Telco/Internet specialist

Kirk Boodry

Redex Research

Equity Bottom-Up

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

NTT (Nippon Telegraph & Telephone) (9432 JP)

NTT senior management has been called out for entertaining Ministry of Industry Affairs and Communications (MIC, the regulator) officials at least four times over the last three years. The amounts are not obscene but they do well exceed government limits and the optics are particularly bad for both the regulator (not its first scandal) and NTT (busy shaking up the industry). That does not mean there will be any direct consequences but it does strengthen the case made by rivals <a href="https://www.smartkarma.com/entities/kddi-corp" target="_blank" data-smartkarma-citation="entities:639:1" rel="noopener">KDDI Corp (9433 JP)</a> and <a href="https://www.smartkarma.com/entities/softbank-corp" target="_blank" data-smartkarma-citation="entities:27445:1" rel="noopener">Softbank Corp (9434 JP)</a>  that regulatory proposals from NTT post the DoCoMo buy-in will need to be closely scrutinized.

NTT senior management has been called out for entertaining Ministry of Industry Affairs and Communications (MIC, the regulator) officials at least four times over the last three years. The amounts are not obscene but they do well exceed government limits and the optics are particularly bad for both the regulator (not its first scandal) and NTT (busy shaking up the industry). That does not mean there will be any direct consequences but it does strengthen the case made by rivals KDDI Corp (9433 JP) and Softbank Corp (9434 JP)  that regulatory proposals from NTT post the DoCoMo buy-in will need to be closely scrutinized. 

NTT - Illegally Entertaining Your Regulator Is a Bad Look

Director, Pearl Hill Advisors

Nicholas Tanner

Director

Pearl Hill Advisors

This is a small (market cap Y34bn) film production company, 42% of revenue comes from making ads, 21% from making its own films and/or TV programmes as well as dubbing and subtitle work and  25% from broadcasting (it owns differing stakes in 12 channels including the History Channel, Star Channel and the Playboy channel). In terms of profits, advertising and content are the key drivers but broadcasting should recover over the medium term. This year operating profit is forecast at Y2.9bn vs…

This is a small (market cap Y34bn) film production company, 42% of revenue comes from making ads, 21% from making its own films and/or TV programmes as well as dubbing and subtitle work and  25% from broadcasting (it owns differing stakes in 12 channels including the History Channel, Star Channel and the Playboy channel). In terms of profits, advertising and content are the key drivers but broadcasting should recover over the medium term. This year operating profit is forecast at Y2.9bn vs…

Tohokushinsha (2329) - A Cheap Media Play

This is a small (market cap Y35bn) film production company, 37% of revenue comes from making ads, 23% from making its own films and/or TV programmes as well as dubbing and subtitle work and  17% from broadcasting (it owns differing stakes in 12 channels including the History Channel, Star Channel and the Playboy channel). In terms of profits, advertising and content are the key drivers but broadcasting should recover over the medium term. This year operating profit is forecast at Y3.8bn (up from…

This is a small (market cap Y35bn) film production company, 37% of revenue comes from making ads, 23% from making its own films and/or TV programmes as well as dubbing and subtitle work and  17% from broadcasting (it owns differing stakes in 12 channels including the History Channel, Star Channel and the Playboy channel). In terms of profits, advertising and content are the key drivers but broadcasting should recover over the medium term. This year operating profit is forecast at Y3.8bn (up from…

Small Cap with Growth and Significant Value.

Japan

TOHOKUSHINSHA FILM CORPORATION plans and produces TV programs, movies, and commercial films.  The Company also provides satellite broadcasting and distributes licensing rights to domestic and foreign media companies.

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Tohokushinsha Film (2329 JP)

NTT - Illegally Entertaining Your Regulator Is a Bad Look

NTT management has been called out for illegally entertaining regulatory officials. There is probably little direct consequence but it is a bad look

Kirk Boodry

Tohokushinsha (2329) - A Cheap Media Play

This is a small (market cap Y34bn) film production company, 42% of revenue comes from making ads, 21% from making its own films and/or TV...

Pearl Hill Advisors

Small Cap with Growth and Significant Value.

This is a small (market cap Y35bn) film production company, 37% of revenue comes from making ads, 23% from making its own films and/or TV...

Pearl Hill Advisors

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