Japanese Telcos Q2 FY24 review: Stable growth with better profitability; NTT still preferred pick

Service revenue slowed for the incumbents but stayed in the low-single digit band, with Softbank still ahead followed by NTT. Mobile divergence continues to play out with SB leading the pack and is likely to remain so in our view. Industry EBITDA improved as NTT inflected to growth and led to a strong EBIT beat this quarter.

PSA Strategy: Japan Stock Market Quarterly 2024 Q4

When the BoJ raised rates in March, it had been 17 years since it had last done so, though the world was very different then. While the July rate hike was unlikely to move the economic needle, the question now is what else might follow the subsequent financial market maelstrom. Pelham Smithers discusses the outlook for Japan’s macro environment, what new fiscal policies the new PM might introduce, how the BoJ might react and the all-important trend in corporate earnings. This then leads us to consider our strategy for sector / stock selection and the changes to our updated Focus Lists.

Indian Mobile Quick thoughts on the bank guarantees waiver

India’s Union Cabinet has approved the waiver of the bank guarantees related to spectrum acquired by the operators before 2022. Vodafone Idea was the key beneficiary of this news as it owed INR 247bn versus Bharti (INR 30bn) and Jio (INR 40bn). As a result, VIL shares rose sharply today. Our brief thoughts below.

South Korean Telcos “Value-up” strategies likely to lead to divergent outcomes

Now the Korean Telcos have detailed their value-up strategies, we compare and contrast. There is real money to be made in this space we think, but outcomes are likely to be quite divergent.

AMD post-3Q24 model update