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Telco/Internet specialist

Kirk Boodry

Redex Research

Equity Bottom-Up

<p>KDDI posted results that were ahead of consensus for revenue and modestly off for profitability. The revenue beat was largely driven by a rebound in handset sales after a weak (pandemic) H1 and helped by strong demand for the latest iPhone models. Financial targets for FY20 are within easy reach even as the impact of price reductions will start to be felt in Q4. As one would expect, KDDI is not ready to discuss how new mobile pricing will impact results next year although it did reassure that cost reductions and new services can offset any weakness in mobile revenue. On the aggregate, an uneventful but positive report</p>

KDDI posted results that were ahead of consensus for revenue and modestly off for profitability. The revenue beat was largely driven by a rebound in handset sales after a weak (pandemic) H1 and helped by strong demand for the latest iPhone models. Financial targets for FY20 are within easy reach even as the impact of price reductions will start to be felt in Q4. As one would expect, KDDI is not ready to discuss how new mobile pricing will impact results next year although it did reassure that cost reductions and new services can offset any weakness in mobile revenue. On the aggregate, an uneventful but positive report

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