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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