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  1. Is the EU Ready for a Gigabit Society?

    Is the EU Ready for a Gigabit Society?

    Western Europe's fibre rollout was steady in 2021, with 16m homes passed, including 5.5m in France, 3.3m in the UK, 2.2m in Germany, 1.6m in Italy, and 1.0m in Spain. Fibre rollout looks to remain elevated at 18-20m homes passed in 2022-23 before finally leveling out.

  2. How Will the Global Economic Slowdowns Affect the Asian Consumer Tech Market?

    How Will the Global Economic Slowdowns Affect the Asian Consumer Tech Market?

    The outlook for consumer tech demand remains impaired year to date, with the Russia-Ukraine conflict continuing, China demand remaining sluggish following the lockdown and disruptions, and inflation pressuring consumer demand and triggering faster rate hikes by central banks.

  3. IT Hardware Responding To Cloud Model

    IT Hardware Responding To Cloud Model

    Large installed bases can drive substantial services revenue, supporting continued solid gross profit, FCF, and funding investments in future technologies. The recent availability of Infrastructure as a Service (IaaS) offerings by hardware companies finally offers enterprise customers attractive alternatives for both business model (ratable, use base operating costs) and functionality (usage, performance) to public cloud vendors.  

  4. Deep dive into the "Greenium" in Telco ESG Bonds

    Deep dive into the "Greenium" in Telco ESG Bonds

    Some telcos could see a lower cost of debt by issuing an ESG-compatible bond with a "greenium" (a lower yield to maturity), as the operator is doing something of social/sustainable value. Most European telcos have clear ESG commitments, with the EU and UK markets targeting all corporates to reduce emissions by 100% and 78% by 2035.

  5. Is The U.S. Leading The Way Toward A Greener Natural Gas Supply?

    Is The U.S. Leading The Way Toward A Greener Natural Gas Supply?

    These greener supply chain initiatives include enhanced methane mitigation and monitoring, certified gas and related trading activities, carbon capture on LNG facilities, and offsetting. While these developments are all in early stages, with best practices still evolving, they underscore strong industry engagement and market drivers, all intending to set a premium on "green".

  6. Is Food Inflation an 80s Redux?

    Is Food Inflation an 80s Redux?

    Packaged Foods companies generated outsized EPS growth from 1979 to 1982 during an economic recession. Using data from FactSet and the Bureau of Labor Statistics, our analysts reviewed these companies’ historical performance and some thoughts on their relevance to the current time. According to FactSet, packaged foods companies’ EPS grew 43% from 1979 to 1982, while the S&P 500’s earnings fell 17%. The strong performance may be attributable to the rapid flow-through of pricing and, like the current climate, relatively steady volume as consumers prioritized grocery spending in their budgets to feed their families. 

  7. US Chips Act Prioritizes Incentives to Semiconductor Manufacturing

    US Chips Act Prioritizes Incentives to Semiconductor Manufacturing

    The new legislation includes US$39bn for semis manufacturing incentives, with US$2bn specifically for mature nodes and up to US$3bn per project. The act also adds US$11bn for R&D funding, including a National Semi Technology Center, and US$4.2bn for industry development for telecom, defense, and workforce training. It also provides a 25% investment tax credit for semis fab construction, fab equipment, and semi-cap investment. The non-partisan US Congressional Budget Office (CBO) estimates an additional US$25bn/US$22bn for grants/tax credits through 2026.

  8. Trends and Challenges in Traveling Nurse Staffing

    Trends and Challenges in Traveling Nurse Staffing

    Our travel nursing expert indicated that bill rates are currently trending down from their peaks. The expectation moving forward is that the average hourly bill rate for an ICU nurse (Staffing Industry Analysis compiled industry data) dropped to $130 this past May/June from the peak of $185 seen during the Omicron surge in January.

  9. Reviewing Strategic Themes for Asia Pacific

    Reviewing Strategic Themes for Asia Pacific

    Slower growth could expose additional problems in the Asian economies. With the fall in APAC forward P/E multiple already comparable to that in prior downturns, investor focus is now turning to EPS cuts. 

  10. Did Chinese Cross-Border Biotech Licensing Deals Slow in the First Half of This Year?

    Did Chinese Cross-Border Biotech Licensing Deals Slow in the First Half of This Year?

    China's drug industry is seeing R&D transition to a best-in-class strategy by leveraging its engineering capabilities. The number of out-licensing deals from Chinese companies could continue at pace and grow the number of out-licensed assets to more than 30 per year, with in-licensed investments at ~50 per year.