reports
TELKOM SA SOC loses on its star level and is downgraded to Slightly Po...
The independent financial analyst theScreener just slightly lowered the general evaluation of TELKOM SA SOC (ZA), active in the Integrated Telecommunications industry. The title has lost a star(s) at the fundamental level and now shows 2 out of 4 stars. Its exposure to market risk remains nonetheless the same and can be still described as defensive. theScreener slightly downgrades the general evaluation to Slightly Positive for the title on account of the lost star(s). As of the analysis date Ja...
- Dave Nicoski
- Ross LaDuke
Vermilion Int'l Compass: Global Equity Strategy
Japan Breaking Out; EM Remains Leadership Major global indexes (MSCI ACWI, ACWI ex-US, EM, and EAFE) continue to trend higher and are devoid of bearish inflections. Additionally, the US dollar (DXY) displays a false breakout as it was unable to hold above the 11-month downtrend and 91 level. This tells us the DXY is likely headed lower, something we view as a positive risk-on signal for global equities. As a result, we remain bullish and we continue to recommend adding exposure on pullbacks. ·...
- Ruhan du Plessis
Telkom | Wireline freefall
TKG's H1'20 results highlighted the pace of transition from voice copper services to fibre and LTE based networks are accelerating at the expense of cashflows. The transition reduces the Group's cashflow generation as high margin, high cashflow voice revenues decline and are replaced with lower margin, capex intensive LTE and mobile services. In addition, data subscribers are trending more towards LTE (+59% y/y) for delivery than fibre (+3% y/y), which consumes mobile data traffic capacity at ...
- Ruhan du Plessis
Telkom | Initiation I Driving data
Telkom provides investors with enhanced exposure to persistent growth in South African data demand. Over the past seven years, management has positioned TKG to benefit from increasing data demand through its mobile investments, fibre optic deployment and rationalisation of legacy business lines. Consequently, TKG has generated an annualised total return of 21% since FY'12 (MTN: +2%, VOD: +8%). We believe TKG's network data capacity is unmatched in SA and will allow it to maintain its superior v...
1 director bought
A director at Telkom SA Limited bought 3,716 shares at 85.391ZAR and the significance rating of the trade was 52/100. 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 last two years clea...
- Ruhan Du Plessis
Telkom | Structured for growth | Proxy voting
Telkom's (TKG) share price has increased c.288% since FY'12. The Group is the best performer in the local telco sector due to improving governance. Operationally, Telkom Mobile has offset the Group's declining legacy fixed line revenues. Without the success of Telkom Mobile, the Group's revenue would be c.26% lower in FY'19. Legacy fixed line revenue has declined ZAR7.5bn since FY'12. Nevertheless, the Group managed to increase its total revenue by ZAR8.7bn. By normalisation of the governm...
- Please Change Name John C Forrey
- Please Change Name Dion Bate
Telkom SA SOC Limited: Update of Key Credit Factors Following Sovereig...
CORPORATES CREDIT OPINION 18 December 2017 Update RATINGS Telkom SA SOC Limited Domicile South Africa Long Term Rating Baa3 , Possible Downgrade Type LT Issuer Rating - Fgn Curr Outlook Rating(s) Under Review Please see the ratings section  at the end of this report for more information. The ratings and outlook shown reflect information as of the publication date. Contacts Dion Bate +97
- Ian Brink
Telkom (TKG) - Disrupt and Conquer
Telkom produced a poor set of results in 1H18 with HEPS declining by 7.4% y-y to ZAR3.04. This however beat our and market expectations by 12.6% and 11.4%, respectively. Poor top-line growth of -0.6% y-y resulted from the impact of weaker business sentiment on private and public sector spend. We are concerned that some of the longer-term economics of the business are not stacking up – high reliance on voice and declining fixed access lines, less than parity substitution of ADSL with fibre and ...
- Please Change Name Dion Bate
Telkom SA SOC Limited: Update to Credit Analysis Following Year End Re...
CORPORATES CREDIT OPINION 19 October 2017 Update RATINGS Telkom SA SOC Limited Domicile South Africa Long Term Rating Baa3 Type LT Issuer Rating - Fgn Curr Outlook Negative Please see the ratings section  at the end of this report for more information. The ratings and outlook shown reflect information as of the publication date. Contacts Dion Bate +971-4-237-9545
- Please Change Name Dion Bate
Telkom SA SOC Limited: Update to Credit Analysis Following Year End Re...
CORPORATES CREDIT OPINION 19 October 2017 Update RATINGS Telkom SA SOC Limited Domicile South Africa Long Term Rating Baa3 Type LT Issuer Rating - Fgn Curr Outlook Negative Please see the ratings section  at the end of this report for more information. The ratings and outlook shown reflect information as of the publication date. Contacts Dion Bate +971-4-237-9545
- Please Change Name John C Forrey
- Please Change Name Dion Bate
Telkom SA SOC Limited: Update of Key Credit Factors Following Sovereig...
CORPORATES CREDIT OPINION 4 July 2017 Update RATINGS Telkom SA SOC Limited Domicile South Africa Long Term Rating Baa3 Type LT Issuer Rating - Fgn Curr Outlook Negative Please see the ratings section at the end of this report for more information. The ratings and outlook shown reflect information as of the publication date. Contacts Dion Bate 27-11-217-5472 VP-Senior Analyst [email protected] D
- Please Change Name Bate
Ford Equity International Rating and Forecast Report
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...
South Africa: Telkom SA H1 17A - first take
​Overall a good set of results but mostly expected given the guidance provided in the trading statement issued late October.Operating revenue came in slightly below (-2.8%) our estimate mainly as a result of the poorer than expected revenue from BCX, which was negatively impacted by the macro environment.Group EBITDA was impacted positively by strong cost efficiencies and a positive EBITDA contribution from mobile.A significant acceleration in FTTH deployment with homes passed increasing from...
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