Z Holdings (Neutral) - Q3 22 Results Reaction: Lofty EBITDA Targets Cut on Erosion in Core Business

Softbank Corp (Buy) - Q2 22 Results Reaction: PayPay Boost to Guidance and In-Line Results

Z Holdings (Neutral) - Q2 22 Results Reaction: Ad Sales Weak but LINE Accounts Hold Up

Telco/Internet specialist

Kirk Boodry

Redex Research

Equity Bottom-Up

<ul>
<li>Consumer mobile revenue fell 7% but that partly reflects how sales were reported a year ago. Reported ARPU was down 5% whilst price cut erosion narrowed</li>
<li>Operating income YTD is 94% of full-year targets leaving room for Softbank to achieve its goal even with increased investment spending</li>
<li>This was a relatively uneventful quarter and we remain at Buy</li>
</ul>


Consumer mobile revenue fell 7% but that partly reflects how sales were reported a year ago. Reported ARPU was down 5% whilst price cut erosion narrowed
Operating income YTD is 94% of full-year targets leaving room for Softbank to achieve its goal even with increased investment spending
This was a relatively uneventful quarter and we remain at Buy


Softbank Corp (Buy) - Q3 22 Results Reaction: Modest Mobile Improvement, on Track to Meet Targets