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Bharti Airtel (BHARTI)
Telecom
MTN CY2011 annual results – read-through for Bharti. Even as Bharti has managed
to nibble away at MTN’s subs market share in 4 out of the 5 African markets where they
compete and grown faster off a much lower base, MTN remains on a solid footing and
the key threat to Bharti’s Africa targets. The key takeaway for us was MTN’s emphasis on
need for network quality improvement in both Nigeria and Ghana; its capex guidance for
the two markets for CY2012 (US$1.4 bn for Nigeria and US$146 mn for Ghana) also
reflects the same. We expect capex intensity for Bharti Africa to remain high.
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