KDDI Produces Strong First-Quarter Result; Fair Value Estimate Retained at JPY 3,500
KDDI’s first-quarter fiscal 2016 result (quarter-ended June) was slightly ahead of our estimates, putting it on track to come in slightly ahead of its own full-year guidance. We make only small adjustments to our earnings forecasts and retain our fair value estimate of JPY 3,500 per share and USD 16 per ADR. At our fair value estimate, KDDI would trade on a P/E ratio of 17.1 with a 2.0% dividend yield. We also retain our narrow moat rating based on cost advantage. KDDI’s shares are trading below...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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