October 26, 2018 / 6:57 AM / 4 months ago

BUZZ-India's Bharti Airtel bounces back; brokerages upbeat even after profit plunge

** Shares of Indian telecom firm Bharti Airtel Ltd rise as much as 3.5 pct to 306 rupees after declining 2.9 pct in early trade

** Co posted 65.4 pct fall in quarterly profit on Thursday as it faces pricing pressure amid aggressive competition in the Indian telecom industry

** Prospects of African operations and progress towards the listing of holding company are positives, but mounting losses in the India business worrisome, Nomura says in a note; retains “buy” rating and PT of 505 rupees

** Deutsche Bank raises rating to “buy” from “hold”, saying co continues to execute well as underlined by robust growth in 4G subscriptions, data usage in India and continued improvement in Africa margins

** DB expects co’s consol revenue to achieve 3-year CAGR of 8.3 pct, driven by 9 pct and 6 pct growth in India and Africa businesses, respectively

** DB sees India EBITDA margin to rise to 42.6 pct in FY21; key drivers include progressive normalization of Jio’s pricing, consolidation of Uninor’s revenue base, falling trend in spectrum charges

** CLSA keeps “buy” rating but cuts PT to 415 rupees from 500 rupees; says over FY19-21 it expects co to deliver a 19 pct consol EBITDA CAGR with Indian mobile data ramp-up, growth in Africa; co’s upcoming African IPO will be stock catalyst

** Over 5 mln shares change hands, compared with 30-day avg of 6.3 mln ($1 = 73.4100 Indian rupees)

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