Recent Reports

Rakuten (Neutral) – Q4 22 results reaction: modest mobile improvements but uncertainty remains

Financial results largely met expectations although mobile uncertainty continues to overshadow decent eCommerce and fintech performance

NTT (Buy) – Q3 22 results reaction: mixed quarter but solid mobile/Data performance

Operating profit was light versus expectations on rising electricity costs but solid results for DoCoMo and NTT Data should be the focus

IIJ (Buy) – Q3 22 results reaction: solid quarter as recurring sales expand

Corporate demand remains robust with double-digit sales growth for a third consecutive quarter. A surprise surge in mobile sales helped.

Softbank Group (Neutral) – Q3 22 results reaction: defensive stance intact as VF losses continue

As expected, Softbank pushed a conservative outlook in uncertain markets. Investment losses were higher than expected but ARM revenues were better. On balance, a mixed quarter.

Softbank Corp (Buy) – Q3 22 results reaction: modest mobile improvement, on track to meet targets

On balance a good quarter with solid progress to year-end targets. Headline mobile erosion was higher than we expected but ARPU declines were in-line and erosion from price reductions is improving

KDDI (Buy) – Q3 22 results reaction: super mobile but full-year targets look challenging

Mobile revenue erosion appears to be improving but unanticipated costs for rising fuel costs and the July network failure stand in the way of FY22 profitability targets

Z Holdings (Neutral) – Q3 22 results reaction: lofty EBITDA targets cut on erosion in core businesses

We have another winter surprise from ZHD as weakness in both advertising sales and eCommerce will keep the company from meeting its FY23 EBITDA target