In our latest Asia Monthly, we discuss the performance of major Asian credit indices and review UST curve movements in March 2025. We also provide a recap of major news and macroeconomic releases, including those from the US, China, India, Indonesia and Japan. In addition, we summarise the top/bottom performers, recent USD bond issuances and rating actions in Asian corporate credit, as well as a list of our recent research. The Asia Monthly publication serves to keep investors updated on dev...
Numbers were decent off its higher growth adjacent businesses where non-Tower contribution now stands at 33% of sales. While near-term tower headwind is anticipated now that the merger between XL and Smartfren is approved, TOWR’s exposure to FTTT and FTTH should act as support as telcos expand into the home broadband and into rural Indonesia.
In our latest Asia Monthly, we discuss the performance of major Asian credit indices and review UST curve movements in February 2025. We also provide a recap of major news and macroeconomic releases, including those from the US, China, India, Indonesia and Japan. In addition, we summarise the top/bottom performers, recent USD bond issuances and rating actions in Asian corporate credit, as well as a list of our recent research. The Asia Monthly publication serves to keep investors updated on ...
February was another good month for our top EM Telcos, now up 15% YTD on average. This note also includes key news & other thoughts in order to help investors generate alpha within the EM Telco space. With performance strong so far, we make no changes to our picks.
We update the NSR GEM Top Picks list. No stocks are dropped, and we add LILAC and TIM Brasil to our list, extending it to a Top-10 list from Top-8. Our picks had a good start, up 12% on average since the start of the year. This note also includes key news & other thoughts in order to help investors generate alpha within the EM Telco space.
In our latest Asia Monthly, we discuss the performance of major Asian credit indices and review UST curve movements in January 2025. We also provide a recap of major news and macroeconomic releases, including those from the US, China, India, Indonesia and Japan. In addition, we summarise the top/bottom performers, recent USD bond issuances and rating actions in Asian corporate credit, as well as a list of our recent research. The Asia Monthly publication serves to keep investors updated on d...
Indian press is reporting that the Indian government is planning to cut AGR liabilities for the industry by around INR 1 trn (c. $12bn), by cutting 50% of interest and 100% of penalties and interest on penalties relating to the AGR fines. Implication would be a c. INR 520bn (US$ 6.2bn) reduction in liabilities for Vodafone IDEA and around INR 380bn (US $4.5bn) for Bharti.
In our inaugural Asia Monthly for 2025, we share our regional credit outlook for the year, with a focus on China, Macau, India and Indonesia. We also provide a review of 2024, in which we discuss the performance of major Asian credit indices and review UST curve movements for the year. In addition, we provide a recap of major news and macroeconomic releases in December 2024, summarise the Top/Bottom performers, recent USD bond issuances and rating actions in Asian corporate credit, as well a...
EXCL’s holiday data traffic increased 19% vs normal days, higher than ISAT’s (more than 10% on 1 Jan 25). We maintain OVERWEIGHT on the telecommunications sector in view of factors such as: a) rising data traffic, b) relatively resilient demand for telco services, and c) potential industry consolidation which could support data monetisation in the long term. Our top picks are EXCL (BUY/Target: Rp3,200) and ISAT (BUY/Target: Rp3,100).
FWA will likely be the key themes of 2025 in Indian Telcos we think, with the market likely to be delivering 5m+ quarterly net adds by the end of the year. This is likely to drive renewed optimism towards Bharti and enable Jio to IPO. Given Jio’s valuation of approaching $200bn if it happens this is likely to be one of the biggest events in Global Telecoms this year. On rolling forward our DCF our Indus pt rises to INR 325 and we lift our recommendation to Neutral, and stay Buyers of both Bharti...
In our latest Asia Monthly, we discuss the performance of major Asian credit indices and review UST curve movements in November 2024. We also provide a recap of major news and macroeconomic releases, including those from the US, China, India, Indonesia and Japan. In addition, we summarise the Top/Bottom performers, recent USD bond issuances and rating actions in Asian corporate credit, as well as a list of our recent research. The Asia Monthly publication serves to keep investors updated on ...
The Asia Trade Book for November 2024 includes a summary of our recommendations, as well as our high-conviction ideas. The report also features relative-value charts and lists of the bonds across Asia HY and crossover credits. Please reach out to our analysts to discuss any of these ideas, or other trade recommendations from our Asia coverage.
Unfortunately, this report is not available for the investor type or country you selected.
Report is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.