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TSU.N

ISIN: US88706P1066
SEDOL: 2298007

Rating:

SELL

Target Price:

12.74 USD

Investment Horizon:

6 to 12 months
6th May 2009 View Report   Download

1Q 09 News Alert

1Q 09 revenues at TIM Participacoes S.A. (TIM) remained flat y-o-y, led by a fall in revenues from the Service segment, which contributes the maximum to top-line. The company reported an operating and net loss during the quarter, mainly on account of weak revenue performance and a significant increase in D&A;and income tax expenses. However, TIM's merger agreement with Docas Investimentos S.A to have 100% control of Intelig Telecomunicaoes…

27th Mar 2009 View Report   Download

4Q 08 & FY 2008 Update Report

Intense competition in the Brazilian wireless market has resulted in TIM losing market share for four consecutive quarters. With the commencement of number portability from March 2009, which could see an increase in churn rate, especially in the high value segment, we expect TIM’s market share to be further threatened. However, with an improved mix of products and a new marketing campaign for its services aimed at its high-value client base…

27th Feb 2009 View Report   Download

4Q 08 & FY 2008 News Alert

TIM Participações S.A. (TIM) reported 4Q 08 revenues which were marginally below our estimate, while operating and net income performance was significantly higher than our expectations. However, due to weakness in global financial markets, the preferred stock has depreciated significantly since our 3Q 08 update report. Taking into account increasing wireless mobile penetration in the region and the company’s strong presence in the…

28th Nov 2008 View Report   Download

Company News Alert

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In our 3Q 08 update report, we rated TIM Participações S.A.’s (TIM) preferred stock a BUY, indicating an upside of 29%. Our target price was achieved on 26 November 2008, led primarily by speculation over TIM’s parent company, Telecom Italia’s (TI) plans to sell TIM. We believe at current levels, the preferred stock is fairly valued. Hence, we are temporarily downgrading our rating for the preferred stock from a BUY to a HOLD....

6th Nov 2008 View Report   Download

3Q 08 Update Report

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TIM Participacoes S.A.’s (TIM) 3Q 08 revenues were marginally below our expectations on account of lower than expected subscriber-base and lower Average Revenue Per Unit (ARPU) in the period. Operating income was slightly above our expectations due to lower than expected operating expenses, while net level performance was significantly below our expectations due to higher than expected net financial expenses and a higher effective…