Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

NTT (Nippon Telegraph & Telephone) / Event-Driven

<p>On 29 September 2020, <a href="https://www.smartkarma.com/entities/nippon-telegraph-telephone-corporation" target="_blank" data-smartkarma-citation="entities:623:1" rel="noopener">NTT (Nippon Telegraph &amp; Telephone) (9432 JP)</a> announced it would buy out minorities of <a href="https://www.smartkarma.com/entities/ntt-docomo-inc" target="_blank" data-smartkarma-citation="entities:1089:1" rel="noopener">NTT Docomo Inc (9437 JP)</a> in a $40 billion buyout - the biggest Tender Offer Japan had ever seen. </p><p>As it was financed with debt, that constituted the single biggest "stock buyback" that NTT could possibly have executed. Normally, NTT buys back ¥200-350bn of <em>stock</em> per year. With this buyout bought ¥200+bn of <em>net income</em> per year. </p><p>This came on top of previous statements by the CEO of NTT that the company would seek to sell and securitize trillions of yen of assets and return capital to shareholders. </p><p>Shockingly NTT shares fell on the news of the buyout. I could not fathom why. They may have overpaid what they needed to pay to get it done, but it was going to get done. They were going to pay ¥4trln of debt, <em>and zero equity</em>, to get ¥210-250bn in net income and ¥400bn+ of operating cashflow, presumably for a very long time, in exchange for a relatively low interest rate payment.</p><section class="figure"><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/169/695/original/Screenshot%202020-11-06%20at%202.31.50%20PM.png?1604644954" class="editor-image img-responsive" data-smartkarma-image-id="169695"></figure></section><div class="content-highlight">
<p>Several people contacted me when this was announced and asked whether I was worried about NTT being too indebted. </p>
<p>My blunt answer to them was that I was not at all worried. This was, in effect, a MAMMOTH BUYBACK and NTT had real estate assets, tower assets, and any number of other hard assets which could be sold or securitized to pay down debt and there was no chance that NTT was going to issue equity. The simple reason why there would be no equity top up was and is that the NTT Law requires that the government hold one-third* of the shares outstanding of NTT and there is no chance that the government is going to be convinced to buy more shares of NTT to maintain their stake. This was pure leverage and pure net income to NTT shareholders. </p>
</div><div class="content-remarks"><p>* It's a little complicated because there is some weirdness where IPO shares are excluded from the calculation, but it comes VERY close to one-third in practical terms.</p></div><h3>The NEW News</h3><p>On Friday 6 November NTT released Q2 earnings. They will not overwhelm anyone and there wasn't much talk about what the plans are for synergies at NTT Docomo, but I think that has to be expected because the Tender Offer, while a foregone conclusion in terms of rights, is not even over yet.</p><p>However I think people STILL do not look at NTT and its results the right way. What we knew Friday? <a href="https://www.smartkarma.com/entities/ntt-docomo-inc" target="_blank" data-smartkarma-citation="entities:1089:1" rel="noopener">NTT Docomo Inc (9437 JP)</a> OP in Q2 was +8.3%yoy. <a href="https://www.smartkarma.com/entities/ntt-data-corp" target="_blank" data-smartkarma-citation="entities:11232:1" rel="noopener">NTT Data Corp (9613 JP)</a> was up 9.5%yoy. What we did <em>not</em> know was that NTT ex-listed subs OP was up 4.7%yoy. That was better than expected. </p><p>NTT ex-listed subs OP has continued to grow over the years. The rolling 4Q total is the blue bars below (the red bars are the implied quarterly OP based on consensus OP annual estimates (out to March 2023) for NTT, NTT Docomo and NTT Data backing out NTT ex-listed subs).</p><section class="figure"><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/169/726/original/Screenshot%202020-11-06%20at%205.21.56%20PM.png?1604654537" class="editor-image img-responsive" data-smartkarma-image-id="169726"></figure><p>What was clear from the discussion that NTT led on the day of the announcement of the Tender Offer to buy in minorities of NTT Docomo was that they saw synergies, and they saw lower costs compared to what the Street was expecting. For whatever reason, as will be discussed below, Street consensus for forward years of NTT does not include all of NTT Docomo. And it seems to include no synergies.</p></section><h3>The OTHER NEW News - A Buyback</h3><p>Up to 120mm shares spending up to ¥250bn from 11 March to 31 March 2021. </p><p>THAT was unexpected. </p><p>This deserves a discussion.</p>

On 29 September 2020, NTT (Nippon Telegraph &amp; Telephone) (9432 JP) announced it would buy out minorities of NTT Docomo Inc (9437 JP) in a $40 billion buyout - the biggest Tender Offer Japan had ever seen. As it was financed with debt, that constituted the single biggest "stock buyback" that NTT could possibly have executed. Normally, NTT buys back ¥200-350bn of stock per year. With this buyout bought ¥200+bn of net income per year. This came on top of previous statements by the CEO of NTT that the company would seek to sell and securitize trillions of yen of assets and return capital to shareholders. Shockingly NTT shares fell on the news of the buyout. I could not fathom why. They may have overpaid what they needed to pay to get it done, but it was going to get done. They were going to pay ¥4trln of debt, and zero equity, to get ¥210-250bn in net income and ¥400bn+ of operating cashflow, presumably for a very long time, in exchange for a relatively low interest rate payment.
Several people contacted me when this was announced and asked whether I was worried about NTT being too indebted. 
My blunt answer to them was that I was not at all worried. This was, in effect, a MAMMOTH BUYBACK and NTT had real estate assets, tower assets, and any number of other hard assets which could be sold or securitized to pay down debt and there was no chance that NTT was going to issue equity. The simple reason why there would be no equity top up was and is that the NTT Law requires that the government hold one-third* of the shares outstanding of NTT and there is no chance that the government is going to be convinced to buy more shares of NTT to maintain their stake. This was pure leverage and pure net income to NTT shareholders. 
* It's a little complicated because there is some weirdness where IPO shares are excluded from the calculation, but it comes VERY close to one-third in practical terms.The NEW NewsOn Friday 6 November NTT released Q2 earnings. They will not overwhelm anyone and there wasn't much talk about what the plans are for synergies at NTT Docomo, but I think that has to be expected because the Tender Offer, while a foregone conclusion in terms of rights, is not even over yet.However I think people STILL do not look at NTT and its results the right way. What we knew Friday? NTT Docomo Inc (9437 JP) OP in Q2 was +8.3%yoy. NTT Data Corp (9613 JP) was up 9.5%yoy. What we did not know was that NTT ex-listed subs OP was up 4.7%yoy. That was better than expected. NTT ex-listed subs OP has continued to grow over the years. The rolling 4Q total is the blue bars below (the red bars are the implied quarterly OP based on consensus OP annual estimates (out to March 2023) for NTT, NTT Docomo and NTT Data backing out NTT ex-listed subs).What was clear from the discussion that NTT led on the day of the announcement of the Tender Offer to buy in minorities of NTT Docomo was that they saw synergies, and they saw lower costs compared to what the Street was expecting. For whatever reason, as will be discussed below, Street consensus for forward years of NTT does not include all of NTT Docomo. And it seems to include no synergies.The OTHER NEW News - A BuybackUp to 120mm shares spending up to ¥250bn from 11 March to 31 March 2021. THAT was unexpected. This deserves a discussion.

'Quantamental' Japan Specialist, LightStream Research

Campbell Gunn

'Quantamental' Japan Specialist

Long-Short Analysis on Japan, Asia and the World

LightStream Research

LightStream conducts quantitatively rigorous and data-driven analysis with a focus on Japan and Asia.

We consistently cover the Tech, Consumer and Industrial sectors, and provide ECM and Events coverage more broadly.

We supplement traditional qualitative insights from company relationships with a robust quantitative foundation that examines as much historical data as is available.
We further refine the accuracy of our insights and calls through the use of alternative data to flesh out current trends, and through a valuation framework that emphasises non-superficial peer group selection and a proper attempt to understand the metrics and changes that have driven security valuations in the past.

Thematic (Sector/Industry)

<div><p style="text-align: center;"><strong>• BEST &amp; WORST •</strong></p></div><div>
<p>Monday's best and worst pairing is connector specialist <a href="https://www.smartkarma.com/entities/hirose-electric-co-ltd" target="_blank" data-smartkarma-citation="entities:13513:1" rel="noopener">Hirose Electric (6806 JP)</a> and finance conglomerate <a href="https://www.smartkarma.com/entities/orix-corp" target="_blank" data-smartkarma-citation="entities:9936:1" rel="noopener">Orix (8591 JP)</a>.</p>
<section class="figure"><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/168/962/original/2020-10-28_06-33-11.png?1604374504" class="editor-image img-responsive" data-smartkarma-image-id="168962"></figure></section><section class="figure"><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/168/964/original/2020-11-03_12-36-42.png?1604374616" class="editor-image img-responsive" data-smartkarma-image-id="168964"></figure></section><div><div class="content-caption">Source for all charts &amp; tables: Japan Analytics</div></div>
<hr>
<div><p style="text-align: center;"><strong>DAILY STATS</strong></p></div>
<hr>
<div><p style="text-align: center;"><strong>63 Quarterly Results</strong></p></div>
<div><ul style="list-style-type: disc;">
<li><p><strong>Results Score:</strong> 44% Positive / 10% Neutral / 46% Negative</p></li>
<li><p><strong>Average Results Score Change:</strong> -1.2 points</p></li>
<li><p><strong>Average % Change in Revenue:</strong> -8.3% Quarter YoY / -6.3% Rolling TTM YoY </p></li>
<li><p><strong>Average Operating Profit Margin Change:</strong> -1.3ppt</p></li>
<li><p><strong>Percentage Making Quarterly Losses:</strong> 22%</p></li>
</ul></div>
<hr>
<div><p style="text-align: center;"><strong>37 Annual • 25 Interim Forecasts/Revisions</strong></p></div>
<div><ul style="list-style-type: disc;">
<li><p><strong>Annual Forecast/Revision Score:</strong> 46% Positive / 8% Neutral / 46% Negative</p></li>
<li><p><strong>Interim Forecast/Revision Score Change:</strong> 36% Positive / 4% Neutral / 60% Negative</p></li>
<li><p><strong>Average Forecast/Revision Score Change:</strong> -2.0 points</p></li>
</ul></div>
</div>

• BEST &amp; WORST •
Monday's best and worst pairing is connector specialist Hirose Electric (6806 JP) and finance conglomerate Orix (8591 JP).
Source for all charts &amp; tables: Japan Analytics

DAILY STATS

63 Quarterly Results

Results Score: 44% Positive / 10% Neutral / 46% Negative
Average Results Score Change: -1.2 points
Average % Change in Revenue: -8.3% Quarter YoY / -6.3% Rolling TTM YoY 
Average Operating Profit Margin Change: -1.3ppt
Percentage Making Quarterly Losses: 22%


37 Annual • 25 Interim Forecasts/Revisions

Annual Forecast/Revision Score: 46% Positive / 8% Neutral / 46% Negative
Interim Forecast/Revision Score Change: 36% Positive / 4% Neutral / 60% Negative
Average Forecast/Revision Score Change: -2.0 points



🇯🇵 JAPAN • Results & Revisions 11/​​​​​​​​​​​​​​​​​​​​​02 - Hirose, Yamaha, CTC & NTT Data, ORIX

Japan/Asia Long-Short, LightStream Research

Mio Kato

Japan/Asia Long-Short

<p>There were some pointed questions regarding NTT Data at NTT’s investor day held on the 2<sup>nd</sup> of October, with suggestions that NTT should sell off NTT Data due to a lack of synergy between the two companies. We believe that would be entirely the wrong direction to go at this juncture, regardless of historical performance, and believe that NTT could turn NTT Data into a wholly owned subsidiary once it tidies up its balance sheet following the Docomo deal.</p>

There were some pointed questions regarding NTT Data at NTT’s investor day held on the 2nd of October, with suggestions that NTT should sell off NTT Data due to a lack of synergy between the two companies. We believe that would be entirely the wrong direction to go at this juncture, regardless of historical performance, and believe that NTT could turn NTT Data into a wholly owned subsidiary once it tidies up its balance sheet following the Docomo deal.

NTT Data – Should Benefit from Suga’s Digitalisation Drive While You Wait for an NTT Buyout

<p>Welsh poet Dylan Thomas is famous for one poem in particular - one called "Do not go gentle into that good night." It is a great poem, and I can always spare a brief moment to <a href="https://poets.org/poem/do-not-go-gentle-good-night" target="_blank" rel="noopener">re-read it</a>. It starts...</p><p><em>Do not go gentle into that good night,</em><br><em>Old age should burn and rave at close of day;</em><br><em>Rage, rage against the dying of the light.</em></p><p>This deal, and the accompanying <a href="https://www.nttdocomo.co.jp/english/info/media_center/pr/2020/pdf/english_news_release_200929_02.pdf" target="_blank" rel="noopener">documentation</a> (and Nikkei article <a href="https://asia.nikkei.com/Business/Business-deals/NTT-to-take-over-wireless-unit-Docomo-for-38bn" target="_blank" rel="noopener">updates</a>) tell you NTT is not going gentle.</p><p>An unkind interpretation might use a later stanza to point out that <em>"grave men, near death, who see with blinding sight, Blind eyes could blaze like meteors and be gay"</em> may produce a last gasp cascade of brilliance, but here the strategic rationale notes, and accompanying management actions are putting the world on notice.</p><p>We're not going gentle.</p><hr><p>This morning, exactly eight hours after the Nikkei published articles in <a href="https://www.nikkei.com/article/DGXMZO64352350Y0A920C2MM8000/" target="_blank" rel="noopener">Japanese</a> and <a href="https://asia.nikkei.com/Business/Business-deals/NTT-to-take-over-wireless-unit-Docomo-for-38bn" target="_blank" rel="noopener">English</a> that <a href="https://www.smartkarma.com/entities/nippon-telegraph-telephone-corporation" target="_blank" data-smartkarma-citation="entities:623:1" rel="noopener">NTT (Nippon Telegraph &amp; Telephone) (9432 JP)</a> would soon launch a Tender Offer to buy out the minority shareholders of its mobile telephony subsidiary and largest mobile phone operator in Japan by subscriber count <a href="https://www.smartkarma.com/entities/ntt-docomo-inc" target="_blank" data-smartkarma-citation="entities:1089:1" rel="noopener">NTT Docomo Inc (9437 JP)</a>, NTT made a short release to the exchange saying that nothing had yet been decided regarding the subject "NTT to make DoCoMo a wholly-owned subsidiary" but that NTT would hold a board meeting that day to discuss the matter and if an announcement were warranted, there would be one.</p><p>"Nothing has been decided" in Japan Corporate-Speak specifically meant that the board had not resolved the matter at a board meeting. </p><p>Sure enough, after the close, and after a day when the shares were pegged at limit-up all day long and the gray market traded ¥3450-3500 during that time, after the close NTT and NTT Docomo announced that NTT would conduct a Tender Offer to buy out minorities at ¥3900/share, which is a 40.5% premium to the undisturbed price.</p><p>Given the ownership circumstances and the trading prices of other telecom stocks out there, this is a <em>Very High Price Indeed.</em></p><p>Interestingly, there is more than a hint of frustration shown by NTT in the Management Policy After the Tender Offer section of the document (so far only available in the DoCoMo Opinion <a href="https://www.nttdocomo.co.jp/english/info/media_center/pr/2020/pdf/english_news_release_200929_02.pdf" target="_blank" rel="noopener">document</a>) and in the separate document outlining several management changes to be made 1 December (i.e. 1 week after settlement of the Tender Offer). That includes the NTT DoCoMo CEO Yoshizawa who will resign his board seat, and his roles as CEO and President. That is a wow. He will be replaced by Motoyuki Ii. There will be one more Representative Director added, and two more EVPs elevated to fill the vacuum (both internal). </p><p>There is considerable explanation about their plans in that doc. For anyone curious about what happens to NTT next, it is <em>well worth a read</em>. They plan on going big in B2B2X with integrated mobile solutions, targeting corporates and local governments. It appears they are going to do more to make dbarai (DoCoMo's cashless payment solution) scaled bigger. Done right, this could both substantially lower costs and could make a much higher throughput system. Consumer mobile effectively takes a back seat. There is more strategic information here than one normally gets. One would normally look at <a href="https://www.smartkarma.com/entities/ntt-data-corp" target="_blank" data-smartkarma-citation="entities:11232:1" rel="noopener">NTT Data Corp (9613 JP)</a> but I think it is a bit early for that. NTT Data may benefit from dev work, but this is an NTT-DoCoMo deal to start. </p><p>It may be too early to judge exactly whether NTT will adequately monetize the extra generosity it is showing in buying out DoCoMo at ¥3900/share, but it appears they will not go gently into that good night.</p><p>As always, more below the fold. </p>

Welsh poet Dylan Thomas is famous for one poem in particular - one called "Do not go gentle into that good night." It is a great poem, and I can always spare a brief moment to re-read it. It starts...Do not go gentle into that good night, Old age should burn and rave at close of day; Rage, rage against the dying of the light.This deal, and the accompanying documentation (and Nikkei article updates) tell you NTT is not going gentle.An unkind interpretation might use a later stanza to point out that "grave men, near death, who see with blinding sight, Blind eyes could blaze like meteors and be gay" may produce a last gasp cascade of brilliance, but here the strategic rationale notes, and accompanying management actions are putting the world on notice.We're not going gentle.This morning, exactly eight hours after the Nikkei published articles in Japanese and English that NTT (Nippon Telegraph &amp; Telephone) (9432 JP) would soon launch a Tender Offer to buy out the minority shareholders of its mobile telephony subsidiary and largest mobile phone operator in Japan by subscriber count NTT Docomo Inc (9437 JP), NTT made a short release to the exchange saying that nothing had yet been decided regarding the subject "NTT to make DoCoMo a wholly-owned subsidiary" but that NTT would hold a board meeting that day to discuss the matter and if an announcement were warranted, there would be one."Nothing has been decided" in Japan Corporate-Speak specifically meant that the board had not resolved the matter at a board meeting. Sure enough, after the close, and after a day when the shares were pegged at limit-up all day long and the gray market traded ¥3450-3500 during that time, after the close NTT and NTT Docomo announced that NTT would conduct a Tender Offer to buy out minorities at ¥3900/share, which is a 40.5% premium to the undisturbed price.Given the ownership circumstances and the trading prices of other telecom stocks out there, this is a Very High Price Indeed.Interestingly, there is more than a hint of frustration shown by NTT in the Management Policy After the Tender Offer section of the document (so far only available in the DoCoMo Opinion document) and in the separate document outlining several management changes to be made 1 December (i.e. 1 week after settlement of the Tender Offer). That includes the NTT DoCoMo CEO Yoshizawa who will resign his board seat, and his roles as CEO and President. That is a wow. He will be replaced by Motoyuki Ii. There will be one more Representative Director added, and two more EVPs elevated to fill the vacuum (both internal). There is considerable explanation about their plans in that doc. For anyone curious about what happens to NTT next, it is well worth a read. They plan on going big in B2B2X with integrated mobile solutions, targeting corporates and local governments. It appears they are going to do more to make dbarai (DoCoMo's cashless payment solution) scaled bigger. Done right, this could both substantially lower costs and could make a much higher throughput system. Consumer mobile effectively takes a back seat. There is more strategic information here than one normally gets. One would normally look at NTT Data Corp (9613 JP) but I think it is a bit early for that. NTT Data may benefit from dev work, but this is an NTT-DoCoMo deal to start. It may be too early to judge exactly whether NTT will adequately monetize the extra generosity it is showing in buying out DoCoMo at ¥3900/share, but it appears they will not go gently into that good night.As always, more below the fold. 

NTT Deal for DoCoMo - Not Going Gentle, Definitely Raging Against the Dying of the Light

Telco/Internet specialist

Kirk Boodry

Redex Research

Equity Bottom-Up

<p style="text-align: justify;"><strong>NTT has confirmed it is considering a bid for the 34% of DoCoMo it does not own in a deal that could be worth ¥3.9 trillion ($37bn).  Press reports cite recent regulatory pressure as a driver but a deal like this is not put together overnight and we think this is secondary to its intention to push more aggressively on 5G and IoT. NTT is paying above the odds, but the strategic rationale makes more sense than investing in ICT/cloud companies outside Japan.  DoCoMo shareholders obviously win here as the expected price is likely to be the highest in 20 years.  Concerns that DoCoMo will have flexibility to price more aggressively will be a drag on KDDI, Softbank and Rakuten although we think those worries are overdone.  Of that group, Softbank (9434) has the strongest support from returns to shareholders with a 7% dividend yield whilst KDDI currently yields 4%. </strong></p>

NTT has confirmed it is considering a bid for the 34% of DoCoMo it does not own in a deal that could be worth ¥3.9 trillion ($37bn).  Press reports cite recent regulatory pressure as a driver but a deal like this is not put together overnight and we think this is secondary to its intention to push more aggressively on 5G and IoT. NTT is paying above the odds, but the strategic rationale makes more sense than investing in ICT/cloud companies outside Japan.  DoCoMo shareholders obviously win here as the expected price is likely to be the highest in 20 years.  Concerns that DoCoMo will have flexibility to price more aggressively will be a drag on KDDI, Softbank and Rakuten although we think those worries are overdone.  Of that group, Softbank (9434) has the strongest support from returns to shareholders with a 7% dividend yield whilst KDDI currently yields 4%. 

Japan Telecom Sector: NTT’s Privatization of DoCoMo Could Be a Long-Term Win

Japan

NTT Data Corporation mainly provides large scale system integration and networking system services. System integration involves data transmission system design, sales, leasing, and services.  Network System Services include internet related and linked computer networks, and data provision and management of data. The Company is a subsidiary of Nippon Telegraph & Telephone Corporation.

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52-week Range	0.00 - 0.00
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NTT Data Corp (9613 JP)

NTT - Go Big Or Go Home

Hot on the heels of announcing a $40bn buyout of Docomo minorities - effectively a giant buyback - NTT announced a buyback of its own stock. It...

Travis Lundy

🇯🇵 JAPAN • Results & Revisions 11/02 - Hirose, Yamaha, CTC & NTT Data, ORIX

• BEST & WORST • Monday's best and worst pairing is connector specialist Hirose Electric (6806 JP) and finance conglomerate Orix (8591 JP).

Campbell Gunn

NTT Data – Should Benefit from Suga’s Digitalisation Drive While You Wait for an NTT Buyout

There were some pointed questions regarding NTT Data at NTT’s investor day held on the 2nd of October, with suggestions that NTT should sell off...

Mio Kato

NTT Deal for DoCoMo - Not Going Gentle, Definitely Raging Against the Dying of the Light

This morning, exactly eight hours after the Nikk

Travis Lundy

Japan Telecom Sector: NTT’s Privatization of DoCoMo Could Be a Long-Term Win

NTT has confirmed it is considering a bid for the 34% of DoCoMo it does not own in a deal that could be worth ¥3.9 trillion ($37bn). Press reports...

Kirk Boodry

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

NTT - Go Big Or Go Home

Hot on the heels of announcing a $40bn buyout of Docomo minorities - effectively a giant buyback - NTT announced a buyback of its own stock. It...

Travis Lundy

🇯🇵 JAPAN • Results & Revisions 11/​​​​​​​​​​​​​​​​​​​​​02 - Hirose, Yamaha, CTC & NTT Data, ORIX

• BEST & WORST • Monday's best and worst pairing is connector specialist Hirose Electric (6806 JP) and finance conglomerate Orix (8591 JP).

Campbell Gunn

NTT Data – Should Benefit from Suga’s Digitalisation Drive While You Wait for an NTT Buyout

There were some pointed questions regarding NTT Data at NTT’s investor day held on the 2nd of October, with suggestions that NTT should sell off...

Mio Kato

NTT Deal for DoCoMo - Not Going Gentle, Definitely Raging Against the Dying of the Light

This morning, exactly eight hours after the Nikk

Travis Lundy

Japan Telecom Sector: NTT’s Privatization of DoCoMo Could Be a Long-Term Win

NTT has confirmed it is considering a bid for the 34% of DoCoMo it does not own in a deal that could be worth ¥3.9 trillion ($37bn). Press reports...

Kirk Boodry

🇯🇵 JAPAN • Results & Revisions 11/02 - Hirose, Yamaha, CTC & NTT Data, ORIX