Lucror Analytics - Morning Views Latam

In today's Morning Views publication we comment on developments of the following high yield issuers: Brava Energia, Usiminas, Millicom, Ecopetrol

African & EMEA Telcos & Towers Outlook 2026; expecting another good y...

2025 was a very strong year for African Telcos, as macro stabilized and pricing recovered across the continent but especially in Nigeria. We think 2026 should be more of the same as stocks re-rate due to strength in the core coupled with exposure to digital. Very strong performance by Airtel Africa means Vodacom becomes our top pick in Africa, and VEON our top pick overall.

ASEAN Telcos Outlook 2026; Singtel and TRUE remain our top picks reg...

Singtel and XLSmart were the standout performers in 2025 among ASEAN telcos as continued weak macro held back other markets even those which have seen consolidation. In 2026, we think the benefit of consolidation should be more apparent in the latter. Singtel and TRUE remain our top picks in the region.

Millicom - ESG Report - Lucror Analytics

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.

Indian Telcos & Towers What to expect in 2026: Another good year; Jio...

We think 2026 is likely to be a good year for Indian telcos, with a price hike probably prefiguring Jio’s IPO and in the background FWA continuing to accelerate and Enterprise/Africa likely to be strong for Bharti.

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...

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.

Latam Chart Book - 18 December 2025 - Lucror Analytics

The LatAm Chart Book features relative-value charts and bond tables by country.

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.

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.

Lucror Analytics - Morning Views Latam

In today's Morning Views publication we comment on developments of the following high yield issuers: Vast, Ecopetrol, Falabella, Millicom, JBS, InRetail Consumer, InRetail RE, Avianca, TGS, Tupy, Ultrapar, Simpar

Singtel (Buy, S$6.2 from S$5.5, +30%) Upgrade price target to $6.2 on...

Singtel’s numbers were strong yesterday, but we now think Bharti is likely to outperform over the next 6-12 months, given how far Singtel has moved already. In a separate note out today, we are lifting our Bharti price target to INR 2,750 which itself drives an increase in the pt to S$6.2 for Singtel.

Regional Morning Meeting Notes: Thursday, November 13, 2025

Greater China Company Results | Tencent Music Entertainment Group (1698 HK/BUY/HK$84.65/Target: HK$105.00) TME delivered strong 3Q25 results with both the top-line and bottom line beating our expectations. Revenue grew 20.6% yoy to Rmb8.5b, 3% above the street’s estimates. Non-GAAP operating profit jumped 25.2% yoy to Rmb3b, with operating margins edging up 1ppt yoy to 36%. Non-GAAP net profit rose 27.7% yoy to Rmb2.5b, beating consensus expectation by 7%, with net margins expanding 2ppt yoy to ...

Singapore Telecommunications (ST SP) - 1HFY26: Robust Performance, In ...

Singtel reported a higher underlying net profit of S$1.4b (+14% yoy) in 1HFY26, driven by margin expansion from Optus and NCS, coupled with robust associate contributions. Positively, Singtel revised its FY26 OpCos’ EBIT growth and regional associates' dividend outlook. It also declared a total 1HFY26 dividend of 8.2 S cents/share, implying a 78% dividend payout ratio. BUY on share price weakness with a higher SOTP-based target price of S$5.20 as we narrowed our holding company discount (from 25...

Singapore Daily: Thursday, November 13, 2025

Top Stories Company Results | ComfortDelGro Corp (CD SP/BUY/S$1.48/Target: S$1.76) CD’s 9M25 results were largely in line, with revenue up 14% yoy and core PATMI up 2% yoy on stronger contributions from recent acquisitions and UK contract renewals, partly offset by softer Singapore margins. Maintain BUY with a 4% higher target price of S$1.76. CD offers a 5.5% yield and is supported by its diversified portfolio and improving overseas mix. Company Results | Singapore Telecommunications (ST S...

Millicom - Earnings Flash - Q3 FY 2025 Results - Lucror Analytics

Millicom has posted solid Q3/25 results, with sustained margin expansion despite a slight top-line decline. The EBITDA margin expanded 8.0 ppts y-o-y to 48.9%. FCF was positive USD 118 mn, despite an additional dividend distribution and higher capex. Net leverage (including leases) inched down 0.1x q-o-q to 2.6x. Excluding leases, net leverage also dropped 0.1x to 2.1x. Liquidity remained solid. We anticipate EBITDA growth and margin expansion in FY 2025, reflecting the cost-saving initiatives a...