Internet Initiative Japan

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

Equity Bottom-Up
281 Views, 13 May 2022 13:25
Kirk has highlighted this Insight as a Top Pick
EXECUTIVE SUMMARY
  • Q4 and FY22 guidance beat driven by growth in corporate DX demand and margin discipline
  • Company expects FY22 double-digit revenue growth as mobile headwinds fade and has re-set its mid-term profitability target. Implied FY23 OP is 28% higher than year-ago forecasts
  • Near-Term profitability beat ties in to shareholder returns and FY21 DPS has been raised to ¥48 from ¥46 with further growth in FY22. We remain at Buy.
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Kirk Boodry
Telco/Internet specialist
Redex Research
JapanInformation Technology & Communication ServicesEquity Bottom-UpThematic (Sector/Industry)

Kirk Boodry has 20+ years as a sell-side analyst including time in NY, Tokyo, London and Singapore. He first started cov... 

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