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Telco/Internet specialist

Kirk Boodry

Redex Research

Equity Bottom-Up

<p>Results were for the quarter were mixed with accelerating erosion in consumer mobile outpacing offsetting growth from new services (VAS and corporate sales). The bad news is mobile service revenue declines were modestly steeper than we expected and on a run-rate basis are now higher than management targets for the full year. But business services growth remains healthy and improvements in user retention could provide some support for consumer mobile. KDDI is on track to meet full-year targets although the margin for error has narrowed. We remain at Buy.  </p>

Results were for the quarter were mixed with accelerating erosion in consumer mobile outpacing offsetting growth from new services (VAS and corporate sales). The bad news is mobile service revenue declines were modestly steeper than we expected and on a run-rate basis are now higher than management targets for the full year. But business services growth remains healthy and improvements in user retention could provide some support for consumer mobile. KDDI is on track to meet full-year targets although the margin for error has narrowed. We remain at Buy.  

NTT (Nippon Telegraph & Telephone) (9432 JP)

KDDI (Buy) - Q2 21 Results Reaction: Mobile Declines Outpace New Growth Drivers

KDDI Corp

KDDI (Buy) - Q2 21 Results Reaction: Mobile Declines Outpace New Growth Drivers