MTN (Buy: ZAR280, +43%) IHS Towers (Neutral, TP: $8.50, +5%) was Buy (...

Double announcement from IHS today: 1) the sale of its LatAm business to Macquarie (excluding i-Systems which is being sold to TIM Brasil) and 2) the proposed sale to MTN for $6.2bn ($8.50 per share).

Auto and industrial recovery, Semicap, Arista, Cisco, and more. Tech w...

KT Corp (Buy, KRW 105,000, +73%) Q4 25 Quick Take: Dividend hiked mor...

KT printed decent results; Total service revenue accelerated and management announced a 20% increase in dividend per share. As previously announced the company is also proceeding with a KRW 250bn share buyback and cancellation this year.

Softbank Corp (Buy, TP: ¥270, +27%) Q3 FY25 Quick Take: Strong result...

Softbank Corp printed a strong set of results with total revenue beating by 3.3%, largely led by growth across the board and earnings beat on EBIT strength from Consumer and Enterprise. The company upgraded its FY25 guidance slightly, and highlighted a change in customer acquisition policy. Our assessment of the results below.

MTN (Buy, TP: ZAR280, +58%) IHS Towers (Buy, TP: $10, +26%) MTN / IHS...

MTN announced today that it is at an advanced stage of discussions with IHS to acquire the 75% shares in IHS it does not already own.

Global EM Telcos & Towers – Strong start – NSR GEM Top-10 February ‘26...

Our portfolio of Top Picks has started 2026 strongly, up 6% ytd already. 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.

Airtel Africa (Buy, TP: £4.60, +46%) Q3 26: Another strong quarter

Airtel Africa has reported a strong set of Q3 results with improving underlying trends and good growth improvement in $ terms.

EM Tower Trends Q3 CY25 review: Solid quarter, especially in Africa

Tower revenue trends were slightly slower across the board except for Indus Towers as it benefited again from VIL’s network catch up spend. EBITDA margins were roughly stable across EM except in Indonesia which faces the near-term pressure of the XL-Smartfren consolidation. Africa continue to perform well and the LatAm Towers space had a decent Q3.

Altice France bonds (Equal Weight) Altice France equity (Neutral, TP: ...

After a quiet few weeks, press releases from the consortium this morning confirm that talks are still ongoing, and that due diligence is happening. The French press are reporting on a March deadline. We look at the implications of the release and reports in this short note.

Sub-Saharan African Telecoms Another great quarter, upgrade AAF, MTN,...

Q3 was another great quarter for the Sub-Saharan African (SSA) operators with YoY service revenue growth in USD reaching >30% and rising EBITDA margins.

Nigerian Telcos Q3 25 review: Real revenue growth remains 40%

Q3 was another very strong quarter for the Nigerian Telco market with EBITDA more than doubling in local and real revenue growth stable at 40%.

Japanese Telcos & Internet What to expect in 2026: Incumbents grind h...

2025 was another tougher year for the Japanese incumbents; with KDDI and SoftBank rising modestly and NTT flat, but all (including Rakuten) underperforming a strong Nikkei. This despite prices rising in Mobile. We think the sector is modestly undervalued and will grind higher with EPS. SoftBank remains our top pick.

South Korean Telcos Outlook 2026: Value-up journey continues

With multiple data breaches 2025 was a mixed year for shareholders in the Korean Telcos, with LG and KT delivering good absolute performance, and SKT flat. Despite rising over 100% from post-Covid lows, KT is still our top pick.

Global EM Telcos & Towers 2025 wrapped. NSR GEM 2026 Top-10 unveiled:...

2025 was when the EM Telco bull market really took off. Two of our top picks returned >100% and four more 50%+. We make one change to our top picks for 2026 from 2025, introducing Megacable in exchange for IHS Towers. In a separate note out today we run through the Themes that we think will drive performance in 2026.

Global EM Telcos & Towers Themes and Top picks for 2026

EM Telcos have been strong for some time, but 2025 was a banner year. Multiples have expanded somewhat, but we remain bullish, as we think EM Telcos operate on a long cycle driven by market structure which has now definitively turned up We therefore see EM Telcos in a true stealth bull market as conditions still seem ripe for the best to exhibit pricing power and hence GDP+ revenue growth and rising ROIC. This note explains the key themes we see for 2026.

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...

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.

European Telecoms for 2026 Industry action required for further outpe...

Over the past 3 years, the EU telecoms sector has had a great run – up >50%, despite modest underlying revenue/ EBITDA growth. This has almost entirely come from a deserved upwards re-rating in the multiple as the risk profile across the sector diminishes – which has been a key theme of ours in the past few years given improved regulation. So, we feel this has now largely played out.

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.

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.