<ul><li>US-China trade tensions can create opportunities for African countries like Morocco, Egypt, Kenya and Nigeria, despite the potential implementation of Brics tariffs.</li><li>Trump's presidency is expected to be more pro-business which is more or less good for global equity markets, including African stocks.</li><li>Valuations across African markets are extremely low and present great investment opportunities, particularly in the case of Egypt, Nigeria, Morocco, and Kenya.</li><li>Telcos are a big part of the African investment story and offer investors exposure to the continent. Subsidiaries of MTN and Airtel are good options to invest as they offer more clean exposure just to the operating level.</li><li>The local subsidiaries also offer better value from an investment perspective and have significant revenue growth of around 20% to 30% compared to the growth expected in utilities.</li><li>Several African countries, like Uganda and Ghana, have strong growth in mobile money, and MTN and Airtel got mobile money operating licences in Nigeria two years ago.</li></ul>

Why African telco subsidiaries are outpacing parent companies

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