Telco/Internet specialist

Kirk Boodry

Redex Research

Equity Bottom-Up

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

<ul>
<li>NTT has raised financial guidance by 1-2% on upside at subsidiary NTT Data</li>
<li>A corresponding increase in the FY21 dividend from ¥110 to ¥115 provides a near-term reward for shareholders</li>
<li>We are raising our target price from ¥3,600 to ¥4,000 and remain at Buy</li>
</ul>


NTT has raised financial guidance by 1-2% on upside at subsidiary NTT Data
A corresponding increase in the FY21 dividend from ¥110 to ¥115 provides a near-term reward for shareholders
We are raising our target price from ¥3,600 to ¥4,000 and remain at Buy


NTT (Buy) - Q3 21 Results Reaction: NTT Data Drives Beat and Raise with Dividend Boost

<ul>
<li>We had a chat with KDDI after results last week including clarification on issues that came up on the analyst call (3G network shutdown, Q4 impacts on operating profit)</li>
<li>The competitive environment in mobile looks similar to Q2 but wider distribution for sub-brands UQ (retail store presence) and Povo (first full quarter of availability) helped drive user growth</li>
<li>We have updated our forecasts for Q3 results and remain at Buy</li>
</ul>


We had a chat with KDDI after results last week including clarification on issues that came up on the analyst call (3G network shutdown, Q4 impacts on operating profit)
The competitive environment in mobile looks similar to Q2 but wider distribution for sub-brands UQ (retail store presence) and Povo (first full quarter of availability) helped drive user growth
We have updated our forecasts for Q3 results and remain at Buy


KDDI (Buy) - Follow-Up After Q3 21 Results

<ul>
<li>Financial beat as enterprise sales grow and consumer mobile pressure stabilizes. A rebound in mobile user growth was a key driver</li>
<li>The company has raised its FY21 buyback program to a record ¥200bn</li>
<li>We are raising our target price from ¥4,030 to ¥4,440 and remain at Buy</li>
</ul>


Financial beat as enterprise sales grow and consumer mobile pressure stabilizes. A rebound in mobile user growth was a key driver
The company has raised its FY21 buyback program to a record ¥200bn
We are raising our target price from ¥4,030 to ¥4,440 and remain at Buy


KDDI (Buy) - Q3 21 Results Reaction: Slight Beat with Share Buy-Back Sweetener

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

NTT (Nippon Telegraph & Telephone) / Event-Driven

<ul>
<li>NTT sees a US$1 billion selldown of shares on Wednesday 29 December. </li>
<li>This is due to a weird quirk in the way TOPIX and JPX Nikkei 400 are constructed and managed - a quirk not generally seen in other major index families.</li>
<li>NTT is cheap to peers, and NTT / Peer EPSe Ratios continue to grow, up and to the right.</li>
</ul>


NTT sees a US$1 billion selldown of shares on Wednesday 29 December. 
This is due to a weird quirk in the way TOPIX and JPX Nikkei 400 are constructed and managed - a quirk not generally seen in other major index families.
NTT is cheap to peers, and NTT / Peer EPSe Ratios continue to grow, up and to the right.


Watch the $1bn Sell-On-Close on NTT (9432) Wednesday

<ul>
<li>KDDI announced two new mobililty service offerings, including a ride-sharing JV and an the expansion of transport features in its payments app</li>
<li>The new services are not material to the financial outlook but building a wider service offering and boosting payments app functionality are moves in the right direction </li>
<li>We have tweaked our forecasts after Q2 21 results and remain at Buy. </li>
</ul>


KDDI announced two new mobililty service offerings, including a ride-sharing JV and an the expansion of transport features in its payments app
The new services are not material to the financial outlook but building a wider service offering and boosting payments app functionality are moves in the right direction 
We have tweaked our forecasts after Q2 21 results and remain at Buy. 


KDDI (Buy) - New Mobility Offers Expand Consumer Service Offering

Japan

KDDI CORPORATION provides mobile communication services and sells mobile devices.  The Company also is a broadband provider.

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KDDI Corp (9433 JP)

NTT (Buy) - Q3 21 Results Reaction: NTT Data Drives Beat and Raise with Dividend Boost

NTT has boosted full-year guidance and the dividend on solid financial results from NTT Data. We are raising our target price and remain at Buy.

Kirk Boodry

KDDI (Buy) - Follow-Up After Q3 21 Results

We are relatively sanguine about the impact of the 3G network shutdown whilst drivers behind the growth in consumer mobile subscriptions are...

Kirk Boodry

Watch the $1bn Sell-On-Close on NTT (9432) Wednesday

NTT cancelled shares in November. That leads to a TOPIX event selldown at end-December. For NTT it is US$1bn. But NTT remains undeservedly cheap to...

Travis Lundy

KDDI (Buy) - New Mobility Offers Expand Consumer Service Offering

New offerings are a positive step as the consumer platform evolves and we expect more in mobility from KDDI and the industry over time. We have...

Kirk Boodry

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NTT (Buy) - Q3 21 Results Reaction: NTT Data Drives Beat and Raise with Dividend Boost

NTT has boosted full-year guidance and the dividend on solid financial results from NTT Data. We are raising our target price and remain at Buy.

Kirk Boodry

KDDI (Buy) - Follow-Up After Q3 21 Results

We are relatively sanguine about the impact of the 3G network shutdown whilst drivers behind the growth in consumer mobile subscriptions are...

Kirk Boodry

KDDI (Buy) - Q3 21 Results Reaction: Slight Beat with Share Buy-Back Sweetener

A surprise ¥50bn expansion in the share buyback program makes this KDDI's most prolific year for returns so far even as financial upside improves a...

Kirk Boodry

Watch the $1bn Sell-On-Close on NTT (9432) Wednesday

NTT cancelled shares in November. That leads to a TOPIX event selldown at end-December. For NTT it is US$1bn. But NTT remains undeservedly cheap to...

Travis Lundy

KDDI (Buy) - New Mobility Offers Expand Consumer Service Offering

New offerings are a positive step as the consumer platform evolves and we expect more in mobility from KDDI and the industry over time. We have...

Kirk Boodry