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Chris Hoare

Chris Hoare

4689 Z Holdings Corp...
4755 RAKUTEN INC. ... (+6)

New Street: Japanese Telcos - Another strong quarter, more upside to c...

Q3 was another strong quarter for the Japanese incumbents overall. Service revenue accelerated again supported by good performances in the mobile, fixed and enterprise segments.

4689 Z HOLDINGS CORPORATION
4755 RAKUTEN INC.
9433 KDDI CORPORATION
9432 NIPPON TELEGRAPH AND TELEPHONE CORPORATION
IWQ 51JOB INC SPONSORED ADR
9434 JT SOFTBANK CORPORATION

02/25/21 February 25, 2021 24 EN

Chris Hoare

Chris Hoare

9434 JT Softbank Corpor...

New Street: Softbank Corp Q3: Strong numbers and raised guidance

Softbank Corp has reported a good set of Q3 figures, with numbers beating expectations and raised guidance across the board.

9434 JT SOFTBANK CORPORATION

02/04/21 February 4, 2021 3 EN

Chris Hoare

Chris Hoare

9437 NTT DoCoMo Inc...
4755 RAKUTEN INC. ... (+4)

New Street: Japanese Mobile: Granular approach to price cuts suggests ...

In this note we try to answer the key question facing Japanese telcos: what is the likely ARPU impact of new price plans? Conclusions will probably surprise.

9437 NTT DOCOMO INC.
4755 RAKUTEN INC.
9433 KDDI CORPORATION
9434 JT SOFTBANK CORPORATION

01/26/21 January 26, 2021 14 EN

Chris Hoare

Chris Hoare

4689 Z Holdings Corp...
9437 NTT DoCoMo Inc... ... (+5)

New Street: Japanese Telcos & Internet: What to expect in 2021: Price ...

2020 contained good and bad news. Good (for incumbents) was that Rakuten has not really had an impact.

4689 Z HOLDINGS CORPORATION
9437 NTT DOCOMO INC.
4755 RAKUTEN INC.
9433 KDDI CORPORATION
9434 JT SOFTBANK CORPORATION

01/05/21 January 5, 2021 15 EN

Chris Hoare

Chris Hoare

9437 NTT DoCoMo Inc...
4755 RAKUTEN INC. ... (+5)

New Street: Japanese Telcos: Feedback from virtual tour & impact of pr...

We hosted conference calls with SoftBank KK, DOCOMO, KDDI, NTT and Rakuten. Calls happened while prices were getting cut and the tone of calls was more varied than in the past.

9437 NTT DOCOMO INC.
4755 RAKUTEN INC.
9433 KDDI CORPORATION
9432 NIPPON TELEGRAPH AND TELEPHONE CORPORATION
9434 JT SOFTBANK CORPORATION

12/15/20 December 15, 2020 1 EN

Chris Hoare

Chris Hoare

9434 JT Softbank Corpor...

New Street: SB KK: Implications of ZHD Initiation on SB KK, Buy, pt ¥1...

In a separate note today, we launch on Z Holdings with a price target of ¥940/share. Importantly we also carried out an analysis of Z Holdings entry into Fintech (including PayPay).

9434 JT SOFTBANK CORPORATION

11/30/20 November 30, 2020 3 EN

Chris Hoare

Chris Hoare

9432 Nippon Telegrap...
9434 JT Softbank Corpor...

New Street: Japanese Telcos – ¥550bn buybacks in aggregate for FY20; h...

At their Q2 results both KDDI and NTT surprised with the size of buybacks, announcing ¥200bn and ¥250bn respectively, to take total buybacks for the industry to ¥550bn this year, roughly double expectations we think.

9432 NIPPON TELEGRAPH AND TELEPHONE CORPORATION
9434 JT SOFTBANK CORPORATION

11/09/20 November 9, 2020 3 EN

Chris Hoare

Chris Hoare

9434 JT Softbank Corpor...

New Street: Softbank Corp Q2: Strong, inflecting revenue, rising margi...

Softbank Corp has reported a strong set of Q2 figures, with revenue sharply inflecting in the core Mobile business, and margins rising.

9434 JT SOFTBANK CORPORATION

11/04/20 November 4, 2020 1 EN

Chris Hoare

Chris Hoare

9437 NTT DoCoMo Inc...
9433 KDDI Corporatio... ... (+3)

New Street: Japanese Mobile: Announced price cuts to have very little ...

Following announcements from KDDI & SB that their main price changes will be to increase large data allowance on sub-brand plans from 14GB to 20GB, we calculate the net effect to be only 0.3% to MSR annually.

9437 NTT DOCOMO INC.
9433 KDDI CORPORATION
9434 JT SOFTBANK CORPORATION

11/03/20 November 3, 2020 3 EN

Chris Hoare

Chris Hoare

9437 NTT DoCoMo Inc...
4755 RAKUTEN INC. ... (+4)

New Street: Japanese Mobile – Rumoured price cuts suggest market fears...

Rumours suggest mobile price cuts are set to be focused on large value plans.

9437 NTT DOCOMO INC.
4755 RAKUTEN INC.
9433 KDDI CORPORATION
9434 JT SOFTBANK CORPORATION

10/16/20 October 16, 2020 3 EN

Chris Hoare

Chris Hoare

9437 NTT DoCoMo Inc...
4755 RAKUTEN INC. ... (+4)

New Street: Japanese Telcos: iPhone 12 launch likely kick-starts 5G cy...

No major surprises from the iPhone 12 launch from a Japanese perspective, though it is likely to kick start the 5G cycle which has been slow so far in Japan.

9437 NTT DOCOMO INC.
4755 RAKUTEN INC.
9433 KDDI CORPORATION
9434 JT SOFTBANK CORPORATION

10/14/20 October 14, 2020 1 EN

Chris Hoare

Chris Hoare

9437 NTT DoCoMo Inc...
4755 RAKUTEN INC. ... (+4)

New Street: Japanese Telcos: What Next? Implications of DCM buyout and...

In this note we try to answer the key questions impacting Japanese telcos: Why has NTT bought out DCM minorities?

9437 NTT DOCOMO INC.
4755 RAKUTEN INC.
9433 KDDI CORPORATION
9434 JT SOFTBANK CORPORATION

10/06/20 October 6, 2020 15 EN

Chris Hoare

Chris Hoare

9437 NTT DoCoMo Inc...
4755 RAKUTEN INC. ... (+6)

New Street: Japanese Telcos: Is a 15% capex cut plausible?

In our note on September 17th, we showed that a 15% mobile capex cut would offset around half the share price damage of a 20% ARPU decline.

9437 NTT DOCOMO INC.
4755 RAKUTEN INC.
9433 KDDI CORPORATION
NWSLV NEWS CDI A
9434 JT SOFTBANK CORPORATION
CZA COAL OF AFRICA LTD

09/21/20 September 21, 2020 3 EN

Chris Hoare

Chris Hoare

9437 NTT DoCoMo Inc...
4755 RAKUTEN INC. ... (+4)

New Street: Japanese Telcos: Feedback from virtual tour: Regulatory pr...

We hosted conference calls with DOCOMO, KDDI, NTT and Rakuten. Industry is of the view that regulatory change is manageable; we agree but risk is clearly much higher than previously.

9437 NTT DOCOMO INC.
4755 RAKUTEN INC.
9433 KDDI CORPORATION
9434 JT SOFTBANK CORPORATION

09/15/20 September 15, 2020 14 EN

Chris Hoare

Chris Hoare

9437 NTT DoCoMo Inc...
4755 RAKUTEN INC. ... (+4)

New Street: Japanese Telcos - Impact of the resignation of Shinzo Abe ...

News of Shinzo Abeâ€™s resignation for health reasons has led to resurgent fears of increased regulatory risk on the Japanese telcos, with the stocks falling 3-4% on Monday.

9437 NTT DOCOMO INC.
4755 RAKUTEN INC.
9433 KDDI CORPORATION
9434 JT SOFTBANK CORPORATION

09/01/20 September 1, 2020 2 EN

Chris Hoare

Chris Hoare

9434 JT Softbank Corpor...

New Street: SoftBank Corp. (Buy) â€“ Thoughts on secondary offering of...

SoftBank Group (SBG) has announced a secondary offering of SoftBank Corp (SB KK) shares.

9434 JT SOFTBANK CORPORATION

08/28/20 August 28, 2020 2 EN

Chris Hoare

Chris Hoare

9613 NTT DATA Corpor...
9437 NTT DoCoMo Inc... ... (+5)

New Street: Key learnings from Japanese mobile Q1s: No. 2. Shareholder...

A second key takeaway from the quarter in Japanese mobile is that shareholder remuneration continues to rise, despite Covid and Rakuten.

9613 NTT DATA CORPORATION
9437 NTT DOCOMO INC.
4755 RAKUTEN INC.
9433 KDDI CORPORATION
9434 JT SOFTBANK CORPORATION

08/07/20 August 7, 2020 3 EN

Chris Hoare

Chris Hoare

4755 RAKUTEN INC.
9434 JT Softbank Corpor...

New Street: Softbank Q1 FY20; Decent, again no sign of Rakuten

Softbank Corp has reported a decent set of Q1 figures. SB has changed (in Q4 last year) how it accounts for handset discounts, which impacts service revenue, but reported trends actually slightly improved from -3% to -2.7%.

4755 RAKUTEN INC.
9434 JT SOFTBANK CORPORATION

08/04/20 August 4, 2020 2 EN

Chris Hoare

Chris Hoare

9613 NTT DATA Corpor...
4755 RAKUTEN INC. ... (+4)

New Street: Japanese Mobile: Rakuten post launch analysis - Despite vR...

In this key note we analyse Rakutenâ€™s cost structure, which is high and rising faster than we thought. High costs explain the price strategy, but make achieving scale difficult.

9613 NTT DATA CORPORATION
4755 RAKUTEN INC.
9433 KDDI CORPORATION
9434 JT SOFTBANK CORPORATION

07/02/20 July 2, 2020 10 EN

Chris Hoare

Chris Hoare

9434 JT Softbank Corpor...

New Street: RE: SB Corp: Japanese telco on 10.8% FCF yield

Following our note explaining why we think SB KK will be the operational winner within Japanese telcos, we look briefly in this note at valuation.

9434 JT SOFTBANK CORPORATION

06/30/20 June 30, 2020 5 EN

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