reports
- Chris Hoare
- Chris Hoare
- David Lopes
Indian Mobile Q3 FY24 review: Still tracking well even without tariff...
India’s telecom industry continue to grow in the HSD, with Bharti and Jio improving at the expense of VIL. Industry ARPU tracked MSD again even without any meaningful tariff hikes; we expect increases to be put through in 2H CY24 though that has largely been priced in. EBITDA continue to trend ahead of topline, with YoY margins improvement across the board. Earlier last month, the government also approved the auction for 10,523 MHz of spectrum which starts from INR 963bn (USD 11.6bn). However, w...
- Chris Hoare
- Chris Hoare
- Chris Hoare
Indian Mobile Q2 FY24 review: Core mobile still decent, with margin i...
India’s telecom industry continue to grow in the HSD, with Bharti outperforming on mobile service revenue growth on a YoY basis again. Whilst Jio posted better net additions, its ARPU trend was softer. Bharti’s Enterprise business did slow down however, largely a function of the deferred spending by global OTT players driven by current global macro.
- Chris Hoare
- Chris Hoare
Reliance Industries (Buy, TP: INR 3,270, +38%) Jio launches 5G FWA – ...
Jio in India has announced the commercial launch of JioAirFiber, their 5G FWA service. The start of the service by the leader in the world’s most populated country is likely to be game-changing for global FWA subscriber figures and is consistent with Reliance’s target of 100m FWA customers in the medium term. Thoughts and implications below.
- Chris Hoare
Reliance Industries Ltd (Buy) – Q1 24 Quick Take: Jio and Retail offse...
Strong momentum in Retail and Jio continue to offset O2C revenue decline, which was function of a high comparable base driven by high fuel cracks as a result of the Russian-Ukraine war. Despite overall revenue decline, EBITDA continued to grow on higher margin mix within Jio and efficiencies within Retail.
- Chris Hoare
- Chris Hoare
- Chris Hoare
- David Lopes
Indian Mobile Q3 FY23 review: Fundamentals intact, stay bullish on Bh...
India’s telecom fundamentals remained healthy in Q3, despite the slowdown in service revenue as the effect of last year’s price increase lapsed. EBITDA trend improved again, while capex intensity is expected to stay elevated to support 5G and rural rollout.
- Chris Hoare
- Chris Hoare
- David Lopes
New Street: Indian Mobile What to expect in 2023: Enterprise drives g...
Bharti has performed extremely well over the last 2 years. While we remain bullish, we think that some of the near term upside is priced in, especially on the consumer mobile side. We stay bullish long term but having had a good run into the end of the year, we expect the stock to take a breather in the near term.
- Chris Hoare
- David Lopes
- Chris Hoare
- Chris Hoare
New Street: Reliance Industries Ltd (BUY, TP: INR 3,270, +35%) Q1 23 ...
RIL reported a robust set of Q1 results across the board, with three segments reporting a record quarter. Jio Platforms rebounded to positive net additions; Reliance Retail’s footfall surpassed pre-COVID level while higher crude oil prices and fuel margins drove O2C’s growth.
- Chris Hoare
- Chris Hoare
- David Lopes
New Street: The 5G FWA Opportunity for EM Connecting a billion homes
There are c. 1bn homes that lack broadband globally, the vast majority of which are in Emerging Markets. Broadband today reminds us of mobile in 2000 ahead of the 2G EM bonanza, with penetration high in DM & low in EM and most analysts predicting this to remain the case for many years. But 5G FWA dramatically improves cost to serve, and will likely therefore significantly upscale demand for broadband in EM.
- Chris Hoare
- Chris Hoare
New Street: Reliance Industries (Buy, TP: INR3,270, +25%) Q4 22 Quick...
RIL has reported a good set of Q4 numbers. There was a small slowdown in trends this quarter - driven by all the main segments except Jio Platforms which has reported another very strong set of numbers - but growth remains robust overall.
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