KDDI Produces Solid 3Q; Potential Rakuten Entry will Overhang for a While
KDDI’s third-quarter fiscal 2017 result (quarter-ending December 2017) was slightly above our estimates, but we broadly retain our forecasts and leave our fair value estimate unchanged. The company reported 10% operating revenue growth and 11.6% operating income growth to JPY 271 billion for the third quarter. We retain our fair value estimate of JPY 3,700 per share and USD 16 per ADR. At our fair value, KDDI would trade on a price/earnings ratio of 16.3 times with a 2.4% dividend yield. Our vie...
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