In today’s briefing:
- Assessing KT’s MSCI Re-Inclusion in May QCIR with Foreign Room Finally Hitting 15%
- MTN Group: FY16 Results:Disappointing, but Widely Expected
- Qualcomm’s Dividend Increase: A Positive Sign But Not A Silver Bullet
- UI: Product Availability & Free Cash Flow
Assessing KT’s MSCI Re-Inclusion in May QCIR with Foreign Room Finally Hitting 15%
- It is virtually certain that KT’s foreign rooms will exceed 15% today or tomorrow. This month, foreign net sales of 200-300k are continuing almost every day.
- Assuming the Cutoff of the MSCI Korea Standard to be 2.7 trillion won and setting the float rate to 25%, KT beats the hurdles quite comfortably.
- If KT achieves re-inclusion with a 25% float rate, a passive inflow worth 140 billion won is expected to occur. This is a 3.55x ADTV.
MTN Group: FY16 Results:Disappointing, but Widely Expected
- MTN Group Limited (‘MTN’) is a Johannesburg (South Africa)-headquartered multinational mobile telecommunications company with a presence in 22 countries in Africa and the Middle East.
- Apart from offering traditional voice and data services MTN also provides mobile financial services, business enterprise solutions and digital services.
- MTN’s largest markets are Nigeria and South Africa which collectively contributed 63% and 68% to FY16 group revenues and EBITDA, respectively.
Qualcomm’s Dividend Increase: A Positive Sign But Not A Silver Bullet
- Qualcomm has appeared on the radar for attractive dividend plays.
- The current yield is among the highest in the sector and also appears safe based on historical data.
- There are a number of important risks that overshadow Qualcomm’s ability to consistently increase its dividend.
UI: Product Availability & Free Cash Flow
- UI is coming off a strong performance in the December quarter but should continue to show improving margins as the Company maintains products in stock and at higher prices
- The March quarter can be seasonally challenging. For Ubiquiti, it could end up being a period where customers are able to find the products they are looking for in stock
- In the March quarter Ubiquiti has maintained a higher level of product availability than what we had been observing in the prior year
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