Research

Global Telecoms Multiples 2025-11-14

Digi Q3 25: New Spanish disclosure is supportive; Portugal roll lower than expected

AMAT 4FQ25: 2026 outlook uncertain; we maintain a cautious view. Neutral, $220 TP.

Key Notes from Baidu World 2025

Global EM Telcos – Digital Growth, Consolidation and Regulation coming together to drive a strong rally. What’s next?

NBS: Physical Goods Growth Decelerated Partly due to Drag in Home Appliances

BILI: 3Q25 Results - Topline Growth Could Remain Stable

JD: 3Q25 Results - Outlook Remains Intact

Tencent: 3Q25 Results - Topline Growth could Remain Resilient in 4Q

Cisco 1FQ26: Potential upside from AI and campus refresh, but we are at all-time highs. Neutral, $78 TP

Grab 3Q25: growth accelerating; guidance raised; inline with our investment thesis - Buy $6.5

Infineon 4FQ25: AI momentum; caution elsewhere. Buy, €50 TP.

BILI: 3Q25 Flash - Margin Beat; DAU Growth Accelerated

Rakuten – Q3 25 Quick Take: EC demand pulled forward on hometown rule tax changes, Q4 expected to be softer; still no significant improvement in Mobile

OTE Q3 25: Solid results, and Romania-linked extraordinary return

SUMCO (3436 JP) AI Can't Offset The Legacy Inventory Problem

Deutsche Telekom: Three Key Points for Q3

JD: 3Q25 Flash - Revs Above Estimates

Tencent: 3Q25 Flash - Revs Top Expectations Driven by Gaming and Ads

XLSmart – Q3 25 Quick Take: Better print, capex guidance revised lower