MNI China Daily Summary: Friday, February 14

MNI BRIEF: China Jan Yuan Loans, Financing Beat Expectations

CHINA JAN NEW LOANS CNY5.13 TRLN VS MEDIAN CNY4.53 TRL

MNI BRIEF: China Machinery Expects Stable Trade In 2025

MNI BRIEF: China 2024 Real Estate Loan Recovered: PBOC

MNI: China To Ensure 5% GDP Amid Export Uncertainty: CASS's Yu

MNI: EUROZONE FLASH Q4 GDP +0.1% Q/Q, +0.9% Y/Y

MNI: SPAIN JAN HICP -0.1% M/M, +2.9% Y/Y

US EIA:NAT GAS STORAGE -100 BCF TO 2,297 BCF FEB 07 WK

GERMANY: Economy Ministry Lowers 2025 Growth Forecast As Expected

MNI EXCLUSIVE: EU-Mercosur Deal Close, But Likely Short-Lived - Officials

GERMANY: Kukies Considers Potential Non-Implementation Of 2024 Suppl' Budget

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COMMUNICATIONS: Telia Q4 Results (Yesterday)

COMMUNICATIONS
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Not a spread mover; broadly in line with consensus with the FY25 outlook already communicated.

  • Q4 revs +3.8% L4L (+1.7% vs. cons) with service revs +1.5% LFL (-0.4% vs. cons).
  • Q4 EBITDA +5.8% LFL (reported was -0.7% vs. cons) for a 33.2% margin vs. 32.5% last year.
  • Q4 CapEx +12.3% (in line); FY CapEx -0.7%.
  • Structural Op FCF +0.5% in Q4; +3.4% FY.
  • Leverage 2.28x from 2.17x in Q3 and 2.32x at FY23.
  • FY25 outlook unchanged.
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Not a spread mover; broadly in line with consensus with the FY25 outlook already communicated.

  • Q4 revs +3.8% L4L (+1.7% vs. cons) with service revs +1.5% LFL (-0.4% vs. cons).
  • Q4 EBITDA +5.8% LFL (reported was -0.7% vs. cons) for a 33.2% margin vs. 32.5% last year.
  • Q4 CapEx +12.3% (in line); FY CapEx -0.7%.
  • Structural Op FCF +0.5% in Q4; +3.4% FY.
  • Leverage 2.28x from 2.17x in Q3 and 2.32x at FY23.
  • FY25 outlook unchanged.