reports
- Chris Hoare
Global EM Telcos & Towers Continuing strong: NSR GEM Top-10 September...
August was a rather eventful month for two of top picks as LILAC announced the Puerto Rican asset separation and Kyivstar, the Ukraine arm of VEON, successfully listed on the NASDAQ (see our initiation HERE). All of our top picks performed well again. This note also includes key news & other thoughts, to try to help investors generate alpha within the EM Telco space. We make our first change to the list, swapping TIM Brasil for Telefonica Brasil.
Kyivstar Rings Opening Bell at Nasdaq Marking Landmark Listing and Hig...
Kyivstar Rings Opening Bell at Nasdaq Marking Landmark Listing and Highlighting Ukraine’s Investment Case New York – August 29, 2025 – VEON Ltd. (Nasdaq: VEON) (“VEON), a global digital operator and parent company of Ukraine’s leading digital operator Kyivstar Group Ltd (Nasdaq: KYIV; KYIVW) (“Kyivstar”), today rang the opening bell on Nasdaq Stock Market (“Nasdaq”) in New York, capping a week of activities highlighting Kyivstar’s listing and the investment opportunities for Ukraine’s reconstruction. Kyivstar Board and Kyivstar President Oleksandr Komarov were joined by the Prime Minister...
- Chris Hoare
- Stephane Beyazian
ETL EUTELSAT COMMUNICATIONS SA
BT.A BT GROUP PLC
SESGL SES SA FDR (CLASS A)
PROX PROXIMUS SA DE DROIT PUBLIC
KPN ROYAL KPN NV
ORA ORANGE SA
TKA TELEKOM AUSTRIA AG
EN BOUYGUES SA
SCMN SWISSCOM AG
UTDI UNITED INTERNET AG
GAMA GAMMA COMMUNICATIONS
HAL HAL TRUST
DTE DEUTSCHE TELEKOM AG
ACKB ACKERMANS & VAN HAAREN NV
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
INW INFRASTRUTTURE WIRELESS ITALIANE S.P.A.
TIT TELECOM ITALIA S.P.A.
BC BRUNELLO CUCINELLI S.P.A.
MOB MOBILEZONE HOLDING AG
CLNX CELLNEX TELECOM S.A.
FNTN FREENET AG
DHER DELIVERY HERO SE
VOD VODAFONE GROUP PLC
OBEL ORANGE BELGIUM SA
TEF TELEFONICA SA
NFN NFON AG
DRI 1&1 DRILLISCH AG
SUNN SUNRISE
- Hela Zarrouk
- Oliver Metzger
O2D TELEFONICA DEUTSCHLAND HOLDING AG
ETL EUTELSAT COMMUNICATIONS SA
BT.A BT GROUP PLC
SESGL SES SA FDR (CLASS A)
PROX PROXIMUS SA DE DROIT PUBLIC
KPN ROYAL KPN NV
ORA ORANGE SA
TKA TELEKOM AUSTRIA AG
PBB DEUTSCHE PFANDBRIEFBANK AG
EN BOUYGUES SA
SCMN SWISSCOM AG
UTDI UNITED INTERNET AG
GAMA GAMMA COMMUNICATIONS
ALLAN LANSON-BCC
DTE DEUTSCHE TELEKOM AG
FIE FIELMANN AG
VLK VAN LANSCHOT KEMPEN NV CERT. OF SHS
INW INFRASTRUTTURE WIRELESS ITALIANE S.P.A.
TIT TELECOM ITALIA S.P.A.
SIFG SIF HOLDING NV
MOB MOBILEZONE HOLDING AG
CLNX CELLNEX TELECOM S.A.
FNTN FREENET AG
VOD VODAFONE GROUP PLC
OBEL ORANGE BELGIUM SA
TEF TELEFONICA SA
SFG SPHERA FRANCHISE GROUP SA
NFN NFON AG
DRI 1&1 DRILLISCH AG
MRX MISTER SPEX SE
ECMPA EUROCOMMERCIAL PROPERTIES NV
SUNN SUNRISE
- Stephane Beyazian
ETL EUTELSAT COMMUNICATIONS SA
BT.A BT GROUP PLC
SESGL SES SA FDR (CLASS A)
PROX PROXIMUS SA DE DROIT PUBLIC
KPN ROYAL KPN NV
ORA ORANGE SA
TKA TELEKOM AUSTRIA AG
EN BOUYGUES SA
SCMN SWISSCOM AG
UTDI UNITED INTERNET AG
GAMA GAMMA COMMUNICATIONS
HAL HAL TRUST
DTE DEUTSCHE TELEKOM AG
ACKB ACKERMANS & VAN HAAREN NV
PKN POLSKI KONCERN NAFTOWY ORLEN S.A.
INW INFRASTRUTTURE WIRELESS ITALIANE S.P.A.
TIT TELECOM ITALIA S.P.A.
BC BRUNELLO CUCINELLI S.P.A.
MOB MOBILEZONE HOLDING AG
CLNX CELLNEX TELECOM S.A.
FNTN FREENET AG
DHER DELIVERY HERO SE
VOD VODAFONE GROUP PLC
OBEL ORANGE BELGIUM SA
TEF TELEFONICA SA
NFN NFON AG
DRI 1&1 DRILLISCH AG
SUNN SUNRISE
- Hela Zarrouk
- Oliver Metzger
O2D TELEFONICA DEUTSCHLAND HOLDING AG
ETL EUTELSAT COMMUNICATIONS SA
BT.A BT GROUP PLC
SESGL SES SA FDR (CLASS A)
PROX PROXIMUS SA DE DROIT PUBLIC
KPN ROYAL KPN NV
ORA ORANGE SA
TKA TELEKOM AUSTRIA AG
PBB DEUTSCHE PFANDBRIEFBANK AG
EN BOUYGUES SA
SCMN SWISSCOM AG
UTDI UNITED INTERNET AG
GAMA GAMMA COMMUNICATIONS
ALLAN LANSON-BCC
DTE DEUTSCHE TELEKOM AG
FIE FIELMANN AG
VLK VAN LANSCHOT KEMPEN NV CERT. OF SHS
INW INFRASTRUTTURE WIRELESS ITALIANE S.P.A.
TIT TELECOM ITALIA S.P.A.
SIFG SIF HOLDING NV
MOB MOBILEZONE HOLDING AG
CLNX CELLNEX TELECOM S.A.
FNTN FREENET AG
VOD VODAFONE GROUP PLC
OBEL ORANGE BELGIUM SA
TEF TELEFONICA SA
SFG SPHERA FRANCHISE GROUP SA
NFN NFON AG
DRI 1&1 DRILLISCH AG
MRX MISTER SPEX SE
ECMPA EUROCOMMERCIAL PROPERTIES NV
SUNN SUNRISE
- Konrad Zomer
- Stephane Beyazian
ETL EUTELSAT COMMUNICATIONS SA
BT.A BT GROUP PLC
SESGL SES SA FDR (CLASS A)
PROX PROXIMUS SA DE DROIT PUBLIC
KPN ROYAL KPN NV
ORA ORANGE SA
TKA TELEKOM AUSTRIA AG
EN BOUYGUES SA
SCMN SWISSCOM AG
UTDI UNITED INTERNET AG
GAMA GAMMA COMMUNICATIONS
DTE DEUTSCHE TELEKOM AG
INW INFRASTRUTTURE WIRELESS ITALIANE S.P.A.
TIT TELECOM ITALIA S.P.A.
MOB MOBILEZONE HOLDING AG
CLNX CELLNEX TELECOM S.A.
FNTN FREENET AG
VOD VODAFONE GROUP PLC
OBEL ORANGE BELGIUM SA
TEF TELEFONICA SA
NFN NFON AG
DRI 1&1 DRILLISCH AG
SUNN SUNRISE
- Konrad Zomer
- Stephane Beyazian
ETL EUTELSAT COMMUNICATIONS SA
BT.A BT GROUP PLC
SESGL SES SA FDR (CLASS A)
PROX PROXIMUS SA DE DROIT PUBLIC
KPN ROYAL KPN NV
ORA ORANGE SA
TKA TELEKOM AUSTRIA AG
EN BOUYGUES SA
SCMN SWISSCOM AG
UTDI UNITED INTERNET AG
GAMA GAMMA COMMUNICATIONS
DTE DEUTSCHE TELEKOM AG
INW INFRASTRUTTURE WIRELESS ITALIANE S.P.A.
TIT TELECOM ITALIA S.P.A.
MOB MOBILEZONE HOLDING AG
CLNX CELLNEX TELECOM S.A.
FNTN FREENET AG
VOD VODAFONE GROUP PLC
OBEL ORANGE BELGIUM SA
TEF TELEFONICA SA
NFN NFON AG
DRI 1&1 DRILLISCH AG
SUNN SUNRISE
VEON and Kyivstar to Host Investor Meeting on August 28, 2025
VEON and Kyivstar to Host Investor Meeting on August 28, 2025 New York, August 28, 2025 – VEON Ltd. (Nasdaq: VEON), a global digital operator and Kyivstar Group Ltd. (Nasdaq: KYIV; KYIVW), a leading telecommunications and digital operator in Ukraine (“Kyivstar”), announced today that Kyivstar will host an investor meeting on Thursday, August 28, 2025, from 10:00 AM to 11:30 AM Eastern Time. The meeting will provide an update on Kyivstar’s strategic initiatives, financial performance, and market outlook. Members of the senior management team will present key developments from the second qu...
VEON and Kyivstar to Mark Historic Listing with Nasdaq Opening Bell an...
VEON and Kyivstar to Mark Historic Listing with Nasdaq Opening Bell and to Launch “Invest in Ukraine NOW!” Campaign in the U.S. New York, August 27, 2025 – VEON Ltd. (Nasdaq: VEON) (“VEON”), a global digital operator and parent company of Ukraine’s leading digital operator Kyivstar Group Ltd (Nasdaq: KYIV; KYIVW) (“Kyivstar”), are today kicking off a series of strategic engagements in New York to celebrate the first Ukrainian landmark listing on Nasdaq and to officially launch their “Invest in Ukraine NOW!” campaign in the United States. Kyivstar began trading on the Nasdaq Stock Market (...
- Chris Hoare
Kyivstar (Buy, $16, +25%) [Sponsored Research] Initiation – Pivot to ...
We initiate on Kyivstar post its IPO via SPAC. In common with other VEON opcos, we believe Kyivstar is executing well on the transition to a digital-first business model. Given the situation in Ukraine there are many uncertainties, but the stock seems undervalued, and we initiate with a Buy and a price target of US$ 16.
- Chris Hoare
South Korean Telcos Q2 25 review: KT and LG U-Plus benefiting from SK...
SKT underperformed in Q2 due to April’s cyberattack. As SKT’s Customer Appreciation Package is expected to cost KRW500bn (US$360m) coupled with the associated churn, SKT is expected to take a heavier hit in the second half. The government’s AI campaign should be supportive for telcos’ Enterprise operations, and we expect to see stronger Enterprise revenues in H2 too. KT remains one of our Top Picks in GEM Telcos for its exposure to Enterprise and focus on cost and capex discipline.
- Adrian Loh Tzum Yung
- Singapore Research Team
Results Roundup : A Resilient Earnings Season With Banks Carrying The ...
Singapore’s 1H25 results season was resilient, with 75% of companies meeting or beating expectations despite tariff uncertainty and strength of the Singapore dollar. Banks delivered stable earnings and attractive yields, underpinning the STI. Consumer names like DFI and SSG stood out, while REITs showed positive rental reversions. Capital recycling drove upgrades for CIT and VMS. We raise our end-25 STI target to 4,602, reflecting 8% upside and attractive valuations versus history and peers.
U96 SEMBCORP INDUSTRIES LTD.
Z74 SINGAPORE TELECOMMUNICATIONS LIMITED
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
BN4 KEPPEL CORPORATION LIMITED
D01 DAIRY FARM INTERNATIONAL HOLDINGS LIMITED
G13 GENTING SINGAPORE LIMITED
MINT MAPLETREE INDUSTRIAL TRUST
SE US SEA LIMITED
9CI CAPITALAND INVESTMENT LTD
YZJFH YANGZIJIANG FINANCIAL HOLDING
- Adrian Loh Tzum Yung
- Alden Gabriel Lam
- Bella Lu Yifei
- Benyamin Mikael
- Carol Dou Xiao Qin
- Chong Lee Len
- Desmond Chong Chee Wai
- Ejann Hiew
- Jack Goh Tooan Orng
- Jonathan Koh
- Ken Lee
- Posmarito Pakpahan
- Roy Chen Chengzhi
- Shirley Wang Xueyi
- Singapore Research Team
- Stella Guo Yuting
- Sunny Chen
- Tanaporn Visaruthaphong
Regional Morning Meeting Notes: Monday, August 25, 2025
GREATER CHINA Results CSPC Pharmaceutical Group (1093 HK/BUY/HK$10.51/Target: HK$12.00) 1H25: Results miss; expects hoh sales recovery and two more BD deals in 2H25. Ganfeng Lithium (1772 HK/BUY/HK$30.80/Target: HK$40.00) 2Q25: Net loss in line; 3Q25 turnaround on the back of lithium carbonate price recovery. Maintain BUY, target price: HK$40.00. Li Ning (2331 HK/HOLD/HK$19.70/Target: HK$18.90) 1H25: Results beat but challenges remain in 2H25; fa...
ANTM PT ANEKA TAMBANG TBK
01093 CSPC PHARMACEUTICAL GROUP LIMITED
BBRI PT BANK RAKYAT INDONESIA (PERSERO) TBK CLASS B
V03 VENTURE CORPORATION LIMITED
02331 LI NING COMPANY LIMITED
U96 SEMBCORP INDUSTRIES LTD.
B8O YANGZIJIANG SHIPBUILDING (HOLDINGS) LTD.
BUOU FRASERS LOGISTICS & COMMERCIAL TRUST
BMRI PT BANK MANDIRI (PERSERO) TBK
BBCA PT BANK CENTRAL ASIA TBK
Z74 SINGAPORE TELECOMMUNICATIONS LIMITED
7153 KOSSAN RUBBER INDUSTRIES BHD.
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
BN4 KEPPEL CORPORATION LIMITED
PTTGC PTT GLOBAL CHEMICAL PUBLIC COMPANY LTD
Q5T FAR EAST HOSPITALITY TRUST
01316 NEXTEER AUTOMOTIVE GROUP LIMITED
D01 DAIRY FARM INTERNATIONAL HOLDINGS LIMITED
G13 GENTING SINGAPORE LIMITED
CDREIT CDL HOSPITALITY TRUSTS
SUN SUNTECH SA
KREIT KEPPEL REIT
MLT MAPLETREE LOGISTICS TRUST
PREIT PARKWAYLIFE REAL ESTATE
MINT MAPLETREE INDUSTRIAL TRUST
1772 GANFENG LITHIUM CO. LTD. CLASS H
1093 CSPC PHARMACEUTICAL GROUP LTD
UHU UNITED HAMPSHIRE US REIT
GREATEC GREATECH TECHNOLOGY BHD
CRPU SASSEUR REIT (S CHIP)
CICT CAPITALAND INTEGRATED COMMERCIAL TRUST
LREIT SP LENDLEASE GLOBAL COMMERCIAL REIT
OXMU PRIME US REIT
HMN ASCOTT RESIDENCE TRUST
CLCT CAPITALAND CHINA TRUST
KORE KEPPEL PACIFIC OAK US REIT
SE US SEA LIMITED
9CI CAPITALAND INVESTMENT LTD
BBNI BANK NEGARA INDONESIA PERSER
BRIS BANK BRISYARIAH TBK
MXNU ELITE COMMERCIAL REIT MGNT PTE LTD
CLAR CAPITALAND ASCENDAS REIT
DCRU DIGITAL CORE REIT MANAGEMENT PTE. LTD.
PEKAT PEKAT GROUP BHD
BRMS IJ BUMI RESOURCES MINERALS
ZETRIX MK ZETRIX AI (ZETRIX MK)
ARCI IJ ARCHI INDONESIA (ARCI IJ)
- Adrian Loh Tzum Yung
- Jonathan Koh
- Singapore Research Team
Singapore Daily: Monday, August 25, 2025
Strategy Results Roundup 1H25 results roundup: A resilient earnings season with banks carrying the load, REITs upping rents. Raising STI target to 4,602. Sector REITs Jackson Symposium provides turnaround momentum. TRADERS' CORNER Singapore Telecommunications (ST SP): Trading BUY First Resourc...
V03 VENTURE CORPORATION LIMITED
U96 SEMBCORP INDUSTRIES LTD.
B8O YANGZIJIANG SHIPBUILDING (HOLDINGS) LTD.
BUOU FRASERS LOGISTICS & COMMERCIAL TRUST
Z74 SINGAPORE TELECOMMUNICATIONS LIMITED
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
BN4 KEPPEL CORPORATION LIMITED
Q5T FAR EAST HOSPITALITY TRUST
D01 DAIRY FARM INTERNATIONAL HOLDINGS LIMITED
G13 GENTING SINGAPORE LIMITED
CDREIT CDL HOSPITALITY TRUSTS
SUN SUNTECH SA
KREIT KEPPEL REIT
MLT MAPLETREE LOGISTICS TRUST
PREIT PARKWAYLIFE REAL ESTATE
MINT MAPLETREE INDUSTRIAL TRUST
UHU UNITED HAMPSHIRE US REIT
CRPU SASSEUR REIT (S CHIP)
CICT CAPITALAND INTEGRATED COMMERCIAL TRUST
LREIT SP LENDLEASE GLOBAL COMMERCIAL REIT
OXMU PRIME US REIT
HMN ASCOTT RESIDENCE TRUST
CLCT CAPITALAND CHINA TRUST
KORE KEPPEL PACIFIC OAK US REIT
SE US SEA LIMITED
9CI CAPITALAND INVESTMENT LTD
MXNU ELITE COMMERCIAL REIT MGNT PTE LTD
CLAR CAPITALAND ASCENDAS REIT
DCRU DIGITAL CORE REIT MANAGEMENT PTE. LTD.
Indian Telcos Q1 FY26 review: Strong but moderation expected as it la...
Mobile trends accelerated with margin expansion a recurring theme across the board. Both Jio and Bharti have recently discontinued their lowest entry pack which should sustain ARPU in the low-double digits, however the bullishness in mobile trajectory appears to have already been reflected in consensus.
Vodafone Group: 1 director
A director at Vodafone Group sold after exercising options/sold 871,500 shares at 87p and the significance rating of the trade was 100/100. 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 t...
“KYIV” Ticker Goes Live on Nasdaq as Kyivstar Group Commences Trading
“KYIV” Ticker Goes Live on Nasdaq as Kyivstar Group Commences Trading Landmark listing makes Kyivstar the first and only publicly listed pure-play Ukrainian investment opportunity in the U.S. Stock Markets Kyiv, New York, Dubai - August 15, 2025 – VEON Ltd. (Nasdaq: VEON) (“VEON”), a global digital operator and the parent company of Kyivstar Group Ltd. (Nasdaq: KYIV) (“Kyivstar” or “Kyivstar Group”), is proud to announce that Kyivstar today starts trading on Nasdaq Stock Market (“Nasdaq”) under the ticker symbol “KYIV”. With the commencement of today’s trading, Kyivstar Group (Nasdaq: KY...
- Filipe Botelho
- Josseline Jenssen
- Lorena Reich
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