Softbank Has Slightly Above par Result; Possible Price Cuts, Rakuten Entry Overhang; Maintaining FVE
SoftBank Corp.'s third-quarter fiscal 2018 result (quarter ended December 2018) was slightly above our estimates with revenue increasing by 2.3% and operating income increasing by 23.6%. However, 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 up to JPY 400 billion to customers and see operating profit decline with a target of recovering operating profit to curren...
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