reports
- Lindsay Whipp
LG Uplus: 1 director
A director at LG Uplus maiden bought 5,000 shares at 10,333.580KRW 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 two years cl...
- 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
Global EM Telcos & Towers NSR GEM Top-10 March ‘25 Update: February a...
February was another good month for our top EM Telcos, now up 15% YTD on average. This note also includes key news & other thoughts in order to help investors generate alpha within the EM Telco space. With performance strong so far, we make no changes to our picks.
- Chris Hoare
South Korean Telcos Q4 24 review: Value up starting to pay dividends
Although growth is slowing, cash flow trends continue to improve on greater discipline on opex and capex. The industry is increasingly giving this back in the form of higher dividends or buybacks which KT has already instituted and LG guided buybacks of up to 20% of net profits .
- 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
KT (Buy, KRW 85,000, +88%) Q4 24 Quick Take: Attractive value play wi...
KT reported a decent set of underlying results if excluding the one-off costs related to its early retirement programme which was well flagged earlier. Service revenue also recovered back to growth as Enterprise accelerated even despite the ongoing restructuring of less profitable business
- Chris Hoare
SK Telecom (Buy, KRW 86,000, +54%) Q4 24 Quick Take: Softer mobile re...
SKT reported softer numbers against consensus, while its net profit benefited from a one-off equity valuation gain. Across its segments, SK Broadband delivered better trends, but mobile service revenue was soft, and EBITDA was impacted by a jump in labour costs. We expect costs to ease and margins to improve as SKT undergoes cost efficiencies and strips out less profitable businesses. Dividend payout was in-line with expectations if excluding the one-offs.
- Chris Hoare
- Chris Hoare
LG Uplus (Buy, KRW 19,000, +83%) Q4 24 Quick Take: Better trends in m...
Profitability trends were weaker as LG Uplus was impacted by impairment losses at its broadcasting arm. These were well flagged in January, however. The positives came in the form of improved mobile and broadband trends alongside lower-than-expected capex spending.
SK Telecom Co Ltd: 1 director
A director at SK Telecom Co Ltd bought 1,000 shares at 54,700.000KRW and the significance rating of the trade was 52/100. 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 two years ...
- Chris Hoare
KDDI (Buy, ¥6,600, +25%) Q3 24 Quick Take: Improving bottom-line; exp...
KDDI reported an improved bottom-line trend, supported by its steady topline and Lawson’s contribution. While mobile ARPU was marginally down in Q3, it was still growing sequentially, and the company anticipates mobile communication ARPU revenue to inflect back to growth in the next quarter on the back of continued up-trading and UQ to AU brand migration.
- Chris Hoare
Global EM Telcos & Towers – NSR EM Top picks Feb 25 update. Top-8 beco...
We update the NSR GEM Top Picks list. No stocks are dropped, and we add LILAC and TIM Brasil to our list, extending it to a Top-10 list from Top-8. Our picks had a good start, up 12% on average since the start of the year. This note also includes key news & other thoughts in order to help investors generate alpha within the EM Telco space.
- 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.
- Lindsay Whipp
PSA Information Technology / IT Services: NTT Data (9613 JT) – The Dat...
Tags: NTT Corp (9432 JT), Equinix (EQIX US), Iron Mountain (IRM US), Amazon (AMZN US), Microsoft (MSFT US), Google (GOOG US), Digital Realty Trust (DLR US), QTS (owned by Blackstone (BX US)), CyrusOne (owned by KKR (KKR US) and Global Infrastructure Partners (pvt), Cyxtera (owned by Brookfield Infrastructure Partners (BIP US)), Cologix (pvt), Meta (META US), Apple (AAPL US), Oracle (ORCL US), Netflix (NFLX US), Money Forward (3994 JT), Digital Realty Trust (DLR US), DataBridge Group (DBRG US), N...
- Chris Hoare
Japanese Telcos & Internet What to expect in 2025: Mixed
After 3 good years, 2024 was not great for the Japanese incumbents; with KDDI and SoftBank rising modestly and NTT falling, but all underperforming the Nikkei. In our view, risk is rising in Mobile, although we continue to see the sector as fundamentally undervalued. Rakuten performed well in 2024, but this was really to do with balance sheet risk easing on the back of cost cutting/refinancing rather than better traction in Mobile.
- Chris Hoare
South Korean Telcos Outlook 2025: Value-up should be flowing
2024 contained a few surprises for the telcos, with the year starting with “Value-up” and ending with political chaos. Value-up is likely to have the longer lasting effects we think, and as most exposed and with the best strategy, and despite rising 33% in 2024, KT remains our top pick.
- 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
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