reports
- Chris Hoare
- Chris Hoare
Global EM Telcos M&A Cycle in-bound; buy the targets
With sentiment, leverage and cash flow all improving for EM Telcos we think we are approaching the point of the cycle where M&A is going to become more prevalent, and shift from bearish (in-market consolidation), to bullish (out of footprint). Investors should consider building portfolios based on likely targets. Who are they?
Singapore Telecommunications Ltd: 1 director
A director at Singapore Telecommunications Ltd bought 150,000 shares at 3.873SGD and the significance rating of the trade was 93/100. 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 las...
- Felix Fischer
PBR.N PETROLEO BRASILEIRO S/A ADS
MELI MERCADOLIBRE INC.
GTE GRAN TIERRA ENERGY
GPRK GEOPARK
ARCO ARCOS DORADOS HOLDINGS INC. CLASS A
ACD ADECOAGRO S.A.
CENCOSUD CENCOSUD S.A.
VCM.B VOLCAN COMPANIA MINERA S.A.A. CLASS B
4FZ ORBIA ADVANCE CORP. SAB DE CV
PAMP PAMPA ENERGIA SA
ALSEA ALSEA S.A.B. DE C.V.
MINSURI1 MINSUR S.A.
FALABELLA FALABELLA S.A.
TGSU2 TRANSPORTADORA DE GAS DEL SUR SA CLASS B
YPFD YPF SA CLASS D
KUOB GRUPO KUO S.A.B.
ECOPETROL ECOPETROL SA
AEROMEX GRUPO AEROMEXICO
PFAVH AVIANCA HOLDINGS SA PFD
INRETC1 INRETAIL PERU
AESGENER AES GENER S.A.
TIGO SDB MILLICOM INTERNATIONAL CELLULAR SA SWEDISH DEPOSITORY RECEIPT
NEMAKA NEMAK S.A.B. DE C.V.
CEXA CEMEX SAB DE CV (ADR)
TUPY3 TUPY S/A ORD
UGPA3 ULTRAPAR PARTICIPACOES S.A.
USIM5 USINAS SIDERURGICAS DE MINAS GERAIS PREF A
NATU3 NATURA & CO HOLDING SA
LTM LATAM AIRLINES GROUP SA
FEC FRONTERA ENERGY CORP
NEXA NEXA RESOURCES S.A.
RAIL3 RUMO SA
KALLPA KALLPA
CSNA3 COMPANHIA SIDERURGICA NACIONAL
VALE3 VALE S.A.
KLBN3 KLABIN SA
SUZANO SUZANO
UNIGEL UNIGEL
AMBP3 BZ AMBIPAR PARTICIPACOES E EMPR
- Chris Hoare
Global EM Telcos & Towers Bull market continues – NSR GEM Top-10 June...
It was another very strong month for our picks as the EM Telco bull market continues. As we have been arguing for some time EM Telco is a much better space than it used to be, and the market has now started to understand this. This note also includes key news & other thoughts, to try to help investors generate alpha within the EM Telco space.
- Chong Lee Len
- Llelleythan Tan Tan
- Chong Lee Len
- Llelleythan Tan Tan
Singapore Telecommunications - 1Q25 Earnings Recap: Muted Results In L...
For 1Q25, the sector’s muted 1.7% yoy earnings growth was within expectations, underpinned by strong contributions from Singtel’s regional associates and better overall cost discipline. Moving into 2Q25, we expect similar sector earnings growth, largely driven by Singtel and NetLink. We like Singtel for its regional exposure, Starhub as the main beneficiary of market consolidation and NetLink for its defensive earnings, supported by the sector’s attractive dividend yields. Maintain OVERWEIGHT.
- Chris Hoare
GEM Telcos: Consolidation – THE theme driving improved trends for EM T...
Earlier this month we published on how Global EM Telco Capex is falling rapidly, in large part driven by consolidation. On average EM Telco markets have fallen from a peak of 7 players to under 3. We expect many to end up with 2, or even a single network. How much further far might this cut capex?
- Bella Lu Yifei
- Chong Lee Len
- Colin Lee
- Desmond Chong Chee Wai
- Ejann Hiew
- Jo Yee Ng
- Johnny Yum Chung Man
- Kasemsun Koonnara
- Ken Lee
- Kitpon Praipaisarnkit
- Lester Siew
- Llelleythan Tan Tan
- Paula Ruth
- Wei Xiang Ku
Regional Morning Meeting Notes: Friday, May 23, 2025
GREATER CHINA Sector Automobile Weekly: PEV sales dip slightly wow. Maintain MARKET WEIGHT on the sector. Top BUYs: BYD, Geely and XPeng. Results Lenovo Group (992 HK/BUY/HK$9.57/Target: HK$12.10) 4QFY25: Core business is solid, but bottom line impacted by non-core items. Update Shenzhou International Group Holdings (2313 HK/BUY/HK$56.90/Target: HK$85.60) Expect unchanged 10% order volume growth for 2025;...
300014 EVE ENERGY CO. LTD. CLASS A
CK CH. KARNCHANG PCL
GRU GEELY AUTOMOBILE HOLDINGS LIMITED
00992 LENOVO GROUP LIMITED
EGH EUREKA GROUP HOLDINGS
Z74 SINGAPORE TELECOMMUNICATIONS LIMITED
M3I MINTH GROUP LIMITED
002340 GEM CO. LTD. CLASS A
5Z0 ZHONGSHENG GROUP HOLDINGS LTD.
ERAA ERAJAYA SWASEMBADA
01316 NEXTEER AUTOMOTIVE GROUP LIMITED
002709 GUANGZHOU TINCI MATERIALS TECHNOLOGY CO LTD CLASS A
601689 NINGBO TUOPU GROUP CO. LTD. CLASS A
01585 YADEA GROUP HOLDINGS LTD.
2333 GREAT WALL MOTOR CO. LTD. CLASS H
1211 BYD COMPANY LIMITED CLASS H
2338 WEICHAI POWER CO. LTD. CLASS H
01810 XIAOMI CORP. CLASS B
02238 GUANGZHOU AUTOMOBILE GROUP CO. LTD. CLASS H
PMAH PRESS METAL ALUMINIUM HOLDIN
KLK KUALA LUMPUR KEPONG BHD
SWB SUNWAY BHD
1772 GANFENG LITHIUM CO. LTD. CLASS H
300750 CONTEMPORARY AMPEREX TECHNOLOGY CO. LTD. CLASS A
3606 FUYAO GLASS INDUSTRY GROUP CO LTD-H
603305 NINGBO XUSHENG AUTO TECHNOLOGY (A)
002920 HUIZHOU DESAY SV AUTOMOTIVE CO LTD
CDB CELCOMDIGI BHD
Z29 029 GROUP SE
02015 LI AUTO INC
600699 JOYSON ELECTRONICS CORP
- Chong Lee Len
- Llelleythan Tan Tan
Singapore Telecommunications (ST SP) - FY25: Results In Line As ROIC I...
Singtel remains confident it can deliver double-digit ROIC in FY26-27. Key drivers are: a) better profitability from its core mobile businesses; b) strong contributions from its regional associates; and c) better execution from NCS and Nxera. The group has raised its identifiable capital recycling pot from S$6b to S$9b, which we believe will lead to higher dividends and total shareholder return. In turn, this will help to narrow Singtel's holding company discount. Maintain BUY. Raise SOTP-based ...
- Chong Lee Len
- Llelleythan Tan Tan
- Filipe Botelho
- Josseline Jenssen
- Lorena Reich
- Chris Hoare
Singtel (Buy, S$4.6, +16%) Q4 FY25 Quick Take: Buyback announced
As we hoped, Singtel has (finally) announced up to S$2bn (US$1.55bn) in share buybacks over the next three years until FY28. Additionally, this year’s dividend per share rose by 13% to S17.0 cents (includes S4.7cents VRD vs S3.8 in FY24).
- Chris Hoare
Takeaways from Meetings with the Korean Telcos in Seoul. KT to KRW 105...
We met with all 3 of the Korean Telcos in Seoul over the last couple of days. All 3 remain committed to “Value-up”. However, far the biggest impact is on KT who’s cash flow is dramatically improving. LG is also likely to have a strong year, and we think profitability has turned a corner.
- Chris Hoare
- David Lopes
Millicom (Buy, TP: $46, +31%) On a path to $1bn EFCF. Upgrade target ...
Following our day spent with Millicom in Miami and Q1 results we review our model. Assuming the Colombian deal closes we now see the company on a path to $1bn EFCF once synergies are delivered. Dividends are likely to rise to over $4/share, driving the shares towards $50. We remain Buyers and upgrade our price target to US$46.
- Filipe Botelho
- Josseline Jenssen
- Lorena Reich
Lucror Analytics - Morning Views Latam
In today's Morning Views publication we comment on developments of the following high yield issuers: YPF, Falabella, Geopark, Canacol, Cencosud, TGS, Millicom, Klabin, C&W Communications, Movida, GOL, Orbia, Minerva, Suzano, Rumo, Investment Energy Resources, Simpar, Ultrapar
CENCOSUD CENCOSUD S.A.
4FZ ORBIA ADVANCE CORP. SAB DE CV
FALABELLA FALABELLA S.A.
TGSU2 TRANSPORTADORA DE GAS DEL SUR SA CLASS B
YPFD YPF SA CLASS D
TIGO SDB MILLICOM INTERNATIONAL CELLULAR SA SWEDISH DEPOSITORY RECEIPT
UGPA3 ULTRAPAR PARTICIPACOES S.A.
RAIL3 RUMO SA
KLBN3 KLABIN SA
SUZANO SUZANO
- Chris Hoare
KT Corp (Buy, KRW 85,000, +64%) Q1 25 Quick Take: Benefiting from cos...
KT reported strong profit growth as it benefits from the hefty headcount reduction programme undertaken in Q4, and despite a softer topline, a result of its conscious effort to shift away from lower-margin B2B businesses. Both EBITDA (+12%) and EBIT (+36%) were up sharply. None of this is reflected in the valuation of 8x FY25 P/E and 4.4% dividend yield, the stock remains one of our Top Picks with a KRW 85,000 price target.
- Chris Hoare
- Chris Hoare
Airtel Africa (Buy, TP: 300p, +90%) Q4 25: Solid finish; underlying t...
Airtel Africa has reported a solid set of Q4 results with a continued improvement in underlying trends and lower than expected capex. However, shares are down 8% today. We think this is driven by the delay in the IPO of the Mobile Money business to H1 2026 and the lack of commentary around the second tranche of the share buyback as well as some profit taking. Operationally trends are strong and so we remain Buyers with a price target of 300p.
- Chris Hoare
Global EM Telcos Capex in steep decline; underpins EFCF growth
We analyze the capex history & outlook for Global EM Telcos. For this group capex is falling rapidly (-12% in 2024 in US$) as competitive intensity improves and markets consolidate. Excluding China and India, EM Telco capex is already down 23% from peak.
Unfortunately, this report is not available for the investor type or country you selected.
Report is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.