New Street Research - KDDI Corporation (9433) KDDI (Buy, TP: ¥6,600, +53%) Q4 23 Quick Take: Better mobile trend and a decent sized buyback; FY24 guidance slightly soft

Report

New Street Research

Chris Hoare

EUR 9190.00 For Business Accounts Only

KDDI (Buy, TP: ¥6,600, +53%) Q4 23 Quick Take: Better mobile trend and a decent sized buyback; FY24 guidance slightly soft

KDDI reported after close today, with results looking okay. Headline EBIT was weak off one-off impairments and provisions previously announced but excluding that, it was largely in line with guidance/expectations.

10/05/2024 1 EN

Underlying

KDDI Corporation

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.

See profile

JP3496400007 Japan

Provider

New Street Research

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

See profile

Analysts

Chris Hoare

Other Reports on these Companies

New Street Research

Asia Telco Tour Feedback, Improving growth, ROCE and shareholder remuneration

We ran our Asia Telco tour last week. This time we met 12 companies in 3 countries (Korea, Japan, Thailand). Telco share prices in all 3 of these countries have been pretty strong recently as telcos continue to benefit from generally positive themes: growth, return on capital and shareholder remuneration are all typically improving.

EUR 9190.00

March 18, 2024 March 18, 2024 1 EN

New Street Research

Japanese Telcos Takeaways from Meetings with the Japanese Telcos + Rakuten in Tokyo. Incumbents still in good shape.

We met with all 3 of the incumbent Japanese Telcos & Rakuten in Tokyo this week. Every time we visit we are reminded of how much better the telco industry is in Japan vs other DMs and we continue to be of the view that Japanese incumbents are in a “Golden Age”; ARPU inflection is being held back a little we think by voice weakness post-Covid but is likely to come through over time. The integration of financial services though is a game changer and means SB is the likely medium term “winner” in the market.

EUR 9190.00

March 6, 2024 March 6, 2024 1 EN

Chinese AI ramp, Nvidia preview, WFE recovery, Cisco stabilization, Arm XPU initiative, and more. The Tech Weekly Wrap-up

As always, during earnings season, we start the week with a wrap-up of what happened in the previous week.

9h / 17m 9h / 17m 1 EN

Blair Levin

Blair Levin

NSR Policy: ACP and Spectrum: Update on Lowering Prospects for Legislative Relief

Last week began with hopes for a Senate markup of legislation that would provide, both, some short-term opportunities for reallocating spectrum for commercial wireless providers, and an extension of funding for the Affordable Connectivity Program (ACP). But the markup was pulled. In this update, we provide an analysis of what happened and what the implications are for the companies hoping for more funding or spectrum opportunities.

EUR 9190.00

9h / 36m 9h / 36m 1 EN

Pierre FerraguÊ

Pierre FerraguÊ

Bible 1Q24 – Foundries: leading-edge strong; Trailing-edge correction playing out.

Today, we are publishing the Foundries section of our 23rd Tech Infrastructure Quarterly Bible. The Tech Bible is a must-read for any tech investor, as it summarizes the quarterly earnings reports from the over 130 companies we track, providing an update on our key perspectives and convictions. In the coming weeks we will publish sections on Automotive, Cloud Infrastructure, Telecom Equipment, Industrials, PCs, Enterprise IT, Ride sharing & Delivery, and Semicap Equipment. In the foundry market, leading-edge demand remains strong, driven primarily by AI infrastructure. The outlook for the tra...

May 17, 2024 May 17, 2024 1 EN

Sign-up for free to access full reports immediately

Email Address*

Choose Password* ( 6 or more characters )

Due to regulatory restrictions regarding the distribution of financial research, this report is restricted to a specific region or investor type. Get access to exclusive reports by answering the questions below.

Select your country*

Get financial insights straight to your inbox

By clicking "register" you accept the Terms and Conditions & Privacy Policy

Already on ResearchPool?

Almost there...

Are you a professional investor?

Select your country

REGISTER

Create a free ResearchPool account to access full reports, get a personalised dashboard and follow providers or companies

In order to access this report please create an account.

LOGIN

KDDI (Buy, TP: ¥6,600, +53%) Q4 23 Quick Take: Better mobile trend and a decent sized buyback; FY24 guidance slightly soft

Asia Telco Tour Feedback, Improving growth, ROCE and shareholder remuneration

Japanese Telcos Takeaways from Meetings with the Japanese Telcos + Rakuten in Tokyo. Incumbents still in good shape.

Chinese AI ramp, Nvidia preview, WFE recovery, Cisco stabilization, Arm XPU initiative, and more. The Tech Weekly Wrap-up

NSR Policy: ACP and Spectrum: Update on Lowering Prospects for Legislative Relief

Bible 1Q24 – Foundries: leading-edge strong; Trailing-edge correction playing out.

Create a free ResearchPool account to access full reports, get a personalised dashboard and follow providers or companies

Sign-up for free to access full reports immediately

ResearchPool Subscriptions

Get the most out of your insights

Why subscribe?

How to subscribe

ResearchPool Subscriptions

This report is only available to subscribers

Why subscribe?

How to subscribe