TMUS: Setting up for 1Q results

We are updating our model based on our recent conversations with management and comments at industry conferences. The only major change is that we’ve lowered postpaid account net adds for 1Q following Srini’s comments about seasonality at an industry conference (full year estimate is nearly unchanged). We got some updated color that has rebalanced our quarterly estimates for the year.

Broadband cNPS comparisons by tech & operator - The latest data available on relative performance

Scouring the data in this report, we’d point you to the appendix for a quick review. What stands out is that when a broadband customer interacts with a sales rep, presumably they are doing so with a problem or request that an automated or AI-driven IVR cannot address. Almost without fail, sales rep interactions are the Achilles heal of the market right now and likely a core reason, care scores suffer. The operator that can solve this puzzle, and it could be cable, has a window to shift their relative market position. Heard it here first!

Broadband Spring 2026 – A fine time for FWA

In this Broadband Spring report, we share a quick update on broadband industry trends from 4Q25 heading into 2026E. Industry net adds improved meaningfully in 4Q25 from a year ago but remained slightly below last year when we adjust for the loss of ACP. Net adds for the quarter were in line with the pre-pandemic norm but trailing twelve-month net adds remain below pre-pandemic levels. We take a deep-dive here into FWA’s continued strong momentum, by carrier, and how it fits into the overall broadband picture. See our Future of Broadband report for our longer-term thinking about the industry’s ...

PDD 4Q25 Results: Supply Chain Remains a Key Area of Investments

What’s new: PDD’s reported 4Q25 revs that are largely in-line with consensus and above our expectations. Visibility on profitability would remain limited as the company is willing to let go of short term profit in exchange for long-term development of the platform ecosystem. We lower our PT from US$120 to US$110 on lowered margin expectations. Our updated PT of US$110 implies 9.8x FY26E P/E. We maintain our NEUTRAL rating. Analysts: Jin Yoon

Kuaishou 4Q25 Results: Topline Growth to Moderate in 1Q and FY26

What’s new: Kuaishou’s reported 4Q25 results that top consensus and our expectations. Total rev growth could decelerate in 1Q26 partly driven by slowdown in key segments including OMS and e-commerce. While Kling AI monetization continues to ramp up, investments in training and inferences could further weigh down margins for FY26. We lower our PT from HK$85 to HK$65 on lowered outlook. Our updated PT of HK$65 implies 15.8x FY26E P/E. We maintain our BUY rating. Analysts: Jin Yoon

Grasping the AI Infra Buildout & GTC takeaways