reports
- Lindsay Whipp
PSA Information Technology / IT Services: NTT Data (9613 JT) – The Dat...
Tags: NTT Corp (9432 JT), Equinix (EQIX US), Iron Mountain (IRM US), Amazon (AMZN US), Microsoft (MSFT US), Google (GOOG US), Digital Realty Trust (DLR US), QTS (owned by Blackstone (BX US)), CyrusOne (owned by KKR (KKR US) and Global Infrastructure Partners (pvt), Cyxtera (owned by Brookfield Infrastructure Partners (BIP US)), Cologix (pvt), Meta (META US), Apple (AAPL US), Oracle (ORCL US), Netflix (NFLX US), Money Forward (3994 JT), Digital Realty Trust (DLR US), DataBridge Group (DBRG US), N...
- Chris Hoare
Japanese Telcos & Internet What to expect in 2025: Mixed
After 3 good years, 2024 was not great for the Japanese incumbents; with KDDI and SoftBank rising modestly and NTT falling, but all underperforming the Nikkei. In our view, risk is rising in Mobile, although we continue to see the sector as fundamentally undervalued. Rakuten performed well in 2024, but this was really to do with balance sheet risk easing on the back of cost cutting/refinancing rather than better traction in Mobile.
- Chris Hoare
Japanese Telcos Q2 FY24 review: Stable growth with better profitabili...
Service revenue slowed for the incumbents but stayed in the low-single digit band, with Softbank still ahead followed by NTT. Mobile divergence continues to play out with SB leading the pack and is likely to remain so in our view. Industry EBITDA improved as NTT inflected to growth and led to a strong EBIT beat this quarter.
- Lindsay Whipp
- Lindsay Whipp
- Chris Hoare
- Lindsay Whipp
PSA IT Services: NRI (4307 JT) FY24 Q2 Results
In response to disappointing Q2 results, a weak performance overseas and a revision down to the Industrial IT Solutions business, NRI shares were sold down -9% on 31 Oct. Lindsay Whipp suggests that close attention to this troubled areas must be monitored and until improvements are evidence, the rich valuations are not justified.
- Lindsay Whipp
PSA ERP Software: TIS (3626 JT) FY24 Q2 preview
Ahead of its FY24 Q2 results on 31 Oct, Lindsay Whipp outlines the key drivers for TIS, with eyes on whether the order book has improved to provide a potential calayst for the shares – shares of which are on undemanding valuations, despite the 20% YTD gain in the share price.
NTT DATA Collaborates with Leading Academic Medical System on New Mode...
PLANO, Texas--(BUSINESS WIRE)-- , a global leader in healthcare IT, and Duke Health, a world-class academic and healthcare system, are collaborating to create a highly interactive and technologically advanced model for augmented home care delivery. This new home-care model will integrate multiple technologies, including a GenAI-driven virtual agent from Ellipsis Health, automation, device interoperability, remote patient monitoring and a patient app and portal. The solution will keep medical staff in direct contact with the patient to ensure a human is always in the loop while allowing patien...
- Pelham Smithers
- Pelham Smithers
PSA Strategy: Japan Stock Market Quarterly 2024 Q4
When the BoJ raised rates in March, it had been 17 years since it had last done so, though the world was very different then. While the July rate hike was unlikely to move the economic needle, the question now is what else might follow the subsequent financial market maelstrom. Pelham Smithers discusses the outlook for Japan’s macro environment, what new fiscal policies the new PM might introduce, how the BoJ might react and the all-important trend in corporate earnings. This then leads us to...
6754 ANRITSU CORPORATION
7751 CANON INC.
4519 CHUGAI PHARMACEUTICAL CO. LTD.
4751 CYBERAGENT INC.
4755 RAKUTEN INC.
3107 DAIWABO HOLDINGS CO. LTD.
8473 SBI HOLDINGS INC.
6954 FANUC CORPORATION
4324 DENTSU GROUP INC.
6861 KEYENCE CORPORATION
4902 KONICA MINOLTA INC.
6988 NITTO DENKO CORP.
7752 RICOH COMPANY LTD.
6869 SYSMEX CORPORATION
3064 MONOTARO CO. LTD.
5801 FURUKAWA ELECTRIC CO. LTD.
5715 FURUKAWA CO. LTD.
7205 HINO MOTORS LTD.
6501 HITACHI LTD.
6305 HITACHI CONSTRUCTION MACHINERY CO. LTD.
7267 HONDA MOTOR CO. LTD.
7012 KAWASAKI HEAVY INDUSTRIES LTD.
9107 KAWASAKI KISEN KAISHA LTD.
6971 KYOCERA CORPORATION
8316 SUMITOMO MITSUI FINANCIAL GROUP INC.
6503 MITSUBISHI ELECTRIC CORP.
5632 MITSUBISHI STEEL MANUFACTURING CO. LTD.
5706 MITSUI MINING AND SMELTING COMPANY LIMITED
6966 MITSUI HIGH-TEC INC.
6902 DENSO CORPORATION
6701 NEC CORP.
6594 NIDEC CORPORATION
7201 NISSAN MOTOR CO. LTD.
4666 PARK24 CO. LTD.
6268 NABTESCO CORPORATION
2371 KAKAKU.COM INC.
9984 SOFTBANK GROUP CORP.
8136 SANRIO COMPANY LTD.
6758 SONY CORPORATION
5802 SUMITOMO ELECTRIC INDUSTRIES LTD.
6762 TDK CORPORATION
6976 TAIYO YUDEN CO. LTD.
6315 TOWA CORPORATION
7203 TOYOTA MOTOR CORP.
4208 UBE INDUSTRIES LTD.
8698 MONEX GROUP INC.
3774 INTERNET INITIATIVE JAPAN
3765 GUNGHO ONLINE ENTERTAINMENT INC.
2160 GNI GROUP LTD.
3659 NEXON CO. LTD.
3445 RS TECHNOLOGIES CO. LTD.
6269 MODEC INC
3769 GMO PAYMENT
68900 FERROTEC CORPORATION
9519 RENOVA
4385 MERCARI INC.
3993 PKSHA TECHNOLOGY INC.
3626 JT TIS INC
9434 SOFTBANK CORP.
TXG 10X GENOMICS INC CLASS A
TGIF 1933 INDUSTRIES
7071 AMVIS HOLDINGS
78320 BANDAI NAMCO
45870 PEPTIDREAM INC
4443 JT SANSAN (4443 JT)
3491 JT GA TECHNOLOGIES
3394 JT MONEY FOWARD
4480 MEDLEY
RRRP3 3R PETROLEUM OLEO E GAS
6532 JT BAYCURRENT CONSULTING (6532 JT)
3697 JT SHIFT INCORPORATED (3697 JT)
4483 JMDC
4180 JP APPIER GROUP
TSE: 2980 SRE HOLDINGS CORP
4194 VISIONAL INC
9552 M&A RESEARCH INSTITUTE
123F 123FAHRSCHULE SE
9616 JT KYORITSU MAINTENANCE (9616 JT)
9552 JT M&A RESEARCH INSTITUTE (9552 JT)
6544 JT JAPAN ELEVATOR SERVICES HOLDINGS (6544 JT)
6200 JT INSOURCE (6200 JT)
2154 JT OPEN UP GROUP (2154 JT)
- Chris Hoare
Japanese Telcos - Takeaways from Meetings with the Japanese Telcos + R...
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, as the MNOs continue to expand their scope of operations beyond traditional telco driving higher returns and growth.
City of Brownsville, Texas, Taps NTT DATA to Build Connected City With...
PLANO, Texas & BROWNSVILLE, Texas--(BUSINESS WIRE)-- a global digital business and IT services leader, has been selected by the , to deploy NTT DATA’s Smart Solutions and Private 5G (P5G) wireless connectivity. The city seeks to enhance citizen services, increase public safety, achieve sustainability and effectively manage growth by leveraging real-time data analytics and AI empowered by a seamless and secure wireless network. “The future is coming to life in Brownsville today as we partner with NTT DATA to set a new standard for smart, connected and sustainable cities,” said John Cowen, Jr...
- Chris Hoare
Japanese Telcos Q1 FY24 review: Softbank outperforming
Incumbents led a faster service revenue growth in Q1 driven by non-mobile, with Softbank ahead. Industry mobile growth kept steady but the continued divergence in mobile trend between NTT and peers appears to confirm the benefits of integrated financial services. Softbank was the notable share gainer this quarter (1.1% MSR gain sequentially), having grown its mobile ARPU for the first time since FY19.
- Chris Hoare
NTT (Buy, TP: ¥240, +61%) Q1 FY24 Quick Take: Profitability largely i...
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 Selected as Prime Contractor for FBI’s Mission Critical Servi...
HERNDON, Va.--(BUSINESS WIRE)-- , a digital business and IT services leader has announced the company was selected as a prime contractor by the Federal Bureau of Investigation (FBI). NTT DATA will provide IT services through the FBI’s Information Technology Supplies and Support Services 2nd Generation (ITSSS-2) Blanket Purchase Agreement (BPA). The ITSSS-2 BPA has an $8 billion ceiling with an eight-year period of performance from June 21, 2024, through June 21, 2032. ITSSS-2 will be the primary contract vehicle for the FBI to obtain critical IT services and be available for use by all compo...
- Chris Hoare
Japanese Telcos Q4 FY23 review: Diverging mobile
Service revenue trends for the three incumbents were faster as mobile inflected, coupled with improvements in non-mobile. Meanwhile, the sector’s EBITDA grew strongly which was well flagged in Q3. Divergence in mobile trend appears to confirm the benefits of integrated financial services with mobile as NTT and peers diverged further; former extended its decline while peers accelerated to near 3% YoY.
NTT DATA Announces Winners of Launch Awards 2024
NTT DATA Announces Winners of Launch Awards 2024 Second annual awards celebrate the innovators of impact at Nexus 2024 PLANO, Texas, June 05, 2024 (GLOBE NEWSWIRE) -- Global digital business and IT services company NTT DATA and its portfolio of services driving digital product innovation, have announced the winners of this year's Launch Awards. Now in its second year, the Launch Awards celebrate innovative digital experiences and the forward-thinking people responsible for implementing these meaningful business outcomes. “The Launch Awards recognize the innovative ide...
NTT and NTT DATA Roar into the Indianapolis 500 with AI-powered Fan Ex...
PLANO, Texas & INDIANAPOLIS--(BUSINESS WIRE)-- NTT, a leading global technology and business solutions provider, and continue to expand innovative use of racing data to improve fan experiences across the , including this year’s Indianapolis 500. NTT is the parent company of NTT DATA, and they serve together as Official Technology Partner of INDYCAR, the NTT INDYCAR SERIES, Indianapolis Motor Speedway (IMS), the Indianapolis 500, and NASCAR Brickyard weekend. Through 140-plus sensors on each racecar, NTT DATA captures and analyzes more than 8 billion racing data points in the NTT Smart Sol...
- Chris Hoare
NTT (Buy, TP: ¥240, +48%) Q4 FY23 Quick Take: Strong Q4 but weak FY24...
NTT reported before close today and despite strong Q4 figures, the shares were down 3% on a weak FY24 guidance. Despite a strong Q4 which was well flagged last quarter, the mobile ARPU trend is disappointing; perhaps as DCM is starting to lose higher end customers to SoftBank’s integrated plan. Our brief takeaways below.
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