Manchester United is seeking new investors at a much higher price point than its market capitalisation of US$2.5bn. The club's strong branding and affinity with its supporters are key intangibles that any potential buyer must evaluate. We flag listed...

3Q22 core EPS fell 31% qoq due to higher device bundling costs, net interest expense and effective tax rate. Results were in line with our FY22F forecast. Revenue grew 2.6% qoq (+10.3% yoy), faster than Indosat’s and Telkomsel’s mobile revenue growt....

3Q22F EBITDA may have grown 3-5% qoq with core EPS about flat qoq, tracking ahead of our expectations and consensus. Further tariff optimisation in Nov-Dec is possible but subject to the hit on subs purchasing power from inflation. Rights issue wil....

3Q22 core EPS missed our expectations due to slightly softer-than-expected fixed mobile revenue as well as higher-than-expected DA. Mobile revenue grew modestly qoq, in line with peers’. Higher data yield is a positive while the likely loss of l....

3Q22 EBITDA rose 4.7% qoq on mobile revenue growth and higher margins. 9M22 results were in line with our and consensus’ FY22F estimates. Modest 1.2% qoq growth in mobile service revenue due to softer seasonality. A positive development is the 1.2%.....

LATIN AMERICA is upgraded on the back of an improving BRAZIL. INDONESIA is downgraded. Leaving INDIA as the only attractive major emerging market in Asia.