Coverage

Company	Rating	Target	Analyst
1&1 1U1:GR	Neutral	EUR €14	Ben Rickett
Advanced Info Services ADVANC:TB	Buy	THB ฿300	Chris Hoare
Advanced Micro Devices AMD:US	Buy	USD $210	Pierre Ferragu
Adyen ADYEN:NA	Buy	EUR €1700	Soomit Datta
Airtel Africa AAF:LN	Buy	GBP £2	Chris Hoare
Alibaba Group BABA:US	Buy	USD $100	Jin Yoon
Alphabet GOOGL:US	Buy	USD $213	Dan Salmon
Altice France	Not Rated		Russell Waller
Altice International	Not Rated		Russell Waller
Altice USA ATUS:US	Neutral	USD $4	Jonathan Chaplin
Amazon AMZN:US	Buy	USD $234	Dan Salmon
America Movil AMX:US	Buy	USD $22	Soomit Datta
American Tower AMT:US	Neutral	USD $239	Jonathan Chaplin
Apple AAPL:US	Neutral	USD $225	Pierre Ferragu
Applied Materials AMAT:US	Neutral	USD $205	Pierre Ferragu
Arista Networks ANET:US	Buy	USD $120	Pierre Ferragu
Arm ARM:US	Neutral	USD $115	Pierre Ferragu
ASML ASML:NA	Neutral	EUR €690	Pierre Ferragu
AT&T T:US	Buy	USD $32.5	Jonathan Chaplin
Axian Telecom	Not Rated		Chris Hoare
Axiata AXIATA:MK	Buy	MYR RM4.5	Chris Hoare
Baidu BIDU:US	Buy	USD $110	Jin Yoon
Besi BESI:NA	Buy	EUR €160	Pierre Ferragu
Bharti Airtel BHARTI:IN	Buy	INR ₹2070	Chris Hoare
Bilibili Inc BILI:US	Buy	USD $25	Jin Yoon
Block, Inc. SQ:US	Neutral	USD $70	Soomit Datta
Broadcom AVGO:US	Buy	USD $245	Pierre Ferragu
BT Group BT/A:LN	Buy	GBP £2.50	James Ratzer
CelcomDigi 6947:MK	Buy	MYR RM6	Chris Hoare
Cellnex CLNX:SM	Neutral	EUR €31	James Ratzer
Charter CHTR:US	Buy	USD $488	Jonathan Chaplin
China Mobile 941:HK	Buy	HKD $115	Chris Hoare
China Telecom 728:HK	Buy	HKD $8.8	Chris Hoare
China Tower 788:HK	Buy	HKD $1.4	Chris Hoare
China Unicom 762:HK	Buy	HKD $13.2	Chris Hoare
Cisco CSCO:US	Buy	USD $64	Pierre Ferragu
Comcast CMCSA:US	Buy	USD $50	Jonathan Chaplin
Coupang Inc CPNG:US	Buy	USD $30	Jin Yoon
Crown Castle CCI:US	Neutral	USD $94	Jonathan Chaplin
CWC	Not Rated		Soomit Datta
Dada Nexus Ltd DADA:US	Neutral	USD $1.7	Jin Yoon
Deutsche Telekom DTE:GR	Buy	EUR €42	James Ratzer
Digi	Not Rated		Russell Waller
Digital Realty Trust DLR:US	Neutral	USD $155	Jonathan Chaplin
dLocal DLO:US	Buy	USD $14	Soomit Datta
EchoStar Corporation SATS:US	Buy	USD $95	Jonathan Chaplin
Eir	Not Rated		Russell Waller
Elisa ELISA:FH	Neutral	EUR €50	Russell Waller
Entel Chile ENTEL:CI	Neutral	CLP $3150	Soomit Datta
Eolo	Not Rated		James Ratzer
Equinix EQIX:US	Buy	USD $850	Jonathan Chaplin
Ericsson ERICB:SS	Neutral	SEK kr85	Pierre Ferragu
Eutelsat Communications SA ETL:FP	Neutral	EUR €3.2	Ben Rickett
Frontier FYBR:US	Buy	USD $64	Jonathan Chaplin
Goto Gojek Tokopedia PT GOTO:IJ	Neutral	IDR Rp70	Jin Yoon
Grab GRAB:US	Buy	USD $5.8	Pierre Ferragu
Helios Towers HTWS:LN	Buy	GBP £1.40	Chris Hoare
IHS Towers IHS:US:US	Buy	USD $6	Chris Hoare
Iliad ILD:FP	Not Rated		Russell Waller
Indosat ISAT:IJ	Buy	IDR Rp3125	Chris Hoare
Indus Towers INDUSTOW:IN	Sell	INR ₹280	Chris Hoare
Infineon IFX:GR	Buy	EUR €50	Pierre Ferragu
Intel INTC:US	Neutral	USD $26	Pierre Ferragu
Inwit INW:IM	Neutral	EUR €12.8	Ben Rickett
iQIYI IQ:US	Buy	USD $3.5	Jin Yoon
JD.com JD:US	Buy	USD $70	Jin Yoon
Kanzhun Limited BZ US:US	Buy	USD $20	Jin Yoon
Kaspi KSPI:US	Buy	USD $175	Soomit Datta
KDDI 9433:JP	Buy	JPY ¥6600	Chris Hoare
KE Holdings Inc BEKE:US	Buy	USD $26	Jin Yoon
KLA KLAC:US	Neutral	USD $680	Pierre Ferragu
KPN KPN:NA	Neutral	EUR €4.0	Russell Waller
KT Corp 030200:KS	Buy	KRW ₩85000	Chris Hoare
Kuaishou 1024:HK	Buy	HKD $60	Jin Yoon
Lam Research LRCX:US	Neutral	USD $76	Pierre Ferragu
LG Uplus 32640:KS	Buy	KRW ₩19000	Chris Hoare
Liberty Global LBTYA:US	Neutral	USD $16	James Ratzer
Liberty Puerto Rico	Not Rated		Soomit Datta
LiLAC LILA:US	Buy	USD $13	Soomit Datta
Liquid Intelligent Technologies	Not Rated		Chris Hoare
LY 4689:JP	Buy	JPY ¥585	Chris Hoare
MásOrange MAS:SM	Not Rated		Russell Waller
Match Group MTCH:US	Neutral	USD $34	Dan Salmon
Maxis MAXIS:MK	Buy	MYR RM5.6	Chris Hoare
Megacable MEGACPO:MM	Neutral	MXN $55	Soomit Datta
Meituan 3690:HK	Buy	HKD $200	Jin Yoon
MercadoLibre MELI:US	Neutral	USD $2000	Soomit Datta
Meta Platforms META:US	Buy	USD $665	Dan Salmon
Micron MU:US	Buy	USD $145	Pierre Ferragu
Microsoft MSFT:US	Buy	USD $550	Pierre Ferragu
Millicom TIGO:US	Buy	USD $34	Soomit Datta
Mitratel (PT Dayamitra Telekomunikasi) MTEL:IJ	Buy	IDR Rp1135	Chris Hoare
Mobileye MBLY:US	Buy	USD $26	Pierre Ferragu
MTN MTN:SJ	Buy	ZAR R130	Chris Hoare
NetEase Inc. NTES:US	Buy	USD $120	Jin Yoon
Netflix NFLX:US	Neutral	USD $665	Dan Salmon
New Oriental Education EDU:US	Neutral	USD $65	Jin Yoon
Nexi NEXI:IM	Neutral	EUR €7.2	Soomit Datta
Nokia NOKIA:FH	Buy	EUR €4.5	Pierre Ferragu
NOS NOS:PL	Neutral	EUR €3.7	Russell Waller
NTT 9432:JP	Buy	JPY ¥240	Chris Hoare
Nu Holdings NU:US	Neutral	USD $13	Soomit Datta
Nvidia NVDA:US	Buy	USD $173	Pierre Ferragu
Odido TMNL:NA	Not Rated		Russell Waller
Opsimex SITES1A-1:MM	Neutral	MXN $17	Soomit Datta
Orange ORA:FP	Buy	EUR €15.1	Russell Waller
Orange Belgium OBEL:BB	Neutral	EUR €10.3	Russell Waller
OTE HTO:GA	Buy	EUR €20.3	Russell Waller
PagSeguro PAGS:US	Buy	USD $15	Soomit Datta
Palo Alto Networks PANW:US	Buy	USD $225	Pierre Ferragu
PayPal PYPL:US	Buy	USD $100	Soomit Datta
PDD Holdings Inc PDD:US	Buy	USD $150	Jin Yoon
Pinterest PINS:US	Buy	USD $47	Dan Salmon
Proximus PROX:BB	Neutral	EUR €9.2	Russell Waller
Rakuten 4755:JP	Sell	JPY ¥400	Chris Hoare
Reddit RDDT:US	Neutral	USD $105	Dan Salmon
Reliance Industries Ltd RIL:IN	Buy	INR ₹1700	Chris Hoare
Safaricom SAFCOM:KN	Neutral	KES KSh17	Chris Hoare
Salt	Not Rated		Russell Waller
Sarana Menara (Protelindo) TOWR:IJ	Buy	IDR Rp1500	Chris Hoare
SBA Communications SBAC:US	Neutral	USD $210	Jonathan Chaplin
Sea Ltd SE:US	Buy	USD $130	Jin Yoon
Singtel ST:SP	Buy	SGD $4.6	Chris Hoare
Sitios Latinoamerica LASITE:MM	Neutral	MXN $6.6	Soomit Datta
SK Telecom 17670:KS	Buy	KRW ₩86000	Chris Hoare
Snap SNAP:US	Buy	USD $17	Dan Salmon
SoftBank 9984:JP	Buy	JPY ¥12500	Pierre Ferragu
Softbank KK (Corp) 9434:JP	Buy	JPY ¥270	Chris Hoare
Soitec SOI:FP	Buy	EUR €130	Pierre Ferragu
StoneCo STNE:US	Neutral	USD $15	Soomit Datta
Sunrise SUNN:SW	Neutral	CHF ₣43	Russell Waller
Swisscom SCMN:SW	Neutral	CHF ₣636	Russell Waller
T-Mobile USA TMUS:US	Buy	USD $271	Jonathan Chaplin
TalkTalk TALK:LN	Not Rated		James Ratzer
Tele Columbus TC1:GR	Not Rated		James Ratzer
Tele2 TEL2A:SS	Neutral	SEK kr115	Russell Waller
Telecom Italia TIT:IM	Buy	EUR €0.35	James Ratzer
Telefonica TEF:SM	Neutral	EUR €5.2	James Ratzer
Telenet	Not Rated		James Ratzer
Telenor TEL:NO	Buy	NOK kr186	Russell Waller
Televisa TV:US	Neutral	USD $3.1	Soomit Datta
Telia TELIA:SS	Neutral	SEK kr39	Russell Waller
Telkom Indonesia TLKM:IJ	Buy	IDR Rp4500	Chris Hoare
Temple & Webster Group Ltd TPW:AU	Buy	AUD $13	Jin Yoon
Tencent Holdings 700:HK	Buy	HKD $530	Jin Yoon
Tencent Music Entertainment Group TME:US	Buy	USD $14	Jin Yoon
Tesla TSLA:US	Neutral	USD $240	Pierre Ferragu
The Trade Desk TTD:US	Neutral	USD $115	Dan Salmon
TIM Participacoes TIMS3:BZ	Neutral	BRL $19	Soomit Datta
Tokyo Electron 8035:JP	Neutral	JPY ¥24300	Pierre Ferragu
Totalplay	Not Rated		Soomit Datta
Tower Bersama TBIG:IJ	Neutral	IDR Rp1700	Chris Hoare
Trip.com TCOM:US	Buy	USD $75	Jin Yoon
True Corporation TRUE:TB	Buy	THB ฿18	Chris Hoare
TSMC 2330:TT	Buy	TWD $1430	Pierre Ferragu
Uber UBER:US	Buy	USD $100	Pierre Ferragu
United Internet UTDI:GR	Neutral	EUR €22	Ben Rickett
VEON VEON:US	Buy	USD $65	Chris Hoare
Verizon Communications VZ:US	Neutral	USD $45	Jonathan Chaplin
Vipshop VIPS:US	Neutral	USD $11	Jin Yoon
Virgin Media-O2	Not Rated		James Ratzer
Vivo VIVT3:BZ	Neutral	BRL $57	Soomit Datta
Vodacom VOD:SJ	Buy	ZAR R150	Chris Hoare
Vodafone VOD:LN	Buy	GBP £1.50	James Ratzer
Vodafone Idea IDEA:IN	Sell	INR ₹5	Chris Hoare
Vodafone Ziggo	Not Rated		James Ratzer
Weibo Corp WB:US	Buy	USD $10	Jin Yoon
Wise WISE:LN	Buy	GBP £9	Soomit Datta
Wolfspeed WOLF:US	Neutral	USD $10	Pierre Ferragu
WOM	Not Rated		Soomit Datta
Worldline WLN:AV	Neutral	EUR €8.5	Soomit Datta
XL Axiata EXCL:IJ	Buy	IDR Rp5000	Chris Hoare