Full Article at IIR has reaffirmed its Recommended rating for PIA after undertaking a review post the appointment of a new Portfolio Manager, Harding Loevner. The full report can be found on the IIR website. On 26 July 2021, Pengana International Equities Limited (PIA) announced a fully franked dividend of 1.35 cents per share for the June quarter. This represents an 8% increase on the March quarter dividend and takes the total dividends declared for FY21 of 5.1 cents per share, fully franked....
TP unchanged as cost efficiency offsets estimated 12%-higher subsidies. We view the name more cautiously due to rising subsidies that were offset by cost efficiency in 1Q15. Viva continues to trade at a discount to peers of 34% on 2015e P/E, while at a 2% premium on EV/EBITDA. We value VIVA at 6.8x EBITDA as we believe it will present a dividend-generating data growth play justifying the premium. The higher subsidies and more aggressive competition remain downside risks to our valuation.
Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind...
Impressive 4Q results on higher ARPU, but maintain the view that competition and maturity would not allow the trend to continue. 4Q results showed 22% y-o-y growth in revenue, 28% in EBITDA adjusted for handset subsidy amortization, and a 17% rise in net profit. The numbers beat our estimates across the P&L on 8% higher revenue thanks to an increase in ARPU with the same magnitude as subscribers came exactly in line. Net profit came in 67% higher than our estimate on a 31% lower-than-expected de...
Viva’s strategy enables it to capture still-growing demand for data. Despite its relatively high SIM and mobile broadband penetrations of 187% and 118% in 3Q14, we believe there is still ample room for mobile data growth. This comes as the underinvested government-monopolised fixed-line market fails to meet the demand for higher-speed data in the oil-rich high income country. The mobile operators who have recognized the gap have all launched LTE services in 2012/13. On expectations that the gove...
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