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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>Segment results for DoCoMo and NTT Data were impressive as NTT plans to restructure both businesses start to bear fruit</li>
<li>DoCoMo is also leading MNOs in moving past the impact of regulatory driven price reductions with Q3 service revenue largely flat YoY supported by 5G upsell and subscriber wins</li>
<li>Rising utility costs have had a material impact on profitability for NTT East and West but management believes upside in other areas and cost discipline provides some offset</li>
</ul>


Segment results for DoCoMo and NTT Data were impressive as NTT plans to restructure both businesses start to bear fruit
DoCoMo is also leading MNOs in moving past the impact of regulatory driven price reductions with Q3 service revenue largely flat YoY supported by 5G upsell and subscriber wins
Rising utility costs have had a material impact on profitability for NTT East and West but management believes upside in other areas and cost discipline provides some offset


NTT (Buy) - Q3 22 Results Reaction: Mixed Quarter but Solid Mobile/Data Performance