New Street: Japanese Telcos - Another strong quarter, more upside to come, stay bullish – Q3FY20 review

Q3 was another strong quarter for the Japanese incumbents overall. Service revenue accelerated again supported by good performances in the mobile, fixed and enterprise segments.

New Street: Softbank Corp Q3: Strong numbers and raised guidance

Softbank Corp has reported a good set of Q3 figures, with numbers beating expectations and raised guidance across the board.

New Street: Japanese Mobile: Granular approach to price cuts suggests ARPU stability, and upside to expectations

In this note we try to answer the key question facing Japanese telcos: what is the likely ARPU impact of new price plans? Conclusions will probably surprise.

What do HBM manufacturers have to say about AI growth in 2025?

TIMS3 (Buy, TP: BRL23, +24%) TIM Brasil - Solid Q1s, trending ahead of FY guide

TIM reported solid Q1 24 earnings overnight, coming in a shade of ahead of estimates (1% at EBITDA). Service revenue growth remains robust at >7% y/y, with some seasonality potentially impacting Q1 pre-pay revenue; EBITDA of +10% y/y and EBITDAaL +20% y/y is also very strong (and well ahead of 4% inflation), the latter enjoying historic lease reductions (though these are now sequentially stabilising). Q1 trends are tracking a touch above FY guide, potentially enabling further earnings uplift.

Bouygues Telecom Q1 24: Better SR growth - possibly supported by a consumer looking for deals

Bouygues Telecom has reported a solid set of Q1 numbers: SR growth is better at +4.2% y/y from +3.4% y/y, albeit EBITDAaL growth is a little slower at +7.5% y/y from +11.4% y/y in Q4 23. Bouygues and Orange have now both reported, and so we can begin to think about a possible read-across for SFR and Iliad.