Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Equity Bottom-Up

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

Today after the close of business, <a href="https://www.smartkarma.com/entities/623" target="_blank" data-smartkarma-citation="entities:623">NTT</a><a href="https://www.smartkarma.com/lab/compose/4177/He%20bought%20a%20bunch,%20then%20launched%20a%20tender%20offer" target="_blank">announced</a> it would attempt to execute its 68 million share buyback at JPY 4,529/share (today's close) tomorrow morning on ToSTNeT-3 trading between 8:00am and 8:45am. The buyback program <a href="http://www.ntt.co.jp/news2016/1605e/160513b.html" target="_blank">announced</a> on 13 May 2016 was for 68 million shares (or an amount of 350 billion yen, whichever level was reached first). When that was announced, we published the piece on the right <a href="https://www.smartkarma.com/insights/japan-buybacks-ntt-announces-a-big-one-and-the-devil-s-in-the-details" target="_blank" data-smartkarma-citation="insights:3766">Japan Buybacks: NTT Announces A Big One, and the Devil’s in the Details.</a> The intention of…

Today after the close of business, NTTannounced it would attempt to execute its 68 million share buyback at JPY 4,529/share (today's close) tomorrow morning on ToSTNeT-3 trading between 8:00am and 8:45am. The buyback program announced on 13 May 2016 was for 68 million shares (or an amount of 350 billion yen, whichever level was reached first). When that was announced, we published the piece on the right Japan Buybacks: NTT Announces A Big One, and the Devil’s in the Details. The intention of…

NTT: A One-Shot Multi-Billion Dollar Buyback on ToSTNeT-3 (June 14)

Thematic (Sector/Industry)

Buybacks (or "own share purchases") by listed companies Japan are likely to be at a record this year. In only the first 5 months of calendar 2016, Japanese companies have announced JPY 4.3trln yen of buybacks, and in the past ten years, only two full years have seen higher totals (2007 and 2015 at just over 4.5trln yen each). There will likely be a lot more before the year-end and a lot of them will take place by ToSTNeT-3 buyback. The announcement today of a ToSTNeT-3 buyback by <a href="https://www.smartkarma.com/entities/783" target="_blank" data-smartkarma-citation="entities:783">NTT</a>  for up to…

Buybacks (or "own share purchases") by listed companies Japan are likely to be at a record this year. In only the first 5 months of calendar 2016, Japanese companies have announced JPY 4.3trln yen of buybacks, and in the past ten years, only two full years have seen higher totals (2007 and 2015 at just over 4.5trln yen each). There will likely be a lot more before the year-end and a lot of them will take place by ToSTNeT-3 buyback. The announcement today of a ToSTNeT-3 buyback by NTT  for up to…

Japan has been releasing quarterly earnings for a bit over 10 years. For large stocks, consensus estimates are available. Some stocks have interesting patterns of performance around the earnings announcement date on an outright basis or against peers. Unfortunately, while <a href="https://www.smartkarma.com/entities/623" target="_blank" data-smartkarma-citation="entities:623">NTT</a> is one of those showing interesting performance skew (see the <a href="https://www.smartkarma.com/insights/ntt-earnings-release-history-interesting-near-term-performance-skew" target="_blank">accompanying piece</a>), <a href="https://www.smartkarma.com/entities/639" target="_blank" data-smartkarma-citation="entities:639">KDDI</a> is not. In the last 20 quarters through Q3 FY2016, KDDI's quarterly earnings beat consensus 70% of the time and the stock was up the…

Japan has been releasing quarterly earnings for a bit over 10 years. For large stocks, consensus estimates are available. Some stocks have interesting patterns of performance around the earnings announcement date on an outright basis or against peers. Unfortunately, while NTT is one of those showing interesting performance skew (see the accompanying piece), KDDI is not. In the last 20 quarters through Q3 FY2016, KDDI's quarterly earnings beat consensus 70% of the time and the stock was up the…

KDDI Earnings Release Performance Skew: Not Much There

Japan has been releasing quarterly earnings for a bit over 10 years. For large stocks, consensus estimates are available. Some stocks have interesting patterns of performance around the earnings announcement date on an outright basis or against peers. <a href="https://www.smartkarma.com/entities/623" target="_blank" data-smartkarma-citation="entities:623">NTT</a> is one of those. In the last 20 quarters through Q3 FY2016, NTT's quarterly earnings beat consensus 60% of the time. However, the stock was up the day after earnings 17 out of 20 times. NTT outperformed an equal-weighted basket of NTT Docomo…

Japan has been releasing quarterly earnings for a bit over 10 years. For large stocks, consensus estimates are available. Some stocks have interesting patterns of performance around the earnings announcement date on an outright basis or against peers. NTT is one of those. In the last 20 quarters through Q3 FY2016, NTT's quarterly earnings beat consensus 60% of the time. However, the stock was up the day after earnings 17 out of 20 times. NTT outperformed an equal-weighted basket of NTT Docomo…

NTT Earnings Release History:  Interesting Near-Term Performance Skew

Thematic Investing in Tech and Media, CM Research

Cyrus Mewawalla

Thematic Investing in Tech and Media

Thematic TMT investing

CM Research

CM Research is an independent research house based in London, England. We provide global thematic research in the Technology, Media and Telecoms (TMT) sectors. 

Our focus is on disruptive technologies: how will they unfold; which industries will be impacted; and who will be the ultimate winners and losers. 

Our aim is to help investors predict share prices and corporate executives stay one step ahead of the technology trends that are shaping their industry. 

We research technology investment themes in detail and then feed the results into a scorecard system to quantify the impact of several conflicting themes on individual stocks. 

Recent themes covered include internet TV, the Internet of Things, Big Data, Mobile payments, crowdfunding, artificial intelligence, the cloud, software defined networking and Generation Hashtag.

We cover the top 500 global TMT stocks by market capitalisation and several technology start-ups and pre-IPO companies too. 

In 2015, CM Research analysts outperformed the Bloomberg Benchmark Analyst Index - which measures how good analysts are at predicting stock prices - by 7.1%.

<ul><li>TV broadcasters still control 93% of subscriptions and advertising revenues that pass through the TV set. The remaining 7% of revenues relates to video streaming services like Netflix.</li><li>But Internet TV will move faster and be more disruptive than analysts predict.</li><li>The inflection point will be the arrival of a “pure” internet TV in which all TV viewing is accessed by a single operating system, probably remote controlled by a smartphone or tablet.</li><li>Film and TV studios will see content prices bid up as technology companies – like Apple, Netflix and Alibaba – compete to acquire content rights.</li><li>TV broadcasters will report profit warnings as they lose control of payTV subscription revenues and TV advertising revenues.</li></ul>

TV broadcasters still control 93% of subscriptions and advertising revenues that pass through the TV set. The remaining 7% of revenues relates to video streaming services like Netflix.But Internet TV will move faster and be more disruptive than analysts predict.The inflection point will be the arrival of a “pure” internet TV in which all TV viewing is accessed by a single operating system, probably remote controlled by a smartphone or tablet.Film and TV studios will see content prices bid up as technology companies – like Apple, Netflix and Alibaba – compete to acquire content rights.TV broadcasters will report profit warnings as they lose control of payTV subscription revenues and TV advertising revenues.

Japan

KDDI CORPORATION provides mobile communication services and sells mobile devices.  The Company also is a broadband provider.

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KDDI Corp (9433 JP)

NTT: A One-Shot Multi-Billion Dollar Buyback on ToSTNeT-3 (June 14)

Today after the close of business, NTTannounced it would attempt to execute its 68 million share buyback at JPY 4,529/share (today's close)...

Travis Lundy

JAPAN: How a ToSTNeT-3 Buyback Works

Buybacks (or "own share purchases") by listed companies Japan are likely to be at a record this year. In only the first 5 months of calendar 2016,...

Travis Lundy

KDDI Earnings Release Performance Skew: Not Much There

Japan has been releasing quarterly earnings for a bit over 10 years. For large stocks, consensus estimates are available. Some stocks have...

Travis Lundy

NTT Earnings Release History: Interesting Near-Term Performance Skew

Japan has been releasing quarterly earnings for a bit over 10 years. For large stocks, consensus estimates are available. Some stocks have...

Travis Lundy

Internet TV as an Investment Theme

TV broadcasters still control 93% of subscriptions and advertising revenues that pass through the TV set. The remaining 7% of revenues relates to...

CM Research

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