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Equity Bottom-Up

NTT (Nippon Telegraph & Telephone) / Equity Bottom-Up

On an underlying basis, narrow-moat <a href="https://www.smartkarma.com/entities/623" target="_blank" data-smartkarma-citation="entities:623:1">NTT (Nippon Telegraph &amp; Telephone) (9432 JP)</a>, or NTT’s, third-quarter fiscal 2017 (quarter ended December) result was broadly in line with our expectations, and after small adjustments to our forecasts, we retain our JPY 5,600 per share fair value estimate. Our fair value estimate implies a forward price/earnings multiple of 12.4 times. Third quarter revenue was up 7.8%, with operating income up 10.1% to JPY 488 billion (excluding impairment charges of JPY 51…

On an underlying basis, narrow-moat NTT (Nippon Telegraph &amp; Telephone) (9432 JP), or NTT’s, third-quarter fiscal 2017 (quarter ended December) result was broadly in line with our expectations, and after small adjustments to our forecasts, we retain our JPY 5,600 per share fair value estimate. Our fair value estimate implies a forward price/earnings multiple of 12.4 times. Third quarter revenue was up 7.8%, with operating income up 10.1% to JPY 488 billion (excluding impairment charges of JPY 51…

NTT’s 3Q Posts Solid Growth Excluding Impacts of Several Small Write-Downs

Differentiated global TMT & Internet Research

New Street Research Insights

New Street Research

Research is provided by our team of experienced analysts. Our work is idea driven, based on independence of thought, sector expertise, and firmly focused on fundamentals and valuation of telecoms and internet names globally. New Street is headquartered in London with offices in New York, Singapore and Australia. 

New Street Research is an independent, partner-owned, research firm specialising in equity and debt research. Our equity research embraces the following sectors:

Pan European Telecom Services and Cable
US Telecoms, Cable, Satellite and Towers
Global Emerging Market Telecoms
Japan Telecoms
Asian Internet
Pan European Healthcare
US Healthcare
Japanese Healthcare

We also provide debt research on:
Pan European Telecom Services and Cable

<a href="https://www.smartkarma.com/entities/19603" target="_blank" data-smartkarma-citation="entities:19603:1">Yahoo Japan (4689 JP)</a> posted 3Q results ahead of expectations supported by strong growth in eCommerce /fintech (+30%) while the core Internet advertising segment maintained high single-digit growth. Cost reductions and operating leverage partially offset increased strategic spending to help Yahoo Japan beat operating profit expectations. <a href="https://www.smartkarma.com/profiles/1920" target="_blank" data-smartkarma-citation="accounts:1920">Kirk Boodry</a> believes Yahoo Japan is on track to deliver near the top of full-year guidance for operating profit of  ¥175-185bn (when previously announced it…

Yahoo Japan (4689 JP) posted 3Q results ahead of expectations supported by strong growth in eCommerce /fintech (+30%) while the core Internet advertising segment maintained high single-digit growth. Cost reductions and operating leverage partially offset increased strategic spending to help Yahoo Japan beat operating profit expectations. Kirk Boodry believes Yahoo Japan is on track to deliver near the top of full-year guidance for operating profit of  ¥175-185bn (when previously announced it…

Yahoo Japan Reporting Strong Growth in ECommerce and Fintech. Competing Hard with Rakuten

<a href="https://www.smartkarma.com/entities/639" target="_blank" data-smartkarma-citation="entities:639:1">KDDI (9433 JP)</a> reported a solid 3Q17/18 result which was somewhat lost in the news that the well regarded CEO Tanaka would stand down (to become Chairman) at the ends of the fiscal year and a surprise share buyback which takes aggregate shareholder return in FY17 to over 5%.<a href="https://www.smartkarma.com/profiles/1920" target="_blank" data-smartkarma-citation="accounts:1920">Kirk Boodry</a> thinks the financial report and share buy-back news are good for the stock. The headline financial numbers were good (revenue +10%; Ebitda +7%) and he is pleased to see a return to retail subscriber growth…

KDDI (9433 JP) reported a solid 3Q17/18 result which was somewhat lost in the news that the well regarded CEO Tanaka would stand down (to become Chairman) at the ends of the fiscal year and a surprise share buyback which takes aggregate shareholder return in FY17 to over 5%.Kirk Boodry thinks the financial report and share buy-back news are good for the stock. The headline financial numbers were good (revenue +10%; Ebitda +7%) and he is pleased to see a return to retail subscriber growth…

KDDI Continues to Boost Shareholder Returns

<a href="https://www.smartkarma.com/entities/1089" target="_blank" data-smartkarma-citation="entities:1089:1">NTT Docomo (9437 JP)</a> posted 3Q results ahead of NSR and consensus forecasts, underscoring comments made in December that it was on track to beat FY17 guidance. The standout items in the quarter include a substantial beat in mobile service revenue (MSR) which grew 3% YoY (we expected flat), while margins were also better and YoY comps improved as DoCoMo lapped one-time network spending. A strong 3Q improves the chances of a meaningful beat to full-year numbers and should offset some of the…

NTT Docomo (9437 JP) posted 3Q results ahead of NSR and consensus forecasts, underscoring comments made in December that it was on track to beat FY17 guidance. The standout items in the quarter include a substantial beat in mobile service revenue (MSR) which grew 3% YoY (we expected flat), while margins were also better and YoY comps improved as DoCoMo lapped one-time network spending. A strong 3Q improves the chances of a meaningful beat to full-year numbers and should offset some of the…

NTT DoCoMo 3Q17/18 Results Were Solid. No Comment (Yet) On Rakuten Entry

<a href="https://www.smartkarma.com/entities/31" target="_blank" data-smartkarma-citation="entities:31:1">Rakuten (4755 JP)</a> announced in mid December that it would look to enter the Japan mobile industry and would apply for spectrum in the current FY17 allocation in hopes of leveraging its MVNO (currently they have 1.4m subs) to become the fourth mobile operator. It announced plans for a ¥600bn investment out to 2025 with the focus on 4G services. At the time, <a href="https://www.smartkarma.com/profiles/1920" target="_blank" data-smartkarma-citation="accounts:1920">Kirk Boodry</a> thought this would not be overly disruptive. That has not stopped share prices falling at both the incumbents and at Rakuten and…

Rakuten (4755 JP) announced in mid December that it would look to enter the Japan mobile industry and would apply for spectrum in the current FY17 allocation in hopes of leveraging its MVNO (currently they have 1.4m subs) to become the fourth mobile operator. It announced plans for a ¥600bn investment out to 2025 with the focus on 4G services. At the time, Kirk Boodry thought this would not be overly disruptive. That has not stopped share prices falling at both the incumbents and at Rakuten and…

Rakuten's Balance Sheet and Incremental Costs Limit Funding Flexibility as It Plans Mobile Entry

Japan

Rakuten Group, Inc. provides Internet services. The Company offers Internet finance services which including "Rakuten Card" and "Rakuten Bank". Rakuten Group also provides digital content services including electronic book services.

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Rakuten (4755 JP)

NTT’s 3Q Posts Solid Growth Excluding Impacts of Several Small Write-Downs

On an underlying basis, narrow-moat NTT (Nippon Telegraph & Telephone) (9432 JP), or NTT’s, third-quarter fiscal 2017 (quarter ended December)...

Morningstar, Inc.

Yahoo Japan Reporting Strong Growth in ECommerce and Fintech. Competing Hard with Rakuten

Yahoo Japan (4689 JP) posted 3Q results ahead of expectations supported by strong growth in eCommerce /fintech (+30%) while the core Internet...

New Street Research

KDDI Continues to Boost Shareholder Returns

KDDI (9433 JP) reported a solid 3Q17/18 result which was somewhat lost in the news that the well regarded CEO Tanaka would stand down (to become...

New Street Research

NTT DoCoMo 3Q17/18 Results Were Solid. No Comment (Yet) On Rakuten Entry

NTT Docomo (9437 JP) posted 3Q results ahead of NSR and consensus forecasts, underscoring comments made in December that it was on track to beat...

New Street Research

Rakuten's Balance Sheet and Incremental Costs Limit Funding Flexibility as It Plans Mobile Entry

Rakuten (4755 JP) announced in mid December that it would look to enter the Japan mobile industry and would apply for spectrum in the current FY17...

New Street Research

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