External broker reports(aggregated public sources), ICICI Securities Ltd

ICICI Securities Limited

External broker reports(aggregated public sources)

Equity Bottom-Up

<p>VIL remains the weakest private telco. AGR dues payment extension was only a short-term breather and its survival hinges on quick capital infusion and tariff hike/floor tariff implementation. The need for capitalisation is urgent mainly due to its upcoming payment commitments, lagging spends on network and continued relative market share loss. We maintain SELL rating with a DCF based target price of Rs 5/share (vs. Rs 6/share, earlier). We...</p><div class="content-highlight"><em>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.</em></div>

VIL remains the weakest private telco. AGR dues payment extension was only a short-term breather and its survival hinges on quick capital infusion and tariff hike/floor tariff implementation. The need for capitalisation is urgent mainly due to its upcoming payment commitments, lagging spends on network and continued relative market share loss. We maintain SELL rating with a DCF based target price of Rs 5/share (vs. Rs 6/share, earlier). We...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.

External broker reports(aggregated public sources), Motilal Oswal Financial Services Limited

Motilal Oswal

<p>VIL posted an adjusted EBITDA of INR17.1b (excluding an INR4.5b one-off on a pre Ind AS 116 basis), down 5% QoQ (16% miss) on continuing subscriber churn and weak ARPU. Upcoming debt repayments of INR60b in FY22 and INR82b deferred spectrum payments require an immediate liquidity support. EBITDA (pre Ind AS 116) of INR88b in FY22E makes it challenging to service its net debt of INR1,190b (excluding AGR and lease liability) and invest in its network. We maintain our Neutral rating....</p><div class="content-highlight"><em>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.</em></div>

VIL posted an adjusted EBITDA of INR17.1b (excluding an INR4.5b one-off on a pre Ind AS 116 basis), down 5% QoQ (16% miss) on continuing subscriber churn and weak ARPU. Upcoming debt repayments of INR60b in FY22 and INR82b deferred spectrum payments require an immediate liquidity support. EBITDA (pre Ind AS 116) of INR88b in FY22E makes it challenging to service its net debt of INR1,190b (excluding AGR and lease liability) and invest in its network. We maintain our Neutral rating....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.

Liquidity a major concern; fund raise awaited

India

Tata Teleservices Maharashtra Ltd has been licensed by the Government of India to create and maintain telephone services in the states of Maharashtra and Goa. The Group utilizes broadband wired and wireless systems to supply broadband, data and Internet services, which encompass interactive video and multimedia feeds, and web based applications.

Tata Teleservices (Maharashtra) (TTLS IN)

GTL Infrastructure Limited is a shared user infrastructure company. The Company provides passive telecom infrastructure and related network infrastructure for multiple service providers.

Tata Communications Limited provides telecommunications services. The Company provides international telephone, telex and telegraphy services, international maritime mobile communications, INTELSAT business service and bureau fax and t-fax services. Tata Communications also provides internet access, electronic mail and electronic data interchange services.

Reliance Communications Ltd. offers integrated telephone services. The Company offers fixed line and wireless voice, data and video transmission services, and Internet access.

HFCL Ltd provides telecommunication infrastructure construction services. The Company offers optical fiber cables, microwave radios, battery management, and solar solutions. HFCL serves customers in India.

Mahanagar Telephone Nigam Limited operates a telecommunications company, which provides basic phone, Internet and cellular mobile telephony services in Delhi and Mumbai. The Company upgrades the quality of telecom services, expands the telecom network, introduces new services and raises revenue for the telecom development needs of Delhi and Mumbai.

PVR INOX Limited operates cinemas. The Company owns and manages multiplex movie theaters.

Saregama India Limited manufactures, sells and deals in Audio Cassettes, CD's and DVDs, which they market in India, Europe, the USA, Canada, the Caribbean Islands and South Africa. The Group's range of music encompasses both new and old Hindi films, regional films, ghazals, classical, Indipop and International. Saregama also has a film business, which produces films and TV serials.

Zee Entertainment Enterprises Limited operates as an entertainment company. The Company produces and develops films, serials, game shows, and children's programs. Zee also produces and exports entertainment software for transmission on its ZEE TV channel. Zee Entertainment Enterprises serves customers in India.

Tips Industries Limited operates a music production company.  The Group owns the rights to over 3,500 music titles, in addition to the soundtrack copyrights to over 50 Hindi movies.  Tips has offices in the United States, Dubai and England, where they operate via licensing agreements.  They also distribute products in South Africa, Israel and Malaysia.

CelcomDigi Berhad is a mobile network operator. The Company offers Internet and wireless telecommunication products and services through the global system for mobile telecommunications (GSM) network. CelcomDigi serves customers in Malaysia.

Taiwan Mobile Co., Ltd. provides cellular telecommunication services in Taiwan. The Company also sells and leases cellular phones.

Far EasTone Telecommunications Co., Ltd. provides mobile communication and Internet access services.  The Company also sells cellular phones and related equipment.

Vodacom Group Limited operates a cellular telephone network in South Africa. The Company has mobile operations in Tanzania, Mozambique, Lesotho and the Democratic Republic of Congo.

SK Telecom Co., Ltd. is a Korean mobile and telecommunications operator. The Company provides cellular voice, wireless data, and wireless internet services. SK Telecom also offers fixed line services and platform services.

Intouch Holdings Public Company Limited is a holding company that invests in diversified telecommunication and media and advertising businesses.  The Company, through its subsidiaries, provides television broadcasting, cellular phone and wireless services.

Tele2 AB is a telecommunications company.  The Company offers mobile services, fixed broadband and telephony, data network services and content services. Tele2 operates throughout Europe and EuroAsia.

Turkcell Iletisim Hizmetleri AS (Turkcell) is a converged communication and technology services player with regional assets and globally relevant services. The Company provides mobile and fixed voice, data, television, and other services over its network in Turkey.

MTN Group Limited provides a wide range of communication services. The Company's services include cellular network access and business solutions. MTN Group is a multinational telecommunications group, operating in countries in Africa and the Middle East.

Maxis Berhad operates as a mobile and fixed communication service provider. The Company, through mobile and fiber telecommunications along with IT infrastructure services, offers mobile and fixed data products, voice and SMS services, mobile payment solutions, remote health monitoring, Cloud solutions, and a business directory to businesses and individuals in Malaysia.

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.

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Vodafone Idea (IDEA IN)

Vodafone Idea: Liquidity Concerns Remain

VIL remains the weakest private telco. AGR dues payment extension was only a short-term breather and its survival hinges on quick capital infusion...

ICICI Securities Limited

Liquidity a major concern; fund raise awaited

VIL posted an adjusted EBITDA of INR17.1b (excluding an INR4.5b one-off on a pre Ind AS 116 basis), down 5% QoQ (16% miss) on continuing subscriber...

Motilal Oswal

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