April 24, 2018 / 4:15 AM / 7 months ago

BUZZ-India's Bharti Infratel falls to over 1-yr low as Q4 tenancies drop

** Indian telecom tower company Bharti Infratel Ltd’s shares fall as much as 3.8 pct to 315.65 rupees, their lowest since March 28, 2017

** Stock posts biggest daily pct loss since March 19

** Co’s Q4 profit rises 1.6 pct 6.06 bln rupees ($91.1 mln) but misses analyst estimates, hurt by loss in tenancies with some Indian mobile carriers either shutting down or consolidating operations

** Bharti Infratel lost 22,134 co-locations during the year, it said on Monday

** Nomura analysts say while increasing tenancy exits and zero uptick in gross tenancy additions are dampeners, they are encouraged by the uptick in tower additions; keep PT of 354 rupees with ‘neutral’ rating

** Bharti Infratel’s exposure to smaller operators now down to about 3 pct by Morgan Stanley’s estimates, and Morgan Stanley analysts expect it to affect the company in FY2019

** Nine of 26 brokerages rate stock “buy” or higher, 13 “hold” and four “sell” or lower; their median PT is 375 rupees

$1 = 66.5200 Indian rupees

0 : 0
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