Core Insights - Safaricom has launched stock trading on its M-Pesa platform, potentially attracting millions of new small investors to the Nairobi Securities Exchange [1][2] Group 1: Product Launch - The new stock-trading product, Ziidi Trader, allows M-Pesa users to buy shares directly on the Nairobi Securities Exchange without needing a brokerage account [2] - Ziidi Trader accounted for an average of 40% of trades at the bourse since its launch, representing 5% of total daily trade volume [3] Group 2: Market Context - The launch of Ziidi Trader follows a strong rally at the Nairobi Securities Exchange, benefiting from increased allocations to emerging-market stocks [4] - The Nairobi Securities Exchange aims to reach 9 million active retail investors by the end of 2029 [3] Group 3: Strategic Implications - The initiative aligns with Kenyan President William Ruto's strategy to enable broader participation of Kenyans in capital markets ahead of his re-election campaign [4]

Core Viewpoint - Quebecor has experienced significant dividend growth since 2016, with a 1,900% increase in quarterly payouts, suggesting potential for continued growth in the next decade [1][2] Dividend Growth - The company has increased its quarterly dividends from CA$0.0175 per share in 2016 to CA$0.35 today, resulting in a 17% annual yield for investors who held CA$1,000 since then [1] - Quebecor's average annual dividend growth has been 40% since 2016, although growth has slowed since 2020, with a total increase of 75% during that period [6] Payout Ratio and Cash Flow - The payout ratio has decreased over the last four years, indicating that the company has more flexibility to grow its dividends [4] - Rising cash flow from operating activities (CFO) is a positive indicator for income investors, as it reflects the cash generated from regular business operations [5] - Quebecor spent CA$179 million on share buybacks in the last 12 months, which is nearly equivalent to the CA$216 million paid out in dividends, allowing for potential dividend increases without incurring debt [6][7] Future Potential - If Quebecor maintains its growth trajectory, it could potentially offer a yield of nearly 55.7% on cost by 2036 for new investors [2]

Summary of Advanced Info Service Public Company (AIS) 2026 Investor Day Company Overview - **Company**: Advanced Info Service Public Company (OTCPK:AVIF.Y) - **Event**: 2026 Investor Day held on February 6, 2026 - **Key Speakers**: CEO Khun Pratthana, CFO Khun Tee, Chief Enterprise Business Officer Khun Phupha, Chief Retail Officer Khun Praphat Core Industry Insights - **Telecommunication Sector**: AIS has been a leader in telecommunication connectivity in Thailand for 36 years, emphasizing high efficiency and strong cash flow [3][4] - **Next Growth Chapter**: AIS is focusing on "intelligent infrastructure" which includes customer centricity, national digital infrastructure, and intelligent platforms [4][5] Key Strategic Components 1. **Intelligent Infrastructure**: - **Customer Centricity**: Tailoring services for consumers and enterprises [5] - **National Digital Infrastructure**: Expansion of mobile fiber broadband and global hyperconnectivity, including data centers and sovereign cloud [4][6] - **Intelligent Platforms**: Development of smart living, entertainment, and digital finance platforms [5][7] 2. **5G Network Expansion**: - Introduction of advanced 5G technology and expansion of fiber to over 20 million homes [6][10] - Focus on hyperconnectivity to enhance global digital infrastructure [6] 3. **AI Adoption**: - AI will enhance customer experience, energy efficiency, and cybersecurity [8][11] - Launch of AI services for consumers and enterprises, including partnerships with Microsoft and Google [12] Financial Performance and Growth Strategy - **Revenue and Profit Growth**: AIS aims to continue growing both revenue and profits through intelligent infrastructure and customer-centric services [13] - **B2C and B2B Integration**: Combining mobile and broadband services to enhance customer experience and drive growth [14][15] - **Investment in Future Growth**: Commitment to disciplined investment strategies, targeting around 15% of revenue for capital expenditures [19] Market Trends and Opportunities - **E-commerce and Social Media Growth**: Increased online activity and social media usage in Thailand, driving demand for connectivity [14][15] - **Data Center Demand**: Anticipated growth in data centers, with BOI approving numerous projects, indicating strong future demand [17][18] - **Cloud Adoption**: Emphasis on the "Cloud First Policy" and the establishment of sovereign cloud services compliant with Thai regulations [18] Challenges and Considerations - **Market Competition**: AIS faces competition from other providers, necessitating continuous innovation and service differentiation [15][16] - **Customer Engagement**: Need to enhance customer interaction and service delivery through improved IT systems and AI [16] Conclusion - AIS is positioned for growth through strategic investments in intelligent infrastructure, AI, and customer-centric services, while navigating market challenges and competition. The focus on sustainable growth and shareholder returns remains a priority for the company moving forward [19].

Core Insights - NAN FUNG TRINITY (HK) LTD has initiated a new position in KT Corporation by acquiring 1,492,440 shares valued at approximately $28.31 million as of February 3, 2026 [2][10] - KT Corporation's stock price was $20.90, reflecting a 20.1% increase over the past year, outperforming the S&P 500 by 4.73 percentage points [8] Company Overview - KT Corporation is a leading telecommunications provider in South Korea, serving millions of mobile and IPTV subscribers [6] - The company has a market capitalization of $10.12 billion and generates revenue primarily from subscription-based telecom services, media content delivery, and IT solutions [4][9] - KT's revenue for the trailing twelve months (TTM) is $19.20 billion, with a net income of $698.29 million [4] Investment Implications - The acquisition of KT represents 2.24% of NAN FUNG TRINITY's 13F reportable assets, making it the 11th largest position in the fund [8][10] - Other top holdings in the fund include EWY, EWZ, AMZN, AMCR, and NVDA, indicating a focus on technology and telecommunications sectors [8][10]

Core Insights - Globalstar's XCOM RAN will be integrated into Boingo Wireless's private network infrastructure, enhancing connectivity solutions for critical operations in various environments [1][6] - Boingo's private networks are designed to provide secure, high-bandwidth connectivity, particularly in RF-challenged environments such as airports, stadiums, and military bases [4][5] Group 1: Integration and Capabilities - Boingo Wireless will utilize XCOM RAN's advanced software-defined private 5G platform to enhance both indoor and outdoor network deployments [2] - A technical evaluation confirmed that XCOM RAN can deliver carrier-grade private connectivity across multiple frequency bands, including the ability to overlay on existing distributed antenna systems (DAS) [3] Group 2: Industry Recognition and Performance - Boingo's private networks have received two 2025 TeckNexus Private Network Leadership Awards for their transformative impact on connectivity in high-traffic environments [5] - The integration of XCOM RAN is expected to improve operational efficiency, enhance customer experiences, and enable new digital engagement opportunities [5] Group 3: Technological Advancements - XCOM RAN is designed to support mission-critical industrial automation, increasing capacity by four times compared to current private 5G offerings [7] - The Supercell architecture of XCOM RAN simplifies deployment and management, providing full capacity and coverage in industrial settings [8]

Core Insights - Yunnan is focusing on building a strong cultural and tourism province, implementing ten major projects for cultural strength and six actions for high-quality tourism development, aiming to enhance the brand "A Life Called Yunnan" and establish itself as a world-class tourist destination [1] Group 1: Cultural and Tourism Development - The "Heart is Home, Intangible Cultural Heritage is Life" event was organized to promote the "Travel and Stay in Yunnan" brand, leveraging intangible cultural heritage [1] - The rise of slow travel and wellness tourism in Yunnan is attracting more visitors who wish to deeply experience local life [1] Group 2: Innovative Solutions for Travelers - China Mobile Yunnan Company has launched the "Smart Travel Broadband" service for short-term travelers, offering flexible billing options and ensuring high-quality internet connectivity [1] - The service has already established 150,000 travel broadband connections across the province, providing high-speed internet to 150,000 travel accommodations and clients [1] Group 3: Elderly Care and Services - The "An e Elderly Care" service platform was introduced, focusing on health care, safety, and travel for elderly residents, integrating various local resources to meet their needs [2] - The platform includes features for emergency alerts and access to home care, nursing, and other essential services for seniors [2] Group 4: Local Products and E-commerce - The event showcased local Yunnan specialties, allowing visitors to purchase authentic products directly through the "Three Rural Communications" platform, enhancing the sales channels for Yunnan's agricultural products [2] - The e-commerce initiative has strengthened the promotion of high-quality agricultural products from Yunnan [2] Group 5: Future Development Goals - China Mobile Yunnan aims to integrate its communication services with local development strategies, supporting the construction of a "Digital Yunnan" through infrastructure, smart elderly care systems, and agricultural sales platforms [3] - The company plans to continue enhancing its network and platform advantages to support the development of a high-quality travel destination in Yunnan [3]

Core Viewpoint - Verizon Communications experienced a significant stock increase of 11.83% following stronger-than-expected Q4 2025 results and 2026 guidance, highlighting a $25 billion buyback plan and renewed investor confidence in cash flow and shareholder returns [1][2][6]. Financial Performance - The company reported adjusted EPS of $1.09 on approximately $36.4 billion in revenue, with over 1 million net additions in subscribers [6]. - Management provided a 2026 adjusted EPS forecast range of $4.90 to $4.95 and projected at least $21.5 billion in free cash flow [7]. Strategic Initiatives - Verizon aims to add between 750,000 to 1 million retail postpaid phone subscribers while maintaining steady wireless service revenue and improving profitability through cost control [7]. - The newly approved $25 billion share repurchase program emphasizes the company's focus on capital returns [7]. Market Activity - Trading volume reached 113.1 million shares, significantly above the three-month average of 28.6 million shares, indicating heightened investor interest [3]. - Verizon's stock closed at $44.52, with a market cap of $168 billion and a dividend yield of 6.87% [2]. Industry Context - Competitors in the telecommunications sector, such as AT&T and T-Mobile US, also saw stock increases, reflecting a broader reassessment of wireless growth and pricing dynamics [5].

Financial Data and Key Metrics Changes - In 2025, revenue decreased by approximately 0.5% year-over-year, while EBITDA grew by about 0.5% [5][28] - Net income for the fourth quarter was $1.3 billion, down from $1.5 billion in the prior year due to lower Adjusted EBITDA and higher income tax expense [28][32] - Adjusted EBITDA declined by 1.2% year-over-year in the fourth quarter, with full-year EBITDA growth of 0.6% [28][29] Business Line Data and Key Metrics Changes - Internet customer losses improved year-over-year, with a loss of 119,000 internet customers in Q4, better than the previous year [21] - Mobile lines increased by 428,000, marking a 19% growth, despite competitive pressures [5][21] - Video customers grew by 44,000 in Q4, a significant improvement from a loss of 123,000 in Q4 2024, driven by lower churn and new pricing strategies [22][24] Market Data and Key Metrics Changes - Total consolidated revenue for Q4 decreased by 2.3% year-over-year, with advertising revenue down 26% due to reduced political advertising [25][26] - Commercial revenue grew by 0.3% year-over-year, with mid-market and large business revenue increasing by 2.6% [25] - Rural customer additions were strong, with 46,000 net customer additions in the subsidized rural footprint [22][23] Company Strategy and Development Direction - The company aims to enhance its competitive position by improving service quality and messaging superior value to customers [6][8] - Plans to complete rural build-out in 2026, adding over 1.7 million new subsidized rural passings [8] - The introduction of the Invincible Wi-Fi product, combining Wi-Fi 7 with 5G, is expected to enhance customer satisfaction and service reliability [14][17] Management's Comments on Operating Environment and Future Outlook - The operating environment remains challenging due to high competition and low move rates in the internet segment [6][17] - Management expects slight EBITDA growth in 2026, despite headwinds from broadband subscriber declines [28][61] - The company is focused on long-term customer, EBITDA, and cash flow growth, with a commitment to improving service and operational efficiency [19][35] Other Important Information - Capital expenditures for 2025 totaled $11.66 billion, with expectations for a decline in future capital expenditures [29][30] - The company plans to reduce leverage to the low end of a new 3.5x-3.75x range post-Cox transaction, aiming for a more favorable balance sheet [33][34] - Free cash flow for Q4 was $773 million, lower than the previous year due to changes in working capital and higher CapEx [31] Q&A Session Summary Question: Wireless agreement details and impact on strategy - Management confirmed a modernized long-term MVNO agreement with Verizon, supporting profitable growth for both companies [40] Question: Spectrum Mobile market position - Management indicated that the converged strategy is effective, with ongoing improvements in brand awareness and customer perception [46][48] Question: Market share trends against fiber operators - Management stated that they have successfully competed against fiber operators for years, maintaining greater penetration even in mature fiber markets [57] Question: EBITDA growth expectations - Management acknowledged challenges in achieving EBITDA growth due to broadband subscriber declines but remains optimistic about overcoming these through mobile growth and operational improvements [61] Question: Sustainability of video subscriber gains - Management emphasized that video subscriber gains are not the primary goal but serve to support broadband acquisition and retention [66][70]

Core Viewpoint - The market is shifting as rate pressures ease and earnings visibility improves, creating opportunities for fundamentally sound investments that were previously overlooked [1][14]. Group 1: Market Dynamics - A narrow group of mega-cap companies dominated the market in the past two years, particularly in AI and cloud sectors, while other sectors were neglected [1]. - As 2026 begins, sectors that faced challenges in 2025 are gaining renewed interest from investors [1][14]. Group 2: Investment Opportunities - The article highlights three companies that are undervalued and poised for recovery: Verizon Communications Inc., Crown Castle Inc., and ServiceNow Inc. [3][14]. Verizon Communications Inc. - Verizon is seen as a dividend giant that has been overlooked due to its perceived slow growth and sensitivity to rising rates [4]. - The company is stabilizing subscriber growth, increasing free cash flow, and improving its dividend outlook as rate pressures ease [4][6]. - Verizon has focused on tightening its balance sheet and reducing unnecessary spending, which positions it well for a market that rewards discipline [5][6]. Crown Castle Inc. - Crown Castle, a major player in wireless towers and fiber infrastructure, suffered in 2025 due to rising interest rates and a slowdown in 5G buildouts [7][8]. - The sell-off was excessive, as Crown Castle owns critical infrastructure that supports the wireless system, which is expected to see increased demand due to AI applications [8][9]. - The company is streamlining operations and focusing on high-return segments, setting the stage for improved margins and cash flow visibility [10]. ServiceNow Inc. - ServiceNow faced a slump in 2025 as it was overshadowed by the AI hype, despite having strong fundamentals and a focus on automation [11][12]. - The company is well-positioned for growth in 2026, with recurring revenue and expanding product offerings, making it a candidate for a significant breakout [13]. Group 3: Broader Market Trends - The current market reset is characterized by cooling inflation and the end of aggressive rate hikes, allowing for a broader range of companies to gain attention beyond the mega-cap tech giants [14][15]. - Companies like Verizon, Crown Castle, and ServiceNow are not merely rebound plays but represent a shift back to fundamental investing, as they were mispriced rather than fundamentally broken [15].

Group 1: Company Performance - AT&T's stock closed at $24.08, up 4.70%, following Q4 results that exceeded EPS and revenue expectations [1] - The company reported a 4% increase in revenue and a 20% jump in adjusted EPS for Q4 [3] - Management provided guidance for double-digit annual EPS growth through 2028 and projected free cash flow of $19 billion in 2026 and $20 billion in 2027, after generating $18 billion this year [3] Group 2: Shareholder Returns - AT&T returned $12 billion to shareholders in 2025 and anticipates returning another $45 billion or more over the next three years [3] - The company has a dividend yield of 4.6%, making it a solid passive-income investment [4] Group 3: Customer Growth and Integration - AT&T experienced steady customer additions across key business lines, including postpaid phone, fiber, and broadband [4] - The company appears to be effectively integrating its Lumen acquisition [4] Group 4: Market Context - The S&P 500 slipped 0.03% while the Nasdaq Composite added 0.17% on the same day [2] - Competitors Verizon Communications and T-Mobile U.S. closed at $39.41 (+0.23%) and $186.25 (+0.95%), respectively [2]