EM Telcos: Video Growth Drives an EM Wireless Growth Inflection.
Video is becoming a “killer app” in emerging markets and now accounts for over 50% of data volume on many networks. Low median age, limited...
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Thai Macro Watch (September): Hurricanes, the Great Escape, and End of Mourning
New milestones. In this month, the Thai market not only broke through the key resistance level of 1,600 but almost seems to be heading to the next...
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Thailand: Revenue Trends Have Improved but Telcos Need Spectrum. It Will Be Costly.
We have not written much about Thailand recently. Our negative view on the stocks has not been working out as planned. Athaporn Arayasantiparb, CFA...
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Potential Upside from License Fee Reduction
In early September, the regulator NBTC agreed to reduce license fees for large operators (revenue > Bt5bn) from 1.3% to 1%. This basically...
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Emerging ASEAN: Sideshow to North Asia but More Limted Downside
Philippines (overweight): a likely outperformer if tech and commodities correctMain ConclusionsThe Philippines appears to be the most expensive...
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