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BUZZ-India's Bharti Hexacom jumps as Citi starts with 'buy'

Reuters · 08/30 06:26

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BUZZ-India's Bharti Hexacom jumps as Citi starts with 'buy'

** Shares of Bharti Hexacom BHAX.NS up 4.2%, set for best day since mid-July

** Citi starts with 'buy', highlighting "robust" balance sheet and superior return ratios vs peers

** Says telecom firm's return on capital employed of 14% is better than parent Bharti Airtel's BRTI.NS 9%

** Sees growth potential given relatively low penetration in Rajasthan and states, the largely rural regions it serves

** Notes BHAX's market-leading 53% share in and a 40% market share in Rajasthan vs market-leader Jio's 46%

** Sets TP of 1,405 rupees vs current price of 1,224 rupees

** Analysts avg rating on BHAX is "buy"; median TP is 1,247.50 rupees

(Reporting by Nandan Mandayam in Bengaluru)

((Nandan.Mandayam@thomsonreuters.com; Mobile: +91 9591011727;))

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