NTT’s Second Quarter on Track but FVE Reduced to JPY 5,600 on Longer-Term Margins
Nippon Telegraph & Telephone Corp's, or NTT’s, second-quarter fiscal 2016 (quarter-ending September 2016) result was broadly in line with our expectations but we reduce our longer-term margin expansion forecasts slightly, which reduces our fair value estimate to JPY 5,600 per share (USD 53 per ADR) from JPY 5,900 per share (USD 54 per ADR). A stronger U.S. dollar since our last update partially offsets the lowered Japanese valuation for the ADR. Our fair value estimate implies a forward P/E ...Nippon Telegraph and Telephone and its subsidiaries conduct the following main business activities: regional communications (domestic intra-prefectural communication services and incidental services), principally operated by Nippon Telegraph and Telephone East Corporation and Nippon Telegraph and Telephone West Corporation; long-distance and international communications (domestic inter-prefectural communication services, international communication services and incidental services), principally operated by NTT Communications Corporation; mobile communications, principally operated by NTT DOCOMO, Inc.; and data communications, principally operated by NTT DATA CORPORATION.
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