德意志银行-亚太通讯-asia-pac telecoms：m&a spike heralds value-added era-20170712-deutschebank

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1、DeutscheBankMarketsResearchIndustryDateAsia-PacTelecoms12July2017AsiaPan-AsiaTelecommunicationsPeterMilliken,CFAResearchAnalyst(+852)22036190peter.milliken@db.comSrinivasRao,CFADanKongResearchAnalystResearchAnalyst(+65)64234114(+82)23168911srini.rao@db.comdan.kong@db

2、.comRaymondKosasih,CFAPTDeutscheVerdhanaSekuritasIndonesiaResearchAnalyst(+62)2129644525raymond.kosasih@db.comJoePhanichDeutscheTISCOInvestmentAdvisoryCo.LtdResearchAnalyst(+66)26336472thapana.phanich@db.comCraigWong-PanJamesWangF.I.T.T.forinvestorsResearchAnalystRes

3、earchAnalyst(+61)28258-2848(+852)22036145M&Aspikeheraldsvalue-addederacraig.wong-pan@db.comjames-z.wang@db.comPoliciestoimplementvalueaddfinallybeingdemandedandofferedTelcoshavefailedtobenefitinrecentyearsfromthedigitaltechnologyboomtheyhavehelpedcreate.Managementare

4、tryingtocorrectthis,witheffortstoconsolidateandrestructure,promotingpricedisciplineandliftingpayouts.Freecashflowweexpecttoalmostdoubleby2019,raisingFCFtopeaklevels,whileexpansionintodigitalservicesshouldnarrowthewidestdiscounttointernetP/Eofthelastdecade.M&Ahashisto

5、ricallybeenassociatedwithindexvolatility,andpriorepisodesof2017-likemergeractivitygeneratedupto50%returns.________________________________________________________________________________________________________________DeutscheBankAG/HongKongThisresearchhasbeenprepare

6、dinassociationwithPTDeutscheVerdhanaSekuritasIndonesia.TheopinionscontainedinthisreportarethoseofPTDeutscheVerdhanaSekuritasIndonesia.Distributedon:12/07/201703:06:33GMTDeutscheBankdoesandseekstodobusinesswithcompaniescoveredinitsresearchreports.Thus,investorsshouldb

7、eawarethatthefirmmayhaveaconflictofinterestthatcouldaffecttheobjectivityofthisreport.Investorsshouldconsiderthisreportasonlyasinglefactorinmakingtheirinvestmentdecision.DISCLOSURESANDANALYSTCERTIFICATIONSARELOCATEDINAPPENDIX1.MCI(P)083/04/2017.0bed7b6cf11cDeutscheBan

8、kMarketsResearchAsiaIndustryDatePan-AsiaAsia-PacTelecoms12July2017TelecommunicationsFITTResearchPeterMilliken,CFAM&Aspikeheraldsval