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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>Results were mostly positive with strong forex-boosted revenue growth and mobile outperformance </li>
<li>An expansion of the buyback program helps sentiment as an additional Y150bn program takes FY22 buybacks to the highest single-year total since 2005</li>
<li>Comments at the analyst meeting focused on underlying costs but management seems positive that it can manage with cost efficiencies</li>
</ul>


Results were mostly positive with strong forex-boosted revenue growth and mobile outperformance 
An expansion of the buyback program helps sentiment as an additional Y150bn program takes FY22 buybacks to the highest single-year total since 2005
Comments at the analyst meeting focused on underlying costs but management seems positive that it can manage with cost efficiencies


NTT (Buy) - Q2 22 Results Reaction: Expanded Buyback Is Second Largest Ever