NTT (Buy) - Q4 21 Results Reaction: Steady as She Goes

Equity Bottom-Up

251 Views, 13 May 2022 07:47

EXECUTIVE SUMMARY

Q4 results and FY22 guidance are in line with expectations and management is confident it is on track to meet its FY23 ¥370 EPS commitment
Returns to shareholders modestly better than expected with a ¥400bn buyback and the possibility of a further dividend hike later in the year still on the table
We remain positive on NTT shares which trade at an attractive 10-11x EPS with further support from expanding shareholder returns

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