When it comes to telecommunication stocks, these are often viewed as reliable dividend payers as a result of their higher yields and strong cash flows. They are also often viewed as bond substitutes. Contributing analyst to the iREIT+Hoya Capital investment group. The Dividend Collectuh is not a registered investment professional nor financial advisor and these articles should not be taken as financial advice. This is for educational purposes only and I encourage everyone to do their own due diligence. I'm ...

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]

Core Points - Orange Belgium will publish its H1 2025 results on 24 July 2025 at 07:00 CET [1] - An online web conference and audio conference call will be held on the same day at 10:00 am CET [1] - The recorded session of the conference call will be available for download on the company's website [2] Company Overview - Orange Belgium is a major telecommunications operator in Belgium with revenues of €1993.7 million and 3.5 million mobile customers as of 31 December 2024 [4] - The company offers both residential and business customers fixed and mobile connectivity services, including convergent offerings [4] - Orange Belgium is a subsidiary of the Orange Group, which operates in 26 countries with a total customer base of 291 million as of 31 December 2024 [5]

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].

Group 1 - Verizon is one of the three major telecommunications companies but has the smallest market capitalization among them [2] - The company has faced challenges in maintaining its premium market share [2] - Verizon has significantly outperformed the market recently [2] Group 2 - The Value Portfolio focuses on building retirement portfolios using a fact-based research strategy [2] - This strategy includes thorough analysis of 10Ks, analyst commentary, market reports, and investor presentations [2] - The portfolio manager invests real money in the stocks recommended [2]