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Telco/Internet specialist

Kirk Boodry

Redex Research

Equity Bottom-Up

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

NTT (Nippon Telegraph & Telephone) (9432 JP)

<ul>
<li>We have tweaked our numbers after Q2 results and catching up with the company.  In particular, we come away with more confidence in wireless / fintech growth</li>
<li>NTT looks cheap at 11x FY22e EPS v 12x for KDDI even as relative growth is expected to be better with ~9% EPS growth</li>
<li>Shares have outperformed TOPIX (+18% YTD v -3%) and this should continue in 2023 as solid financial performance and an attractive shareholder returns story provide support</li>
</ul>


We have tweaked our numbers after Q2 results and catching up with the company.  In particular, we come away with more confidence in wireless / fintech growth
NTT looks cheap at 11x FY22e EPS v 12x for KDDI even as relative growth is expected to be better with ~9% EPS growth
Shares have outperformed TOPIX (+18% YTD v -3%) and this should continue in 2023 as solid financial performance and an attractive shareholder returns story provide support


2023 High Conviction: NTT (Buy) - Surging DoCoMo Underappreciated as Markets Step Back from Value