Indian Mobile - ARPUs Inflect as the Worst May Be over for Bharti, Although Not for Vodafone IDEA

Bharti Airtel: Attractive Valuation on IPO Galore

Bharti Airtel - Promoter Selling so It's Not Going to Fly but It's a Good Long Term Bet

Indian Telcos: What Not to Expect in 2019

Vodafone IDEA, the Gloom Intensifies. Another Capital Raising: Too Little, Too Late?

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Thematic (Sector/Industry)

India Telecom services / Thematic (Sector/Industry)

<p><a href="https://www.smartkarma.com/entities/953" target="_blank" data-smartkarma-citation="entities:953:1">Bharti Airtel's (BHARTI IN)</a> recnt 3Q19 results hold out a glimmer of hope for the sector. After a precipitous decline in margins and returns since Jio entered the Indian telecom market in 2016, things have started to stabilize at last for Bharti. The same cannot be said for <a href="https://www.smartkarma.com/entities/15678" target="_blank" data-smartkarma-citation="entities:15678:1">Vodafone Idea (IDEA IN)</a> where extremely high leverage is limiting options. <a href="https://www.smartkarma.com/profiles/1917" target="_blank" data-smartkarma-citation="accounts:1917">Chris Hoare</a> does not expect a real turnaround in 2019 as Jio looks to create a 2+2 market (two operators (JIo and Bharti) and two weak/failing operators (IDEA and BSNL). While the pressure on Bharti is intense they have substantial other businesses (esp Africa) which ease the pressure somewhat. It may be difficult to put money to work in Indian telecoms at the moment given the pressure, but at some stage we believe a recovery does start and the stock to own will be Bharti. A turning point is close.</p>

Bharti Airtel's (BHARTI IN) recnt 3Q19 results hold out a glimmer of hope for the sector. After a precipitous decline in margins and returns since Jio entered the Indian telecom market in 2016, things have started to stabilize at last for Bharti. The same cannot be said for Vodafone Idea (IDEA IN) where extremely high leverage is limiting options. Chris Hoare does not expect a real turnaround in 2019 as Jio looks to create a 2+2 market (two operators (JIo and Bharti) and two weak/failing operators (IDEA and BSNL). While the pressure on Bharti is intense they have substantial other businesses (esp Africa) which ease the pressure somewhat. It may be difficult to put money to work in Indian telecoms at the moment given the pressure, but at some stage we believe a recovery does start and the stock to own will be Bharti. A turning point is close.

바르티 에어텔 - 마침내 실적이 개선되고 있다. 보다폰 IDEA는 그렇지 않다.