Global Telecom Holding (GTH) [GLTDq.L] just released 4Q2015 preliminary figures with a loss for the quarter at USD12 million versus a loss of USD154 million last year and a loss of USD32 million last quarter. This is almost half of our estimate of a loss of USD24 million. On the other hand, revenue for the quarter came in broadly in line with our estimate at USD710 million, down 10% Y-o-Y and 3% Q-o-Q. According to the release, revenues were negatively affected by weak performance in Algeria due to aggressive price competition. However, this was slightly softened by strong performance in Pakistan and Bangladesh. 4Q2015 EBITDA totaled USD295 million, almost stable Y-o-Y (-1%) but declining by 13% Q-o-Q. Overall we believe this is a good set of numbers and we reiterate our buy rating on the stock. (Company disclosure)   Global Telecom Holding (GDR): USD1.19 as of 16 February 2016, Rating: Buy, FV: USD2.72 per share, MCap: USD1,243 million, GLTD LI / GLTDQ.L