KDDI Produces Solid 2Q; FVE Retained at JPY 3,700
KDDI’s first-quarter fiscal 2017 result (quarter ended June 2017) was in line with our estimates and the company’s own full-year guidance. The company reported 6% operating revenue growth and 2.3% operating income growth to JPY 281 billion for the first quarter. This is consistent with our view that the Japanese telecom market is a solid three-player market with manageable competition levels, given that the smallest player, SoftBank, seems content to use its domestic telecom business as a cash c...
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