汇丰银行-菲律宾电信业-philippine telcos：ripe for re-rating as competitive intensity declines-20170724-hsbc.pdfVIP

24 July 2017   Philippine Telcos EQUITIES TELECOMS MEDIA TECHNOLOGY Ripe for re-rating as competitive intensity declines Philippines Competitive intensity to decline as Globe attains a significant Piyush Choudhary* Analyst milestone with 50% revenue market share in wireless The Hongkong and Shanghai Banking Corporation Limited, Singapore Branch FCF growth driven by EBITDA margin expansion and decline piyush.choudhary@.sg +65 6658 0607 in capex intensity as competition turns prudent Neale Anderson* Head of Asia Telecoms Research Upgrade Globe to Buy (from Hold) as we expect margins to The Hongkong and Shanghai Banking Corporation Limited expand. Retain Buy on PLDT as we expect leverage to reduce neale.anderson@.hk