Slightly Below-Par 3Q for KDDI; Potential Price Cuts, Rakuten Entry Overhang; FVE Still JPY 3,400
KDDI’s fiscal 2018 third-quarter result (quarter ended December 2018) was slightly below our estimates, with revenue decreasing 2.6% and operating income decreasing 3.7%. However, management’s fiscal 2018 guidance for operating income growth of 5.9% and dividend growth of 11% to JPY 100 per share remains. The big Japanese telecom issues of NTT DoCoMo’s upcoming price cuts and Rakuten’s entry remain to play out. Three months ago, NTT DoCoMo foreshadowed price decreases that will return as much as...
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