Japanese Telcos Q4 FY24 review: Inflationary telco market

Japan’s mobile sector accelerated again in Q4 and we think is heading to above inflation. With both KDDI and DCM recently announcing price increases the environment is increasingly benign and should be helped by NTT’s recent acquisition of SBI Sumishin Net Bank. Our recent trip to Japan highlighted how positive the environment is; NTT stays our preferred pick, with KDDI closely behind.

Autos & industrials, OpenAI/io deal, NVLink Fusion, AI cloud & capex, and more.

As always, during earnings season, we wrap-up what happened in the previous week. For our main takes summarized on a single slide, and a few words on each of the 5 names we followed last week, follow the link below.

Eutelsat (Sell, €1.2, -60%) 4Q25: Good results, but LEO backlog stationary

Eutelsat has reported a good set of Q4 results, with revenue boosted by one-off equipment sales and EBITDA better than feared. All FY26 guidance has been confirmed, although the 2.5x leverage target looks increasingly pessimistic given the additional €150m equity raise (0.2x turns). The LEO backlog is still at c.€1.0bn, fueling concerns about the long-term commercial outlook for the service

AMD pre-2Q25 Model Update