Leading Independent Investment Research, Morningstar, Inc.

Morningstar

Leading Independent Investment Research

Morningstar, Inc.

Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. We offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors. 

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Equity Bottom-Up

&nbsp;<ul><li>Bharti offers investors exposure to a fast-growing telecom business with more than 330 million subscribers in emerging markets in South Asia and Africa, underpinned by established market leadership in India.</li><li>While the voice market has matured in India, data usage has started to pick up and will continue to drive Bharti&rsquo;s growth during our five-year forecast period. We forecast Bharti&rsquo;s revenue to grow by 6% and adjusted earnings to grow by 17% over the course of our five-year forecast period.</li><li>We have assigned Bharti a fair value estimate of INR 350 per share. At current prices, the stock is close to fairly valued.</li><li>We think Bharti may see limited upside, given uncertainty over the potential impact from Reliance Jio&rsquo;s launch, which could increase competition for Bharti. Increased clarity on this could serve as a catalyst for change, while asset monetisation in its international operations could also play a role in deleveraging the balance sheet and upgrading our fair value estimate.</li><li>Although we expect RJio to be an aggressive new entrant that could have a negative impact on near-term margins, Bharti&rsquo;s cost advantages, network presence and intangible assets should enable the firm to maintain its strong competitive position over the long term.</li></ul>Analyst:&nbsp;Piyush JainFull report below the fold...

&nbsp;Bharti offers investors exposure to a fast-growing telecom business with more than 330 million subscribers in emerging markets in South Asia and Africa, underpinned by established market leadership in India.While the voice market has matured in India, data usage has started to pick up and will continue to drive Bharti&rsquo;s growth during our five-year forecast period. We forecast Bharti&rsquo;s revenue to grow by 6% and adjusted earnings to grow by 17% over the course of our five-year forecast period.We have assigned Bharti a fair value estimate of INR 350 per share. At current prices, the stock is close to fairly valued.We think Bharti may see limited upside, given uncertainty over the potential impact from Reliance Jio&rsquo;s launch, which could increase competition for Bharti. Increased clarity on this could serve as a catalyst for change, while asset monetisation in its international operations could also play a role in deleveraging the balance sheet and upgrading our fair value estimate.Although we expect RJio to be an aggressive new entrant that could have a negative impact on near-term margins, Bharti&rsquo;s cost advantages, network presence and intangible assets should enable the firm to maintain its strong competitive position over the long term.Analyst:&nbsp;Piyush JainFull report below the fold...

Bharti is slated to benefit from market consolidation and increasing data usage in India

Chairman, sgtradex

Tan Chin-Hwee

Chairman

Thematic (Sector/Industry)

The discourse on Asia&rsquo;s &ldquo;rise&rdquo; is dominated by China and India, countries whose vast populations and buoyant economies have captured the imagination of international investors, journalists and policy analysts.&ldquo;Chindia&rdquo;-scented rhetoric abounds with catchphrases that state the obvious, but whose import is less so. China has the hardware, India the software; India needs China&rsquo;s roads, China could do with India&rsquo;s political inclusiveness. Given how fundamentally different India and China are, though, such &ldquo;lessons learnt&rdquo; are of limited value.The more relevant comparison in Asia &ndash; and one with enormous implications for the global economy &ndash; is between India and its civilisational sibling, Indonesia. These two eclectic democracies share more in common than India and China, yet they are rarely hyphenated.Last year&rsquo;s elections saw the elevation of a new breed of popular leader in both countries. Narendra Modi, whose family ran a tea stall, has risen from near the bottom of India&rsquo;s caste and class hierarchies. Joko Widodo is from a similarly underprivileged background.

The discourse on Asia&rsquo;s &ldquo;rise&rdquo; is dominated by China and India, countries whose vast populations and buoyant economies have captured the imagination of international investors, journalists and policy analysts.&ldquo;Chindia&rdquo;-scented rhetoric abounds with catchphrases that state the obvious, but whose import is less so. China has the hardware, India the software; India needs China&rsquo;s roads, China could do with India&rsquo;s political inclusiveness. Given how fundamentally different India and China are, though, such &ldquo;lessons learnt&rdquo; are of limited value.The more relevant comparison in Asia &ndash; and one with enormous implications for the global economy &ndash; is between India and its civilisational sibling, Indonesia. These two eclectic democracies share more in common than India and China, yet they are rarely hyphenated.Last year&rsquo;s elections saw the elevation of a new breed of popular leader in both countries. Narendra Modi, whose family ran a tea stall, has risen from near the bottom of India&rsquo;s caste and class hierarchies. Joko Widodo is from a similarly underprivileged background.

The Rise of Asia: India and Indonesia's Shared Challenges and Opportunities.

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 is slated to benefit from market consolidation and increasing data usage in India

Bharti offers investors exposure to a fast-growing telecom business with more than 330 million subscribers in emerging markets in South Asia and...

Morningstar, Inc.

The Rise of Asia: India and Indonesia's Shared Challenges and Opportunities.

The discourse on Asia’s “rise” is dominated by China and India, countries whose vast populations and buoyant economies have captured the...

Tan Chin-Hwee

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52-week Range

Market Cap (USDm)

P/E

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