Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Equity Bottom-Up

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

<a href="https://www.smartkarma.com/entities/623" target="_blank" data-smartkarma-citation="entities:623:1">NTT (Nippon Telegraph &amp; Telephone) (9432 JP)</a> and consolidated subsidiary <a href="https://www.smartkarma.com/entities/1089" target="_blank" data-smartkarma-citation="entities:1089:1">NTT Docomo Inc (9437 JP)</a> have an interesting push-me-pull-you (cf. Dr. Doolittle) relationship. NTT has spent something like ¥2.3 trillion over the past 10 fiscal years buying back stock. NTT's buying has been reasonably consistent. Docomo's has been less consistent until the last three years when the company has bought back (including the buyback currently underway) ¥1.2trln in 3 years. But NTT Docomo's buying back of…

NTT (Nippon Telegraph &amp; Telephone) (9432 JP) and consolidated subsidiary NTT Docomo Inc (9437 JP) have an interesting push-me-pull-you (cf. Dr. Doolittle) relationship. NTT has spent something like ¥2.3 trillion over the past 10 fiscal years buying back stock. NTT's buying has been reasonably consistent. Docomo's has been less consistent until the last three years when the company has bought back (including the buyback currently underway) ¥1.2trln in 3 years. But NTT Docomo's buying back of…

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On an underlying basis, narrow-moat <a href="https://www.smartkarma.com/entities/623" target="_blank" data-smartkarma-citation="entities:623:1">NTT (Nippon Telegraph &amp; Telephone) (9432 JP)</a>, or NTT’s, third-quarter fiscal 2017 (quarter ended December) result was broadly in line with our expectations, and after small adjustments to our forecasts, we retain our JPY 5,600 per share fair value estimate. Our fair value estimate implies a forward price/earnings multiple of 12.4 times. Third quarter revenue was up 7.8%, with operating income up 10.1% to JPY 488 billion (excluding impairment charges of JPY 51…

On an underlying basis, narrow-moat NTT (Nippon Telegraph &amp; Telephone) (9432 JP), or NTT’s, third-quarter fiscal 2017 (quarter ended December) result was broadly in line with our expectations, and after small adjustments to our forecasts, we retain our JPY 5,600 per share fair value estimate. Our fair value estimate implies a forward price/earnings multiple of 12.4 times. Third quarter revenue was up 7.8%, with operating income up 10.1% to JPY 488 billion (excluding impairment charges of JPY 51…

NTT’s 3Q Posts Solid Growth Excluding Impacts of Several Small Write-Downs

Event-Driven

After the <a href="https://www.smartkarma.com/entities/1089" target="_blank" data-smartkarma-citation="entities:1089:1">NTT Docomo Inc (9437 JP)</a> tender offer buyback was completed in mid-January, I published an insight suggesting that the tendered offer size was designed so that the subsequent on-market buyback of shares would leave NTT with the same percentage holding of NTT Docomo as before the buyback (i.e. 68+% or so). After the result found an additional 1mm shares had been tendered, the remaining JPY 97.1bn available to be spent was, at a current share price of JPY 2700/share, about 36mm shares. …

After the NTT Docomo Inc (9437 JP) tender offer buyback was completed in mid-January, I published an insight suggesting that the tendered offer size was designed so that the subsequent on-market buyback of shares would leave NTT with the same percentage holding of NTT Docomo as before the buyback (i.e. 68+% or so). After the result found an additional 1mm shares had been tendered, the remaining JPY 97.1bn available to be spent was, at a current share price of JPY 2700/share, about 36mm shares. …

Docomo Buyback - Updated Estimates of Impact

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<a href="https://www.smartkarma.com/entities/639" target="_blank" data-smartkarma-citation="entities:639:1">KDDI (9433 JP)</a> reported a solid 3Q17/18 result which was somewhat lost in the news that the well regarded CEO Tanaka would stand down (to become Chairman) at the ends of the fiscal year and a surprise share buyback which takes aggregate shareholder return in FY17 to over 5%.<a href="https://www.smartkarma.com/profiles/1920" target="_blank" data-smartkarma-citation="accounts:1920">Kirk Boodry</a> thinks the financial report and share buy-back news are good for the stock. The headline financial numbers were good (revenue +10%; Ebitda +7%) and he is pleased to see a return to retail subscriber growth…

KDDI (9433 JP) reported a solid 3Q17/18 result which was somewhat lost in the news that the well regarded CEO Tanaka would stand down (to become Chairman) at the ends of the fiscal year and a surprise share buyback which takes aggregate shareholder return in FY17 to over 5%.Kirk Boodry thinks the financial report and share buy-back news are good for the stock. The headline financial numbers were good (revenue +10%; Ebitda +7%) and he is pleased to see a return to retail subscriber growth…

KDDI Continues to Boost Shareholder Returns

<a href="https://www.smartkarma.com/entities/1089" target="_blank" data-smartkarma-citation="entities:1089:1">NTT Docomo (9437 JP)</a> posted 3Q results ahead of NSR and consensus forecasts, underscoring comments made in December that it was on track to beat FY17 guidance. The standout items in the quarter include a substantial beat in mobile service revenue (MSR) which grew 3% YoY (we expected flat), while margins were also better and YoY comps improved as DoCoMo lapped one-time network spending. A strong 3Q improves the chances of a meaningful beat to full-year numbers and should offset some of the…

NTT Docomo (9437 JP) posted 3Q results ahead of NSR and consensus forecasts, underscoring comments made in December that it was on track to beat FY17 guidance. The standout items in the quarter include a substantial beat in mobile service revenue (MSR) which grew 3% YoY (we expected flat), while margins were also better and YoY comps improved as DoCoMo lapped one-time network spending. A strong 3Q improves the chances of a meaningful beat to full-year numbers and should offset some of the…

NTT DoCoMo 3Q17/18 Results Were Solid. No Comment (Yet) On Rakuten Entry

Japan

NTT DOCOMO, INC. provides various types of telecommunication services including cellular phones, satellite mobile communication, and wireless LAN Network. The Company also sells cellular phones, and other equipment.

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NTT Docomo Inc (9437 JP)

NTT (9432 JP) Back on the Buyback Trail

NTT (Nippon Telegraph & Telephone) (9432 JP) and consolidated subsidiary NTT Docomo Inc (9437 JP) have an interesting push-me-pull-you (cf. Dr....

Travis Lundy

NTT’s 3Q Posts Solid Growth Excluding Impacts of Several Small Write-Downs

On an underlying basis, narrow-moat NTT (Nippon Telegraph & Telephone) (9432 JP), or NTT’s, third-quarter fiscal 2017 (quarter ended December)...

Morningstar, Inc.

Docomo Buyback - Updated Estimates of Impact

After the NTT Docomo Inc (9437 JP) tender offer buyback was completed in mid-January, I published an insight suggesting that the tendered offer...

Travis Lundy

KDDI Continues to Boost Shareholder Returns

KDDI (9433 JP) reported a solid 3Q17/18 result which was somewhat lost in the news that the well regarded CEO Tanaka would stand down (to become...

New Street Research

NTT DoCoMo 3Q17/18 Results Were Solid. No Comment (Yet) On Rakuten Entry

NTT Docomo (9437 JP) posted 3Q results ahead of NSR and consensus forecasts, underscoring comments made in December that it was on track to beat...

New Street Research

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