reports
- Chris Hoare
Global EM Telcos Fish in a barrel? 8 Themes that drove EM Telcos in 2...
2025 was a banner year for EM Telcos, following on from a good 2023 and 2024. As we head towards the New Year we thought it might be useful to highlight a few of the thematic pieces we wrote last year that we think help to highlight why EM Telcos are in a clear and sustained bull market and why therefore we are confident that 2026 will be another good year for investors in the space, as fundamentals continue to look much stronger than in the past. I hope you enjoy reading these and happy holiday...
VEON’s Beeline Kazakhstan and Rakuten Symphony Collaborate to Advance ...
VEON’s Beeline Kazakhstan and Rakuten Symphony Collaborate to Advance Next-Generation Connectivity and Digital Infrastructure Almaty, Dubai and Tokyo, December 23, 2025: VEON Ltd. (Nasdaq: VEON), a global digital operator (“VEON”), and Rakuten Group, Inc. (TSE: 4755), announced today that Beeline Kazakhstan Holding, VEON’s digital operator in Kazakhstan, and Rakuten Symphony, a subsidiary of Rakuten Group, have signed a Memorandum of Understanding (MoU) to explore strategic collaboration on next-generation connectivity, digital services, and cloud-native network infrastructure. The MoU es...
VEON’s Mobilink Microfinance Bank Launches Islamic Banking Operations ...
VEON’s Mobilink Microfinance Bank Launches Islamic Banking Operations in Pakistan Dubai and Islamabad, December 19, 2025 – VEON Ltd. (Nasdaq: VEON), a global digital operator, announced today that its financial services subsidiary, Mobilink Microfinance Bank Ltd., has launched Islamic banking operations in Pakistan, expanding access to Shariah-compliant financial services in in response to growing customer demand. Mobilink Bank inaugurated its first dedicated Islamic banking branch this week in Karachi, Pakistan’s economic hub. A second Islamic banking branch is scheduled to commence opera...
Indian Telcos Q2 FY26 review: Remain constructive as Jio’s IPO nears
India’s mobile revenue growth moderated as expected, after lapping last year’s tariff increase. As the IPO of Jio nears, we foresee another potential price increase. Separately for Vodafone Idea, we think AGR relief seems likely but we question whether this is sufficient to enable the company to reach “escape velocity” and become a viable 3rd operator again.
VEON Upgraded to Nasdaq Global Select Market, Enhancing Investor Visib...
VEON Upgraded to Nasdaq Global Select Market, Enhancing Investor Visibility Dubai, December 18, 2025 – VEON Ltd. (Nasdaq: VEON), a global digital operator (“VEON” or “the Company”), announces that at the opening of trading today, its American Depositary Shares (ADSs) listing will be transferred to the Nasdaq Global Select Market of the Nasdaq Stock Market (“Nasdaq”). The Nasdaq Global Select Market represents Nasdaq’s highest listing tier and is reserved for companies that meet more stringent financial and liquidity standards. This transfer reflects VEON’s continued progress in strengtheni...
- Chris Hoare
Global EM Telcos & Japan DC exposure, future developments and valuati...
EM & Japanese Telcos have more DC capacity than those in other regions. In this short note, we look at the current and future Data Center (DC) capacity for the telcos in our coverage as well as the potential valuation for these assets, in an attempt to contextualise this exposure.
VEON’s Kyivstar Invests in Renewable Energy in Ukraine with Acquisitio...
VEON’s Kyivstar Invests in Renewable Energy in Ukraine with Acquisition in Solar Power Company Dubai and Kyiv, December 16, 2025: VEON Ltd. (Nasdaq: VEON), announces that Kyivstar (Nasdaq: KYIV; KYIVW), Ukraine's leading digital operator, has acquired 100% of LLC SUNVIN 11, adding 12.9 MW of solar generation capacity to its energy resilience investments. The acquisition marks Kyivstar’s first investment into renewable energy. Electricity generated by the solar facility will be supplied to Ukraine’s national grid in accordance with applicable market and regulatory frameworks. The acquisiti...
VEON Announces Release Date for Full Year and Fourth Quarter 2025 Resu...
VEON Announces Release Date for Full Year and Fourth Quarter 2025 Results of Both VEON and Kyivstar VEON Announces Release Date for Full Year and Fourth Quarter 2025 Results of Both VEON and Kyivstar Dubai, December 16, 2025 – VEON Ltd. (Nasdaq: VEON), a global digital operator (“VEON” or “the Company”), today confirms that VEON and its operating company Kyivstar Group Limited (“Kyivstar”, Nasdaq: KYIV), will release its selected consolidated financial and operating results for the fourth quarter and full year ended December 31, 2025, on Monday, March 16, 2026. This date has been set in r...
VEON’s Beeline Kazakhstan Delivers First Starlink Direct to Cell Call ...
VEON’s Beeline Kazakhstan Delivers First Starlink Direct to Cell Call in Central Asia Almaty, December 15, 2025 – VEON Ltd. (Nasdaq: VEON), a global digital operator (“VEON”), announces that Beeline Kazakhstan, its digital operator in Kazakhstan, has completed a field test and delivered the first-ever voice call through an app, as well as text messages, via Starlink Direct to Cell in Central Asia, successfully merging satellite and terrestrial mobile connectivity for another VEON market. During the test, Beeline Kazakhstan CEO Evgeniy Nastradin and Deputy Prime Minister and Minister of Art...
- Chris Hoare
South Korean Telcos Q3 25 review: Stable; expect new KT CEO to be ann...
Both KT and LG Uplus did better at SKT’s expense, with the latter impacted by Q2’s outflow and 50% discount offered in August as a result of April’s cyberattack. The search for KT’s new CEO narrowed to 3 candidates – 2 internal and 1 external; we should expect to hear the appointment by March’s AGM. Although this creates some risk, KT remains one of our Top Picks in GEM Telcos for its exposure to Enterprise and value-up dynamic.
VEON’s Banglalink Receives Regulatory Approval to Launch Digital Payme...
VEON’s Banglalink Receives Regulatory Approval to Launch Digital Payment Services to Advance Financial Inclusion in Bangladesh Dubai and Dhaka, December 11, 2025 - VEON Ltd. (Nasdaq: VEON), a global digital operator (“VEON”), today announces that Banglalink, its digital operator in Bangladesh, has received the permission of Bangladesh Bank to operate as a payment service provider - a milestone in the operator’s ambition to expand further into digital financial services. As a payment services provider, Banglalink will be able to offer regulated money transfer and payment services for cus...
VEON Recognized for JazzCash, Kyivstar and Jazz at the World Communica...
VEON Recognized for JazzCash, Kyivstar and Jazz at the World Communication Awards 2025 London, December 10, 2025 – VEON Ltd. (Nasdaq: VEON), a global digital operator (“VEON” and together with its subsidiaries, the “Group”), announces that it has been recognized across three categories at the World Communication Awards 2025, acknowledging the Group’s advancements in financial inclusion, resilient connectivity and digital transformation. JazzCash, VEON’s digital financial services platform in Pakistan, received the Gold Award in the Beyond Connectivity category. Kyivstar Group Ltd. (Nasdaq:...
VEON’s Rising Capital Markets Profile Strengthened by Inclusion in Key...
VEON’s Rising Capital Markets Profile Strengthened by Inclusion in Key Global Indices Dubai, December 10, 2025 – VEON Ltd. (Nasdaq: VEON), a global digital operator (“VEON” or “the Company”), today announced its inclusion in two major international equity indices, further strengthening the Company’s visibility and accessibility to global institutional investors. VEON has been added to the S&P Global Broad Market Index (BMI) following the September 2025 rebalance by S&P Dow Jones Indices. The S&P Global BMI serves as a core reference benchmark for institutional portfolio allocation, coverin...
VEON’s Beeline Kazakhstan Breaks Ground for Hyper Cloud Data Center to...
VEON’s Beeline Kazakhstan Breaks Ground for Hyper Cloud Data Center to Offer Sovereign Enterprise, AI and Digital Services Dubai and Almaty, December 8, 2025 – VEON Ltd. (Nasdaq: VEON), a global digital operator (“VEON”), today announced that Beeline Kazakhstan has begun construction of the new Hyper Cloud data center in Almaty—an advanced Tier III-certified facility designed to anchor Kazakhstan’s sovereign cloud, AI compute, and enterprise digital services ecosystem. The investment positions Kazakhstan for the next phase of digital growth by providing domestic, secure, and scalable compu...
- Greater China Research Team
- Johnny Yum
- Malaysia Research Team
- Singapore Research Team
- Thailand Research Team
Regional Strategy: Alpha Picks - December 2025
Greater China Strategy | Alpha Picks: December Conviction Calls Market consolidation slowed in November as expectations of a 25bp Fed cut buoyed sentiment. The HSI and MSCI China fell 0.2% and 2.4% mom respectively amid weak data and limited catalysts. While the upcoming Economic Work Conference may offer a catalyst to end this phase, we remain cautious, preferring defensives and oversold names. We add BeOne Medicines, HKEX, NetEase and Plover Bay to BUY, take profit on AIA, and cut losses on Ja...
OU8 CENTURION
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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.
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SXC SUNNY OPTICAL TECHNOLOGY (GROUP) CO. LTD.
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CSSC CHINA SUNSINE CHEMICAL HOLDINGS LTD
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3692 HANSOH PHARMACEUTICAL GROUP
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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)
YINSON YINSON HOLDINGS BHD
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Kyivstar and Ukrainian Ministry of Digital Transformation Select Googl...
Kyivstar and Ukrainian Ministry of Digital Transformation Select Google Gemma as the Foundation for Ukraine’s National LLM Dubai and Kyiv, December 1, 2025: VEON Ltd. (Nasdaq: VEON), announces that Kyivstar (Nasdaq: KYIV; KYIVW), together with the WINWIN AI Center of Excellence under Ukraine’s Ministry of Digital Transformation, has selected Google Gemma as the base model for developing Ukrainian LLM, Ukraine’s own national large language model (“LLM”), leveraging Google’s Vertex AI infrastructure for computing power. As a strategic partner in this project, Kyivstar will operationally lead...
- Chris Hoare
Global EM Telcos & Towers Blow out Q3 results drive another great mon...
EM Telco earnings season was extremely strong, and with 8 of our 10 picks reporting this month, our picks rose 6.8% on average in November and are now up 80% YTD. With Singtel having strongly outperformed, Bharti we swap the latter in for the former; this note also includes key news & other thoughts, to try to help investors generate alpha within the EM Telco space.
GSMA brings M360 Eurasia 2026 to Samarkand in partnership with VEON’s ...
GSMA brings M360 Eurasia 2026 to Samarkand in partnership with VEON’s Beeline Uzbekistan and Uzbekistan’s Ministry of Digital Technologies Doha, November 26, 2025 – VEON Ltd. (Nasdaq: VEON), a global digital operator (“VEON”), announced today that Beeline Uzbekistan will once again partner with the GSMA and the Ministry of Digital Technologies of the Republic of Uzbekistan to hold GSMA M360 Eurasia 2026. This next edition of the region’s flagship digital policy and industry forum will take place for the first time in Samarkand on May 20–21, 2026. M360 Eurasia’s return to Uzbekistan for a s...
VEON’s QazCode and MeetKai Sign Agreement to Power National LLM Traini...
VEON’s QazCode and MeetKai Sign Agreement to Power National LLM Training and Local-Language Agentic Services Across VEON Markets Doha, Astana and Los Angeles, November 25, 2025 – VEON Ltd. (Nasdaq: VEON), a global digital operator (“VEON”), today announced that QazCode, VEON’s software company, has signed a strategic cooperation agreement with the sovereign AI firm MeetKai to develop and train next-generation large language models that will enable deployment of local-language agentic AI services across VEON’s operating markets. This strategic sovereign partnership is designed to accelerate...
Kyivstar Launches Starlink Direct to Cell Satellite Connectivity in Uk...
Kyivstar Launches Starlink Direct to Cell Satellite Connectivity in Ukraine Today’s Launch Makes Ukraine the First Country in Europe Where Starlink Direct to Cell is Available to Customers Dubai and Kyiv, November 24, 2025: VEON Ltd. (Nasdaq: VEON), a global digital operator (“VEON”), announces today that Kyivstar Group Ltd. (“Kyivstar”) (Nasdaq: KYIV; KYIVW), VEON’s digital operator in Ukraine, has launched Starlink’s Direct to Cell satellite technology for its customers in Ukraine. Powered by Starlink’s Direct to Cell constellation, the service will enable all Ukrainians to stay conne...
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