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    Richard Choe

    Vice President of Equity Research at JPMorgan Chase & Co.

    Richard Choe is a Vice President of Equity Research at JPMorgan Chase & Co., specializing primarily in coverage of real estate, industrials, and financial companies, with a notable focus on listed firms such as Dycom Industries, Digital Realty Trust, OUTFRONT Media, DigitalBridge Group, AT&T Inc., SBA Communications, and Crown Castle. He has issued over 20 stock ratings with a reported success rate of 35.71% and an average return of -4.49%, placing him in the top 3,000 out of nearly 5,000 tracked analysts. Choe began his analyst career at JPMorgan and currently holds the Vice President title, regularly featured in earnings call transcripts and financial media, although his FINRA registrations or specific securities licenses are not publicly listed. His professional approach centers on data-driven recommendations and active coverage of major companies in the listed sectors.

    Richard Choe's questions to DYCOM INDUSTRIES (DY) leadership

    Richard Choe's questions to DYCOM INDUSTRIES (DY) leadership • Q2 2026

    Question

    Richard Choe of JPMorgan Chase & Co. inquired about the reasons for Q2 revenue landing at the lower end of guidance, the expected revenue seasonality for the remainder of the year, and the sustainability of the company's significantly improved margins.

    Answer

    CEO Daniel Peyovich explained that Q2 revenue timing was influenced by the non-linear ramp-up of large customer fiber programs, but reaffirmed the full-year guidance, indicating strong momentum. He attributed the record margins to operating leverage and durable operational efficiencies, expressing confidence that this level of performance is sustainable with further opportunities for improvement over time.

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    Richard Choe's questions to DYCOM INDUSTRIES (DY) leadership • Q1 2026

    Question

    Richard Choe from JPMorgan Chase & Co. asked if the strong Q2 guidance was driven by continued wireless strength or new projects ramping up. He also questioned the potential for pulling forward equipment spending ahead of tariff implementations.

    Answer

    President and CEO Dan Peyovich confirmed the Q2 outlook is supported by both the faster-than-expected ramp of fiber-to-the-home programs and the strong performance of the wireless business. On tariffs, he stated that while impacts are real, they are a very small component of total build costs and are considered manageable, with no immediate need to alter their strategic equipment purchasing.

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    Richard Choe's questions to IHS Holding (IHS) leadership

    Richard Choe's questions to IHS Holding (IHS) leadership • Q2 2025

    Question

    Richard Choe of JPMorgan Chase & Co. inquired about the drivers for the strong performance in new lease amendments and the outlook for the remainder of the year. He also asked for clarification on the implied second-half ramp in CapEx guidance.

    Answer

    EVP & CFO Steve Howden clarified that Q2 lease amendment activity was normal, with Q1 having been unusually low, and that strength from Nigeria and Brazil is expected to continue. Regarding capital expenditures, Howden confirmed the guidance is second-half loaded due to the timing of project rollouts, primarily in Brazil and Sub-Saharan Africa, and expressed confidence in the new, lower guidance range.

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    Richard Choe's questions to IHS Holding (IHS) leadership • Q4 2024

    Question

    Richard Choe of JPMorgan Chase & Co. inquired about the company's preference and timeline for initiating stock buybacks or dividends, and whether new tariffs for Nigerian carriers would stimulate network spending in 2025 or 2026.

    Answer

    CFO Steve Howden explained that capital return plans remain under evaluation, with the immediate priority being the ongoing asset disposal program and using initial proceeds for debt reduction. CEO Sam Darwish added a bullish outlook on Nigeria's economic recovery and stated his belief that new carrier tariffs would likely drive some network spending in 2025 due to service quality obligations.

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    Richard Choe's questions to DigitalBridge Group (DBRG) leadership

    Richard Choe's questions to DigitalBridge Group (DBRG) leadership • Q2 2025

    Question

    Richard Choe from JPMorgan Chase & Co. asked for an outlook on the strength of co-investments and inquired about the expected pacing and ramp-up of the opportunity within the new TechnoC digital power platform.

    Answer

    CEO Marc Ganzi stated that co-investments are critical for funding large-scale projects and that DigitalBridge has successfully increased the average fee rate on this capital to 60 basis points, up from 45 basis points last year. He anticipates significant co-investment activity in the second half of the year, which will flow directly to FRE. Regarding TechnoC, Ganzi described it as a "fast path lane" for customers, providing powered land for build-to-suit projects. This model allows DigitalBridge to achieve high-teens to low-20s returns without building the data center itself, enabling a faster return of capital.

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    Richard Choe's questions to DigitalBridge Group (DBRG) leadership • Q1 2025

    Question

    Richard Choe of JPMorgan Chase & Co. inquired about recent trends in LP decision-making amid market volatility and asked if there has been a noticeable shift in investor interest from data centers toward towers.

    Answer

    CEO Marc Ganzi stated that despite volatility, LPs are still allocating capital to digital infrastructure, with only two out of over 280 investors pausing. He emphasized that institutional investors have long-term commitment schedules. Ganzi noted that while towers are performing well, the data center thesis remains 100% intact. He cited strong customer CapEx guidance from hyperscalers and confirmed that DigitalBridge took in new data center co-investments during the quarter, indicating no material retreat from the asset class.

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    Richard Choe's questions to DigitalBridge Group (DBRG) leadership • Q4 2024

    Question

    Richard Choe requested an update on the company's sales and fundraising infrastructure and asked how the AI-driven demand currently seen in fiber will translate to towers and small cells in the coming years.

    Answer

    CEO Marc Ganzi reported that the global sales team has grown to 35 full-time employees and continues to scale, particularly in the private wealth channel. He noted strong fundraising performance from teams in Asia and the Gulf. On infrastructure demand, Ganzi revealed a record leasing month for U.S. towers in January, attributing it to the need for network densification to support generative AI on mobile devices. He reiterated his belief that a significant small cell investment cycle will occur between 2026 and 2029.

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    Richard Choe's questions to DigitalBridge Group (DBRG) leadership • Q3 2024

    Question

    Richard Choe asked whether the accelerating capital formation is a sustainable trend or if it will culminate with the closing of DBP III. He also inquired if the private wealth data center sidecar vehicle would be an ongoing product and a continuous fundraising channel.

    Answer

    CEO Marc Ganzi described the current fundraising pace as the "normal cadence" for a multi-strat firm, not a temporary peak, highlighting that all four product pillars are performing well and new strategies are planned for next year. He confirmed the private wealth channel is a key ongoing strategy, with plans to expand into new verticals and geographies, leveraging the new head of global wealth solutions to build multiple products.

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    Richard Choe's questions to SBA COMMUNICATIONS (SBAC) leadership

    Richard Choe's questions to SBA COMMUNICATIONS (SBAC) leadership • Q2 2025

    Question

    Richard Choe from JPMorgan Chase & Co. asked about the expected timing for increased collocation activity to translate into revenue and sought more detail on the drivers behind the strong performance in the services business.

    Answer

    President and CEO Brendan Cavanagh explained that the shift towards more new collocations, versus amendments, slightly delays revenue commencement but is a positive long-term trend. He confirmed the full-year outlook for new lease contributions remains unchanged, implying a second-half acceleration. He attributed the services strength to increased site acquisition and construction work, including on third-party towers, which strengthens carrier relationships.

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    Richard Choe's questions to SBA COMMUNICATIONS (SBAC) leadership • Q1 2025

    Question

    Richard Choe followed up on the services business, asking if the guidance increase was due to near-term activity or full-year confidence, and questioned the total revenue capacity of the services segment.

    Answer

    President and CEO Brendan Cavanagh explained the services guidance increase was a mix of both a strong Q1 performance and growing backlogs that provide confidence for the rest of the year. He affirmed that SBA has the capacity to handle significantly more volume, referencing a prior year when services revenue was nearly $300 million, well above the current outlook.

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    Richard Choe's questions to SBA COMMUNICATIONS (SBAC) leadership • Q4 2024

    Question

    Richard Choe asked about the mix of new business between amendments and colocations and whether there was any potential to accelerate the remaining Sprint-related churn into 2025.

    Answer

    President and CEO Brendan Cavanagh clarified that in the U.S., new colocation revenue contributions are now greater than amendment revenue. Regarding Sprint churn, he explained that accelerating it is unlikely, as most of the 2025 impact is from leases that have already expired or will soon, leaving little time or financial incentive for T-Mobile to negotiate an early payoff.

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    Richard Choe's questions to SBA COMMUNICATIONS (SBAC) leadership • Q3 2024

    Question

    Richard Choe asked about the drivers behind the increase in site development revenue and whether more small, accretive domestic M&A deals could be expected.

    Answer

    President and CEO Brendan Cavanagh explained that the strong services quarter was driven by increased carrier construction activity, which is partly linked to the shift toward new leases that require more comprehensive site work. On M&A, he stated that while the company is always looking, opportunities for small, attractively priced domestic deals are limited due to high valuations and market competition.

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    Richard Choe's questions to DIGITAL REALTY TRUST (DLR) leadership

    Richard Choe's questions to DIGITAL REALTY TRUST (DLR) leadership • Q2 2025

    Question

    Richard Choe of JPMorgan Chase & Co. asked whether the current development CapEx range of $3.0 to $3.5 billion should be expected to continue going forward, given the increasing demand and opportunities.

    Answer

    CFO Matt Mercier noted that CapEx spend is already up 50% year-over-year and is expected to pick up in the second half. CEO Andy Power added that with the new private capital funding model, the company has the levers to accelerate gross CapEx to meet customer demand in a timely manner without overtaxing the balance sheet.

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    Richard Choe's questions to DIGITAL REALTY TRUST (DLR) leadership • Q1 2025

    Question

    Richard Choe from JPMorgan Chase & Co. inquired about the potential impact of tariffs on the company's supply chain and when those effects might appear in development costs.

    Answer

    CEO Andrew Power stated that Digital Realty anticipates a very modest impact, estimated at less than 5% on potential build costs. He attributed this resilience to long-standing vendor relationships, vendor-managed inventory programs, and a supply chain heavily focused on the U.S., Mexico, and Canada under USMCA protections. Power added that the company has been proactively ordering components and does not expect significant cost impacts to materialize for several quarters.

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    Richard Choe's questions to DIGITAL REALTY TRUST (DLR) leadership • Q4 2024

    Question

    Richard Choe from JPMorgan Chase & Co. inquired about the 2025 cash renewal outlook of 4-6%, asking if it could see a similar outperformance to 2024's 9% result, and if that would require more packaged deals.

    Answer

    CFO Matt Mercier explained that the 4-6% guidance for 2025 does not assume any pull-forward of 'packaged deals' like those that boosted the 2024 results to 9%. He noted that while the mark-to-market environment is positive, somewhat elevated expiring rates in 2025 temper the outlook, with an improving mark-to-market expected in outer years.

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    Richard Choe's questions to DIGITAL REALTY TRUST (DLR) leadership • Q3 2024

    Question

    Richard Choe inquired about the potential for more large 'package deals' on renewals and asked if these specific deals were the main driver behind achieving 4% escalators on new leases.

    Answer

    President and CEO Andy Power clarified that pushing for higher escalators is a broad-based strategic initiative across all deals, not just a result of package deals. He described the large renewal packages as 'episodic' opportunities that arise from their extensive global customer relationships, noting that underlying renewal spreads were still healthy at nearly 6% even without the large deal.

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    Richard Choe's questions to CROWN CASTLE (CCI) leadership

    Richard Choe's questions to CROWN CASTLE (CCI) leadership • Q2 2025

    Question

    Richard Choe from JPMorgan asked about the potential for a drop-off in leasing activity in 2026 as carriers approach peak 5G coverage, and whether the recent increase from back-billing is a sustainable trend.

    Answer

    Interim President and CEO Daniel Schlanger stated that it is too early to provide 2026 guidance but highlighted that leasing activity in 2025 is stronger than expected, with more core leasing anticipated in the second half. He characterized the back-billing revenue as episodic and a proof point of ongoing operational improvements rather than a consistent, recurring item.

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    Richard Choe's questions to CROWN CASTLE (CCI) leadership • Q3 2024

    Question

    Richard Choe asked where future tower market share gains would come from (national vs. regional players) and how the $800 million in avoided small cell CapEx would affect the future spending run rate.

    Answer

    CEO Steven Moskowitz stated that share gains are targeted from both large nationwide carriers, by becoming a preferred supplier, and from an increased focus on smaller, regional customers. CFO Dan Schlanger explained that while future CapEx will be $800M lower, a direct comparison to a historical run rate is difficult, but confirmed future spending will be more capital efficient due to the higher mix of colocation nodes.

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    Richard Choe's questions to AMERICAN TOWER CORP /MA/ (AMT) leadership

    Richard Choe's questions to AMERICAN TOWER CORP /MA/ (AMT) leadership • Q4 2024

    Question

    Richard Choe from JPMorgan Chase & Co. asked for color on the expected cadence of the services business margin contribution throughout the year and inquired about the performance of the Canadian business and any ambitions for expansion in that market.

    Answer

    CEO Steven Vondran indicated a good services backlog for 2025, driven by both normal deployment and niche construction services, with more visibility in the first half of the year. Regarding Canada, he described it as a small but well-performing business. He stated that any potential expansion would be subject to the same strict M&A criteria as Europe, requiring appropriate pricing and terms, and there is no strategic imperative to build scale for its own sake.

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