Press releaseBrussels, 24 July 2025 Regulated information – Inside information Orange Belgium announces a new Management Services Agreement with Orange SA Orange Belgium’s previous Strategic Partnership Agreement (“SPA”) with Orange SA expired on December 31, 2024. Under such previous SPA, a fixed management fee of EUR 5 million was charged by Orange SA to Orange Belgium in return for (1) access to the Orange Group sourcing programme, (2) specific know-how available within Orange SA and (3) access to Orange ...

AT&T reported second-quarter results that mostly exceeded Wall Street estimates. For the day's winners and losers get the Bloomberg Stock Movers report. https://t.co/otTIqMNkbr ...

AT&T reports second-quarter results that mostly exceeded Wall Street estimates https://t.co/UFNwPFa6Z7 ...

Core Viewpoint - The U.S. markets have experienced volatility, but dividend-paying stocks can provide substantial passive income even during market fluctuations [1] Group 1: Verizon Communications - Verizon offers a sustainable 6.5% dividend yield, translating to $2.71 annually per share, and has raised its dividend for 18 consecutive years [5][6] - The company reported its highest-ever quarterly adjusted EBITDA of $12.6 billion in Q1 2025, with free cash flow of $3.6 billion and a dividend payout ratio of 64.2%, indicating strong earnings to cover dividends [6] - Verizon's convergence strategy has reduced customer churn by 40% to 50%, leading to predictable cash flows [7] - In Q1, Verizon added 339,000 broadband customers and 308,000 fixed wireless customers, aiming for 100 million premises with fiber and fixed wireless access [8] - The adjacent services business is expected to reach a $2 billion annual run rate by the end of 2025, with management guiding for 2% to 3.5% adjusted EBITDA growth [9] - Verizon is positioned as a smart buy for investors seeking passive income from high-quality companies [10] Group 2: AT&T - AT&T offers a solid 4.1% yield, translating to $1.11 per share annually, with a 68.1% dividend payout ratio, allowing for potential dividend increases [11] - The company reduced its net debt by $32 billion since 2020, ending Q1 2025 with a net debt-to-adjusted EBITDA ratio of 2.63 [12] - AT&T's revenues increased by 2% to $30.6 billion in Q1, with net income rising 23.6% year over year to $4.7 billion [12] - The company operates the largest fiber network in the U.S., expecting to reach 30 million fiber locations by mid-2025 and 50 million by 2029, driving strong customer growth [13] - Bundling services has created stickier customer relationships, making AT&T an appealing pick for income investors seeking defensive dividend growth [14] Group 3: AbbVie - AbbVie offers a 3.52% yield with an annual payout of $6.56 per share and has a history of increasing dividends for 53 consecutive years [15] - Despite losing patent protection for Humira, AbbVie has diversified its portfolio and reduced reliance on the drug, with next-generation drugs generating $5.1 billion, a 65% year-over-year increase [17] - The company is focusing on strategic investments, including a $350 million obesity partnership and a $2.1 billion acquisition of Capstan Therapeutics, positioning itself in high-growth areas [18] - Recent IPR&D and milestone expenses have negatively impacted second-quarter earnings guidance, but these deals may drive long-term growth [19]

About Orange Belgium Orange Belgium is one of the major telecommunication operators on the Belgian market, with revenues of 1993.7 million euros, 3.5 million mobile customers and more than 1 million fixed broadband customers on 31 December 2024, and in Luxembourg, via its subsidiary Orange Communications Luxembourg. Thanks to its own fixed and mobile networks, Orange Belgium offers both residential and business customers fixed and mobile connectivity services and convergent offerings (internet, telephony, t ...

Investment Rating - The report indicates a strong performance in the Asia EM equity strategy, particularly highlighting Japan's earnings as a standout with a net beat ratio of +25 percentage points [2][7]. Core Insights - The earnings results for 1Q25 showed a strong performance across the Asia EM region, with Japan leading at +23.3%, followed by Korea (+20.3%), Singapore (+11.9%), and Thailand (+10.5%) [2][3][26]. - Emerging Markets (EM) overall reported a moderate earnings beat of +4.7%, while Asia Pacific ex-Japan (APxJ) saw a slightly higher beat of +6.0% [2][12]. - The report notes that the strong earnings in Japan are attributed to corporate and consumer activities that were brought forward ahead of tariff announcements in early April [1]. Summary by Region - Japan reported a remarkable earnings surprise of +23.3% with a net beat ratio of 25%, marking the second consecutive quarter of strong performance [7][26]. - Korea and Singapore also performed well, with earnings surprises of +20.3% and +11.9% respectively, while Thailand reported +10.5% [3][26]. - In contrast, Brazil experienced significant misses with an earnings surprise of -7.8%, and Turkey reported a substantial decline of -29.1% [3][26]. Summary by Sector - Major sectors showing strong earnings beats include Industrials (+16.6%), Communication Services (+11.6%), and Health Care (+10.3%) [4][32]. - Consumer Staples and Materials sectors reported slight misses, with Consumer Staples at -1.6% and Materials at -1.1% [4][32]. - The Capital Goods and Telecom Services industries were particularly strong, with earnings surprises of +24.4% and +21.5% respectively [4][32]. Stock-Level Surprises - The report highlights key stock-level surprises, focusing on companies rated Overweight (OW) that are expected to see increases in 12-month consensus estimates following strong earnings beats [5]. - Conversely, Underweight (UW) rated companies are anticipated to experience downgrades due to earnings misses [5]. Revenue Surprises - Revenue results across the region showed slight beats, with EM at +1.3%, APxJ at +1.1%, and Japan slightly missing at -0.1% [2][3]. - The report emphasizes that revenue surprises were generally positive, contributing to the overall strong earnings performance in the region [2][3].

Core Viewpoint - Orange S.A. plans to issue a new series of Euro-denominated hybrid notes and launch a tender offer for some of its outstanding hybrid notes to proactively manage its hybrid portfolio [1][3]. Group 1: New Notes Issuance - The new Euro-denominated undated deeply subordinated fixed to reset rate notes will have a first call date of June 24, 2032 [1]. - Pricing for the new notes is expected to be announced later today, with anticipated ratings of BBB-/Baa3/BBB- from S&P, Moody's, and Fitch, respectively, and an equity content of 50% [2]. - The new notes will be admitted to trading on Euronext Paris [2]. Group 2: Tender Offer - The tender offer aims to repurchase existing hybrid notes, with a maximum acceptance amount expected to match the amount of the new notes [2][3]. - The tender offer will expire at 4:00 PM Paris time on June 19, 2025, with results announced on June 20, 2025 [4]. - Qualifying holders can sell their existing notes ahead of their respective upcoming first reset date and apply for priority in the allocation of the new notes [3]. Group 3: Company Overview - Orange is a leading telecommunications operator with revenues of €40.3 billion in 2024 and a workforce of 125,800 employees worldwide as of March 31, 2025 [12]. - The company serves a total customer base of 294 million globally, including 256 million mobile customers and 22 million fixed broadband customers [12]. - Orange operates in 26 countries and is also a prominent provider of global IT and telecommunication services to multinational companies under the brand Orange Business [13].

Investment Rating - The report indicates a neutral stance on CNH shorts and a revised lower target for USD/CNY, reflecting a cautious outlook on currency movements [9][15][21]. Core Insights - The recent US-China tariff ceasefire is seen as a positive development, potentially alleviating short-term growth pressures in China, although the overall market sentiment remains bearish [3][11][10]. - Despite the tariff rollback, local markets in China have not reacted positively, with investors still holding onto bearish positions, indicating a lack of confidence in sustained recovery [3][10][11]. - The report anticipates significant dividend payouts from Hong Kong-listed Chinese firms, estimated at approximately $60 billion from May to August, which could exert near-term pressure on CNY FX [14][21][19]. Summary by Sections Trade Recommendations - Current outright trades include a long position in 3-year CGBs, with a slight profit noted [2]. Market Sentiment - The report highlights a disconnect between the positive tariff news and the prevailing pessimism in the market, with bearish positions remaining largely intact [3][10][11]. - The sentiment on China-linked assets is described as downbeat, despite the positive implications of the tariff ceasefire [10][11]. Currency Outlook - The report suggests that the USD/CNH may face downward pressure but also highlights potential seasonal headwinds due to upcoming dividend payouts [14][21]. - The anticipated terminal rate for repo fixing is expected to settle above the current policy rate, indicating a conservative market pricing of the People's Bank of China's easing prospects [21][23]. Economic Indicators - The report notes that economists have revised China's GDP growth forecast for the year to 4.8%, up from 4.1%, reflecting a more optimistic view on economic recovery [15].

The Value Portfolio specializes in building retirement portfolios and utilizes a fact-based research strategy to identify investments. This includes extensive readings of 10Ks, analyst commentary, market reports, and investor presentations. He invests real money in the stocks he recommends. Analyst's Disclosure: I/we have a beneficial long position in the shares of VZ either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiv ...