Telco: Fixed Broadband Race Kicks Off; Challenger ISPs Pursue Aggressive Growth (OVERWEIGHT)
FBB penetration could reach ~41% in FY26, underpinned by 1.4GHz FWA, challenger-led price disruption, and open-access FiberCos.
120 Views
Equity Strategy: FY26 Outlook: Still a Stock Picker’s Market Amid Gradual Growth Recovery
We set the FY26-end JCI target at 9,440; Our bottom-up total-return screen highlights BBCA, ISAT, JPFA, ASII, KLBF, AADI, NCKL, ICBP as key picks.
300 Views
Telco: FY26 Outlook: Sustained Mobile Momentum and Upside from Fiber Transformation
We maintain an Overweight on the sector, supported by resilient mobile momentum and selective catalysts from ongoing fiber transformation.
175 Views
Telco: 1.4 GHz Spectrum Auction Nears; 5G FWA Could Reshape Industry Dynamics (OVERWEIGHT)
The 1.4 GHz spectrum opening for 5G FWA may disrupt mobile economics, with an estimated effective cost per GB ~14× below mobile.
484 Views
Telco: Sep25 Price Tracker: Promotional ST Drag on Yields (OVERWEIGHT)
Our Sep25 price tracker indicates that Tsel and IOH offered lower yields in their promotional packages, which are typically limited-time offers.
411 Views