Rotation into Defensives: ASEAN Telecoms and Media | Asia Pacific

研报英文原文证据摘录

Rotation into Defensives: ASEAN Telecoms and Media | Asia Pacific

IdeaAlphaSignalsMEarnings Preview

Focus KPI Focus KPI Surprise Likely impact to consensus EPS*

Singapore Telecom STEL.SI

Net profit In-line Largely unchanged

• We expect SG consumer to remain challenging, Optus & NCS growth to taper, and Digital Infraco to ramp

• Regional associates: We expect robust performance from Airtel Africa, stable trends at Airtel India, and

outperformance at AIS, partly offset by potential weakness at GLO & Tsel

Advanced Info Service ADVANC.BK

ARPU Likely upside surprise Modest revision higher

• Expect momentum from 1Q26 to continue into 2Q, but 2H26 may face uncertainty due to Middle East conflict.

• Opex may be higher in 2H26 driven by broadband integration and higher admin expenses etc.

True Corporation PCL TRUE.BK

• Expect subs and rev growth q/q & y/y

• Mobile segment supported by local subsidies

• Broadband to drive growth through VAS

Telekomunikasi TLKM.JK

ARPU In-line Largely unchanged

• Consensus expects ARPU of approximately Rp47k, with a relatively stable competitive environment as all

operators maintain pricing discipline.

• The subscriber base may contract going forward following the implementation of biometric verification

requirements for security purposes.

• IndiHome may face pressure as consumers demand higher speeds at the same price point or downgrade

from 3P to 2P packages. We will also explore the potential implications of Starlink.

• Asset monetisation initiatives have been delayed as management prioritise operational streamlining.

*Likely impact to consensus EPS is for the next 12 months

Source: Company data, Morgan Stanley Research