High Yield Themes and Top Picks for 2025: EM & Japan

The EM Telco industry has entered an upswing, with ROIC rising and real revenue growth for the better managed companies in good markets. We also think the consolidation theme has further to run which should provide the bedrock for a more stable core and are seeing a more favourable regulatory environment. In Japan, we see competition intensifying in Mobile, given SB success with integration offers. In this call we will be discussing the themes that we see driving Telco Credits in these regions and our Top Picks.​​​​​