JGBs Fall as Inflation Worries Overcome Geopolitical Tensions
JGBs fell in price terms in the morning Tokyo session as inflation worries overcame geopolitical tensions.
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Yahoo
12 minutes ago
- Yahoo
PPC's (JSE:PPC) Earnings Offer More Than Meets The Eye
Shareholders appeared to be happy with PPC Ltd's (JSE:PPC) solid earnings report last week. This reaction by the market reaction is understandable when looking at headline profits and we have found some further encouraging factors. This technology could replace computers: discover the 20 stocks are working to make quantum computing a reality. As finance nerds would already know, the accrual ratio from cashflow is a key measure for assessing how well a company's free cash flow (FCF) matches its profit. The accrual ratio subtracts the FCF from the profit for a given period, and divides the result by the average operating assets of the company over that time. The ratio shows us how much a company's profit exceeds its FCF. Therefore, it's actually considered a good thing when a company has a negative accrual ratio, but a bad thing if its accrual ratio is positive. While it's not a problem to have a positive accrual ratio, indicating a certain level of non-cash profits, a high accrual ratio is arguably a bad thing, because it indicates paper profits are not matched by cash flow. To quote a 2014 paper by Lewellen and Resutek, "firms with higher accruals tend to be less profitable in the future". Over the twelve months to March 2025, PPC recorded an accrual ratio of -0.10. That indicates that its free cash flow was a fair bit more than its statutory profit. Indeed, in the last twelve months it reported free cash flow of R1.0b, well over the R466.0m it reported in profit. PPC's free cash flow improved over the last year, which is generally good to see. However, that's not all there is to consider. The accrual ratio is reflecting the impact of unusual items on statutory profit, at least in part. See our latest analysis for PPC That might leave you wondering what analysts are forecasting in terms of future profitability. Luckily, you can click here to see an interactive graph depicting future profitability, based on their estimates. PPC's profit was reduced by unusual items worth R186m in the last twelve months, and this helped it produce high cash conversion, as reflected by its unusual items. This is what you'd expect to see where a company has a non-cash charge reducing paper profits. While deductions due to unusual items are disappointing in the first instance, there is a silver lining. We looked at thousands of listed companies and found that unusual items are very often one-off in nature. And, after all, that's exactly what the accounting terminology implies. Assuming those unusual expenses don't come up again, we'd therefore expect PPC to produce a higher profit next year, all else being equal. In conclusion, both PPC's accrual ratio and its unusual items suggest that its statutory earnings are probably reasonably conservative. Looking at all these factors, we'd say that PPC's underlying earnings power is at least as good as the statutory numbers would make it seem. If you'd like to know more about PPC as a business, it's important to be aware of any risks it's facing. You'd be interested to know, that we found 1 warning sign for PPC and you'll want to know about it. Our examination of PPC has focussed on certain factors that can make its earnings look better than they are. And it has passed with flying colours. But there is always more to discover if you are capable of focussing your mind on minutiae. For example, many people consider a high return on equity as an indication of favorable business economics, while others like to 'follow the money' and search out stocks that insiders are buying. While it might take a little research on your behalf, you may find this free collection of companies boasting high return on equity, or this list of stocks with significant insider holdings to be useful. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Sign in to access your portfolio
Yahoo
12 minutes ago
- Yahoo
Indonesia Telecoms Industry Report: 2025-2032: Broadband Expansion, Spectrum Intelligence, and Tower Trends
This comprehensive report offers in-depth analysis, forecasts, and insights into mobile market transformations, key for strategic planning and investment. Dublin, June 16, 2025 (GLOBE NEWSWIRE) -- The "Indonesia Telecoms Industry Report: 2025-2032" report has been added to offering. The Indonesia Telecommunications Industry Report, 2025-2032 includes an overview of the Indonesian market dynamics, market sizing, market forecasts, analysis, insights and key trends. The report provides the most comprehensive and up-to-date analysis of Southeast Asia's largest digital economy and its fast-evolving telecoms market. Spanning mobile, fixed broadband, satellite, tower, and submarine infrastructure, the report offers deep insights, reliable datasets, and strategic intelligence for investors, operators, regulators, and digital ecosystem players. Why You Should Buy This Indonesia Telecoms Industry Report: Benefit from the latest market opportunities Understand the threats to your operations and investments and protect your company against future risks Gain insight on emerging trends that could support, strengthen or disrupt your activities in the market Get a full view of the competitive landscape to assess your market position. Forecasts as a key input for successful budgeting and strategic business planning in the telecoms market Target business opportunities and risks in the telecoms sector through our reviews of latest industry trends, regulatory changes and major deals, projects and investments Assess the activities, strategy and market position of your competitors, partners and clients via our Operators Profiles Indonesia Telecoms Industry Report: Key Developments, Growth Prospects, and Investment Opportunities Key Themes CoveredMobile Market Transformation In-depth analysis of the XL Axiata-Smartfren merger, marking the transition to a three-operator market alongside Telkomsel and Indosat Ooredoo Hutchison. Subscriber and revenue forecasts to 2032, with ARPU trends, service revenue mix, and spectrum holdings by operator. Competitive positioning, operator KPIs, and market share evolution across mobile, broadband, and tower markets. Fixed & Satellite Broadband Broadband subscribers forecast to reach 29 million by 2032, with household penetration rising to 35%. Profiles of key players: Telkom Indonesia, XL Home/Link Net, MyRepublic, Icon+, Moratelindo, and Starlink. Satellite broadband users set to exceed 3 million by 2032, fuelled by new entrants and LEO constellations. Spectrum & Infrastructure Intelligence Comprehensive spectrum allocation benchmarking across 850-2300 MHz bands and subscriptions per MHz by country. Indonesia's spectrum scarcity compared regionally with high subscribers-per-MHz ratio, pressuring network quality and investment cycles. Tower Market Landscape Detailed tower and tenancy data covering 126,000 towers, with operator KPIs for Mitratel, Tower Bersama, Protelindo, Centratama/Edgepoint, and more. Insights on tower consolidation trends, tenancy ratios, average revenue per tower, and site decommissioning risks post-operator M&A. International Infrastructure & Cross-Border Connectivity Full submarine cable map and database of over 20 active and planned systems, including SEA-ME-WE, Bifrost, Apricot, Echo, and SJC. Review of IXP throughput, international bandwidth, and internet backbone capacity benchmarks across 39 European and Asia-Pacific markets. 5G, NTN, & Satellite Disruption Strategic profiles of Starlink, AST SpaceMobile, Lynk, Kuiper, and others entering the NTN/5G direct-to-device space. Indonesia's role in global LEO infrastructure as satellite broadband supplements rural 5G and fiber gaps. M&A and Diversification Outlook Evaluation of telco-driven diversification into fintech, logistics, e-commerce, and data centre infrastructure. Strategic investments from Telkomsel in GoTo (Tokopedia + Gojek), and LinkAja's role in digital financial services. Why This Report? Indonesia is undergoing a once-in-a-decade telecom reset, with consolidation, 5G rollout delays, spectrum constraints, and pressure on ARPU defining the industry. This report offers: Independent, data-backed insights trusted by investors and regulators Coverage of all major players and infrastructure segments Tailored insights for strategic planning, market entry, and due diligence Key Topics Covered: 1 Key Statistics1.1 Indonesia's Population1.2 Indonesia's Economy1.3 Indonesia's GDP 2 Overall Telecommunications Market, 2018-20322.1 Market Overview2.2 Historical Telecommunications Market Revenue, 2018-20322.3 Overall Telecommunications Market Forecast, 2024-20322.4 Telecommunications Market Capital Expenditure, 2018-20322.4.1 Historical Telecommunications Capex Spend, 2018-20242.4.2 Capex to Revenue Benchmark2.4.3 Capex to GDP Benchmark2.4.4 Telecommunications Capex Spend Forecast, 2024-2032 3 Telecommunications Operators Profile3.1 Telkom Indonesia Profile3.1.1 Telkom Revenue and EBITDA Mix3.1.2 Telkomsel3.2 Indosat Ooredoo Hutchison Profile3.2.1 IOH Revenue and EBITDA Mix3.2.2 Tri Indonesia (Historical Only)3.2.3 Tri Indonesia Revenue and EBITDA Mix3.3 XL Axiata3.3.1 XL Axiata Revenue and EBITDA Mix3.3.2 Link Net3.3.3 Link Net Revenue, EBITDA and Capex Mix3.4 Smartfren Profile3.4.1 Smartfren Revenue, EBITDA and Capex Mix3.5 Other Players Profile3.5.1 MNC Vision3.5.2 BizNet3.5.1 Icon+ 4 Mobile Market4.1 Mobile Subscribers Historical and Forecast, 2018-20324.1.1 Mobile Subscribers Historical, 2018-20244.1.2 Mobile Subscribers Market Share, 2018-20244.1.3 Indonesia Smartphone Share, 20254.1.4 Mobile Subscribers Forecast, 2024-20324.1.5 Indonesia Mobile Subscribers by Generation (2G, 3G, 4G & 5G) Forecast, 2024-20324.2 Mobile Revenue Historical and Forecast, 2018-20324.2.1 Historical Mobile Revenue, 2018-20244.2.2 Mobile Revenue Market Share, 2018-20244.2.3 Mobile Revenue Forecast, 2024-20324.2.4 Mobile Subscribers ARPU, 2018-20244.3 Spectrum Holdings4.3.1 5G Development and Launches4.3.2 Mobile Frequencies Portfolios Analysis4.3.3 Spectrum Depth Benchmark by Country4.4 Asia Pacific Mobile Download Data and Pricing Benchmark - 20254.5 Mobile Speed Tests4.5.1 Ookla Mobile Speed Tests4.5.2 OpenSignal 5 Broadband Market5.1 Fixed Broadband Subscribers Historical, 2018-20245.2 Fixed Broadband Subscribers Forecast, 2024-2032 6 Satellite Internet Connectivity6.1 Comparing LEO, MEO, and GEO Satellite Orbits6.1.1 LEO and GEO Satellite Comparison6.2 Satellite Broadband Providers Operators, 20256.3 5G NTN: The Next Generation of Satellite Connectivity6.3.1 5G NTN Overview6.3.2 The Rationale Behind 5G NTN6.3.3 Technical Aspects of 5G NTN6.3.4 Potential Applications for 5G NTN6.3.5 Challenges in Implementation6.3.6 5G NTN Satellite Providers6.4 Satellite Internet Market Analysis, 2024-20326.4.1 Market Landscape of Satellite Broadband Subscribers, 20256.5 Indonesia Satellite Broadband Subscribers Forecast, 2024-2032 7 Fixed Telecommunications Infrastructure Investments7.1 Fixed Digital Infrastructure7.1.1 Palapa Ring Completed7.1.2 FTTH - 20m premises to go7.1.3 Submarine Cables 8 Indonesia Telecom Towers Infrastructure Landscape8.1 Indonesia Telecom Towers Market Analysis, 20258.1.1 Indonesia Telecom Towers Market Overview8.1.2 Indonesia Telecom Towers Background8.2 Indonesia Tower Market Competitive Landscape Comparison8.3 Indonesia Telecom Towers & Rooftops Market Forecast8.3.1 Indonesia Telecom Towers and Rooftops, Revenue, Penetration Forecast, 2024-20328.4 Mitratel Profile8.4.1 Mitratel Revenue, EBITDA and Towers, 2018 - 20248.5 Tower bersama Profile8.5.1 Tower Bersama Revenue, EBITDA and Towers, 2018 - 20248.6 Protelindo Profile8.6.1 Protelindo Revenue, EBITDA and Towers, 2018 - 20248.7 Centratama Menara Profile8.7.1 Centratama Menara Revenue, EBITDA and Tower Statistics, 2018 - 20248.8 Tower Density Benchmark 9 Thematics/Opportunities9.1 Consolidation Opportunities9.2 Diversification Opportunities9.3 6G on the Horizon 10 Telco Transaction Database For more information about this report visit About is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends. CONTACT: CONTACT: Laura Wood,Senior Press Manager press@ For E.S.T Office Hours Call 1-917-300-0470 For U.S./ CAN Toll Free Call 1-800-526-8630 For GMT Office Hours Call +353-1-416-8900Sign in to access your portfolio
CNN
17 minutes ago
- CNN
Taiwan puts companies behind China's AI ambitions on export control list
Taiwan has added China's tech titan Huawei and chip giant Semiconductor Manufacturing International Corporation (SMIC) to its export control list, stepping up efforts to align with Washington's crackdown on companies driving Beijing's artificial intelligence ambitions. Citing 'concerns over weapons proliferation and national security,' Taiwan's International Trade Administration updated its list of what it calls strategic high-tech commodities entities last week to include Huawei and SMIC, among hundreds of other entities in China, Myanmar, Russia, Iran and Pakistan. Under the restrictions, Taiwanese businesses will be required to apply for permits before exporting to the listed firms. The new rules were announced amid escalating US-China tensions over advanced technologies including semiconductors and AI. Washington has grown increasingly concerned about its tech being used in Chinese military applications. Just last month, the Trump administration restricted sales of chip design software to China in its ongoing trade war with Beijing. The latest move by Taiwan underscores its government's active approach in working with the US – its largest unofficial partner – to plug any loopholes in tech restrictions against Beijing. China claims self-governing Taiwan as part of its territory despite having never controlled it. Taiwan Semiconductor Manufacturing Company (TSMC), the world's largest contract chipmaker, which supplies Apple and AI giant Nvidia, had produced microchips for Huawei until 2020, when the first Trump administration effectively banned it from supplying the Chinese company. Since the ban, Huawei has turned to SMIC – which has also faced US restrictions – to source chips. With US restrictions already in place, experts said Taiwan's move to tighten the screws on Huawei, SMIC and their subsidiaries is largely symbolic. CNN has reached out to Huawei and SMIC for comment. 'This reflects the Taiwanese government's clearer intent to align its export control regulations more closely with those of the United States,' said Min-yen Chiang, a nonresident fellow at the Research Institute for Democracy, Society, and Emerging Technology, a government-funded think tank in Taipei. 'In fact, Taiwan is the second country in the world – after the US – to publicly place SMIC and Huawei on an export control list.' Taiwan's 'proactive' step signals that the government recognizes the need to play an active role in cooperating with the American government and addressing the security concerns at stake, Chiang said. 'From what I understand, the US government has long hoped that Taiwan would take greater initiative in regulating sensitive exports on its own, rather than simply following Washington's lead,' he added. Late last year, TSMC-made chips were reportedly found in a Huawei AI processor. While TSMC clarified it had not been supplying Huawei since 2020, the report stoked concerns in Washington that chips made by the Taiwanese company and intended for another Chinese firm, Sophgo, might have been rerouted to Huawei. Reuters has reported that the US Department of Commerce has been investigating the incident and that TSMC could face a penalty of $1 billion or more from Washington. In November, the department also ordered the Taiwanese company to halt shipments of advanced chips to China. 'While the new controls aren't a direct response to that specific incident, the discovery of TSMC-made chips in Huawei products last year served as a wake-up call: It prompted both TSMC and the Taiwan government to re-examine existing oversight mechanisms and identify gaps in preventing indirect supply chain loopholes,' said Brady Wang, associate director at Counterpoint Research, a market analysis firm. During his first term, US President Donald Trump imposed targeted restrictions on companies like Huawei, banning American firms from partnering with them and restricting the sale of chips to them. In 2022, then-President Joe Biden intensified these efforts, curbing the sale of advanced semiconductors to China over concerns they could power its military. The controls were subsequently expanded to include restrictions on sales of chipmaking equipment, high-bandwidth memory chips and even products manufactured outside the United States using American technology. The mounting restrictions have put heavy pressure on China's strategic sectors that Chinese leader Xi Jinping has prioritized, including semiconductors and AI. But Huawei and SMIC have made some strides in the production of advanced chips, and Beijing has pinned its hopes on these companies to lead innovation. Although the US restrictions initially crippled its business, Huawei made a remarkable comeback in 2023 with the introduction of its Mate 60 smartphone, powered by advanced chips made by SMIC. The launch of the handset even triggered investigations by the US government. Galen Zeng, a senior research manager at IDC, a market intelligence firm, said Monday that the timing of Taiwan's export controls reflects multiple strategic considerations, including Washington's concerns about the advanced chips found in Huawei's devices. 'Coupled with US concerns over indirect supply routes, these developments have pushed Taiwan to tighten its export control mechanisms to enhance supply chain transparency,' he said. While Huawei and SMIC may need to seek domestic alternatives in response to the export controls, restrictions like these would ultimately benefit Chinese suppliers, Zeng said. 'In the long term, this is likely to accelerate China's push for semiconductor self-sufficiency, benefiting domestic equipment, materials, and component suppliers,' he said. In a rare interview last week, Ren Zhenfei, the founder of Huawei, downplayed the impact of the US technology restrictions on Huawei and China overall, while saying its chip technology remains one generation behind US technology. 'There's actually no need to worry about the chip issue. By using methods like stacking and clustering, the computational results are comparable to the most advanced levels,' he said, referring to the industry approach of bundling multiple chips to achieve higher performance.
