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TDC Gains as Morgan Stanley Sees Less Rivalry: Copenhagen Mover

TDC A/S, Denmark’s biggest phone company, jumped the most in 16 weeks in Copenhagen trading after Morgan Stanley said less competition will boost profits.

TDC rose as much as 3.8 percent, the most since March 5. The stock added 3.5 percent to 44.49 kroner at 10:41 a.m. in the Danish capital, with trading volume at 29 percent of the three-month daily average.

TDC should benefit from easing competition in the broadband market while the rivalry that has eroded earnings in the Danish mobile market has stalled, Morgan Stanley analysts led by Terence Tsui said in a note. Copenhagen-based TDC, which last month repeated a forecast that 2013 revenue and profit will decline, is set to report “stronger” second-quarter earnings, the bank said and repeated an overweight recommendation on the shares.

The mobile “competitive market has got no worse, with no new tariff initiatives at the low-end,” London-based Tsui said. “We are bullish into the second-quarter results on August 7.”

TDC could also profit from bundling fixed-line, broadband, TV and mobile service products into one package, the analyst said.

“A bolder push by TDC on quad-play could be an attractive response to aggressive mobile competition,” Tsui said. “TDC is in a strong position to market a convergent fixed and mobile offering or, at least, could regain the market initiative by bundling low price mobile service into fixed-line bundles.”

TDC’s dividend yield also makes the company attractive and helps make the stock a relatively better investment than Bern-based Swisscom AG, Morgan Stanley said.

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