reports
Telenor og Vodafone inngår strategisk innkjøpspartnerskap
Telenor og Vodafone inngår strategisk innkjøpspartnerskap (London/Oslo, 1. oktober 2025) Telenor Group og Vodafone Group kunngjør i dag et nytt strategisk partnerskap mellom sine globale innkjøpsorganisasjoner, Telenor Procurement Company og Vodafone Procurement Company. Målet med partnerskapet er å utnytte volumet og de globale kapabilitetene til begge konsernene på sentrale innkjøpsområder. Telenor og Vodafone betjener over 550 millioner kunder i 23 land. Sammen håndterer Telenor Procurement Company og Vodafone Procurement Company et samlet årlig innkjøpsvolum på over 26 milliarder euro ...
Telenor and Vodafone Agree Strategic Procurement Partnership
Telenor and Vodafone Agree Strategic Procurement Partnership Oslo/London – 1. October 2025 – Telenor Group and Vodafone Group today announce a new strategic partnership between their respective global procurement organisations, Telenor Procurement Company and Vodafone Procurement Company. The strategic partnership aims to leverage the scale and global capabilities of both groups across major areas of procurement. Telenor and Vodafone serve over 550 million customers across 23 countries. Together, Telenor Procurement Company and Vodafone Procurement Company leverage a combined annual spen...
- Malaysia Research Team
Telecommunications - TM Leads Peers On The Path To Full Compliance Of ...
TM Leads Peers On The Path To Full Compliance Of Bursa Malaysia’s NSRF Highlights Malaysian telcos appear to be well-equipped to meet Bursa Malaysia’s sustainability reporting requirements, progressively aligning disclosures with Task Force on Climate-related Financial Disclosures (TCFD) pillars and the NSRF. In addition, our ESG scoring suggests that TM and Maxis are ahead of their peers when it comes to ESG undertakings. The sector trades at 8x EV/EBITDA, +2SD above mean. Maintain MARKET...
- Chong Lee Len
- Ejann Hiew
- Jonathan Koh
- Lester Siew
- Malaysia Research Team
- Posmarito Pakpahan
- Shirley Wang Xueyi
- Stella Guo Yuting
- Suryaputra Wijaksana
- Tanapon Cholkadidamrongkul
Regional Morning Meeting Notes: Wednesday, September 24, 2025
Greater China Company Update | Miniso (MNSO US/BUY/US$23.53/Target: US$26.80) Miniso’s qtd business performance was in line with management’s expectations. Domestically, it has 12 Miniso Land stores, with a payback period of 3-4 months. Overseas, adjustments were implemented in the US market following the appointment of the new CEO, who has over 15 years of experience in local retailing. On proprietary IP strategy, Yoyo’s sales are expected to exceed Rmb100m in 2026. Management expects propr...
AJBU KEPPEL DC REIT
5347 TENAGA NASIONAL BHD
AXIATA AXIATA GROUP BERHAD
MAXIS MAXIS BHD
MLK MALAKOFF CORP BHD
T TELEKOM MALAYSIA BHD
PEP PPB GROUP BERHAD
GMB GAS MALAYSIA BHD
TDC TIME DOTCOM BHD
MNSO MINISO GROUP HOLDING ADS (N SHARES)
BRIS BANK BRISYARIAH TBK
CDB CELCOMDIGI BHD
PEKAT PEKAT GROUP BHD
SAMAIDEN SAMAIDEN GROUP BHD
SVS SOLARVEST BIOENERGY INC
- James Ratzer
- Russell Waller
Why you should be reading the Tariff Tracker – a leading SR indicator
We publish monthly front book pricing data in our Tariff Tracker product. In this report we show some new analysis looking at how front book tariffs are a good leading indicator for service revenue trends in mobile and fixed, including new work looking at discounted and undiscounted prices.
- Chong Lee Len
Telecommunications - 2Q25: Results In Line; Continued Pre-To-Postpaid ...
2Q25: Results In Line; Continued Pre-To-Postpaid Migration Broadly, 2Q25 sector earnings came in within expectations, except for Axiata and CelcomDigi. After the 2Q25 results announcement, we cut our earnings forecasts by 6%. The quarter was characterised by: a) 2% qoq service revenue growth, b) cost discipline, c) encouraging enterprise business pipeline, and d) robust demand for fibre. Maintain MARKET WEIGHT; catalysts include Axiata’s infrastructure asset monetisation and CelcomDigi’s synergi...
- Chong Lee Len
Axiata Group (AXIATA MK) - 1H25: Below Expectations; Market Repair See...
1H25: Below Expectations; Market Repair Seen In Frontier Markets Axiata’s 1H25 underlying net profit was RM206m (-36% yoy) as XLSmart was deconsolidated and earnings were affected by merger integration costs. This shadowed strong performance from SMART, Dialog and Robi. Results are below expectations and we cut 2025-26 net profit by 30% and 26%. BUY on share price weakness with a higher SOTP-based target price of RM3.00. Infrastructure asset monetisation and balance sheet optimisation are key re...
Telenor Subsidiary Secures €15 Million Nordic Defence Contracts
Telenor Subsidiary Secures €15 Million Nordic Defence Contracts Fornebu, Norway – 26 August 2025 – Telenor’s Finnish subsidiary KNL has received orders worth €15 million under a ten-year framework agreement signed earlier this year with the Finnish and Swedish Armed Forces. The contracts come at a time when secure and independent communication capabilities are increasingly critical for national defence and regional stability, particularly amid heightened geopolitical uncertainty in Europe. “These contracts underscore the growing demand for secure, resilient communication solutions in an i...
Telenor-selskap sikrer forsvarskontrakter verdt 170 millioner kroner
Telenor-selskap sikrer forsvarskontrakter verdt 170 millioner kroner (Fornebu, 26. august 2025) Telenors finske datterselskap KNL har sikret seg ordre verdt over 170 millioner kroner gjennom en tiårig rammeavtale med det finske og svenske forsvaret. Kontraktene kommer i en tid der sikre og uavhengige kommunikasjonsløsninger er stadig viktigere for nasjonal beredskap og regional stabilitet, særlig i lys av økt geopolitisk usikkerhet i Europa. – Disse kontraktene understreker den økende etterspørselen etter sikre og robuste kommunikasjonsløsninger i en tid med stadig mer komplekse sikkerhet...
- ABGSC Telecom Operators Research
- Herman Caspersen
- Oscar Rönnkvist
- Øystein Elton Lodgaard
- ABGSC Telecom Operators Research
- Herman Caspersen
- Oscar Rönnkvist
- Øystein Elton Lodgaard
- Ben Rickett
- James Ratzer
- Russell Waller
EU Telecoms: Half-time 2025 Review Sector has outperformed: More sele...
The European Telecoms continues to outperform: up 17% YTD vs. the market up 10%. While this is great to see, adding to the 12pp outperformance in 2024 and supporting our investment thesis of improving regulation, it does mean the equity upside story from here is becoming more selective.
- Russell Waller
Telenor (Buy, TP: NOK 182, +11%) Q2 25: Strong results and EBITDA gui...
Telenor has reported a very good set of Q2 numbers, with SR c0.7% ahead of consensus and EBITDA +5.2% ahead; 2025 EBITDA guidance has been lifted for the Nordics and at the Group level. Guidance now implies c3% upside to FY25 Nordic EBITDA.
- Jan Frederik Slijkerman
- Jeroen van den Broek
- Jesse Norcross
- Nadège Tillier
- Timothy Rahill
- ABGSC Telecom Operators Research
- Herman Caspersen
- Oscar Rönnkvist
- Øystein Elton Lodgaard
Strong tailwind for Telenor in Q2
Strong tailwind for Telenor in Q2 (Fornebu, Norway – 18 July 2025) Telenor Group delivers very strong results in the second quarter of 2025, triggering a raised EBITDA outlook for both the Nordics and Group. At the same time the company solidifies its position in the Nordic fibre market with a NOK 1.4 billion multi-year investment in Finland and the recently announced NOK 6 billion acquisition of GlobalConnect’s consumer business in Norway. Second-quarter highlights: Service revenues of NOK 16.5 billion.Adjusted EBITDA of NOK 9.3 billion.Free cash flow before M&A of NOK 1.6 billion. Duri...
Sterk medvind for Telenor i andre kvartal
Sterk medvind for Telenor i andre kvartal (Fornebu, 18. juli 2025) Telenor-konsernet leverer svært sterke resultater i andre kvartal og oppjusterer derfor EBITDA-utsiktene for både Norden og konsernet. Samtidig tar selskapet en solid posisjon i det nordiske fibermarkedet med en investering på rundt 1,4 milliarder kroner i Finland og det nylig annonserte oppkjøpet på 6 milliarder kroner av GlobalConnects privatkundevirksomhet i Norge. Høydepunkter i andre kvartal: Tjenesteinntekter på 16,5 milliarder kroner.Justert EBITDA på 9,3 milliarder kroner.Fri kontantstrøm før M&A på 1,6 milliarder ...
Telenor Announces Sale of its Stake in Allente to Viaplay
Telenor Announces Sale of its Stake in Allente to Viaplay Fornebu, Norway – 17 July 2025 – Telenor Group has today signed an agreement to sell its 50% stake in Allente to Viaplay for a total consideration of SEK 1.1 billion. Allente, a joint venture between Telenor and Viaplay, was formed in May 2020 through the merger of Canal Digital and Viasat. Allente is a distributor of premium TV content serving residential subscribers and several business customers across the Nordics. The transaction will not affect customers, who will continue to receive the same high-quality services as before. “...
Telenor kunngjør salg av sin eierandel i Allente til Viaplay
Telenor kunngjør salg av sin eierandel i Allente til Viaplay (Fornebu, 17. juli 2025) Telenor Group har i dag signert en avtale om å selge sin eierandel på 50 prosent i Allente til Viaplay. Transaksjonen verdsettes til 1,1 milliarder svenske kroner. Allente, som er en joint venture mellom Telenor og Viaplay, ble etablert i 2020 gjennom fusjonen mellom Canal Digital og Viasat. Allente er en distributør av premium-TV-innhold som betjener privatkunder og en rekke bedriftskunder på tvers av Norden. Eksisterende kunder vil ikke bli påvirket av transaksjonen og vil fortsette å motta de samme kva...
- Jan Frederik Slijkerman
Telenor expands fibre network/The acquisition in Norway doesn't come c...
This morning, Telenor[de] announced the acquisition of GlobalConnect's consumer business, including the fibre network. We think this transaction marks a small positive for Telenor as it gains market leadership in the fixed broadband market, despite the relatively full acquisition price. We remain constructive on the Telenor credit profile, although the notes of Telenor trade around fair value in our view.
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