June 20, 2025 02:37 PM GMT Asia EM Equity Strategy | Asia Pacific Asia/EM 1Q25 Results, Second Cut – Another Strong Beat for Japan 1Q25 earnings showed strong performance but may have been distorted somewhat by corporate and consumer activity brought forward ahead of the early April tariff announcements. We saw a second consecutive strong quarter for Japan, while Korea, Singapore, Thailand, and UAE also had strong seasons. Moderate earnings beats for EM (+4.7%) and APxJ (+6.0%) – but solid beat for Japan (+ ...

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].

更多资料加入知识星球：水木调研纪要 关注公众号：水木Alpha J P M O R G A N Asia Pacific Emerging Markets Research 19 May 2025 Correction (first published 16 May 2025) China Local Markets Weekly Implications of a US-China tariff ceasefire Executive summary Emerging Markets Strategy Tiffany Wang AC (852) 2800-1726 tiffany.r.wang@jpmorgan.com J.P. Morgan Securities (Asia Pacific) Limited/ J.P. Morgan Broking (Hong Kong) Limited Arindam Sandilya (65) 6882-7759 arindam.x.sandilya@jpmorgan.com JPMorgan Chase Bank, N.A., Singapore Branch Gr ...

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 ...