New Street: Japanese Telcos Slower quarter but fundamentals remain strong, stay bullish; Q2FY21 review
Q2 was overall a slower quarter for the Japanese incumbents but fundamentals remain strong. Despite the slowdown in trends, FY21 guidance has been maintained, reflecting the confidence in the remaining of the FY (especially in Q4) and NTT materially upgraded MT guidance a couple of weeks before reporting Q2, reflecting the good fundamentals in the Japanese telco space. Stay Buyers of the incumbents.KDDI is a telecommunications company. Along with its affiliates, Co. operates in four principal business segments: personal, value, business, and global. Co. is engaged in the sale of mobile handset; and the provision of mobile telecommunication services under "au" brand name, Internet contents, settlement service, and electronic money service for individual customers. Co. offers information and communication technology ("ICT") solution services and data center services for domestic corporate customers, overseas companies and individual customers. Co. is also involved in the call center business, the research and technological development, and the telecommunication facilities maintenance.
Provided by our team of experienced analysts, our work is idea driven, based on independence of thought, sector expertise, and firmly focussed on fundamentals and valuation.
New Street Research is an independent, partner-owned, research firm specialising in equity and debt research. Our equity research embraces the following sectors:
- Pan European Telecom Services and Cable
- US Telecoms, Cable, Satellite and Towers
- Global Emerging Market Telecoms
- Japan Telecoms
- Asian Internet
- Pan European Healthcare
- Global healthcare thematic research
We provide debt research on:
- Pan European Telecom Services and Cable
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