Group 1 - Venezuela is set to grant more oil drilling blocks to Chevron and Repsol, with the announcement expected as soon as this week [1] - The initiative follows U.S. President Donald Trump's statement that major U.S. companies would invest billions to rebuild Venezuela's oil sector [1] - Chevron and Repsol have not yet responded to requests for comments regarding the new drilling opportunities [1]

Core Insights - Verizon Communications Inc. has been recognized among the Dividend Champions, Contenders, and Challengers List, highlighting its strong dividend yield [1] - TD Cowen raised its price target for Verizon from $51 to $54, maintaining a Buy rating due to better-than-expected phone subscriber additions in Q4, despite some impact on EBITDA [2] - Verizon reported its strongest net customer additions since 2019 in Q4 2025, meeting its full-year guidance, which is a significant indicator of telecom growth [3] Financial Performance - Verizon's operating revenue for the full year increased by 2.5% to $138.2 billion, with a notable 12% rise in share price on the earnings release day [4] - The company generated $20.1 billion in free cash flow over the past year, up from $19.8 billion the previous year, providing a solid cushion for dividend payments of approximately $11.6 billion [5] Strategic Developments - Verizon completed its acquisition of Frontier Communications in January, which enhances its fiber footprint and supports long-term growth strategies [4] - The company operates as a holding entity providing a range of communication, technology, information, and streaming services to various customer segments [6]

Financial Data and Key Metrics Changes - RADCOM achieved a record revenue of $71.5 million for 2025, representing a 17.2% year-over-year growth, exceeding the guidance of 15%-18% [5][22] - GAAP earnings per share increased by over 65% year-over-year, reaching $1.09 per diluted share [5][22] - The company reported a cash and short-term deposit balance of $109.9 million, with no debt, marking the highest in its history [5][24] - Gross margin for the fourth quarter was 77.6%, the highest since 2018, while the full year gross margin was 76.8%, up from 75.2% in 2024 [20][22] Business Line Data and Key Metrics Changes - In Q4 2025, RADCOM's revenue was $18.9 million, up 16% year-over-year [20] - Operating income for Q4 reached $4.3 million, with an operating margin of 23%, the highest in eight years [20] - R&D expenses for Q4 were $4.9 million, reflecting a 16.2% year-over-year increase, indicating a focus on innovation [21] Market Data and Key Metrics Changes - A GSMA survey indicated that 71% of operators plan to implement Agentic AI in 2026, highlighting a significant market opportunity [8] - The demand for AI-driven solutions is reshaping network priorities, with operators increasingly integrating AI across network layers [9] Company Strategy and Development Direction - RADCOM aims to expand its tier-one customer base and is actively engaged with new prospects, expecting revenue growth of 8%-12% in 2026 [6][17] - The company is committed to product innovation and R&D investments, particularly in 5G service assurance and Agentic AI capabilities [7][17] - Strategic partnerships with NVIDIA and ServiceNow are being deepened to enhance product offerings and market presence [13][14] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to execute its growth strategy, supported by a strong balance sheet and operational efficiency [7][18] - The company anticipates another year of double-digit revenue growth in 2026, driven by a robust pipeline of opportunities [17][18] Other Important Information - RADCOM was recognized in the Fast Mode 100 for 2025 and received multiple awards for innovation, reinforcing its competitive differentiation [15] - A governance update was provided, with Rami Schwartz appointed as chairman of the board effective February 2026 [15][16] Q&A Session Summary Question: How should RADCOM think about capital allocation in 2026, especially regarding M&A? - Management indicated that M&A remains a top priority and is being accelerated [25] Question: Any changes in the guidance philosophy and assumptions for the 2026 guidance? - Management noted that they are in the second half of their sales cycle, leaving guidance at 8%-12% with expectations to close in the first half of the year [26] Question: What are the key drivers for expanding business with existing customers like AT&T? - Management highlighted that Agentic AI is driving many opportunities, with unique datasets helping customers improve operational efficiencies [27] Question: How critical is Agentic AI for breaking into new accounts? - Management stated that both analytics capabilities and Agentic AI are critical for driving opportunities and expanding within existing customers [28] Question: What architecture is being used for data collection? - Management confirmed the use of both NVIDIA-based standard servers and cloud-native solutions, asserting their product's efficiency compared to competitors [28] Question: Are there any further questions? - No further questions were raised, concluding the call [29]

Group 1: Market Overview - The Straits Times Index is at record highs, leading to mixed emotions among investors, including anxiety about potential crashes and fear of missing out on further gains [1] - High stock prices often reflect strong underlying business fundamentals, driven by sustained earnings growth, improved sentiment, or structural tailwinds [2] Group 2: Company Analysis - OCBC - Overseas-Chinese Banking Corporation Limited (OCBC) shares are trading above S$21, driven by better-than-expected earnings for the quarter ending September 30, 2025, marking five-quarter highs [3] - The earnings rebound is supported by strong contributions from its insurance arm, Great Eastern, and a robust wealth management segment [3][4] - OCBC maintains financial strength with ample capital buffers and low loan delinquency rates [4] Group 3: Company Analysis - Singtel - Singapore Telecommunications Limited (Singtel) shares are also at record highs, benefiting from strong earnings and successful execution of its digitalisation strategy [5] - Singtel's forward price-to-earnings (P/E) ratio is approximately 22 times, representing a 20% premium over its five-year historical average [5][6] - The positive investor sentiment towards Singtel's data centres and digitalisation initiatives has contributed to its elevated valuation [6] Group 4: Company Analysis - Seatrium - Seatrium Limited's share price has surged since mid-2024, reflecting a recovery in the offshore marine industry [8] - The company's operating leverage has improved significantly, with gross margin doubling and net margin tripling in the first half of 2025 [8] - Seatrium's operations are sensitive to global economic conditions, and while profitability has increased, it may reverse if the economy weakens [9] Group 5: Investment Strategy - Investors should assess whether the business is performing well and growing earnings before making buy or sell decisions at high prices [10] - Valuations should be compared to long-term fundamentals to determine if they are reasonable [10] - Consideration of portfolio concentration is important; if a position has become significant, partial selling may be prudent to mitigate risk [10][11]

Group 1 - SoftBank Group CEO Masayoshi Son emphasizes that access to artificial superintelligence should be regarded as a fundamental human right, comparable to electricity and motorization [1] - Son warns that countries lacking access to superintelligence or superrobotics in 30 years will be significantly disadvantaged [1] - He also highlights the risk of increasing economic disparities between nations if equal access to technology is not ensured [1] Group 2 - SoftBank Corp, the telecom arm of SoftBank Group, raised its full-year profit outlook, resulting in a share price surge of over 10% during the Tokyo trading session [3] - The positive sentiment was further fueled by a 6% increase in shares on the previous day, following the election victory of Japanese Prime Minister Sanae Takaichi [3] - For the first nine months of fiscal 2025, SoftBank's revenue increased by 8% year over year to 5.2 trillion yen ($33 billion), with operating income also rising 8% to 884 billion yen ($5.69 billion) [4] - The telecom unit has raised its full-year revenue forecast to 6.95 trillion yen ($45 billion) from 6.7 trillion yen ($43 billion) due to strong performance [4]

Financial Performance - Operating revenue increased by 6.9% year-on-year, reaching KRW 28,244.2 billion [22] - Operating profit surged by 205% year-on-year to KRW 2,469.1 billion, driven by core business performance and one-off gains from real estate projects [22] - Net income rose by 340.4% year-on-year to KRW 1,836.8 billion, with EBITDA increasing by 35.5% to KRW 6,349.3 billion [24][22] - Operating expenses remained flat year-on-year at KRW 25,775.1 billion, attributed to lower labor costs and efficient spending [26] Business Line Performance - Wireless revenue grew by 2.8% year-on-year to KRW 7,155.4 billion, supported by subscriber expansion in 5G, which reached a penetration rate of 81.8% [32] - Broadband revenue increased by 1.9% year-on-year to KRW 2,533.5 billion, driven by growth in giga subscribers and value-added services [34] - B2B service revenue rose by 1.3% year-on-year, with AI and IT business growing by 3.1% [39] - KT Cloud revenue saw a significant increase of 27.4% year-on-year, reaching KRW 997.5 billion, due to rising data center usage and AI cloud demand [41] Market Data - The company reported a debt-to-equity ratio of 120.7% at the end of 2025, with a net debt-to-equity ratio decreasing by 0.4 percentage points to 37.4% [28] Company Strategy and Industry Competition - The company is focusing on enhancing its fundamentals and rebuilding customer trust following a data breach incident, with a commitment to invest around KRW 1 trillion in security over five years [16][14] - The new CEO, expected to take office in 2026, is anticipated to maintain the company's growth strategy and shareholder return policy [66][62] Management Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving better performance in 2026 compared to 2025, despite the financial impact of the customer compensation package related to the data breach [59][55] - The company aims to improve operational efficiency in the wireless business and expects continued growth in the B2B sector, particularly in AI and IT [80][82] Other Important Information - The company announced a 20% increase in annual dividends per share from KRW 2,000 in 2024 to KRW 2,400 in 2025, alongside a KRW 250 billion share buyback plan [6][18] - The appointment of a new CEO was confirmed, who is known for expertise in B2B and future technologies [9] Q&A Session Summary Question: What is the financial impact of the customer compensation package regarding the data breach incident? - The estimated benefit for customers is around KRW 450 billion, but not all will be booked as costs, depending on customer usage [55] Question: Will the new CEO maintain the previous shareholder return stance? - The dividend per share has been increased by 20%, and the new CEO and Board of Directors will finalize the shareholder return plan for 2026 [62][64] Question: What is the outlook for the wireless business following the data breach? - Approximately 230,000 subscribers left during the cancellation fee waiver period, but the overall impact was mitigated by previous net additions [77] Question: Why is B2B growth slower compared to peers? - When including KT Cloud revenue, the overall B2B growth is 6%, which is not considered low given the market size [84]

Core Insights - Telecom, media, and entertainment companies are increasingly adopting integrated, cloud-native platforms to enhance operational efficiency and reduce time to market according to ISG [1] Group 1 - The shift towards integrated, cloud-native platforms is driven by the need for higher efficiency in operations [1] - Companies in the telecom, media, and entertainment sectors are focusing on faster time to market as a competitive advantage [1]

Core Insights - The logistics sector has seen significant engagement from investors, particularly in the ASEAN and US markets, highlighting its growth potential and diversification opportunities [1] Investment Focus - The company has diversified its investments across various sectors including banking, telecommunications, logistics, and hotels, indicating a strategic approach to portfolio management [1] - The entry into the US market in 2020 reflects a growing interest in international investment opportunities, particularly in sectors like banks, hotels, and logistics [1] Market Trends - The popularity of insurance companies in the Philippines since 2014 suggests a shift in investment preferences among local investors, moving towards more diversified financial products [1] - The trend of investing in blue-chip companies initially has evolved into a broader investment strategy that includes various industries and market capitalizations [1]

Group 1 - U.S. stock indices fell over 1.2%, with AMD and Qualcomm dropping more than 8%, while the Chinese concept index rose by 0.9% [1] - Bitcoin dropped below $65,000 [1] - Silver prices plummeted by 19.5%, and gold fell by 4% [1] - U.S. crude oil futures closed down over 2.8%, at $63.29 per barrel [1] - UBS and Goldman Sachs warned about volatility and liquidity issues in the silver market [1] - HP and Dell are reportedly researching the use of mainland China's memory chips [1] - South Korean stocks fell by 3.86%, with foreign investors recording a record high net sell-off [1] - JPMorgan stated that strong demand from central banks could push gold prices to $6,300 per ounce by the end of 2026 [1] - In January, the number of layoffs by Challenger companies in the U.S. rose to 108,000, the highest for the same period since 2009 [1] - Nvidia delayed the release of new gaming chips due to a shortage of memory chips [1] - Amazon's stock dropped by 11% after hours, with expected annual capital expenditures of approximately $200 billion [1] Group 2 - Meituan plans to acquire Dingdong for $717 million [2] - Multiple foreign institutions continue to increase their investment willingness in China [2] - China Telecom and China Unicom have initiated trial commercial use of Beidou SMS [2] - AUX announced a price increase of 6%-10% for all central air conditioning products starting March 1 [2] - Hong Kong Stock Exchange reported that the amount raised from IPOs in January was HKD 39.3 billion, a year-on-year increase of 555% [2] - The silicon industry association indicated that the silicon wafer market is expected to remain stable due to adjustments in battery production and expectations of declining silicon prices [2] - NIO expects adjusted operating profit to be between 700 million and 1.2 billion yuan in Q4 2025 [2] - The Bank of England maintained its current policy as expected [2] - Muyuan Foods saw a 1.9% increase in dark trading, earning HKD 74 per lot [2] - Dazhu CNC experienced a 21.71% increase in dark trading, earning HKD 2,080 per lot [2] Group 3 - Hong Kong stocks of Zhuozheng Medical, Dazhu CNC, and Muyuan Foods were listed [3] - Significant accumulation of Tencent shares occurred, with southbound funds net buying a total of HKD 11 billion over four consecutive days [3] - Announcement highlights include Revotek planning a 1 billion yuan investment in a synthetic biology manufacturing project in Xinjiang, and GCL-Poly has not yet received relevant orders in the "space photovoltaic" sector [3] - In A-shares, Beiliang's major shareholder Ma Xuejun is under investigation by the CSRC for alleged market manipulation [3]

Market Performance - Indian equity markets experienced a tight trading range, indicating a cautious wait-and-watch phase among investors due to the absence of fresh domestic triggers [1][11] - The benchmark indices Sensex and Nifty ended lower, with the BSE Sensex dropping 503.76 points or 0.60% to close at 83,313.93, and during the day, it fell as much as 666.07 points or 0.79% to 83,151.62 [3][4] - The NSE Nifty declined by 133.20 points or 0.52% to finish at 25,642.80 [4] Major Gainers and Losers - Major laggards from the Sensex firms included Eternal, Bharti Airtel, Bharat Electronics, ITC, Infosys, Reliance Industries, ICICI Bank, and Asian Paints [5] - Gainers included Trent, Tata Steel, State Bank of India, and Bajaj Finance [5] Global Market Influence - Asian markets showed a negative trend, with South Korea's Kospi down nearly 4%, while Japan's Nikkei 225 and Shanghai's SSE Composite also ended lower, contrasting with Hong Kong's Hang Seng index which settled higher [8] - Concerns over a broad-based tech sell-off in international markets and heightened US–Iran tensions contributed to a risk-off sentiment, adding pressure to Indian equities [10] Investor Sentiment and Future Outlook - Market participants are focusing on the upcoming RBI policy meeting, reflecting a cautious sentiment in the absence of new domestic catalysts [11] - The overall market sentiment remained stable, but benchmarks struggled to maintain momentum at higher levels, indicating a lack of follow-through buying despite previous positive trends [12] - Investors are awaiting clearer signals from global macro developments and trends in foreign institutional flows to determine the market's next decisive move [13]