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Equity Bottom-Up

<p>At <a href="https://www.smartkarma.com/entities/6365" target="_blank" data-smartkarma-citation="entities:6365:1">American Tower's (AMT US)</a> recent 4Q17 results presentation, they issued guidance for their Indian towers business and the impact of customer churn as the market consolidates. Guidance for India was particularly weak (the US business looks strong) which we think was probably a surprise to Indian Indian analysts looking at <a href="https://www.smartkarma.com/entities/8922" target="_blank" data-smartkarma-citation="entities:8922:1">Bharti Infratel (BHIN IN)</a>. AMT guided for an 8% organic revenue contraction in India in 2018 and a similar outlook for 2019. This decline (churn) equates to around a 20% drop…</p>

At American Tower's (AMT US) recent 4Q17 results presentation, they issued guidance for their Indian towers business and the impact of customer churn as the market consolidates. Guidance for India was particularly weak (the US business looks strong) which we think was probably a surprise to Indian Indian analysts looking at Bharti Infratel (BHIN IN). AMT guided for an 8% organic revenue contraction in India in 2018 and a similar outlook for 2019. This decline (churn) equates to around a 20% drop…

Tata Teleservices (Maharashtra) (TTLS IN)

American Tower Guides for Weakness in India. Negative Read Across to Bharti Infratel