From market preference over the next six to 12 months, the analysts prefer Indonesia, Thailand, Singapore, Philippines and Malaysia, in descending order.
Citi Research has examined the differentials in labour count and labour cost (in)efficiencies across the Asean telcos, adjusting for contract staff outsourcing where possible.
In its report dated Apr 15, analysts Arthur Pineda and Luis Hilado say: “Instead of looking at the glass half empty for companies with unfavourable labour cost structures, we see them as potential sources of future efficiencies which could lead to potential earnings upside over the long run, provided that there be sufficient will and initiatives in place to address these gaps.”
