Japanese Telcos Q4 FY24 review: Inflationary telco market

Japan’s mobile sector accelerated again in Q4 and we think is heading to above inflation. With both KDDI and DCM recently announcing price increases the environment is increasingly benign and should be helped by NTT’s recent acquisition of SBI Sumishin Net Bank. Our recent trip to Japan highlighted how positive the environment is; NTT stays our preferred pick, with KDDI closely behind.

Autos & industrials, OpenAI/io deal, NVLink Fusion, AI cloud & capex, and more.

As always, during earnings season, we wrap-up what happened in the previous week. For our main takes summarized on a single slide, and a few words on each of the 5 names we followed last week, follow the link below.

Takeaways from Meetings with the Japanese Telcos + Rakuten in Tokyo. Downgrade SoftBank to Neutral, stay Buyers of NTT and KDDI.

We met with all 3 of the incumbent Japanese Telcos & Rakuten in Tokyo last week, as well as visiting Osaka to talk to NTT in more depth about IOWN. Overall, we remain bullish on Japanese telcos operationally and buyers of all three incumbents. NTT remains our top pick followed by KDDI.

Credit Morning 06/09/2025

Bernard Arnault is reportedly preparing to exit Lagardère's share capital.|

Morning Crédit 09/06/2025

Bernard Arnault s'apprêterait à sortir définitivement du capital de Lagardère|

ODDO BHF SECURITIES LARGE CAPS MORNING NEWS 09/06/2025