Core Insights - The company has a robust business model characterized by long-term durable growth, supported by strong secular trends and long-term contracts, combined with high operating leverage that allows for high-margin revenue conversion [2] Group 1: Strategic Priorities - The primary focus for the upcoming year is to maximize organic growth within the portfolio, particularly in the U.S. market where mobile data growth has averaged 35% annually over the past three years and is expected to continue at a rapid pace [3] - Experts predict that mobile carriers will need to double their network capacity within the next five years, indicating significant growth opportunities in the industry [3] Group 2: Financial Goals - The overall goal is to drive industry-leading AFFO (Adjusted Funds From Operations) per share growth, with key priorities organized around this objective [2] - The company plans to supplement its growth strategy with selective investments and maintain an investment-grade balance sheet to enhance its market position [2]

Financial Data and Key Metrics Changes - Revenue for Q3 2025 was $455 million, exceeding expectations with a constant currency revenue growth of almost 9% driven by CPI escalators, colocation, lease amendments, and new sites [7][14] - Adjusted EBITDA reached $261 million with a margin of 57.5%, an increase of over 6% year-on-year, reflecting ongoing cost control and profitability efforts [7][15] - ALFCF was $158 million, showing a strong increase driven by targeted actions to enhance cash generation [7][18] - Total CapEx was $77 million, up 16% year-on-year, primarily due to quarterly phasing of CapEx in Nigeria [7][18] - Consolidated net leverage ratio improved to 3.3x, down 0.6x year-on-year, well within the target range of 3x to 4x [8][16] Business Line Data and Key Metrics Changes - In Nigeria, revenue was $268 million, with organic growth of 5% year-on-year despite tenant churn [19][20] - The Sub-Saharan African segment saw a revenue increase of 13%, while adjusted EBITDA decreased just over 1% year-on-year due to increased costs [21][22] - The Latin America segment experienced a 68.9% growth in towers and tenants, leading to 11% organic growth year-on-year [22] Market Data and Key Metrics Changes - The Nigerian market showed positive macroeconomic trends, with the naira appreciating against the dollar and inflation easing to 18% [21][22] - Brazil's telecom sector is growing at 6% to 7% year-on-year, with the Brazilian real also appreciating against the dollar [37][39] Company Strategy and Development Direction - The company is focused on reducing debt while driving organic growth, maintaining disciplined capital allocation, and considering dividends or share buybacks as leverage decreases [9][10] - There is a strong emphasis on integrating technology and AI to enhance operational efficiency [9] - The company is excited about growth opportunities in Brazil and Nigeria, particularly with new site agreements and favorable market conditions [10][39] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the operating environment, citing strong performance in key markets and favorable foreign exchange movements [5][6] - The full-year 2025 outlook for revenue, adjusted EBITDA, and ALFCF has been raised due to strong year-to-date performance [6][26] - The company expects to maintain a focus on profitability and cash flow generation while exploring growth opportunities [44][46] Other Important Information - The company received $175 million from the Rwanda disposal shortly after the quarter-end, contributing to strong liquidity [9][24] - The average FX rate for the naira was NIS1523 to the dollar in 2025, with expectations of continued appreciation [15][28] Q&A Session Summary Question: What are the CapEx plans of carrier customers in Nigeria? - Management noted strong financial results from MTN Nigeria and Airtel Nigeria, with both carriers showing significant revenue growth and healthy margins [32][34] Question: How much should we expect the firm's willingness to invest in Latin America? - The company remains committed to growth in Brazil, highlighted by a new rollout agreement with TIM for up to 3,000 sites [35][39] Question: Can you provide an update on capital allocation and leverage? - Management indicated that leverage is expected to be around 3x to 3.1x by year-end, with plans to update on capital allocation strategies at the year-end results [42][44] Question: What is the impact of the Rwanda sale on capital structure? - The initial proceeds of $175 million will reduce leverage, with additional payments expected over the next few years [56][58] Question: Why did the number of sites in Nigeria drop? - The drop was attributed to tenant churn from MTN and Nine Mobile, which is expected to be a one-time adjustment [64][67]

Core Investment Opportunities - The Central Provident Fund (CPF) offers safe, risk-free returns, with typical returns ranging from 2.5% per year in the Ordinary Account to 4% in the Special and Medisave Accounts [1] - The CPF Investment Scheme (CPFIS) allows investment in stocks for potentially higher returns, highlighting the importance of selecting quality stocks for CPF portfolios [1] NetLink NBU Trust - NetLink NBU Trust operates Singapore's fibre network infrastructure, benefiting from a monopoly that ensures business resiliency and predictability [2] - The trust is set to earn a government-regulated return of 7% per year on its asset value from April 2024 to April 2029 [2] - NetLink charges fixed monthly fees for residential and non-residential connections, providing visibility and predictability of earnings [3] - Since FY2021, NetLink has generated an average annual net operating cash flow of approximately S$270.4 million [3] - The dividend per share has increased by 5.5% to S$0.0536 for FY2025, with an average dividend payout ratio of 74.3% over the last five fiscal years [4] - NetLink's current share price of S$0.975 offers a trailing yield of roughly 5.50% [4] - The trust's defensive nature and predictable dividends make it suitable for CPF portfolios [5] Singapore Exchange Limited - Singapore Exchange Limited (SGX) has achieved a compound annual growth rate (CAGR) of 5.9% in revenue, growing from S$818.1 million to S$1.37 billion over the last decade [6] - Net income has increased at a CAGR of 7.1%, rising from S$349.0 million to S$648.0 million during the same period [6] - SGX has consistently paid dividends for the past decade, with the latest dividend per share increasing by 8.7% year-on-year to S$0.375 for the fiscal year ending June 30, 2025 [7] - SGX's return on equity (ROE) is currently at 31.1%, and it trades at a forward price-to-earnings (P/E) ratio of 22.4 times [8] - Recent initiatives, such as the S$5 billion Equity Market Development Programme, are expected to enhance SGX's future earnings [8] - SGX represents a combination of current income and potential capital appreciation [9] Sembcorp Industries - Sembcorp Industries is a utility company that provides portfolio resilience, with stable operating cash flows averaging around S$1.5 billion over the last three years [10] - The company has maintained a relatively stable dividend yield of 2.46% from 2021 to the last 12 months [10] - Sembcorp's ordinary dividend per share increased by 475% from S$0.04 in 2020 to S$0.23 in 2024, with the latest interim dividend up 50% from the prior year [11] - The net debt to equity ratio is elevated at 1.34, but steady earnings from long-term contracted power deals provide resilience [11] - Sembcorp's EBITDA comfortably covered interest expenses by 4.3 times in the first half of 2025, offering reliable income during uncertain times [12] DBS Group Holdings - DBS Group Holdings has seen its share price increase by 126% from S$23.60 to S$53.32 since the start of 2020, with cumulative dividends of S$9.16 per share during this period [13] - The total return over this period is 262.5%, with the ordinary dividend per share rising at a CAGR of 29.3% from S$0.78 in 2020 to S$2.22 in 2024 [13] - The average dividend payout ratio has been 49.5%, reflecting strong management and performance as the largest bank in Southeast Asia [14] - DBS is currently trading at a trailing price-to-book (P/B) ratio of 2.2, which is a premium compared to its three-year average of 1.6 [14] - DBS exemplifies long-term compounding and is recommended as a core part of a CPF portfolio [15] Investment Strategy - CPF investing is intended for long-term, diversified investments rather than short-term trading, focusing on stocks from Singapore-incorporated companies listed on the SGX Main Board [16] - Investors should consider stocks across various sectors to manage risk and focus on fundamentals such as stable earnings and healthy balance sheets [16] - High-quality blue-chip dividend companies may outperform CPF's base interest, aligning with risk tolerance and retirement goals [18] - Combining CPF's safety with disciplined equity investing can enhance retirement plans [19]

Core Insights - Long-term investors perceive proof as a significant milestone, but it is fundamentally a source of pressure [1] Group 1 - The concept of proof in investment is discussed as a critical factor influencing investor sentiment [1]

Core Insights - LRT Capital Management's "LRT Global Opportunities Strategy" reported a net return of -8.00% for September 2025, with a year-to-date return of -0.17%, indicating a challenging month amid a market surge driven by a few overvalued mega-cap stocks [1] Company Overview - Crown Castle Inc. (NYSE:CCI) is highlighted as a key investment, owning and operating the largest portfolio of shared communications infrastructure in the U.S., primarily macro cell towers [3] - As of October 6, 2025, Crown Castle's stock closed at $93.99 per share, with a market capitalization of $40.93 billion, reflecting a one-month return of 0.12% and a 52-week loss of 15.48% [2] Strategic Positioning - Crown Castle's business model involves leasing space on its strategically located infrastructure to major wireless carriers under long-term contracts, establishing it as a critical partner in the digital economy [3] - The company benefits from significant barriers to entry, allowing it to maintain a durable and compounding enterprise essential for modern communication [3]

Core Insights - American Tower's growth outlook is closely linked to limited carrier activity, with T-Mobile US leading colocations to comply with FCC buildout rules, while Verizon and AT&T's network upgrades yield only minor leasing revenue [1][3] - RBC Capital analyst Jonathan Atkin downgraded American Tower's stock rating from Outperform to Sector Perform and reduced the price target from $260 to $220 [2] - Colocation activity has increased, but American Tower is under pressure due to Verizon's high-rent relocation program targeting American Tower ahead of a master lease expiration [1][6] Company Performance - Carrier activity among the major U.S. tower companies remained subdued through Q3 2025, with no significant changes expected for site rental revenue [3] - T-Mobile is noted as the most active carrier, focusing on colocations and amendments to meet FCC requirements by Q1 2026 [3] - Verizon is concentrating on mid-band spectrum coverage, while AT&T is slightly ahead in its network modernization efforts, which provide only incremental benefits to tower leasing revenues [4] Financial Estimates - Atkin slightly raised financial estimates for American Tower, projecting 2025 revenue at $10.523 billion and adjusted EBITDA at $7.066 billion, up from previous estimates of $10.508 billion and $7.058 billion [7] - For 2026, revenue is forecasted at $11.071 billion and EBITDA at $7.459 billion, reflecting a modest increase from earlier projections [7] - Expected AFFO per share is $10.63 in 2025 and $11.65 in 2026, surpassing consensus estimates of $10.57 and $11.35 [7]

Group 1 - Long-term investors are attracted to share scarcity, indicating a preference for limited supply in the market [1] - Short sellers are experiencing increased anxiety, suggesting potential volatility in stock prices due to their positions [1]

Core Insights - Scarcity is typically viewed as a challenge in business, but for Akanda Corp., it represents a competitive advantage [1] Company Summary - Akanda Corp. operates in a market where scarcity is leveraged to enhance its business model [1]

Core Insights - NuRAN Wireless Inc. has received authorization for its infrastructure license to operate telecom sites in the Democratic Republic of The Congo [1] - The authorization was confirmed through the issuance of the license fee invoice, which has been settled [1] Company Summary - NuRAN Wireless Inc. is a leading supplier of mobile and broadband wireless infrastructure solutions [1] - The company is expanding its operations into the DRC, indicating growth potential in emerging markets [1]

Core Insights - Vocus has launched its own business-focused MVNO brand, Vocus Mobile, aiming to provide a comprehensive suite of enterprise communication solutions [1][2] Group 1: Vocus Mobile Launch - Vocus Mobile leverages Optus's 4G and 5G networks to offer connectivity solutions across networking, collaboration, and mobility [2] - The service will include three types of mobile connectivity: Mobile Voice and Data for smartphones, 5G Data plans for broadband, and 4G Backup for business continuity [2][4] Group 2: Self-Service Features - Vocus Mobile will feature a self-service mobile fleet management platform, Mobile Fleet 360, allowing businesses to manage mobile fleets with near real-time dashboards and bulk activation of services [3] Group 3: Market Context - The entry of Vocus into the enterprise mobile services market follows its acquisition of TPG Telecom's fibre network assets and its existing wholesale agreement with Optus [4][5] - The Australian mobile market is dominated by three major operators, with Telstra leading in network coverage, followed by Optus and TPG Telecom, which have formed a network sharing agreement to enhance their reach [7]