麦格理-亚太地区-电信通讯行业-澳大利亚电信业2020年展望-2020.1.22-24页.docxVIP

22 January 2020 Australia EQUITIES Sector Overview Stock Rec. TP Last Close TLS AU Outperform $ 4.00 $ 3.89 VOC AU Neutral $ 3.20 $ 3.31 TPM AU Restricted NA $ 7.00 AYS AU Outperform $ 0.62 $ 0.37 Source: Macquarie Research, January 2020; pricing as of close on 22 January, 2020 Australian Telecom Key points? Key points ? We highlight 10 key themes likely to impact AU Telecoms for 2020+. ? Mobile competitive environment remains the key positive, which should translate to improved revenue and earnings outcomes from 2H20 on. ? Retain Outperform on Telst