Soitec: Extended inventory correction; strong setup for 2025

Soitec provided guidance for its FY25 (Mar-25) that was materially below consensus expectations.

The Tech Infrastructure Quarterly Bible 4Q23

We publish today our comprehensive quarterly bible: 212 pages of detailed analyses on what happened in the last 3 months, and how we interpret it, in light of our current convictions. The first section acts as a PM summary, outlining our key findings, and latest thoughts on the semi cycle, in 6 slides:

AMD 1Q24: Reaching critical mass in Datacenter GPU for 2025. It is good news to us… Buy, $200 TP

South African Telcos South African Telcos - CY23 H2 review – Modest improvements

H2 was a better semester for the SA Telcos. Service revenue and EBITDA trends improved and capex – while still above historic levels – was contained. However, improvements were modest as the environment remains difficult and growth remains limited.

EU Towers Review: A rising risk from land aggregators Cellnex (Neutral, €32) Was €30, Inwit (Neutral, €12.8) Was €12.4

Cellnex and Inwit have recently pivoted towards buying more land. Why? In part because they still see a good opportunity to deploy capital attractively, but we believe this is also driven by a defensive angle against a gradually rising role of land aggregators in Europe