NTT (Buy, TP: ¥240, +61%) Q1 FY24 Quick Take: Profitability largely in-line with guidance, but mobile remains somewhat challenging
NTT reported before close today and while revenue was ahead of estimates and guidance, operating income and profit were largely in line with its full year guidance. In contrast to peers, Mobile performance is lagging with ARPU trend not recovering. Separately, the company announced a buyback up to ¥ 200bn (US$ 1.37bn), a positive given the stock’s YTD performance.NTT Data is an information technology ("IT") company mainly engaged in the provision of system integration and network system services. Along with its affiliates, Co. operates in five business segments: public & social infrastructure, financial, enterprise & solutions, North America, and EMEA & LATAM. Co. provides IT services including system integration, network information, consulting, business solution, and system support services to its customers in various industries both domestic and overseas. Co.'s principal products and services are "Accel-Mart," "Aggregate Master®," "Tableau™," "IMDA®," "IsleLinX®," "BRIMOS®," "RemoteOne®," "WinActor," "ANSER," and "AnserDATAPORT®."
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