Research

SATS: Quick thoughts on risk to licenses from FCC action        

Why is legacy Tech acclerating? Taiwan Apr Sales +29% YoY

Auto/Industrial recovery; Enterprise IT slowdown; Chinese semicap; Robotaxi; Arm, AMD, Arista.

VMO2 merging with Daisy: What does this mean?

United Internet/ 1&1 1Q25: Service revenue stable, as mobile pricing improves

Tariff update – UK & China deals

MTN Group – Q1 25: Group trends accelerating driven by Nigeria and Ghana

Big Week Ahead for Tariff Litigation, Tax Bill, Maybe Spectrum (But Not BEAD)

SK Telecom – Q1 25 Quick Take: Good cost cutting progress overshadowed by impact of data breach

TalkTalk: Revised estimates post-results – covenants limit operational flexibility

SATS quick thoughts following the 1Q25 call

Global Telecoms Multiples 2025-05-09

TRUE – Q1 25 Quick Take: Bottom line turned positive for the first time in two years, bodes well for dividends in FY25

SATS 1Q25 Quick Take: Wireless making progress (but not enough)

Cellnex Q1 25: Revenue volatility raises new questions

Infineon 2FQ25: Recovery on track, despite tariff uncertainty. Top pick.

NTT Corp – Q4 FY24 Quick Take: Topline ahead but profitability weaker

Proximus Q1 25: Good results (trends ahead of guidance); Digi impact minimal; long-term value play

Helios Towers (Buy) – Q1 25: Solid start to the year; guidance reiterated

KT (Buy) – Q1 25 Quick Take: Benefiting from cost cutting