KDDI (Buy, TP: ¥6,500, +52%) Q1 23 Quick Take: Weaker driven by roaming and an accounting change, but well flagged.
While KDDI reported a weak Q1 due to lower roaming revenue and an accounting charge (previously flagged), however, mobile communications ARPU trend remained encouraging as ARPU decline eased further and improved from -4.4% to -1.5% (NSR at -2.3%).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.
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