KDDI Produces OK 2Q; FVE Retained at JPY 3,700
KDDI’s second-quarter fiscal 2017 result (quarter-ending September 2017) was slightly below our estimates. The company reported 4% operating revenue growth and 1.4% operating income growth to JPY 261 billion for the second quarter, which is slightly slower than management’s unchanged full-year guidance. Our previous fiscal 2017 forecasts were slightly above management guidance, but following this result, we pulled them back to in line with the guidance. We retain our fair value estimate of JPY 3...
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