reports
- Chris Hoare
- Chris Hoare
Global EM Telcos & Towers First down month, AMX into the Top-10 for T...
After 8 extremely strong months, September bucked the trend. 6 of our Top Picks saw profit taking with only Airtel Africa, Millicom, Telefonica Brasil and LILAC posting positive returns. This note also includes key news & other thoughts, to try to help investors generate alpha within the EM Telco space. Having strongly outperformed we switch out Millicom for AMX which we now see as a cheaper, lower risk, way to play Latin American telcos.
- Chris Hoare
- Chris Hoare
Nigerian Telcos Q2 25 review: Very strong; Upgrade MTN and AAF price ...
Local currency growth accelerated to above 60% in Q2 (from 40% in Q1), driven by a full quarter impact from the 50% price increase approval, and the improving macro. EBITDA performance in Q2 was very strong for both players and especially for MTN.
- Filipe Botelho
- Josseline Jenssen
- Lorena Reich
- 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
VEON Inaugurates JazzCash Experience Lounge in Islamabad
VEON Inaugurates JazzCash Experience Lounge in Islamabad Dubai and Islamabad, September 18, 2025 – VEON Ltd. (Nasdaq: VEON), a global digital operator (“VEON” and together with its subsidiaries, the “Group”), today announce the inauguration of the experience lounge of JazzCash, its digital financial services platform in Pakistan. Governor State Bank of Pakistan (SBP) Jameel Ahmad; Deputy Governor SBP Saleem Ullah; VEON Group CEO Kaan Terzioglu; and JazzCash CEO Murtaza Ali inaugurated the Experience Lounge in Islamabad, Pakistan today. On this occasion, Jazz CEO and Chairman Mobilink Microf...
- Felix Fischer
Latam Trade Book - 17 September 2025 - Lucror Analytics
In the latest edition of our LatAm Trade Book, we review most of our current trade recommendations. We also discuss key metrics of the issuers and how the bonds fare relative to peers. Please reach out to our analysts to discuss any of these ideas, or other trade recommendations from our LatAm coverage.
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
MINSURI1 MINSUR 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
CSNA3 COMPANHIA SIDERURGICA NACIONAL
VALE3 VALE S.A.
KLBN3 KLABIN SA
AMBP3 AMBIPAR PARTICIPACOES E EMPREEN
Moody's Ratings assigns Baa3 rating to Vodafone's new hybrid notes due...
Moody's Ratings (Moody's) has today assigned a Baa3 rating to the two EUR-denominated hybrid securities both with maturity in 2055 to be issued by Vodafone Group Plc (Vodafone or the company). The outlook is unchanged at stable. RATINGS RATIONALE The Baa3 rating assigned to the new hybrids is on...
- Adrian Loh Tzum Yung
- Benjaphol Suthwanish
- Benyamin Mikael
- Colin Lee
- Johnny Yum Chung Man
- Kenny Yong Hui Lim
- Kong Ho Meng
- Tanaporn Visaruthaphong
Regional Morning Meeting Notes: Monday, September 08, 2025
Greater China Initiation Coverage | Metasurface Technologies Holdings (8637 HK/BUY/HK1.48/Target: HK2.90) Metasurface is set to benefit from robust investment in the semi supply chain. As chip fabrication grows in complexity, more time is required to fabricate wafers and more wafer fabrication equipment is needed. Aerospace engineering is set to drive long-term growth as airline capacity continues to face shortages, forcing airlines to rely on their existing fleets and bo...
FCT FRASERS CENTREPOINT TRUST
CC3 STARHUB LTD
PTT PTT PUBLIC COMPANY LIMITED
S63 SINGAPORE TECHNOLOGIES ENGINEERING LTD
D05 DBS GROUP HOLDINGS LTD
C09 CITY DEVELOPMENTS LIMITED
S68 SINGAPORE EXCHANGE LTD.
U11 UNITED OVERSEAS BANK LTD. (SINGAPORE)
V03 VENTURE CORPORATION LIMITED
U96 SEMBCORP INDUSTRIES LTD.
F34 WILMAR INTERNATIONAL LIMITED
B8O YANGZIJIANG SHIPBUILDING (HOLDINGS) LTD.
N2IU MAPLETREE COMMERCIAL TRUST
AJBU KEPPEL DC REIT
BUOU FRASERS LOGISTICS & COMMERCIAL TRUST
3816 MISC BHD
C52 COMFORTDELGRO CORPORATION LIMITED
C6L SINGAPORE AIRLINES LTD.
Z74 SINGAPORE TELECOMMUNICATIONS LIMITED
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
Y92 THAI BEVERAGE PUBLIC CO. LTD.
BN4 KEPPEL CORPORATION LIMITED
Q5T FAR EAST HOSPITALITY TRUST
D01 DAIRY FARM INTERNATIONAL HOLDINGS LIMITED
G13 GENTING SINGAPORE LIMITED
CDREIT CDL HOSPITALITY TRUSTS
YNS YINSON HOLDINGS BHD
SUN SUNTECH SA
KREIT KEPPEL REIT
MLT MAPLETREE LOGISTICS TRUST
NETLINK NETLINK NBN TRUST
SIE SIA ENGINEERING CO LTD
BAL BUMITAMA AGRI LTD
PREIT PARKWAYLIFE REAL ESTATE
SPOST SINGAPORE POST LTD
MINT MAPLETREE INDUSTRIAL TRUST
DLG DIALOG GROUP BHD
RFMD RAFFLES MEDICAL GROUP LTD
CICT CAPITALAND INTEGRATED COMMERCIAL TRUST
LREIT SP LENDLEASE GLOBAL COMMERCIAL REIT
HMN ASCOTT RESIDENCE TRUST
WDH WATERDROP INC
SE US SEA LIMITED
9CI CAPITALAND INVESTMENT LTD
CLAR CAPITALAND ASCENDAS REIT
STM SEATRIUM LTD
ARCI IJ ARCHI INDONESIA (ARCI IJ)
8637 HK METASURFACE TECHNOLOGIES HOLDINGS LTD (8637 HK)
- Adrian Loh Tzum Yung
- Singapore Research Team
Singapore Market Strategy - Yield-ing To Temptation: Yields Over Bonds
Attractive yield differentials. With Singapore government bond yields trending lower, the yield differential between fixed income and equities has narrowed in 2025, thus reinforcing the relative appeal of companies offering high, sustainable dividend payouts. Equity yields in the 4-6% range now offer a compelling pickup versus the 10-year Singapore Government Bond yield (1.8579% as at 4 Sep 25), while also providing potential for capital gains. In our view, this widening yield gap should support...
AES AES CORPORATION
OU8 CENTURION
FCT FRASERS CENTREPOINT TRUST
CC3 STARHUB LTD
S63 SINGAPORE TECHNOLOGIES ENGINEERING LTD
544 CSE GLOBAL LTD.
D05 DBS GROUP HOLDINGS LTD
C09 CITY DEVELOPMENTS LIMITED
S68 SINGAPORE EXCHANGE LTD.
V03 VENTURE CORPORATION LIMITED
U96 SEMBCORP INDUSTRIES LTD.
F34 WILMAR INTERNATIONAL LIMITED
BN2 VALUETRONICS HOLDINGS
B8O YANGZIJIANG SHIPBUILDING (HOLDINGS) LTD.
N2IU MAPLETREE COMMERCIAL TRUST
AJBU KEPPEL DC REIT
BUOU FRASERS LOGISTICS & COMMERCIAL TRUST
C52 COMFORTDELGRO CORPORATION LIMITED
C6L SINGAPORE AIRLINES LTD.
Z74 SINGAPORE TELECOMMUNICATIONS LIMITED
O39 OVERSEA-CHINESE BANKING CORPORATION LIMITED
Y92 THAI BEVERAGE PUBLIC CO. LTD.
AP4 RIVERSTONE HOLDINGS
BN4 KEPPEL CORPORATION LIMITED
Q5T FAR EAST HOSPITALITY TRUST
SE SEA ADS
SATS SP SATS LTD.
D01 DAIRY FARM INTERNATIONAL HOLDINGS LIMITED
G13 GENTING SINGAPORE LIMITED
CDREIT CDL HOSPITALITY TRUSTS
SUN SUNTECH SA
KREIT KEPPEL REIT
MLT MAPLETREE LOGISTICS TRUST
NETLINK NETLINK NBN TRUST
SIE SIA ENGINEERING CO LTD
BAL BUMITAMA AGRI LTD
PREIT PARKWAYLIFE REAL ESTATE
SPOST SINGAPORE POST LTD
MINT MAPLETREE INDUSTRIAL TRUST
FHT FRASERS HOSPITALITY TRUST
SSG SHENG SIONG GROUP LTD
RFMD RAFFLES MEDICAL GROUP LTD
TXG 10X GENOMICS INC CLASS A
TGIF 1933 INDUSTRIES
RSTON RIVERSTONE HOLDINGS LTD
FRKN FRENCKEN GROUP LTD
MPM MARCO POLO MARINE LTD
CICT CAPITALAND INTEGRATED COMMERCIAL TRUST
LREIT SP LENDLEASE GLOBAL COMMERCIAL REIT
HMN ASCOTT RESIDENCE TRUST
SE US SEA LIMITED
CVL CIVMEC
9CI CAPITALAND INVESTMENT LTD
123F 123FAHRSCHULE SE
BCOW 1895 BANCORP OF WISCONSIN INC
CLAR CAPITALAND ASCENDAS REIT
DCRU DIGITAL CORE REIT MANAGEMENT PTE. LTD.
STM SEATRIUM LTD
EPIC 1CM INC
Z29 029 GROUP SE
PAN SP PAN-UNITED CORPORATION (PAN SP)
- 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
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