 2025, at 9:00 GST (0:00 EST) on November 10, 2025. VEON will also host a results conference call with senior management at 16:00 GST (7:00 EST) on the same day. 3Q25 results conference call To register and access the event, please click her...
- Chris Hoare
VEON’s Beeline Kazakhstan to Acquire Online Classifieds Business OLX ...
VEON’s Beeline Kazakhstan to Acquire Online Classifieds Business OLX Kazakhstan Astana, Amsterdam and Dubai, October 21, 2025 – VEON Ltd. (Nasdaq: VEON) (“VEON”), a global digital operator, and OLX Group announce today that Beeline Kazakhstan, VEON’s Kazakh operating company, has agreed to acquire 100% of the Kazakh online classifieds business OLX Kazakhstan (“OLX KZ”), from OLX Group for a total consideration of USD 75 million. Founded as a marketplace connecting millions of buyers and sellers across goods and services, jobs, autos and real estate, OLX KZ is one of the most widely used ...
- Greater China Research Team
- Johnny Yum
- Malaysia Research Team
- Singapore Research Team
- Thailand Research Team
Regional Strategy: Alpha Picks - October 2025
Greater China Strategy | Alpha Picks: October Conviction Calls The HSI and MSCI China gained 7.1%/8.2% mom in September on Fed easing and optimism over advancements in semiconductors and AI. We remain positive in the medium term but expect near-term consolidation after the recent strong gains. The best performer of the month was Alibaba (+53.0% mom). With some rotations expected in non-tech stocks, our October calls are: add Galaxy, Jacobson, Ping An, Trip.com and WuXi Bio to BUY; SELL Meituan. ...
OU8 CENTURION
544 CSE GLOBAL LTD.
CTRA CIPUTRA DEVELOPMENT
EGCO ELECTRICITY GENERATING PUBLIC CO. LTD.
BBRI PT BANK RAKYAT INDONESIA (PERSERO) TBK CLASS B
V03 VENTURE CORPORATION LIMITED
ERW ERAWAN GROUP
EZQ CHINA MENGNIU DAIRY CO. LTD.
U96 SEMBCORP INDUSTRIES LTD.
B8O YANGZIJIANG SHIPBUILDING (HOLDINGS) LTD.
SXC SUNNY OPTICAL TECHNOLOGY (GROUP) CO. LTD.
JSMR PT JASA MARGA (PERSERO) TBK CLASS B
00285 BYD ELECTRONIC (INTERNATIONAL) CO. LTD.
01299 AIA GROUP LIMITED
00027 GALAXY ENTERTAINMENT GROUP LIMITED
3816 MISC BHD
BMRI PT BANK MANDIRI (PERSERO) TBK
KBANK KASIKORNBANK PUBLIC CO. LTD.
7113 TOP GLOVE CORPORATION BHD.
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
601668 CHINA STATE CONSTRUCTION ENGINEERING CORP. LTD. CLASS A
X2S SINOPHARM GROUP CO. LTD. CLASS H
599A SANDS CHINA LTD.
CPN CENTRAL PATTANA PUBLIC CO. LTD.
ASII PT ASTRA INTERNATIONAL TBK
00700 TENCENT HOLDINGS LTD.
TRUE TRUE CORP. PUBLIC CO. LTD.
2318 PING AN INSURANCE (GROUP) COMPANY OF CHINA LTD. CLASS H
SATS SP SATS LTD.
D01 DAIRY FARM INTERNATIONAL HOLDINGS LIMITED
G13 GENTING SINGAPORE LIMITED
03690 MEITUAN CLASS B
RHBBANK RHB BANK BHD
GAM GAMUDA BHD
VSI V.S. INDUSTRY BERHAD
3933 THE UNITED LABORATORIES INTE
MYEG MY EG SERVICES BHD
MINT MAPLETREE INDUSTRIAL TRUST
CPALL TB CP ALL
SDPL SIME DARBY PLANTATION BHD
ECW ECO WORLD DEVELOPMENT GROUP
RATCH RATCH GROUP PUBLIC CO. LTD.
2013 WEIMOB INC
RGB RGB INTERNATIONAL BHD
WHA TB WHA CORP PCL
MPM MARCO POLO MARINE LTD
CSSC CHINA SUNSINE CHEMICAL HOLDINGS LTD
LREIT SP LENDLEASE GLOBAL COMMERCIAL REIT
3692 HANSOH PHARMACEUTICAL GROUP
MNSO MINISO GROUP HOLDING ADS (N SHARES)
CVL CIVMEC
002920 HUIZHOU DESAY SV AUTOMOTIVE CO LTD
02618 JD LOGISTICS INC
BBTN BANK TABUNGAN NEGARA PERSERO TBK PT
BBNI BANK NEGARA INDONESIA PERSER
CMRY PT CISARUA MOUNTAIN DAIRY TBK
ITC I-TAIL CORPORATION PUBLIC COMPANY LIMITED
STM SEATRIUM LTD
NCKL PT TRIMEGAH BANGUN PERSADA TBK (HARITA NICKEL)
2232 CRYSTAL INTERNATIONAL GROUP LTD
YINSON YINSON HOLDINGS BHD
09961 CTRIP.COM INTERNATIONAL
BTG BETAGRO PUBLIC COMPANY LIMITED
LAGENDA LAGENDA PROPERTIES BHD
PEKAT PEKAT GROUP BHD
1523 PLOVER BAY TECHNOLOGIES LTD (1523 HK)
GEELY GEELY AUTOMOBILE
EXCL XLSMART TELECOM SEJAHTERA
- Chris Hoare
- Chris Hoare
Global EM Telcos & Towers First down month, AMX into the Top-10 for T...
After 8 extremely strong months, September bucked the trend. 6 of our Top Picks saw profit taking with only Airtel Africa, Millicom, Telefonica Brasil and LILAC posting positive returns. This note also includes key news & other thoughts, to try to help investors generate alpha within the EM Telco space. Having strongly outperformed we switch out Millicom for AMX which we now see as a cheaper, lower risk, way to play Latin American telcos.
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