NTT Corp (Buy, TP: ¥215, +39%) Q3 FY25 Quick Take: ARPU recovery continues but lowered guidance
NTT's 3Q results largely improved. Key points to note is the continued recovery in ARPU in mobile, and continued revenue recovery in the Global Solutions and Regional business. However, mobile marketing spend has dented profitability again, with management revising guidance for full year 2025 across the board downwards. We continue to be Buyers but prefer KDDI and SB (our top pick among the 3 Japanese incumbents).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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