reports
Indian Telcos Q2 FY26 review: Remain constructive as Jio’s IPO nears
India’s mobile revenue growth moderated as expected, after lapping last year’s tariff increase. As the IPO of Jio nears, we foresee another potential price increase. Separately for Vodafone Idea, we think AGR relief seems likely but we question whether this is sufficient to enable the company to reach “escape velocity” and become a viable 3rd operator again.
- Chris Hoare
Global EM Telcos & Japan DC exposure, future developments and valuati...
EM & Japanese Telcos have more DC capacity than those in other regions. In this short note, we look at the current and future Data Center (DC) capacity for the telcos in our coverage as well as the potential valuation for these assets, in an attempt to contextualise this exposure.
- Chris Hoare
South Korean Telcos Q3 25 review: Stable; expect new KT CEO to be ann...
Both KT and LG Uplus did better at SKT’s expense, with the latter impacted by Q2’s outflow and 50% discount offered in August as a result of April’s cyberattack. The search for KT’s new CEO narrowed to 3 candidates – 2 internal and 1 external; we should expect to hear the appointment by March’s AGM. Although this creates some risk, KT remains one of our Top Picks in GEM Telcos for its exposure to Enterprise and value-up dynamic.
- Chris Hoare
Global EM Telcos & Towers Blow out Q3 results drive another great mon...
EM Telco earnings season was extremely strong, and with 8 of our 10 picks reporting this month, our picks rose 6.8% on average in November and are now up 80% YTD. With Singtel having strongly outperformed, Bharti we swap the latter in for the former; this note also includes key news & other thoughts, to try to help investors generate alpha within the EM Telco space.
- Chris Hoare
Singtel (Buy, S$6.2 from S$5.5, +30%) Upgrade price target to $6.2 on...
Singtel’s numbers were strong yesterday, but we now think Bharti is likely to outperform over the next 6-12 months, given how far Singtel has moved already. In a separate note out today, we are lifting our Bharti price target to INR 2,750 which itself drives an increase in the pt to S$6.2 for Singtel.
- Audrey Celia
- Benjaphol Suthwanish
- Chong Lee Len
- Desmond Chong Chee Wai
- Heidi Mo Jinghui
- John Cheong Ming Chern
- Julia Pan Mengyao
- Kai Jie Tang
- Kasemsun Koonnara
- Ming San Soong
- Philip Wong
- Roy Chen Chengzhi
- Suryaputra Wijaksana
- Tanapon Cholkadidamrongkul
- Tanaporn Visaruthaphong
- Wei Xiang Ku
- Willinoy Sitorus
Regional Morning Meeting Notes: Thursday, November 13, 2025
Greater China Company Results | Tencent Music Entertainment Group (1698 HK/BUY/HK$84.65/Target: HK$105.00) TME delivered strong 3Q25 results with both the top-line and bottom line beating our expectations. Revenue grew 20.6% yoy to Rmb8.5b, 3% above the street’s estimates. Non-GAAP operating profit jumped 25.2% yoy to Rmb3b, with operating margins edging up 1ppt yoy to 36%. Non-GAAP net profit rose 27.7% yoy to Rmb2.5b, beating consensus expectation by 7%, with net margins expanding 2ppt yoy to ...
S63 SINGAPORE TECHNOLOGIES ENGINEERING LTD
C52 COMFORTDELGRO CORPORATION LIMITED
Z74 SINGAPORE TELECOMMUNICATIONS LIMITED
FNH FRASER & NEAVE HOLDINGS BHD
CPALL TB CP ALL
AWC ASSET WORLD CORP PUBLIC COMPANY LTD
FEH FOOD EMPIRE HOLDINGS LTD
VST VSTECS BHD
STECON STECON GROUP PUBLIC COMPANY LIMITED
1698 HK TENCENT MUSIC ENTERTAINMENT GROUP
ASSA IJ ADI SARANA ARMADA TBK PT (ASSA IJ)
- Chong Lee Len
Singapore Telecommunications (ST SP) - 1HFY26: Robust Performance, In ...
Singtel reported a higher underlying net profit of S$1.4b (+14% yoy) in 1HFY26, driven by margin expansion from Optus and NCS, coupled with robust associate contributions. Positively, Singtel revised its FY26 OpCos’ EBIT growth and regional associates' dividend outlook. It also declared a total 1HFY26 dividend of 8.2 S cents/share, implying a 78% dividend payout ratio. BUY on share price weakness with a higher SOTP-based target price of S$5.20 as we narrowed our holding company discount (from 25...
- Chong Lee Len
- Heidi Mo Jinghui
- John Cheong Ming Chern
- Kai Jie Tang
- Roy Chen Chengzhi
Singapore Daily: Thursday, November 13, 2025
Top Stories Company Results | ComfortDelGro Corp (CD SP/BUY/S$1.48/Target: S$1.76) CD’s 9M25 results were largely in line, with revenue up 14% yoy and core PATMI up 2% yoy on stronger contributions from recent acquisitions and UK contract renewals, partly offset by softer Singapore margins. Maintain BUY with a 4% higher target price of S$1.76. CD offers a 5.5% yield and is supported by its diversified portfolio and improving overseas mix. Company Results | Singapore Telecommunications (ST S...
- Chris Hoare
Singtel (Buy, S$5.5, +17%) Q2 FY26 Quick Take: Sustained earnings mom...
With shares at all time high, Singtel delivered a strong performance as earnings momentum and capital recycling drove a 17% dividend growth. Underlying core EBITDA and EBIT were led by both Optus and NCS again while associates’ contribution from AIS and Bharti supported earnings.
- Chris Hoare
- Chris Hoare
KT Corp (Buy, KRW 105,000, +117%) Q3 25 Quick Take: Good progress mas...
KT printed a decent set of results; however, we think this was overshadowed by the search for its next CEO and news of the hacking incidents which have plagued the industry. Although the size of breach is on a much smaller scale compared to SK Telecom, ongoing investigations remain an overhang.
- Chris Hoare
LG Uplus (Buy, KRW 19,000, +27%) Q3 25 Quick Take: Better trends acro...
LG Uplus delivered a strong set of results as trends improved across the board. Service revenue topped expectations by 1%. The company recognised a one-off voluntary retirement cost which bodes well for future margins. Excluding the impact, underlying EBITDA would accelerate.
- Chris Hoare
Chinese Telcos Q3 25 review: Earnings resilient despite muted topline
Chinese telcos faced slower service revenue growth on mobile headwind. Despite the muted topline, cost control remained decent as China Telecom continues to grow EBITDA while Unicom starts to stabilise after three consecutive YoY declines. Earnings grew low to mid single digits for all three, suggesting 6-7% dividend yields in 2026
- Chris Hoare
Global EM Telcos & Towers Back to Black: NSR GEM Top-10 November ‘25 ...
Our portfolio of Top Picks was higher again in October, and now up 69% ytd. This month we make no changes to our top picks. This note also includes key news & other thoughts, to try to help investors generate alpha within the EM Telco space.
- Chris Hoare
Global EM Telcos When does Digital drive a re-rating? Upgrade VEON, V...
We analyze how much revenue EM Telcos are generating from digital businesses, and therefore at what point they are likely to make the transition from being “Telcos with digital assets” to “Digital first”. We use this to predict when the market is likely to re-rate those exposed, and as a result make multiple upgrades across our GEM Telcos.
- 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
- 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)
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