IIJ (Buy) - Q1 22 Results Reaction: Solid Results and Share Split

Internet Initiative Japan (Buy) - Q2 22 Results Reaction: Mobile Recovery Boosts Corporate DX Growth

IIJ (Buy) - Q3 22 Results Reaction: Solid Quarter as Recurring Sales Expand

IIJ Q2 21 Results Reaction: Setting the Pace for Industry to Follow

Internet Initiative Japan (Buy) Well-Positioned for Corporate IT Spend, Raising Forecasts/Valuation

IIJ (Buy) - Q3 21 Results Reaction: Core Business Drives Record Quarter

IIJ (Buy) - Q1 21 Results Reaction: Margin Expansion Accelerates

Telco/Internet specialist

Kirk Boodry

Redex Research

Equity Bottom-Up

Internet Initiative Japan / Equity Bottom-Up

<ul>
<li>Q4 and FY22 guidance beat driven by growth in corporate DX demand and margin discipline</li>
<li>Company expects FY22 double-digit revenue growth as mobile headwinds fade and has re-set its mid-term profitability target. Implied FY23 OP is 28% higher than year-ago forecasts</li>
<li>Near-Term profitability beat ties in to shareholder returns and FY21 DPS has been raised to ¥48 from ¥46 with further growth in FY22. We remain at Buy.</li>
</ul>


Q4 and FY22 guidance beat driven by growth in corporate DX demand and margin discipline
Company expects FY22 double-digit revenue growth as mobile headwinds fade and has re-set its mid-term profitability target. Implied FY23 OP is 28% higher than year-ago forecasts
Near-Term profitability beat ties in to shareholder returns and FY21 DPS has been raised to ¥48 from ¥46 with further growth in FY22. We remain at Buy.


IIJ (Buy) - Q4 21 Results Reaction: Reliable Growth and Margin Expansion