IIJ (Buy) - Q4 21 Results Reaction: Reliable Growth and Margin Expansion

IIJ (Buy) - Q1 22 Results Reaction: Solid Results and Share Split

Internet Initiative Japan (Buy) - Q2 22 Results Reaction: Mobile Recovery Boosts Corporate DX Growth

IIJ Q2 21 Results Reaction: Setting the Pace for Industry to Follow

Internet Initiative Japan - Potential Growth Remains Under-Appreciated (Initiation of Coverage)

Internet Initiative Japan (Buy) Well-Positioned for Corporate IT Spend, Raising Forecasts/Valuation

IIJ (Buy) - Q1 21 Results Reaction: Margin Expansion Accelerates

Telco/Internet specialist

Kirk Boodry

Redex Research

Equity Bottom-Up

Internet Initiative Japan / Equity Bottom-Up

<ul>
<li>Revenue grew 4% in Q3 despite an acceleration in mobile erosion as core fixed-line revenue growth remained robust.</li>
<li>Revenue growth unlocks operating leverage as margins reached record levels helped in part by lower mobile interconnect charges from DoCoMo.</li>
<li>We remain at Buy and consider IIJ a core telecom holding in Japan</li>
</ul>


Revenue grew 4% in Q3 despite an acceleration in mobile erosion as core fixed-line revenue growth remained robust.
Revenue growth unlocks operating leverage as margins reached record levels helped in part by lower mobile interconnect charges from DoCoMo.
We remain at Buy and consider IIJ a core telecom holding in Japan


IIJ (Buy) - Q3 21 Results Reaction: Core Business Drives Record Quarter