KDDI Facing Challenges From Rakuten and Government-Led Price Decreases
KDDI's first-quarter fiscal 2018 result (quarter-ending June 2019) was broadly in line with our estimates with revenue increasing by 1.9% and operating income by 2.6%. Management's fiscal 2018 guidance for operating income growth of 5.9% and dividend growth of 11% to JPY 100 per share remains unchanged. We leave our fair value estimate of JPY 3,700 per share and USD 17 per ADR. At our fair value, KDDI would trade on a price/earnings ratio of 14.7 times with a 2.7% dividend yield. We believe the...KDDI is a telecommunications company. Along with its affiliates, Co. operates in four principal business segments: personal, value, business, and global. Co. is engaged in the sale of mobile handset; and the provision of mobile telecommunication services under "au" brand name, Internet contents, settlement service, and electronic money service for individual customers. Co. offers information and communication technology ("ICT") solution services and data center services for domestic corporate customers, overseas companies and individual customers. Co. is also involved in the call center business, the research and technological development, and the telecommunication facilities maintenance.
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