US President Donald Trump plans to dine with CEOs including Salesforce’s Marc Benioff, Toshiba’s Taro Shimada and Rakuten’s Hiroshi Mikitani as he looks to tout Japanese investment in the US https://t.co/6kdWQaZ0mY ...

Summary of Allot Ltd. Conference Call (October 21, 2025) Company Overview - **Company Name**: Allot Ltd. - **Industry**: Network Intelligence and Cybersecurity - **Established**: Over two decades ago - **Focus**: Managing Internet traffic and providing network intelligence solutions [1] Core Business and Strategy - **Current Business Model**: Transitioning from a cost center to a profit center by leveraging relationships with communication service providers (CSPs) [4] - **Main Product Lines**: - **Network Intelligence**: 75% of business, includes cybersecurity engines and network management solutions [6] - **Cybersecurity-as-a-Service (SECaaS)**: 25% of business, targeting lower market segments and small businesses [6][5] - **Growth Engine**: SECaaS reported 73% year-over-year growth in Q2, aiming for $30 million Annual Recurring Revenue (ARR) from this line [5] Market Dynamics - **Target Market**: Focus on small businesses and consumers who lack adequate cybersecurity solutions [3] - **Competitive Landscape**: Major competitors include Palo Alto, Wiz, Fortinet, and Check Point, primarily targeting large enterprises [2] - **Market Opportunity**: Identified a significant untapped market in lower segments, with potential for high attach rates (15% to 50%) among carrier customers [16] Financial Performance - **Revenue Guidance**: Expected to reach $100 million this year, with an 8% growth forecast [6][11] - **Recurring Revenue**: Approximately 60% of business is recurring, contributing to stable cash flow [7] - **Profitability**: Achieved break-even last year, now generating positive cash flow and non-GAAP operating profit [8] Recent Developments - **New Partnerships**: Engaging with around two dozen carriers globally, expanding market reach [18] - **Recent Wins**: Secured multimillion-dollar contracts, including a significant networking deal announced in July [22] - **Innovative Solutions**: Launched new cybersecurity engine, OffNetSecure, to enhance service offerings [20] Future Outlook - **Growth Projections**: Anticipating 60% growth in SECaaS, contributing to overall revenue increase [17] - **Sales Cycle**: Typically 36 to 48 months to achieve significant penetration in new carrier partnerships [18] - **Investment in Innovation**: Continual development of new products and capabilities to stay ahead in the market [20] Additional Insights - **Consumer Market Strategy**: Currently leveraging CSPs for market access rather than direct-to-consumer sales, with potential exploration in the future [27] - **Bundling Opportunities**: CSPs can bundle Allot's services with their offerings, enhancing sales potential [29] Conclusion Allot Ltd. is strategically positioned to capitalize on the growing demand for cybersecurity solutions in the lower market segments, leveraging its unique relationships with CSPs and innovative technology to drive significant growth and profitability in the coming years [4][5][11]

Rakuten shares rose as much as 6.7% on Wednesday, after Reuters reported the Japanese e-commerce firm is considering listing its credit card business in the US https://t.co/j1ySNBPoro ...

Core Viewpoint - Rakuten, a major player in the Japanese e-commerce and finance sectors, is considering an initial public offering (IPO) for its credit card business in the United States, as reported by sources familiar with the situation [1] Company Summary - Rakuten is exploring the possibility of launching an IPO for its credit card division, indicating a strategic move to expand its financial services footprint in the U.S. market [1]

Core Insights - AST SpaceMobile's stock (NASDAQ:ASTS) surged nearly 32% last week and has increased almost 4x year-to-date, driven by a significant commercial partnership with Verizon to provide space-based cellular coverage in the U.S. starting in 2026 [1] - The company is developing a space-based cellular broadband network that connects directly to standard smartphones, differentiating itself from competitors like SpaceX's Starlink [3][4] Company Overview - AST SpaceMobile aims to establish broadband services via satellites, operating like space-based cell towers that integrate with existing mobile operators' networks [3] - The company plans to launch 45 to 60 satellites by 2026, with launches occurring every one to two months on average throughout 2025 and 2026 [4] Value Proposition - Collaborating with AST allows telecom providers to extend 4G and 5G coverage into underserved areas, enhancing customer satisfaction and creating new revenue opportunities without incurring high infrastructure costs [5] - AST generates revenue by charging telecom providers for access to its satellite capacity, which could lead to a recurring, high-margin revenue stream [6][7] Financial Performance - ASTS has a market capitalization of approximately $31 billion, trading at over 500x the consensus revenue projection for 2025 of $60 million, indicating a steep valuation despite rapid revenue growth of 249% year-over-year to $4.9 million [8] - The company reported operating losses of $260 million over the last 12 months, with a robust balance sheet showing $924 million in cash and cash equivalents [9]

Report Industry Investment Rating - There is no information provided regarding the report industry investment rating in the given content. Core Viewpoints - The fair initial price talk (IPT) for the new VEDLN 32s is 9.5% [3][6]. - The new USD bonds issuance by VEDLN will notably lower its funding cost and relieve its near - term refinancing pressure [6][8]. - Maintain a buy rating on VEDLN 9.475 07/24/30 due to its better risk - adjusted profile and higher trading liquidity [9]. Summary by Relevant Catalogs Trading Desk Comments - On recent new issues PINGIN 35/CKHH 30/MITSET 30, there were balanced two - way flows. MEITUA widened 1bp amid two - way flows [2]. - There was better buying on Chinese/Japanese/Middle Eastern financial FRNs because of cash - parking demand, and the rest of Asia IG space was unchanged to a touch tighter [2]. - Some PB sold HYSAN Perps amid the latest NWDEVL headlines, with HYSAN 4.85 and 7.2 Perps unchanged to 0.1pt lower, and NWDEVL complex 0.6pt lower to 0.3pt higher [2]. - There was demand on MTRC Perps from AMs due to firmer rates, with MTRC 5 5/8 and 4 7/8 Perps 0.1 - 0.2pt higher [2]. - LASUDE 5 07/28/26 was up by 0.9pt, and Lai Sun Development is close to signing HKD3.5bn secured five - year loan refinancing facility due Oct'25 [2]. - EHICAR 26 - 27s were unchanged to 0.4pt higher, and the two bonds have moved up 2.6 - 3.5pts since last week. EHICAR released moderately better 1H25 results with yoy improvement in profit margin, lower net debts and consistent rebound in utilization rate [2]. - In Chinese properties, VNKRLE 27 - 29s declined by 1.1pts, GRNLGR 29s were 0.9 - 1pt lower, and FUTLAN 28 was down by 0.2pt [2]. - There was better selling on Japanese insurance hybrids and Yankee AT1s in the morning from institutions, and moderately better buying from PBs during the London session [2]. - In Southeast Asia, there were some month - end rebalancing flows on Indian CBKIN/EXIMBK/HDFCB/SBIIN curve. VEDLN 28 - 33s were unchanged to 0.3pt lower [2]. - SMCGL Perps were unchanged to 0.2pt lower, and PCORPM 5.95 and 7.35 Perps were up by 0.1pt. There was little traction in the LGFV space [2]. Morning Update - The new DAESEC 4.375 10/14/28 was largely unchanged from RO at 99.6. AMs bought FRNs to park cash ahead of the Golden Week [3]. - CKINF 4.85 Perp was down 0.7pt. QDJZWD 6.95 03/31/28 and NUFAU 5 01/27/30 were 0.4 - 0.5pt higher [3]. - VEDLN 28 - 33s were largely unchanged this morning, and the IPT of 9.5% for the new VEDLN 32s is fair [3]. - Rakuten plans to issue USD PerpNC5 in mid - Oct'25 to refinance RAKUTN 5.125 Perp first callable in Apr'26. RAKUTNs were unchanged this morning [3]. Top Performers and Underperformers - Top Performers: LASUDE 5 07/28/26 up 0.9pt, JAPTOB 3.3 09/14/51 up 0.7pt, CBAAU 3.9 07/12/47 up 0.7pt, XIAOMI 4.1 07/14/51 up 0.6pt, BABA 5 5/8 11/26/54 up 0.6pt [4]. - Top Underperformers: VLLPM 9 3/8 07/29/29 down 1.3pt, VNKRLE 3.975 11/09/27 down 1.1pt, CCAMCL 4 3/4 12/04/37 down 1.0pt, GRNLGR 6 1/8 04/22/29 down 1.0pt, GRNLGR 6 3/4 09/26/29 down 0.9pt [4]. Macro News Recap - On Monday, S&P (+0.26%), Dow (+0.15%) and Nasdaq (+0.48%) were higher, and UST yield was lower. 2/5/10/30 yield was at 3.63%/3.74%/4.15%/4.71% [5]. Desk Analyst Comments on VEDLN - Vedanta Resources (VRL) proposes to issue 7NC2 144A/Reg S USD bonds (B2/ - /B+) to extend debt maturity and lower funding costs. Proceeds will prepay USD550mn due - Apr'26 private credit facility (PCF) in Oct'25, with excess for debt repayment and general corporate purposes [6]. - The new VEDLN 32s will be issued by Vedanta Resources Finance II Plc and guaranteed by VRL, Twin Star, Welter Trading, and a newly added Vedanta Holdings Mauritius II which holds 12.6% of Vedanta Limited (VEDL). The subsidiary - guarantor group's stake in VEDL increases to 53.6% from 40.99%, and the incurrence debt cap for subsidiary guarantors increases to USD5.2bn (excluding inter - company loans) from USD4.0bn. The new bonds will rank pari passu with existing USD bonds [7]. - Assuming new issue of USD500mn, draw down of USD250mn syndicate facility and prepayment of USD550mn PCF, VEDLN's near - term refinancing pressure will be largely relieved, with no major maturity in the remaining of FY26, cUSD300mn in FY27 and cUSD450mn in FY28. The increase in gross debts at its standalone level to USD4.8bn on a pro - forma basis from USD4.6bn in Sep'25 is manageable, considering LTM dividend income of USD1.3bn and brand fees of USD386mn in FY25 [8]. Offshore Asia New Issues Priced - International Finance Corp issued 20mn USD 10 - yr bonds with a 4.56% coupon at 4.56% priced, unrated [13]. - Mirae Asset Securities issued 300mn USD 3 - yr bonds with a 4.375% coupon at T + 88, rated Baa2/ - /BBB [13]. Pipeline - Rentenbank plans to issue 5 - yr USD bonds with pricing of SOFR MS+41, rated - /AAA/AAA [14]. - Vedanta Resources plans to issue 500mn USD 7NC2 bonds at 9.5%, rated B2/ - /B+ [14]. News and Market Color - There were 31 credit bonds issued yesterday onshore with an amount of RMB27bn. Month - to - date, 2,238 credit bonds were issued with a total amount of RMB1,998bn raised, representing a 30.5% yoy increase [15]. - China is setting up a dedicated department for government debt management and prioritizing deleveraging [15]. - GLP has identified sufficient sources to handle its cUSD2.5bn debt due over the next 12 months [15]. - Indonesia Asahan Aluminium (Inalum) delayed its IPO plan [15]. - JD.com supply chain arm plans to raise USD500mn from Hong Kong IPO [15]. - Medco Energi cancelled its share buyback program [15]. - Nissan Motor is in discussions to sell its 75% stake in Japanese soccer team for cost - cutting [15]. - POSCO International will invest KRW1.6tn (cUSD1.2bn) in new LNG power plants [15]. - Fitch revised the outlook of PTT Public Company and PTT Exploration and Production Public to negative from stable and affirmed BBB+ rating after Thailand's sovereign rating outlook revision [15]. - Italy cleared Sinochem of breaching government's golden power rules regarding Pirelli [22]. - TSMC denied reports of talks with Intel [22]. - Moody's affirmed Tata Motors' Ba1 corporate family rating and changed its outlook to negative from positive [22]. - Vedanta plans to deleverage by calling its outstanding bonds as early as Jun'26 [22].

Summary of Key Points from the Conference Call Industry Overview - **Industry**: Asia Credit Market - **Key Focus**: Implications of Federal Reserve rate cuts on Asia credit and India's increasing reliance on Russian oil imports Core Insights and Arguments 1. **Fed Rate Cut Implications**: - Market participants anticipate a Fed rate cut soon, which has improved risk sentiment and led to credit spreads tightening to all-time lows. Historically, after the first cut, an inverse yield/spread relationship develops, but spread decompression is muted without a recession [3][23][24] - Current average high-grade spread is at 63 basis points, marking an all-time tight, while high yield is at decade tights, approximately 48 basis points from the all-time tights reached in April 2010 [24] 2. **Market Activity and Expectations**: - Expectation for spreads to trade sideways-to-wider as primary market activity resumes, with a recommendation to turn neutral and add risk through new deals. In the secondary market, credit selection and idiosyncratic opportunities in high yield and BBBs are favored [2][8][27] - September typically sees elevated new issuance volumes, which may shift bond market technicals [10] 3. **India's Oil Imports from Russia**: - India's imports of Russian oil have surged from less than 1% of total crude imports before 2022 to nearly 35-40% by mid-2025, driven by attractive discounts [48] - The US has imposed a 25% 'secondary' tariff on Indian imports, raising total tariffs to 50%, which could impact India's export competitiveness [4][48][60] - Despite the tariffs, India's reliance on Russian oil has provided significant savings on its oil import bill, estimated at around USD 7-10 billion in 2024 [48] 4. **Performance of Specific Credit Segments**: - In the past two weeks, Asia high-grade spreads have compressed by approximately 6.6 basis points, with notable performance from wider-spread names in the BBB segment [9] - High yield credits have seen spreads tighten by 24 basis points, with BB-rated credits outperforming B-rated credits [9] 5. **Economic and Market Outlook**: - The growth and economic backdrop will significantly influence credit performance. If no global recession occurs in the next year, spread decompression potential will remain muted [28][45] - The document emphasizes the importance of credit selection and idiosyncratic opportunities rather than aggressively selling risk, despite tight absolute spreads [29][45] Other Important but Potentially Overlooked Content - **Technical Market Dynamics**: The document notes that HKD liquidity tightness remains a focus, which could affect issuance in USD format from Hong Kong/Macau issuers [10] - **Sector-Specific Performance**: The performance of bonds from Macau Gaming issuers has remained flat, likely due to new supply from WYNMAC [9] - **Refinery Capabilities**: Not all Indian refineries can process heavier grade Russian crude, which limits the proportion of Russian crude used domestically and helps mitigate excessive reliance on a single supplier [68] This summary encapsulates the critical insights and data points from the conference call, providing a comprehensive overview of the Asia credit market and the implications of geopolitical developments on India's oil imports.

Company Overview - AST SpaceMobile is constructing a space-based cellular broadband network that connects directly to standard smartphones without requiring additional hardware, targeting both commercial and government applications [2] - The company plans to launch 45 to 60 satellites into orbit by 2026, with orbital launches expected every one to two months throughout 2025 and 2026 [2] - Currently, AST operates six satellites and aims to introduce nationwide service in the U.S. by late 2025, followed by expansion into the U.K., Japan, and Canada in early 2026 [2] Competitive Landscape - AST SpaceMobile's strategy differs from competitors like SpaceX's Starlink, which targets consumers directly by selling hardware and internet subscriptions [3] - AST's satellites function as space-based cellular towers, integrating with existing mobile operators' networks, allowing users to access connectivity using regular smartphones and existing SIM cards [3] Value Proposition - Collaborating with AST allows carriers to extend 4G and 5G coverage into underserved regions, enhancing customer satisfaction and opening new revenue channels without the costs of rural infrastructure [4] - AST generates revenue by charging carriers for access to its satellite capacity, which could provide a recurring, high-margin revenue model [4] Financial Performance - AST SpaceMobile has a market capitalization of approximately $16 billion, trading at around 260 times the consensus 2025 revenue estimates of $60 million [5] - Revenues increased by 249% over the last year to $4.9 million, although operating losses were substantial at $260 million over the past 12 months [5] - The company has a robust balance sheet with $924 million in cash and cash equivalents and a debt-to-equity ratio of 4.3%, providing financial flexibility for its satellite deployment strategy [5][6]

Core Insights - Rezolve Ai has opened its Asia Pacific regional headquarters in Singapore, supported by a multi-million-dollar investment from the Singapore Government, enhancing its strategic position in Southeast Asia and its ability to serve rapidly growing digital markets [1][3] - The company raised $50 million in an equity round led by Citadel, achieving over $70 million in Annual Recurring Revenue (ARR) in the first half of 2025, marking it as one of the fastest-growing AI companies globally [2][3] - The Singapore hub is crucial for tapping into the $30 trillion global commerce market, with Asia Pacific projected to contribute over 60% of global retail growth by 2030 [3][4] Strategic Access and Growth - The Singapore office will support major enterprise clients such as Rakuten and Myntra, enabling a "follow-the-sun" operations model for 24/7 customer service [4][5] - Rezolve Ai now operates from eight global innovation hubs, positioning itself as a global AI platform with extensive retail domain expertise [5][6] - The company is backed by top-tier partners including Microsoft and Google, and serves enterprise customers in over 25 global markets, positioning it to lead AI transformation in global commerce [6][9] Market Opportunities - The partnership with the Singapore Government provides access to leading regional enterprises and AI talent through collaborations with institutions like the National University of Singapore [9] - The company will benefit from government-endorsed promotion as a flagship AI company and participation in state-led marketing initiatives [9]

Financial Data and Key Metrics Changes - In Q2 2025, revenue increased by 19.3% year over year, reaching a record of $17,700,000, supported by demand for the Intelligent Service Assurance platform [6][10][24] - Operating income rose by more than 50% compared to Q2 last year, with non-GAAP operating margin expanding to nearly 20% of revenue [10][24] - Non-GAAP net income was $4,200,000, or $0.25 per diluted share, compared to $3,100,000, or $0.20 per diluted share last year [29] - The company ended Q2 with over $100,000,000 in cash, the highest in its history, and remains debt-free [10][29] Business Line Data and Key Metrics Changes - The company reported solid profitability and cash generation, with positive cash flow of $2,600,000 during the quarter [10][29] - Non-GAAP gross margin for Q2 2025 was 76.2%, reflecting effective expense management while investing in growth [24] Market Data and Key Metrics Changes - The telecom industry is experiencing transformation driven by the convergence of 5G and AI, with significant challenges for operators due to data volume growth and IoT adoption [17][18] - In Q1 alone, operators added 145,000,000 new 5G subscriptions globally, bringing the total to 2,400,000,000 [19] Company Strategy and Development Direction - The company is focused on becoming a key vendor in the intelligent, agentic AI-powered ecosystem, addressing operators' pain points and future market drivers [9][11] - Strategic partnerships, including collaboration with NVIDIA, are expected to drive incremental value and expand the addressable market [12][21] - The company aims to deliver advanced service assurance frameworks to support operators' AI-driven customer-centric vision [11][21] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving full-year revenue growth guidance of 15% to 18%, supported by healthy customer engagement and market shifts towards intelligent, automated assurance [21][22] - The company is actively engaged in field trials with Tier 1 operators in key markets such as North America, Japan, and EMEA [13][19] Other Important Information - The company did not receive a grant from the Israel Innovation Authority this quarter, compared to $180,000 received in the same quarter last year, but anticipates securing grants in Q3 and Q4 [27] - Non-GAAP operating income for Q2 was $3,400,000, representing 19.5% of quarterly revenues, an increase of $1,200,000 from the previous year [28] Q&A Session Summary Question: How is the partnership with service management system vendors like ServiceNow and AWS going? - The partnership is progressing well, with co-development and interconnecting platforms already in place [34] Question: How should we think about the capital allocation with $100,000,000 in cash? - The company is considering potential M&A as a priority and is progressing with a few candidates [35] Question: What percentage of the pipeline is coming from existing customer expansion versus new logo wins? - Approximately two-thirds of growth is expected from existing customers and one-third from new customers [39] Question: What percentage of current revenue is coming from 5G versus legacy network revenue? - A significant portion of LTE networks is still operational, and while 5G is growing, it will take time for full transformation [40] Question: Any updates on the RFP process for new Tier 1 opportunities? - The company is participating in several RFPs globally and expects decisions on a few within the next half of the year [41] Question: Is there an opportunity in the direct-to-device satellite space? - There are active opportunities, but clarity on capital allocation from certain customers is still pending [43] Question: Any changes in the competitive environment relative to peers? - The competitive landscape remains stable, with competitors shifting focus while the company continues to invest in innovation [44]