Head of Research, Krungthai XSpring

Waraporn Wiboonkanarak

Head of Research

A full service Thai brokerage

Krungthai XSpring

Krungthai XSpring is a full service broker. The company provides a wide range of investment services such as Securities Brokerage, Derivative Agent Business, Securities Borrowing and Lending, Securities Trading, Underwriting, Financial Advisory, Wealth Advisory, Private Fund Management and International Markets Securities Trading. 

In terms of credibility, Fitch Ratings has assigned Krunghtai XSpring a long-term rating of AA- and a national short-term rating of F1+ with stable outlook.

Equity Bottom-Up

Advanced Info Service Public Company Limited is granted a 25-year concession expiring the year 2015 by the Telephone Organization of Thailand to provide cellular phone services.  The Company provides analog mobile phone services through the Nordic Mobile Telephone (NMT900) network, and digital phone services through the Global Systems for Mobile Communication (GSM) network.

<ul><li>We maintain our Neutral rating, as the attractiveness of the valuation based on the fundamentals (with the share price implying 12% upside to the fair value) is offset by the relatively modest average EPS growth of a 7% CAGR during 2025-27E, which is at the lower end compared to regional peers. In addition, the tactical view is neutral.</li><li>The 12-month forward fair value has been revised to Bt314 (previously Bt317), reflecting adjustments to the macroeconomic variables in the beta estimation based on our new house view.</li><li>This adjustment immaterially impacted the required return, which remains almost unchanged at 4.0%.</li></ul>

We maintain our Neutral rating, as the attractiveness of the valuation based on the fundamentals (with the share price implying 12% upside to the fair value) is offset by the relatively modest average EPS growth of a 7% CAGR during 2025-27E, which is at the lower end compared to regional peers. In addition, the tactical view is neutral.The 12-month forward fair value has been revised to Bt314 (previously Bt317), reflecting adjustments to the macroeconomic variables in the beta estimation based on our new house view.This adjustment immaterially impacted the required return, which remains almost unchanged at 4.0%.

Advanced Info Service - Continued Earnings Momentum 1Q25E

IR & Research Intelligence, Sessa Investment Research

Sessa Investment Research

IR & Research Intelligence

Sponsored research focusing on Japanese small cap.

Tokyo Tsushin, Inc. develops casual mobile game applications. The Company also engages in advertising, investment, web services, and other businesses. TokyoTsushin serves clients throughout Japan.

<ul><li>Tokyo Communications Group’s (hereinafter “the Company”) core businesses currently include its Media business, where it plans and develops free game apps for smartphones and uses a portion of the app’s screen space to generate advertising revenue, and its Platform business, where it operates a consultation service based on a pay- as-you-go model</li><li>The Platform business is generally stable, while the Media business is inherently highly profitable thanks to its low cost, but prone to fluctuations depending on the number of hit titles.</li><li><strong>Management Decision</strong>: After reaching highs in FY2021/12, the Company lowered its earnings forecasts and suffered operating losses for three consecutive years from FY2022/12 to FY2024/12.</li></ul>

Tokyo Communications Group’s (hereinafter “the Company”) core businesses currently include its Media business, where it plans and develops free game apps for smartphones and uses a portion of the app’s screen space to generate advertising revenue, and its Platform business, where it operates a consultation service based on a pay- as-you-go modelThe Platform business is generally stable, while the Media business is inherently highly profitable thanks to its low cost, but prone to fluctuations depending on the number of hit titles.Management Decision: After reaching highs in FY2021/12, the Company lowered its earnings forecasts and suffered operating losses for three consecutive years from FY2022/12 to FY2024/12.

Tokyo Communications Group (7359 JP) - Working to Strengthen the Financial Base

European Event-Driven Analyst

Jesus Rodriguez Aguilar

Event-Driven

Vivendi SE provides culture, entertainment, media, and communication services. The Company specializes in audiovisual and cinema, communications, magazines, gaming, live performance, and distribution platform activities. Vivendi serves customers worldwide.

<ul>
<li>Vivendi executed a landmark three-way spin-off in December 2024, <em>aiming</em> (but not succeeding) to eliminate its conglomerate discount and unlock shareholder value by listing Canal+, Havas, and Louis Hachette separately.</li>
<li>Following Telecom Italia's strategic unwinding, Vivendi incurred over €2 billion in losses but recovered nearly €1 billion in cash through divestments, highlighting its shift toward portfolio streamlining and deleveraging.</li>
<li>Vivendi now operates as a focused investment holding with UMG comprising over 60% of its asset base, but high concentration and equity beta expose the group to significant portfolio risk.</li>
</ul>


Vivendi executed a landmark three-way spin-off in December 2024, aiming (but not succeeding) to eliminate its conglomerate discount and unlock shareholder value by listing Canal+, Havas, and Louis Hachette separately.
Following Telecom Italia's strategic unwinding, Vivendi incurred over €2 billion in losses but recovered nearly €1 billion in cash through divestments, highlighting its shift toward portfolio streamlining and deleveraging.
Vivendi now operates as a focused investment holding with UMG comprising over 60% of its asset base, but high concentration and equity beta expose the group to significant portfolio risk.


Initiating Coverage Of "New" Vivendi, Latest Portfolio Disposals

Senior Credit Analyst - Emerging Markets, EM Spreads

Leandro Gubler

Senior Credit Analyst - Emerging Markets

EM Spreads

Credit

Telecom Argentina SA provides telecommunications services including local, long-distance and international service in Argentina.  The Company, through its subsidiaries, also provides cellular telecommunications services and offers paging services.

<ul>
<li>We are initiating coverage on Telecom with a Market Perform recommendation. We view the notes as fairly valued considering the uncertainty surrounding the potential acquisition of Telefónica.</li>
<li>Telecom maintains a strong market position, supported by its broad service scale and integrated offerings, which enhance customer retention and operational efficiency.</li>
<li>We believe Telecom is well-positioned to benefit from these trends but see a better entry point once there is greater clarity on the acquisition’s implications.</li>
</ul>


We are initiating coverage on Telecom with a Market Perform recommendation. We view the notes as fairly valued considering the uncertainty surrounding the potential acquisition of Telefónica.
Telecom maintains a strong market position, supported by its broad service scale and integrated offerings, which enhance customer retention and operational efficiency.
We believe Telecom is well-positioned to benefit from these trends but see a better entry point once there is greater clarity on the acquisition’s implications.


Initiating Coverage on Telecom: Solid Market Position but Uncertain Outlook

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

Vodafone Idea Limited operates as a telecom service provider. The Company offers 2G, 3G, and 4G mobile services, as well as mobile payments, advanced enterprise offerings, and entertainment. Vodafone Idea serves customers in India.

<ul>
<li>GoI converts ₹36,950 crore of spectrum dues into equity, increasing its stake to ~49%. Promoters’ stake diluted to ~25.5%, with public shareholders now owning just ~23.8%. </li>
<li>While the move eases cash outflows till H1FY28, Vodafone Idea’s AGR dues, weak subscriber base, and funding needs remain material headwinds.</li>
<li>Structural concerns remain unresolved, and further dilution risks persist along with loosing market share.</li>
</ul>


GoI converts ₹36,950 crore of spectrum dues into equity, increasing its stake to ~49%. Promoters’ stake diluted to ~25.5%, with public shareholders now owning just ~23.8%. 
While the move eases cash outflows till H1FY28, Vodafone Idea’s AGR dues, weak subscriber base, and funding needs remain material headwinds.
Structural concerns remain unresolved, and further dilution risks persist along with loosing market share.


Vodafone Idea: Another Lifeline, But Structural Challenges Persist

Insights in the Communication Services Space

Communication Services
Insights in the Communication Services Space

Advanced Info Service - Continued Earnings Momentum 1Q25E

The 12-month forward fair value has been revised to Bt314 (previously Bt317), reflecting adjustments to the macroeconomic variables in the beta...

Krungthai XSpring

Tokyo Communications Group (7359 JP) - Working to Strengthen the Financial Base

After reaching highs in FY2021/12, the Company lowered its earnings forecasts and suffered operating losses for three consecutive years from FY2022...

Sessa Investment Research

Initiating Coverage Of "New" Vivendi, Latest Portfolio Disposals

Vivendi's three-way spin-off aimed to eliminate conglomerate discount, but incurred losses and shifted focus to portfolio streamlining with UMG as...

Jesus Rodriguez Aguilar

Initiating Coverage on Telecom: Solid Market Position but Uncertain Outlook

Initiating coverage on Telecom with a Market Perform rating, citing fair valuation and pending clarity on the Telefónica deal. Strong market...

Leandro Gubler

Vodafone Idea: Another Lifeline, But Structural Challenges Persist

Government of India converts spectrum dues into equity, increasing stake in Vodafone Idea. Promoters' stake diluted, structural concerns and...

Nimish Maheshwari

Advanced Info Service - Continued Earnings Momentum 1Q25E

The 12-month forward fair value has been revised to Bt314 (previously Bt317), reflecting adjustments to the macroeconomic variables in the beta...

Krungthai XSpring

Tokyo Communications Group (7359 JP) - Working to Strengthen the Financial Base

After reaching highs in FY2021/12, the Company lowered its earnings forecasts and suffered operating losses for three consecutive years from FY2022...

Sessa Investment Research

Initiating Coverage Of "New" Vivendi, Latest Portfolio Disposals

​Vivendi's three-way spin-off aimed to eliminate conglomerate discount, but incurred losses and shifted focus to portfolio streamlining with UMG as...

Jesus Rodriguez Aguilar

Initiating Coverage on Telecom: Solid Market Position but Uncertain Outlook

Initiating coverage on Telecom with a Market Perform rating, citing fair valuation and pending clarity on the Telefónica deal. Strong market...

Leandro Gubler

Vodafone Idea: Another Lifeline, But Structural Challenges Persist

​Government of India converts spectrum dues into equity, increasing stake in Vodafone Idea. Promoters' stake diluted, structural concerns and...

Nimish Maheshwari

Vivendi's three-way spin-off aimed to eliminate conglomerate discount, but incurred losses and shifted focus to portfolio streamlining with UMG as...

Government of India converts spectrum dues into equity, increasing stake in Vodafone Idea. Promoters' stake diluted, structural concerns and...