reports
- Chris Hoare
Japanese Telcos - Takeaways from Meetings with the Japanese Telcos + R...
We met with all 3 of the incumbent Japanese Telcos & Rakuten in Tokyo this week. Every time we visit, we are reminded of how much better the telco industry is in Japan vs other DMs, as the MNOs continue to expand their scope of operations beyond traditional telco driving higher returns and growth.
- Pierre FerraguÊ
The Tech Infrastructure Quarterly Bible 2Q24
We publish today our comprehensive quarterly bible: 224 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.
ANET ARISTA NETWORKS INC.
TSLA TESLA INC
PANW PALO ALTO NETWORKS INC.
NVDA NVIDIA CORPORATION
MU MICRON TECHNOLOGY INC.
LRCX LAM RESEARCH CORPORATION
INTC INTEL CORPORATION
AMAT APPLIED MATERIALS INC.
NOKIA NOKIA OYJ
BSI BE SEMICONDUCTOR INDUSTRIES N.V.
2330 TSMC
SOI SOITEC SA
9984 SOFTBANK GROUP CORP.
8035 TOKYO ELECTRON LTD.
2GB 2G ENERGY AG
KLAC KLA CORPORATION
CSCO ASML HOLDING N.V.
ASML CISCO SYSTEMS INC.
MBLY ASML HOLDING NV
AMD MOBILEYE NV
AAPL ADVANCED MICRO DEVICES INC.
MSFT APPLE INC.
AVGO MICROSOFT CORPORATION
SOH1 BROADCOM INC.
BESI SOITEC
UBER UBER TECHNOLOGIES INC.
ERIC.B ERICSSON
BSIB BE SEMICONDUCTOR (SWISS)
WOLF WOLFSPEED INC
GRAB GRAB HLDGS LTD
ARM ARM HOLDINGS PLC
ARMH ARMEYSKI HLDG AD
- Chris Hoare
Rakuten (Reduce, TP: ¥400, -57%) Softer net additions to be expected ...
Today, Rakuten Mobile launched a new mobile plan aimed at seniors (65 years old and above). In addition, an update on its mobile subscribers figure reflected a slowdown in net additions, which was behind consensus and our forecasts for Q3. We share our thoughts below.
City of Brownsville, Texas, Taps NTT DATA to Build Connected City With...
PLANO, Texas & BROWNSVILLE, Texas--(BUSINESS WIRE)-- a global digital business and IT services leader, has been selected by the , to deploy NTT DATA’s Smart Solutions and Private 5G (P5G) wireless connectivity. The city seeks to enhance citizen services, increase public safety, achieve sustainability and effectively manage growth by leveraging real-time data analytics and AI empowered by a seamless and secure wireless network. “The future is coming to life in Brownsville today as we partner with NTT DATA to set a new standard for smart, connected and sustainable cities,” said John Cowen, Jr...
- Pierre FerraguÊ
- Chris Hoare
Global Towers Digital Bridge to acquire JTower. Very brief thoughts a...
Digital Bridge has announced a tender offer for the shares of JTower, the leading Japanese Tower Company. Although the valuation is fairly low, we would not see that as bearish for Global Towers. Thoughts and implications below.
- Chris Hoare
Japanese Telcos Q1 FY24 review: Softbank outperforming
Incumbents led a faster service revenue growth in Q1 driven by non-mobile, with Softbank ahead. Industry mobile growth kept steady but the continued divergence in mobile trend between NTT and peers appears to confirm the benefits of integrated financial services. Softbank was the notable share gainer this quarter (1.1% MSR gain sequentially), having grown its mobile ARPU for the first time since FY19.
- Pierre FerraguÊ
- Chris Hoare
Rakuten (Reduce, TP: ¥400, -48%) Q2 24 Quick Take: Mixed, surprising ...
Despite beating on topline sparked by Fintech, overall profitability was still below expectations. While Mobile has seen improvements, pace of improvement remains too slow in our view to justify the share price. ARPU continues to lack traction.
- Pierre FerraguÊ
- Chris Hoare
NTT (Buy, TP: ¥240, +61%) Q1 FY24 Quick Take: Profitability largely i...
NTT reported before close today and while revenue was ahead of estimates and guidance, operating income and profit were largely in line with its full year guidance. In contrast to peers, Mobile performance is lagging with ARPU trend not recovering. Separately, the company announced a buyback up to ¥ 200bn (US$ 1.37bn), a positive given the stock’s YTD performance.
- Pierre FerraguÊ
- Chris Hoare
KDDI (Buy, TP: ¥6,600, +51%) Q1 24 Quick Take: Solid
KDDI reported after close today, with both topline and EBIT tracking slightly ahead of full year guidance. Enterprise continued to show good momentum and helped support the topline beat. With Lawson delisted since July, the deal is expected to be completed by September, as planned. Multi-brand mobile revenue continues to trend positively, with positive commentary around the transition from UQ mobile to AU brand.
- Pierre FerraguÊ
NTT DATA Selected as Prime Contractor for FBI’s Mission Critical Servi...
HERNDON, Va.--(BUSINESS WIRE)-- , a digital business and IT services leader has announced the company was selected as a prime contractor by the Federal Bureau of Investigation (FBI). NTT DATA will provide IT services through the FBI’s Information Technology Supplies and Support Services 2nd Generation (ITSSS-2) Blanket Purchase Agreement (BPA). The ITSSS-2 BPA has an $8 billion ceiling with an eight-year period of performance from June 21, 2024, through June 21, 2032. ITSSS-2 will be the primary contract vehicle for the FBI to obtain critical IT services and be available for use by all compo...
- Chris Hoare
Japanese Telcos Q4 FY23 review: Diverging mobile
Service revenue trends for the three incumbents were faster as mobile inflected, coupled with improvements in non-mobile. Meanwhile, the sector’s EBITDA grew strongly which was well flagged in Q3. Divergence in mobile trend appears to confirm the benefits of integrated financial services with mobile as NTT and peers diverged further; former extended its decline while peers accelerated to near 3% YoY.
- Pelham Smithers
- Pierre François Merveille
Softbank Group : Buy recommendation on the new SOFTBK notes due in 202...
>The new EUR/USD notes were priced yesterday - SoftBank Group (SOFTBK, Ba3/BB+) has issued the equivalent of € 1.75bn in new EUR and USD-denominated bonds. Specifically, the group issued $ 400m of new 6.75% 07/2029 bonds, $ 500m of new 7% 07/2031 bonds, € 450m of new 5.375% 01/2029 bonds and 5.75% of new 07/2032 bonds. The yields are slightly tighter than the IPT for the USD tranches (around 7% for the five-year tranche and 7.25% for the 7-year tranche) and in line ...
- Pierre François Merveille
Softbank Group : Recommandation Achat sur les nouvelles obligations SO...
>Les nouvelles obligations en EUR/USD ont été pricées hier - SoftBank Group (SOFTBK, Ba3/BB+) a émis hier l’équivalent de 1,75 md EUR de nouvelles obligations en EUR/USD. Dans le détail, le groupe a émis 400 m USD de nouvelles obligations 6,75% 07/2029, 500 m USD de nouvelles obligations 7% 07/2031, 450 m EUR de nouvelles obligations 5,375% 01/2029 et 5,75% de nouvelles obligations 07/2032. Les rendements sont un peu plus serrés que le price talk initial pour les tr...
- Pierre François Merveille
Softbank Group : SoftBank Group returns to the EUR/USD bond markets
SoftBank Group plans to tap the EUR/USD bond markets and issue foreign unsecured notes for the first time since June 2021. In this report, we have reviewed in detail the group’s liquidity, LTV ratio and investment ambitions. We confirm our Buy recommendation on the existing EUR unsecured notes and recommend subscribing to the new notes at min. yields of 5.25% (4.5Y) and 5.625% (8Y), respectively. - - - - - - - - > - - - §...
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