Reliance Industries Ltd

Global EM Telcos – A Consistent Approach to EFCF and Shareholder Remuneration

Tariffs – Impact on Global EM & Japanese telcos. Brief thoughts below.

Indian Telcos - Q3 FY25 review: Sustained margin expansion from July’s price increase

EM FWA-Watch – S-Curve continuing to accelerate in India, with implications for EM generally

Indian Telcos: News reports that the Indian government may voluntarily give telcos $12bn of relief on AGR liabilities would be a thesis-changing event. If it happens it would be probably the biggest ever positive regulatory decision in EM Telco history. Implications for VI, Bharti, RIL, Indus, Vodafone & Singtel. Lift price targets for both VI and Indus. VI to Neutral.