Recent Reports

2 February 2023

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

2 February 2023

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

1 February 2023

Sky Perfect JSAT (Buy) – Q3 22 results reaction: satellite growth offsets media weakness

Space segment revenue growth accelerated, providing some offset for media weakness and keeping the company on track to meet full-year guidance

1 February 2023

Softbank Group (Neutral) – Japan’s global tech play: initiation of coverage and Q3 preview

In this deep dive report, we initiate coverage at Neutral with a ¥6,300 target price. We think global tech will struggle but a recovery in China values provides some support.

24 January 2023

Japan fintech – Cashless payments competition is heating up

Japan telecom and Internet companies are driving growth in cashless payments led by Rakuten in credit cards and PayPay in cashless apps.

17 January 2023

Money Forward – Q4 results reaction: encouraging signs of user growth and monetization

MF posted solid results for Q4 with revenue growth at the high end of the range and a sequential improvement in EBITDA losses. FY23 guidance suggests more of the same with a return to break-even in FY24.

3 January 2023

Softbank Group – Vision Fund: Q3 gains on dollar basis but stronger yen points to quarterly loss

Softbank Vision Fund’s dollar-based portfolio appreciated in Q3 for the first time in seven quarters although segment losses may continue as a weaker dollar offsets local gains

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