Reiterate BUY with target price unchanged at HK$15.02. We see improved valuation attractiveness compared to its telco peers, and expect higher cloud and AI service revenue growth with relatively lower base which will benefit from the expanded AI/Cloud investment in 2H25. Our current telco preference order changed to China Telecom, Unicom and China Mobile. 机构：中银国际 研究员：Michael MENG We attended China Unicom's NDR in Beijing and had a site visit to Tianjin Wuqing Intelligent Computing Centre. From the reverse r ...

Core Points - Verizon Communications Inc. declared a quarterly dividend of 69 cents per share, consistent with the previous quarter's rate, payable on February 2, 2026 [1] - CEO Dan Schulman emphasized the company's transformation to a leaner and faster organization focused on customer satisfaction and market leadership, highlighting a commitment to shareholder value through consistent dividend growth [2] - Verizon has approximately 4.2 billion shares outstanding and paid over $11.2 billion in cash dividends in 2024, reflecting strong cash flow generation [2] - The company generated revenues of $134.8 billion in 2024, serving millions of customers and nearly all Fortune 500 companies [3]

Transaction Overview - Vodacom Group intends to acquire a 15% stake in Safaricom PLC from the Government of Kenya (GOK) and a 5% stake from Vodafone Plc, increasing Vodacom's shareholding to 55%[19] - The price is KES 34 per share for 80 billion shares in Safaricom, totaling ZAR 36 billion, which will be debt-funded[11] - Deloitte has provided an independent fairness opinion on the transaction, which is expected to be completed in the first quarter of calendar year 2026[12] Safaricom Key Metrics - Safaricom has a population footprint of 190 million and 62 million customers[13] - The company boasts over 110 million daily M-Pesa transactions and a revenue CAGR of 10% from FY21-25[13] - Safaricom's EBITDA margin is 49.5%, with 57.3% in Kenya, and it has a net debt to EBITDA ratio of 0.38x[13] - Annualized EBITDA for the six months ended 30 September 2025 is $16 billion[13] Financial Performance & Impact - Safaricom has invested KES 18 billion over five years in education, health, environment, and economic empowerment, impacting over 13 million lives[15] - M-Pesa is the largest revenue component, with service revenue progression showing an 18% CAGR from FY21-25[15] - Vodacom's average cost for the 549% stake is KES 28/share, implying a FY26 EV/EBITDA multiple of 58x[19] Vodacom Group Impact - Vodacom will have 95 million financial services customers, extending its leading fintech position[25] - The combined Vodacom and Safaricom revenue is ZAR 2200 billion, with service revenue at ZAR 1871 billion and financial services revenue at ZAR 405 billion[25] - The illustrative EBITDA split for Vodacom plus Safaricom shows South Africa contributing approximately 45%, Egypt 31%, and International Business (IB) 19%[25]

Core Insights - BT has launched a sovereign data platform aimed at public-sector and business customers to store and process data domestically, addressing the rising demand for enhanced data sovereignty and security [1] Group 1 - The new platform is designed to meet the increasing needs for data storage and processing within the UK, reflecting a broader trend towards localized data management [1] - This initiative is part of BT's strategy to enhance its service offerings in response to growing concerns over data privacy and security among its clients [1]

Core Insights - Nokia has partnered with Bharti Airtel to provide third-party developers access to Airtel's network capabilities through Nokia's Network as Code platform, enabling new monetization opportunities and innovative use cases across various industries [2][3][6] Group 1: Partnership Details - The collaboration allows developers and enterprises to utilize Airtel's extensive pan-India network assets, enhancing the potential for automation and secure digital services [2][5] - Airtel's network APIs will be available on a subscription basis to a network of developers, system integrators, and enterprises, facilitating the development of advanced solutions leveraging AI, 5G, and edge computing [3][4] Group 2: Technology and Innovation - Network APIs are transforming the telecommunications landscape by enabling operators to virtualize network components and provide tailored data and features to developers, which is expected to unlock significant new revenue opportunities [4][6] - Nokia's Network as Code platform simplifies access to network functions for developers, bridging the gap between application innovation and network capabilities [6][7] Group 3: Company Backgrounds - Bharti Airtel is a leading global communications solutions provider with over 600 million customers across 15 countries, ranking among the top three mobile operators worldwide [9][10] - Nokia is recognized as a global leader in connectivity, leveraging its expertise in fixed, mobile, and transport networks to advance connectivity for the AI era [8]

Core Insights - Nokia has partnered with Bharti Airtel to provide third-party developers access to Airtel's network capabilities through Nokia's Network as Code platform, enabling new monetization opportunities and innovative use cases across various industries [2][3][6] Group 1: Partnership Details - The collaboration allows developers and enterprises to utilize Airtel's extensive pan-India network assets, enhancing the potential for automation and secure digital services [2][5] - Airtel's network APIs will be available on a subscription basis to a network of developers, system integrators, and enterprises, facilitating the development of advanced solutions leveraging AI, 5G, and edge computing [3][4] Group 2: Technology and Ecosystem - Network APIs are transforming the telecommunications landscape by enabling operators to virtualize network components and provide tailored data and features to developers, which is expected to unlock significant new revenue opportunities [4][6] - Nokia's Network as Code platform connects multiple API ecosystems, offering standardized access to network functions while ensuring robust multi-tier API security [6][7] Group 3: Company Backgrounds - Bharti Airtel is a leading global communications solutions provider with over 600 million customers across 15 countries, ranking among the top three mobile operators globally [9][10] - Nokia is recognized as a global leader in connectivity, leveraging innovations from Nokia Bell Labs to enhance network capabilities for the AI era [8]

These companies pay high-yielding and steadily rising dividends.Investing in dividend stocks is a great way to generate passive income. Many companies pay lucrative and steadily rising dividends. That allows investors to collect a growing stream of passive income. Chevron (CVX +1.31%), NNN REIT (NNN +0.59%), and Verizon (VZ +0.51%) are three top dividend stocks. Here's why they're great ones to buy this December to get a head start on boosting your passive income in 2026. A well-oiled, dividend-paying machi ...

Right now, ADP employment data just crossing and it is not a positive read on the US economy. It was expected to come in with 10,000 jobs being created. Right now we're seeing a decline of 32,000 jobs.Last week was revised upwards, so we saw 47,000 jobs created versus the 42,000 initially reported. This is the 83 employment change. And this doesn't always cohere with what we see from non-farm payrolls.However, in the absence of non-farm payrolls and in the consistency of this series, this has increasing wei ...

Group 1 - The article discusses the perspective of a dividend-focused investor considering which stocks to include in a portfolio if starting fresh today, particularly for retirees [1] - The investor emphasizes a preference for quality over quantity in selecting dividend-paying companies, aiming to build a portfolio that can supplement retirement income within the next 5-7 years [2] - The investor's goal is to assist lower and middle-class workers in building high-quality, dividend-paying investment portfolios to achieve financial independence [2] Group 2 - The article includes a disclosure of a beneficial long position in specific stocks such as ADC, VICI, and VZ, indicating a personal investment interest [3] - It is noted that the article is not providing financial advice and encourages readers to conduct their own due diligence [2][4] - The article highlights that past performance is not indicative of future results, and no specific investment recommendations are made [4]

Core Insights - The report by Viasat indicates a significant demand for direct-to-device satellite services, with 60% of global smartphone users willing to pay more for such services, highlighting a potential revenue opportunity for Mobile Network Operators (MNOs) [1][3][9] Market Demand and Consumer Willingness - A survey of over 12,000 mobile phone users across 12 markets revealed that more than a third of consumers experience loss of basic mobile services at least twice a month, indicating a gap in current service provision [2] - High-growth regions like India (89%) and Indonesia (82%) show a greater willingness to pay for satellite services compared to developed markets such as the U.S. (56%) and France (48%) [3] - On average, consumers are willing to spend 5-7% more on their monthly phone bill for satellite-enabled services, with India showing an average willingness to pay 9% more [4] Revenue Potential and Market Opportunities - Despite a lower Average Revenue Per User (ARPU) of $2.35 in India compared to the U.S.'s $45.57, the larger population and higher willingness to pay present substantial growth opportunities for MNOs in lower-ARPU markets [5] - Providers that do not offer satellite services risk losing market share, as 47% of respondents would switch operators for better outdoor smartphone services [6] Marketing and Awareness Challenges - Awareness of satellite-enabled features varies significantly by region, with 74% of consumers in India aware of these features, compared to much lower awareness in Japan [7] - In less economically developed markets, there is stronger enthusiasm for higher-data-rate applications like web browsing and video calls via satellite, while developed economies focus more on messaging and SOS services, creating a potential 'marketing gap' for MNOs [8] Industry Implications - The data suggests that MNOs must act quickly to leverage the growing interest in satellite services to secure customer loyalty and generate revenue, as this could be crucial for digital inclusion and economic growth [9]