Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Event-Driven

<a href="https://www.smartkarma.com/entities/1089" target="_blank" data-smartkarma-citation="entities:1089">NTT Docomo</a>  announced January 29th that its Board of Directors had resolved to authorize a share repurchase up to a prescribed maximum limit (under Article 156 of the Companies Act, as applied pursuant to Article 165 (3) of the Companies Act), of 220 million shares (5.67% of outstanding) up to JPY 500 billion. The rule which applies is effectively Min(Max(Qty,Amt)). This was not unexpected, but as ARPU has stopped dropping, and the shares have started rising, it was pleasant confirmation. The…

NTT Docomo  announced January 29th that its Board of Directors had resolved to authorize a share repurchase up to a prescribed maximum limit (under Article 156 of the Companies Act, as applied pursuant to Article 165 (3) of the Companies Act), of 220 million shares (5.67% of outstanding) up to JPY 500 billion. The rule which applies is effectively Min(Max(Qty,Amt)). This was not unexpected, but as ARPU has stopped dropping, and the shares have started rising, it was pleasant confirmation. The…

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Research is provided by our team of experienced analysts. Our work is idea driven, based on independence of thought, sector expertise, and firmly focused on fundamentals and valuation of telecoms and internet names globally. New Street is headquartered in London with offices in New York, Singapore and Australia. 

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Pan European Telecom Services and Cable
US Telecoms, Cable, Satellite and Towers
Global Emerging Market Telecoms
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Pan European Telecom Services and Cable

Equity Bottom-Up

Recent visits in Japan confirmed our view that the competitive environment is benign while fears over regulatory changes have been overdone. It was confirmed today that a Japanese regulatory panel will not push for rate cuts. Shares continue to recover following a steep fall in September after PM Shinzo Abe suggested mobile phone bills are too high. Instead, regulatory changes will be focused on separating handset and service costs, increasing the transparency of pricing plans and greater…

Recent visits in Japan confirmed our view that the competitive environment is benign while fears over regulatory changes have been overdone. It was confirmed today that a Japanese regulatory panel will not push for rate cuts. Shares continue to recover following a steep fall in September after PM Shinzo Abe suggested mobile phone bills are too high. Instead, regulatory changes will be focused on separating handset and service costs, increasing the transparency of pricing plans and greater…

Japan Telcos: Regulatory Moves Will Not Hurt Financial Results

The cost of Telecoms has become an issue in Japan in recent weeks. We look at whether regulatory pressure will increase. The regulator has started a mid-cycle review but our view is that drastic measures are unnecessary and unlikely to occur. In comparison to other Developed Asian markets, pricing appears reasonable. It is higher than the US and Europe but not dramatically so. In particular we highlight KDDI as potentially attractive here.&nbsp;We expect the government to push for more lower priced handsets to be made available while extending existing handset plans. This could reduce subscriber acquisition/retention costs. Together with lower capex and flat service revenues we see Industry Ebitda expanding around 8% per year.

The cost of Telecoms has become an issue in Japan in recent weeks. We look at whether regulatory pressure will increase. The regulator has started a mid-cycle review but our view is that drastic measures are unnecessary and unlikely to occur. In comparison to other Developed Asian markets, pricing appears reasonable. It is higher than the US and Europe but not dramatically so. In particular we highlight KDDI as potentially attractive here.&nbsp;We expect the government to push for more lower priced handsets to be made available while extending existing handset plans. This could reduce subscriber acquisition/retention costs. Together with lower capex and flat service revenues we see Industry Ebitda expanding around 8% per year.

Concern over increased Japanese Telecom regulation is overdone. Industry can deliver Ebitda growth.

Leading Independent Investment Research, Morningstar, Inc.

Morningstar

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Thematic (Sector/Industry)

Growth in the second quarter was revised up from 3.7% to 3.9%, beating the consensus estimate of 3.7% growth.It was what economists like to call a high-quality revision as the contribution from inventory expansion was now just 0.2% instead of 0.4%, meaning fewer goods were piling up on shelves.More than offsetting the downward inventory calculation was a large revision to consumer spending, primarily the services-related category.Consumer spending grew at a 3.6% rate in the second quarter, one of the best performances of this recovery and constituting almost two thirds of total GDP growth.Most of the construction-related categories were also revised higher.Analysts: Robert Johnson CFA &amp; Roland CzerniawskiFull report below the fold...&nbsp;

Growth in the second quarter was revised up from 3.7% to 3.9%, beating the consensus estimate of 3.7% growth.It was what economists like to call a high-quality revision as the contribution from inventory expansion was now just 0.2% instead of 0.4%, meaning fewer goods were piling up on shelves.More than offsetting the downward inventory calculation was a large revision to consumer spending, primarily the services-related category.Consumer spending grew at a 3.6% rate in the second quarter, one of the best performances of this recovery and constituting almost two thirds of total GDP growth.Most of the construction-related categories were also revised higher.Analysts: Robert Johnson CFA &amp; Roland CzerniawskiFull report below the fold...&nbsp;

U.S. Economy Picks up the Pace: We're bumping up our 2015 GDP forecast

Japan

Nippon Telegraph and Telephone Corporation provides a variety of telecommunication services, including telephone, telegraph, leased circuits, data communication, terminal equipment sales, and related services. The Company provides both local and long distance telephone services within Japan.

NTT (Nippon Telegraph & Telephone) (9432 JP)

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NTT (Nippon Telegraph & Telephone) (9432 JP)

NTT Docomo - Stock Buyback

NTT Docomo announced January 29th that its Board of Directors had resolved to authorize a share repurchase up to a prescribed maximum limit (under...

Travis Lundy

Japan Telcos: Regulatory Moves Will Not Hurt Financial Results

Recent visits in Japan confirmed our view that the competitive environment is benign while fears over regulatory changes have been overdone. It was...

New Street Research

Concern over increased Japanese Telecom regulation is overdone. Industry can deliver Ebitda growth.

The cost of Telecoms has become an issue in Japan in recent weeks. We look at whether regulatory pressure will increase. The regulator has started...

New Street Research

U.S. Economy Picks up the Pace: We're bumping up our 2015 GDP forecast

Growth in the second quarter was revised up from 3.7% to 3.9%, beating the consensus estimate of 3.7% growth.It was what economists like to call a...

Morningstar, Inc.

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)