reports
- Jin Yoon
BEKE 3Q25 Results: Housing Market Could Remain Challenging into FY26
What’s new: KE Holdings’ reported 3Q25 revs that were in line with consensus and our expectations. Visibility could remain limited in 4Q25 and into FY26, and any signs of recovery would be dependent on future policy rollouts. We lower our PT from US$26 to US$20 on lowered outlook. Our updated PT of US$20 implies 22.3x FY26E P/E. We maintain our BUY rating. Analysts: Jin Yoon
- Ben Rickett
- Vikash Harlalka
ATUS: Lowering subscriber estimates following 3Q results
We published a comprehensive note last week where we discussed whether Optimum can achieve their 2025 EBITDA guidance. We laid out all the revenue and cost items that can help Optimum achieve close to double digit EBITDA growth in 4Q. In this note, we cover changes to our estimates, and comparisons with guidance and consensus. We also look at Optimum’s relative valuation in comparison with peers, and what we believe is needed to justify Optimum’s current valuation.
- Pierre FerraguÊ
BMW BAYERISCHE MOTOREN WERKE AKTIENGESELLSCHAFT
QRVO QORVO INC.
LITE LUMENTUM HOLDINGS INC.
ANET ARISTA NETWORKS INC.
QCOM QUALCOMM INC
POWI POWER INTEGRATIONS INC.
ON ON SEMICONDUCTOR CORPORATION
MKSI MKS INSTRUMENTS INC.
MCHP MICROCHIP TECHNOLOGY INCORPORATED
FTNT FORTINET INC.
COHR COHERENT INC.
CDW CDW CORP.
AOSL ALPHA & OMEGA SEMICONDUCTOR
SWKS SKYWORKS SOLUTIONS INC.
3661 ALCHIP TECHNOLOGIES INC.
6963 ROHM CO. LTD.
6201 TOYOTA INDUSTRIES CORP.
LSCC LATTICE SEMICONDUCTOR CORPORATION
AMD ADVANCED MICRO DEVICES INC.
LYFT LYFT
UBER UBER TECHNOLOGIES INC.
FSLY FASTLY
SMCI SUPER MICRO COMPUTER
DASH INC.
ABNB DOORDASH
AEVA AIRBNB INC. CLASS A
RIVN AEVA INC
GRAB RIVIAN AUTOMOTIVE INC
688082 GRAB HLDGS LTD
IONQ ONTO INNOVATION INC.
ARM ACM RESEARCH INC(SHANGHAI)
IONQ INC
ARM HOLDINGS PLC
- Chris Hoare
- Dan Salmon
Pinterest (PINS, Buy, $45 target) Agentic commerce fears are way over...
Post print, PINS forged a new trough multiple on risk of a prolonged, tariff-related UCAN slowdown and fears of disintermediation by AI agents. The former is understandable; the latter is not and we walk through the reasons why in the report
- Chris Hoare
- Chris Hoare
VEON (Buy, $100, +130%) [Sponsored Research] Q3 25 Quick Take: Strong...
VEON printed a strong EBITDA beat, ahead of us by 10% on account of strong cost outs in Pakistan, continued momentum in Kyivstar partly supported by its Uklon acquisition and a tax relief in Kazakhstan. As a result, EBITDA guidance was upgraded again and in USD terms, it is aligned with our forecasts.
- Chris Hoare
- Chris Hoare
- Dominic Rose
- Naresh Chouhan
- Russell Waller
Proximus (Neutral, TP: €11.8, +62%) Q3 25: Domestic resilience, but G...
Proximus has reported a mixed set of results and has updated guidance accordingly: Global guidance has been cut again, and 2026 Global outlook has been cut heavily. For this year, the Global weakness has been absorbed by domestic such that Group outlook is unchanged.
- Chris Hoare
- Chris Hoare
KT Corp (Buy, KRW 105,000, +117%) Q3 25 Quick Take: Good progress mas...
KT printed a decent set of results; however, we think this was overshadowed by the search for its next CEO and news of the hacking incidents which have plagued the industry. Although the size of breach is on a much smaller scale compared to SK Telecom, ongoing investigations remain an overhang.
- Chris Hoare
- David Lopes
- James Ratzer
- Vikash Harlalka
ATUS: Can Altice achieve their EBITDA guidance?
Heading into 3Q, we were worried that Altice might lower its full year EBITDA guidance. This didn’t happen. Management sounded confident that they would be able to meet their original guidance. Investors remain skeptical though as 4Q25 will be the first quarter since 3Q21 where Altice is trying to report positive EBITDA growth. Making things more challenging, 4Q implied growth is almost double digits. Our view is investor skepticism is well-founded.
- David Barden
SATS 3Q25 Quick Take: Key topics for the call will be taxes, towers, a...
Echostar’s subscriber results were better than expected but financial results were weaker. They announced the sale of their unpaired AWS-3 spectrum to SpaceX for $2.6BN in stock. We did not attach any material value to this spectrum, so the sale represents windfall upside for the stock. Investors are asking if we believe the impairment charge taken this quarter, partially allocated to spectrum, following the decision to shutter the facilities-based wireless business represents a reduction in the...
- Ben Rickett
SES 3Q25: Worse then feared. Downgrade senior notes to Underweight
SES has reported weak Q3 results and weaker Q4 guidance, with Adj. EBITDA for the combined business (incl. Intelsat) declining at c.−20% YoY. We’ll have to wait until February for updated mid-term guidance, meanwhile the outstanding guidance looks increasingly farcical. Most concerning though is net debt, which came in +€0.4bn higher than we had expected and will likely see leverage at 5x (on an all-in basis) this year, or 4x including potential C-band proceeds. Not for the first time this year,...
Unfortunately, this report is not available for the investor type or country you selected.
Report is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.