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2024

2023

  • AT & T Inc.

    AT & T Inc.

    21 February 2024 392 KB PDF
    • Generating rich cash flows
    • 4Q23 Revenues increased 2.2% y/y to $32bn; Adjusted EBITDA increased 3.2% y/y to $10.6bn driven by higher Mobility, Consumer Wireline and Mexico, partially offset by lower Business Wireline
  • Daiwa's View

    Daiwa's View

    21 February 2024 922 KB PDF
    • One- or two-tiered current account structure
    • Short-term money market functioning is key
    • Decision depends on whether BOJ views arbitrage transactions between private banks as big or small
  • Daiwa's View

    Daiwa's View

    16 February 2024 720 KB PDF
    • Very weak GDP growth rate in Japan
    • Weak GDP growth rate in Japan affecting likelihood of additional rate hike from 0.25% to 0.5%
  • Monthly MBS Issue

    Monthly MBS Issue

    15 February 2024 1107 KB PDF
    • RMBS issuance just under Y30bn on sluggish Flat 35 utilization
  • Daiwa's View

    Daiwa's View

    13 February 2024 580 KB PDF
    • Buying of Japanese stocks and selling of yen by overseas players
    • Increase in yen-selling hedging due to rally with Japanese stocks
  • Daiwa's View

    Daiwa's View

    9 February 2024 731 KB PDF
    • BOJ Deputy Governor Uchida’s speech confirms BOJ is pricing in moderate rate hikes
    • Speech is strong indication of stance of maintaining interest rates at low levels, in terms of both short term and long term
    • Goldilocks market environment expected
  • Daiwa's View

    Daiwa's View

    7 February 2024 772 KB PDF
    • Structure of current accounts when ending NIRP: Additional considerations
    • Is single-tier structure with +0.1% interest rate possible?
  • General Electric Company (GE US)

    General Electric Company (GE US)

    7 February 2024 456 KB PDF
    • Outperformed the market in 2023
    • 4Q23 Revenues increased 15% y/y with double-digits growth in all segments; Segment profit increased 20%