Research

US Communications M&A in 2025 - Call Slides

NSR Policy: Week One of Trump 2; What to Expect for BEAD, Spectrum, Immigration and Other Topics

JD: 4Q24 Preview - Upside in 4Q Estimates Partly Driven by the Trade-in Program

Memory in 2025: Can Chinese DRAM derail our thesis?

European Tariff Tracker Jan25

Revealing the spectrum sale details from Vod-Three to O2 (potentially)

Altice International: On a top down basis the current mkt value of debt can be supported

Reports that Axiata is looking to sell LinkNet suggests restructuring is becoming more significant, and could spark a meaningful share price recovery.

Tencent: Maintaining 4Q24 Estimates

Reliance Industries Ltd – Q3 FY25 Quick Take: Turnaround in Retail and O2C; FWA taking off

NBS: Online Retail Sales Growth Recovery in Dec

TCOM: 4Q24 Preview - Estimates Remain Intact

TSMC 4Q24: buoyant outlook with room for upside. Top pick for 2025. Buy, NT$ 1,450 TP

Semi cycle update 4Q24: Recovery weaker but still on for 2025

TSMC 4Q24: buoyant outlook with room for upside. Top pick for 2025. Buy, NT$ 1,450 TP

SHOP: Top Initiation Questions - FCF margin guidance, Enterprise GMV -> Revenue, Attach Rate upside

WISE – Q3 25 - Small miss; adds/cards light. Guide down on FX

IQ: 4Q24 Preview - Topline Remains Intact

Millicom (Buy) – Impressive new shareholder remuneration policy

BT: Morgan Stanley exit derivative - what does this mean for the Mittal holding?