NTT (9432) - Salutary Earnings Salutary Buyback, More to Go

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430 Views, 13 May 2022 18:30

EXECUTIVE SUMMARY

The three Japanese telecoms reported earnings this week. Softbank Corp (9434 JP) was disappointing (and slightly confusing). KDDI Corp (9433 JP) was much of a muchness.
NTT (Nippon Telegraph & Telephone) (9432 JP) looked the best, and announced the largest buyback - ¥400bn or 3%. But it comes from a government sale, not the market.
Nevertheless, the company is doing what it promised and executing on its promise. And despite the "bullishness" in the revenue forecast, earnings forecasts to March 2023 look conservative.

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