Growth Headwinds Priced In, but We Prefer Defensive and ‘quality’ Amid Lingering Uncertainties
We project a softer FY24 EPS growth outlook of +3% yoy (vs. +5% prev.) amid slowing growth in 2Q24, but see limited further downside risk
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Telco: 1Q24 Preview: TLKM’s Inline 1Q24 Earnings Implies Possible Limited Downside for ISAT and EXCL
We noted Telkom’s resilient 1Q24 topline as per expectations amid seasonality which implies IOH and EXCL may also deliver inline revenue.
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Telco - Organic and Inorganic Opportunities for Rerating
Organic and inorganic opportunities for rerating4Q23 foretells positive trends for better subs demographics and ARPU for IOH & XL, justifying their...
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4Q23 Preview: Telcos to Deliver Tangible Quarterly Topline Growth with Broadly In-Line Earnings
ISAT is our top pick for expected earnings improvements, while EXCL is an attractive merger target and has value unlocking potential.
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Telco: Positive KTAs from Our Meeting with Kemkominfo ( OVERWEIGHT)
We met with the Telecommunications Ministry (Kemkominfo), coming away with positive takeaways for the operators, as the ministry: a) fully supports...
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