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Telco/Internet specialist

Kirk Boodry

Redex Research

Equity Bottom-Up

NTT (Nippon Telegraph & Telephone) / Equity Bottom-Up

NTT (Nippon Telegraph & Telephone) (9432 JP)

<ul>
<li>Q1 revenue growth was the highest since Q3 17, helped by forex tailwinds and stability in the mobile segment</li>
<li>Core telecom results were also positive as mobile erosion was less intensive than peers on better subscriber growth whilst DX demand has kept enterprise sales healthy</li>
<li>Management did not change full-year guidance but this almost never happens with a Q1 report and we expect this report is enough to nudge consensus higher</li>
</ul>


Q1 revenue growth was the highest since Q3 17, helped by forex tailwinds and stability in the mobile segment
Core telecom results were also positive as mobile erosion was less intensive than peers on better subscriber growth whilst DX demand has kept enterprise sales healthy
Management did not change full-year guidance but this almost never happens with a Q1 report and we expect this report is enough to nudge consensus higher


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