Digi (Underweight) Q3 25: New Spanish disclosure is supportive; Portu...

Digi has reported a good set of results with EBITDAaL +3.9% ahead of our expectations thanks to Spain, where MNO benefits are coming through faster than expected. Digi gave some new disclosure on the Spanish business which we need to absorb.

AMAT 4FQ25: 2026 outlook uncertain; we maintain a cautious view. Neutr...

AMAT reported 4FQ25 yesterday.

Infineon 4FQ25: AI momentum; caution elsewhere. Buy, €50 TP.

Cisco 1FQ26: Potential upside from AI and campus refresh, but we are a...

Cisco reported 1FQ26 (3Q25) last night. Please click the link below for our take on the print.

Duplicate of Grab 3Q25: growth accelerating; guidance raised; in line ...

Dear all, Grab reported 3Q25 earnings. Please see the link for our full take on the print.

Rakuten (Reduce, ¥510, -51%) Q3 25 Quick Take: EC demand pulled forwa...

QRakuten reported decent numbers as revenue and EBITDA were led by a stronger FinTech and pull forward demand in Ecommerce. However, the company anticipates a weaker Q4 for its Internet segment.

OTE (Neutral, TP: €16, -1%) Q3 25: Solid results, and Romania-linked ...

OTE has reported a solid set of results and announced a c1% extraordinary dividend following the disposal of its Romanian business. Total SR trends are unchanged as are EBITDAaL trends, and guidance has been reiterated on an underlying basis.

Deutsche Telekom (Buy, €40, +46%) Three Key Points for Q3

In this note, we address DT’s Q3 results – and we focus on what we see as three key points of interest: 1) Given the new buyback, how does DT spend their €15bn of “surplus” capital? 2) What should we make of the new fibre messaging? 3) Where does DT go with its Nvidia relationship?

Singtel (Buy, S$6.2 from S$5.5, +30%) Upgrade price target to $6.2 on...

Singtel’s numbers were strong yesterday, but we now think Bharti is likely to outperform over the next 6-12 months, given how far Singtel has moved already. In a separate note out today, we are lifting our Bharti price target to INR 2,750 which itself drives an increase in the pt to S$6.2 for Singtel.

Bharti Airtel (Buy, INR 2,750 from INR 2,180, +32%) All cylinders fir...

Bharti has always performed well in anticipation of price increases, which we think are likely in H1 next year. The company also looks set to be seeing accelerating growth in both Home, and Enterprise, while Airtel Africa continues to knock it out of the park, and capex is constrained. What’s not to like? PT to 2,750.

IHS Towers (Buy, TP: $10, +42%) Q3 25: Another beat and raise; call fe...

IHS Towers has reported another strong set of results.

AMD Analyst Day 2025: our 5 key take-aways.

We attended the AMD analyst day in New York yesterday. Click on the link below for our 5 key take-aways from the event.

Amazon (Buy, $340 target) Implications of Unboxed ads announcements I...

Yesterday, AMZN hosted the Product Keynote at its annual Unboxed conference focused on the advertising business. Our Take: There were no blockbuster product announcements, but a well-rounded set of upgrades and new products that:

WBD Drama Continues: What are Known Knowns?

The last several weeks have featured tons of analysis about potential bids for WBD. We think it dangerous to have conviction about who will bid what amount for what assets; the potential bids have many known unknowns. One, however, can have conviction about certain principles underlying the government review of the eventual proposed acquisition. In this note we address what we think investors should understand about that review, with some key points at odds with common perceptions.

Infineon 4FQ25: AI momentum; caution elsewhere. Maintain Buy

Infineon reported 4FQ25 this morning.

Singtel (Buy, S$5.5, +17%) Q2 FY26 Quick Take: Sustained earnings mom...

With shares at all time high, Singtel delivered a strong performance as earnings momentum and capital recycling drove a 17% dividend growth. Underlying core EBITDA and EBIT were led by both Optus and NCS again while associates’ contribution from AIS and Bharti supported earnings.

Liberty Global (Neutral, $11.5, +5%) CFO call feedback – new M&A optio...

We attended a call yesterday with Charlie Bracken, Liberty Global CFO. This gave some new insights into some of their next potential M&A moves and how the spin (or really a private market sale) might play out.

SoftBank 2FQ25: divesting Nvidia to fund OpenAI investment. Maintain N...

SoftBank Group published its 2FQ25 results this morning. Please see the link below for our take on the print.

Telenor (Neutral, TP: NOK170, +6%) CMD: Decent medium-term FCF guidan...

We attended the Telenor CMD in Fornebu today. Overall, Telenor presented a pretty credible plan. Cost out is at the centre of the strategy, and it has a good track record on this, as do other Nordic Telcos

United Internet/ 1&1 3Q25: 1&1 solid; AdTech business evaporates

1&1 reported solid Q3 results, leaving full-year guidance broadly unchanged apart from some capex phasing. The company has completed the subscriber migration to its own network, although site rollout remains sluggish and no progress on low-band spectrum. At the broader United Internet group, results were weighed down by the AdTech segment, where EBITDA fell to zero following a shift in Google’s advertising model.