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    Daisaku Masuno • Nomura Securities Co., Ltd.

    Daisaku Masuno's questions to KDDI Corp (KDDIY) leadership

    Daisaku Masuno's questions to KDDI Corp (KDDIY) leadership • Q4 2025

    Question

    Daisaku Masuno of Nomura Securities inquired if future growth would stem from the steady accumulation of existing initiatives or if new transformative ideas are planned for the next mid-term plan. He also asked for the anticipated financial impact of the recent price plan revision for existing users.

    Answer

    Hiromichi Matsuda (Executive) confirmed that growth relies on executing existing drivers, targeting JPY 60 billion in operating income growth. He detailed the plan, with mobile revenues contributing JPY 30 billion, finance/energy/Lawson adding JPY 20 billion, and business services providing JPY 40 billion. He stressed that AI will be leveraged to accelerate growth across these areas rather than relying on a single 'magic wand'.

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    Daisaku Masuno's questions to LY Corp (YAHOY) leadership

    Daisaku Masuno's questions to LY Corp (YAHOY) leadership • Q4 2024

    Question

    Daisaku Masuno inquired about the definition and investment scale for AI agents, excluding LLM costs, and sought reasons for the strong growth in credit card additions and the relatively slower growth in the bank's assets.

    Answer

    CEO Takeshi Idezawa stated the AI agent focus is on consumers. Executive Ryosuke Sakaue quantified the investment at approximately JPY 10 billion for LLM expenses and another JPY 10 billion for enhancing conversion services. An executive attributed strong credit card growth to improved integration within the PayPay app, while acknowledging that the bank's growth requires further work on creating a more seamless user experience.

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    Daisaku Masuno's questions to LY Corp (YAHOY) leadership • Q1 2025

    Question

    Daisaku Masuno of Nomura Securities asked for an update on LYP Premium members, specifically regarding the conversion of members from the Q4 campaign and future initiatives to grow membership. He also inquired about PayPay's standalone earnings, the trend of promotion costs, and the expected timeline for achieving standalone operating profit.

    Answer

    An executive explained that while the conversion of LYP Premium members was slightly weaker than expected, a certain level of retention was achieved. Future strategy will shift from promotions to enhancing exclusive product benefits to drive retention and new memberships. Regarding PayPay, he noted that standalone earnings are not disclosed but confirmed the promotion expense ratio will be lowered by working with partners. He stated that on a consolidated basis, PayPay achieved positive OP in Q1 and expects to exceed a double-digit billion yen OP for the full year.

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    Daisaku Masuno's questions to LY Corp (YAHOY) leadership • Q4 2023

    Question

    Daisaku Masuno commented that the company's communication could be improved, pointing out that conservative guidance and confusing 'adjusted' metrics obscure the strong underlying growth of core businesses. He also requested a clearer direction on capital policy, which he found confusing.

    Answer

    CEO Takeshi Idezawa and Executive Ryosuke Sakaue both acknowledged the validity of the feedback. They agreed there was room for improvement in their communication and committed to discussing the issues internally to better reflect the company's core earnings performance and clarify their strategic direction.

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    Daisaku Masuno's questions to LY Corp (YAHOY) leadership • Q3 2024

    Question

    Daisaku Masuno asked for concrete synergies expected from consolidating PayPay Bank under PayPay and future ownership targets. He also sought reassurance on the feasibility of the company's share buyback policy, particularly regarding the stance of parent company SoftBank.

    Answer

    CEO Takeshi Idezawa outlined two key synergies for PayPay Bank: driving growth in accounts and loans through the PayPay app and modernizing the bank's legacy systems. Regarding share buybacks, he acknowledged the company's low ROE and confirmed a positive environment from the parent company to consider buybacks at the appropriate timing, monitoring the share price.

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    Daisaku Masuno's questions to Nippon Telegraph and Telephone Corp (NTTYY) leadership

    Daisaku Masuno's questions to Nippon Telegraph and Telephone Corp (NTTYY) leadership • Q1 2025

    Question

    Daisaku Masuno asked for details on the cost reduction plan in the Regional Communication Business, its expected timeline for positive impact, and the revenue outlook for the Integrated ICT Business, specifically concerning the PSTN migration and mobile voice services.

    Answer

    Takashi Hiroi, Senior Executive Vice President, outlined a four-pillar cost reform strategy for the Regional business, including operational efficiency improvements, service simplification, better facility utilization, and reduced outsourcing costs. However, he deferred providing a specific timeline for the financial benefits, asking for patience. For the Integrated ICT business, Hiroi confirmed the negative impact from the PSTN migration will lessen in future quarters and stated that while mobile ARPU remains challenged, sales reinforcement efforts should yield positive results from the second quarter onwards.

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    Daisaku Masuno's questions to Nippon Telegraph and Telephone Corp (NTTYY) leadership • Q1 2025

    Question

    Daisaku Masuno asked for details on the cost reduction plan in the Regional Communication Business, its expected timeline for positive impact, and the future revenue trend for the Integrated ICT Business, particularly concerning the decline in fixed-line and mobile voice services.

    Answer

    Takashi Hiroi, Senior Executive Vice President, outlined a four-pillar cost reform strategy for the Regional segment, including operational efficiency improvements, service simplification, better facility utilization, and reduced outsourcing costs. He noted that while the trend points to benefits after fiscal 2025, specific financial impacts are still being scrutinized. For the Integrated ICT business, Hiroi confirmed the negative impact from the PSTN migration will lessen in future quarters and that while mobile ARPU remains challenged, sales reinforcement efforts are expected to show positive signs from the second quarter onward.

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    Daisaku Masuno's questions to Nippon Telegraph and Telephone Corp (NTTYY) leadership • Q3 2024

    Question

    Daisaku Masuno of Nomura Securities Co., Ltd. questioned the significant profit shortfall in the Integrated ICT business, particularly in the consumer segment, despite revenue meeting expectations. He inquired about NTT's marketing strategy for the competitive March period, the challenges in the enterprise SME market, and the outlook for the segment's profitability in the next fiscal year. He also asked for details on AI-driven revenue and cost-saving initiatives and sought clarification on the company's strategy for acquiring banking functions.

    Answer

    Executive Vice President Takashi Hiroi acknowledged the challenges, attributing the profit pressure to increased marketing expenses aimed at securing the customer base for medium-term growth. He confirmed that the enterprise business, especially in the SME market, is facing difficulties and that NTT DOCOMO is actively working to fortify its network and solution offerings. Regarding AI, Hiroi stated that while initiatives are underway and inquiries are high, it's too early to report significant revenue volume. On banking, he clarified that the immediate priority is acquiring transaction functions to expand DOCOMO's finance business, with other banking services being secondary considerations.

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    Daisaku Masuno's questions to Nippon Telegraph and Telephone Corp (NTTYY) leadership • Q3 2024

    Question

    Daisaku Masuno of Nomura Securities Co., Ltd. questioned the significant profit shortfall in the Integrated ICT business, driven by weak ARPU and higher marketing costs. He also inquired about lackluster revenue in the enterprise segment, the potential revenue scale of AI initiatives, and the strategic rationale for acquiring banking functions.

    Answer

    Senior Executive Vice President Takashi Hiroi acknowledged the challenges. He explained that while higher marketing spend is pressuring short-term profit, the company is focused on securing its customer base for medium-term growth. For the enterprise segment, he cited weakness in the SME market as a key issue. Regarding AI, he noted that while inquiries are high, revenue is not yet material. On banking, he clarified the immediate priority is acquiring transaction functions to expand DOCOMO's existing finance business.

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    Daisaku Masuno's questions to Nippon Telegraph and Telephone Corp (NTTYY) leadership • Q3 2024

    Question

    Daisaku Masuno of Nomura Securities questioned the significant profit shortfall in the Integrated ICT business, covering both consumer and enterprise segments, and asked about the strategy to balance market share with profitability. He also sought details on the financial scale of group-wide AI initiatives and clarification on the company's ambitions in the banking sector, including desired functions and development timelines.

    Answer

    Takashi Hiroi, Senior Executive Vice President, acknowledged the challenges in the Integrated ICT segment, attributing profit pressure to increased marketing expenses aimed at securing the customer base for medium-term growth. He noted the enterprise SME market is lackluster and the company is working to fortify its offerings. Regarding AI, Hiroi stated that while inquiries are high, it has not yet become a reportable revenue stream, but is being used internally for efficiency. On banking, he clarified that the transaction function is the priority for expanding DOCOMO's finance business, and various options are being considered to meet medium-term goals.

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