Telco/Internet specialist

Kirk Boodry

Redex Research

Equity Bottom-Up

<ul>
<li>Core mobile revenue fell 4% but that is an improvement from 7-8% declines over the last few quarters and including value-added sales (VAS), retail mobile spend is up</li>
<li>Competitive challenges remain with elevated churn and visible declines in roaming revenue from Rakuten (although sequential change has been modest)</li>
<li>KDDI has kept guidance for FY22 operating income growth unchanged despite unanticipated expenses for rising fuel costs and the July network failure</li>
</ul>


Core mobile revenue fell 4% but that is an improvement from 7-8% declines over the last few quarters and including value-added sales (VAS), retail mobile spend is up
Competitive challenges remain with elevated churn and visible declines in roaming revenue from Rakuten (although sequential change has been modest)
KDDI has kept guidance for FY22 operating income growth unchanged despite unanticipated expenses for rising fuel costs and the July network failure


KDDI (Buy) - Q3 22 Results Reaction: Super Mobile but Full-Year Targets Look Challenging

KDDI Corp

KDDI (Buy) - Q3 22 Results Reaction: Super Mobile but Full-Year Targets Look Challenging