KDDI Moat Trend Reduced to Negative on Pricing Pressure from Rakuten and Government
We retain KDDI’s narrow moat based on efficient scale but reduce KDDI’s moat trend to negative. We expect some pricing pressure in the foreseeable future, with Rakuten entering the key mobile market and the Government also pushing for price decreases. We retain our fair value estimate of JPY 3,400 and USD 15 per ADR, which was lowered after the second quarter fiscal result in response to the announced price reductions from its competitor, NTT DoCoMo. At our new fair value, KDDI would trade on a ...
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