External broker reports(aggregated public sources), Axis Direct

Axis Direct

External broker reports(aggregated public sources)

Equity Bottom-Up

We maintain our BUY rating and with better margins, stronger subscriber growth, and higher 4G conversions, value the stock at Rs 700/share based on SOTP valuation. TP indicates an upside of 22% from the CMP.
<div class="content-highlight">Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</div>

We maintain our BUY rating and with better margins, stronger subscriber growth, and higher 4G conversions, value the stock at Rs 700/share based on SOTP valuation. TP indicates an upside of 22% from the CMP.
Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Bharti Airtel: Healthy Growth; Strong Client Addition

External broker reports(aggregated public sources), SMC Global

SMC Online

Sales of Homes Service segment has gone up 12.90% to Rs 653.10 crore (accounting for 2.35% of total sales). Sales of Digital TV Services segment has gone up 8.67% to Rs 809.40 crore (accounting for 2.91% of total sales). Sales of Others segment has gone up...
<div class="content-highlight">Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</div>

Sales of Homes Service segment has gone up 12.90% to Rs 653.10 crore (accounting for 2.35% of total sales). Sales of Digital TV Services segment has gone up 8.67% to Rs 809.40 crore (accounting for 2.91% of total sales). Sales of Others segment has gone up...
Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Bharti Airtel: Revenue up 15.3% YoY Due to Customer Addition and Improved Realization

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

<a href="https://www.smartkarma.com/entities/paytm-mobile-solutions-pvt-ltd" target="_blank" data-smartkarma-citation="entities:26149:1" rel="noopener">Paytm (PAYTM IN)</a> plans to raise around US$2.2bn via a mix of selling primary and secondary shares in its India IPO. The company is backed by <a href="https://www.smartkarma.com/entities/ant-group-co-ltd" target="_blank" data-smartkarma-citation="entities:24240:1" rel="noopener">Ant Financial Services Group (6688 HK)</a> (<a href="https://www.smartkarma.com/entities/alibaba-group-holding-ltd" target="_blank" data-smartkarma-citation="entities:787:1" rel="noopener">Alibaba Group (BABA US)</a>), <a href="https://www.smartkarma.com/entities/softbank-group-corp" target="_blank" data-smartkarma-citation="entities:315:1" rel="noopener">Softbank Group (9984 JP)</a> and counts <a href="https://www.smartkarma.com/entities/berkshire-hathaway-inc-cl-a" target="_blank" data-smartkarma-citation="entities:1044:1" rel="noopener">Berkshire Hathaway Inc Cl A (BRK/A US)</a> among its investors.Paytm offers payment services, commerce and cloud services, and financial services to 333m consumers and over 21m merchants, as of Mar 21. It offers consumers a wide selection of payment options on the Paytm app. It also offers merchants solutions that allow them to accept payments, acquire and retain consumers, improve their business operations and access financial services.The company clocked payment gross merchant value (GMV) of INR4tn (US$50bn) in FY21 for 114m transacting users during the year. Its users undertook a total of 7.4bn transactions in 2020. Along with its payment infrastructure, PayTM also runs a payment bank, in which it owns a 49% stake. The payment bank had a deposit base of INR52bn across 64m payment bank accounts.In this note we will talk about the positive aspects of the deal.

Paytm (PAYTM IN) plans to raise around US$2.2bn via a mix of selling primary and secondary shares in its India IPO. The company is backed by Ant Financial Services Group (6688 HK) (Alibaba Group (BABA US)), Softbank Group (9984 JP) and counts Berkshire Hathaway Inc Cl A (BRK/A US) among its investors.Paytm offers payment services, commerce and cloud services, and financial services to 333m consumers and over 21m merchants, as of Mar 21. It offers consumers a wide selection of payment options on the Paytm app. It also offers merchants solutions that allow them to accept payments, acquire and retain consumers, improve their business operations and access financial services.The company clocked payment gross merchant value (GMV) of INR4tn (US$50bn) in FY21 for 114m transacting users during the year. Its users undertook a total of 7.4bn transactions in 2020. Along with its payment infrastructure, PayTM also runs a payment bank, in which it owns a 49% stake. The payment bank had a deposit base of INR52bn across 64m payment bank accounts.In this note we will talk about the positive aspects of the deal.

Paytm (One 97) Pre-IPO - The Positives - Will Be One of India’s Largest IPOs

Asset Allocation & Fund Positioning, Copley Fund Research

Steven Holden

Asset Allocation & Fund Positioning

Copley Fund Research

Copley Fund Research provide research and data on asset allocation among Global and Emerging Market equity funds.  The analysis details absolute and relative positioning across countries, sectors and industries together with highly granular data on single stock and single fund allocations.  The data is updated monthly with time series going back to January 2011.

Global Research - Analysis of 165 prominent Global equity funds, combined AUM $335bn
GEM Research - Analysis of 127 prominent global EM equity funds, combined AUM $250bn

Asset Allocation - Global and GEM Equity

Thematic (Sector/Industry)

Telcos exposure among active Emerging Market funds is in free fall.  Average holding weights among the 241 funds in our analysis stands at 1.70%, the lowest level on record.  In addition, a record low of just 65.1% of funds have any exposure at all to the sector.<a href="https://www.smartkarma.com/entities/china-mobile-ltd" target="_blank" data-smartkarma-citation="entities:27:1" rel="noopener">China Mobile (941 HK)</a> holdings have been slashed after its exclusion from MSCI Emerging Markets Index. <a href="https://www.smartkarma.com/entities/mtn-group-ltd" target="_blank" data-smartkarma-citation="entities:24897:1" rel="noopener">MTN Group Ltd (MTN SJ)</a> has started to see a reversal of its long-term ownership decline.Declines in ownership have been led by high growth investors, with Value and Yield funds remaining stubbornly exposed.  With the outperformance of Value funds this year and the potential rebalance out of Growth stocks, could Telcos be an out of consensus bet worth taking?

Telcos exposure among active Emerging Market funds is in free fall.  Average holding weights among the 241 funds in our analysis stands at 1.70%, the lowest level on record.  In addition, a record low of just 65.1% of funds have any exposure at all to the sector.China Mobile (941 HK) holdings have been slashed after its exclusion from MSCI Emerging Markets Index. MTN Group Ltd (MTN SJ) has started to see a reversal of its long-term ownership decline.Declines in ownership have been led by high growth investors, with Value and Yield funds remaining stubbornly exposed.  With the outperformance of Value funds this year and the potential rebalance out of Growth stocks, could Telcos be an out of consensus bet worth taking?

EM Telcos:  MSCI Exclusions Force Exodus from Sector

Global Emerging Market Equities, Propitious Research

Wium Malan, CFA

Global Emerging Market Equities

This insight provides a summary of the key news developments impacting the largest countries and constituents of the Global Emerging Markets equity indices.  Companies mentioned this week:<a href="https://www.smartkarma.com/entities/taiwan-semiconductor-manufacturing-company" target="_blank" data-smartkarma-citation="entities:11230:1" rel="noopener">TSMC (2330 TT)</a>, <a href="https://www.smartkarma.com/entities/samsung-electronics-co-ltd" target="_blank" data-smartkarma-citation="entities:191:1" rel="noopener">Samsung Electronics (005930 KS)</a>, <a href="https://www.smartkarma.com/entities/jd-com-inc" target="_blank" data-smartkarma-citation="entities:29043:1" rel="noopener">JD.com Inc. (9618 HK)</a>, <a href="https://www.smartkarma.com/entities/kalbe-farma-tbk-pt" target="_blank" data-smartkarma-citation="entities:6303:1" rel="noopener">Kalbe Farma (KLBF IJ)</a>, <a href="https://www.smartkarma.com/entities/bharti-airtel-ltd" target="_blank" data-smartkarma-citation="entities:953:1" rel="noopener">Bharti Airtel (BHARTI IN)</a>

This insight provides a summary of the key news developments impacting the largest countries and constituents of the Global Emerging Markets equity indices.  Companies mentioned this week:TSMC (2330 TT), Samsung Electronics (005930 KS), JD.com Inc. (9618 HK), Kalbe Farma (KLBF IJ), Bharti Airtel (BHARTI IN) 

Global Emerging Markets Weekly: 19 February 2021

India

Bharti Airtel Limited, a part of Bharti Enterprises, provides telecommunications services throughout India. The Company provides GSM Mobile Services, broadband, fixed line telephone services, long distance services (international & national) and enterprise services.

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Bharti Airtel (BHARTI IN)

Bharti Airtel: Healthy Growth; Strong Client Addition

We maintain our BUY rating and with better margins, stronger subscriber growth, and higher 4G conversions, value the stock at Rs 700/share based on...

Axis Direct

Bharti Airtel: Revenue up 15.3% YoY Due to Customer Addition and Improved Realization

Sales of Homes Service segment has gone up 12.90% to Rs 653.10 crore (accounting for 2.35% of total sales). Sales of Digital TV Services segment...

SMC Online

Paytm (One 97) Pre-IPO - The Positives - Will Be One of India’s Largest IPOs

Paytm plans to raise around US$2.2bn in its India IPO. The company is backed by Ant Fin, Softbank (9984 JP) and counts Berkshire Hathaway among its...

Sumeet Singh

EM Telcos: MSCI Exclusions Force Exodus from Sector

Telcos exposure among active Emerging Market funds is in free fall. Average holding weights stand at 1.70% and a record low of just 65.1% of funds...

Steven Holden

Global Emerging Markets Weekly: 19 February 2021

This insight provides a summary of the key news developments impacting the largest countries and constituents of the Global Emerging Markets equity...

Wium Malan, CFA

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