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    Adrian Cundy

    Director and Southeast Asia Consumer & Vietnam specialist at Emerging & Frontier Capital LLP

    Adrian Cundy is a Director and Southeast Asia Consumer & Vietnam specialist at Emerging & Frontier Capital LLP, focusing on telco, fintech, and consumer company research across Vietnam, Pakistan, and Ukraine. He covers companies such as VEON Ltd and JazzCash, and is recognized for deep sector insight, with a tenure including successful recommendations frequently exceeding nominal GDP and inflation growth benchmarks in his markets. With over 20 years of experience, Cundy began his analyst career following an undergraduate degree from the University of Western Ontario, previously holding roles at EFG Hermes Securities Brokerage (joining in May 2017), Eastspring Investments (Hong Kong), and VinaSecurities JSC before joining Emerging & Frontier Capital LLP in May 2024. He serves as an LLP Designated Member in the UK, but public records do not indicate additional FINRA certifications or specific securities licenses.

    Adrian Cundy's questions to VEON (VEON) leadership

    Adrian Cundy's questions to VEON (VEON) leadership • Q2 2025

    Question

    Adrian Cundy from Emerging & Frontier Capital LLP asked about strategies to increase 4G adoption, the revenue contribution from 4G and multiplay users, the deployment of 4.9G/MIMO networks, and the specific financial cost breakdown of the Kyivstar de-SPAC transaction.

    Answer

    Group CEO Kaan Terzioğlu detailed the '4G for all' strategy, including smartphone initiatives, and noted that multiplay customers now generate 54% of total revenue. Group CFO Burak Ozer specified the de-SPAC impact would be a $50-$100 million charge at the VEON level based on share price, plus $30-$50 million in transaction costs booked to equity.

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    Adrian Cundy's questions to VEON (VEON) leadership • Q2 2025

    Question

    Adrian Cundy from Emerging & Frontier Capital LLP asked about strategies to increase 4G adoption, the revenue contribution from 4G multiplay users, the deployment of 4.9G/MIMO technology, and the accounting breakdown of the Kyivstar SPAC transaction costs.

    Answer

    Group CEO Kaan Terzioğlu detailed the '4G for all' strategy, including offering pre-loaded smartphones, and noted that multiplay customers generate 54% of revenue. He confirmed the use of Massive MIMO to enhance service quality. Group CFO Burak Ozer clarified that SPAC transaction costs of $30-50 million will be booked to equity, with a parent-level P&L impact of $50-100 million depending on the closing share price.

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    Adrian Cundy's questions to VEON (VEON) leadership • Q2 2025

    Question

    Adrian Cundy from Emerging & Frontier Capital LLP asked about strategies to increase 4G adoption, the revenue contribution from 4G and multiplay users, the deployment of 4.9G/MIMO technology, and the cost breakdown of the Kyivstar de-SPAC transaction.

    Answer

    CEO Kaan Terzioğlu explained that 4G and multiplay customers generate approximately 70% of revenue, with strategies to boost adoption including bundling smartphones with digital services. He confirmed the use of 4.9G technologies like Massive MIMO to enhance service quality. CFO Burak Ozer detailed the de-SPAC's financial effects, estimating a $50-100 million non-cash charge at the VEON parent level and $30-50 million in transaction costs booked to equity.

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