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For the love of the game: A spotlight on emerging market sports franchises

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...
Tellimer Research Rahul
Rahul Shah @ Tellimer Research 23 November 2022
For the love of the game: A spotlight on emerging market sports franchises
For the love of the game: A spotlight on emerging market sports franchises

ID : XL Axiata - 3Q22 was in line; healthy revenue growth

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....
CGS-CIMB Choong Chen
Choong Chen Foong @ CGS-CIMB 7 November 2022

ID : XL Axiata - Decent 3Q22F may track ahead of forecast

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....
CGS-CIMB Choong Chen
Choong Chen Foong @ CGS-CIMB 31 October 2022

ID : Telekomunikasi Indonesia - 3Q22: Nothing to shout about

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....
CGS-CIMB Choong Chen
Choong Chen Foong @ CGS-CIMB 30 October 2022

ID : Indosat - 3Q22: In line; data yield up on tariff hikes

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%.....
CGS-CIMB Choong Chen
Choong Chen Foong @ CGS-CIMB 28 October 2022

A Global Macro Roadmap for Emerging Market Equities

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.
Crystal Shore Dashboards Gregory
Gregory Shore @ Crystal Shore Dashboards 24 October 2022