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    Satoru Kikuchi

    Senior Analyst at Analyst

    Satoru Kikuchi is a Senior Analyst at SMBC Nikko Securities specializing in the Japanese software sector, providing research coverage for prominent business and entertainment software companies including 16 major Japanese software firms. Recognized for his analytical prowess, he earned first place in the Institutional Investor All-Japan Research Team for software in 2015 and second place in 2016, reflecting consistent top-tier industry recognition. Kikuchi began his equity research career at Deutsche Bank before joining SMBC Nikko Securities in 2014, where he has held his current position for over a decade. His professional credentials also include coverage records and performance metrics as a rated analyst on independent platforms such as TipRanks, and he is likely registered with relevant Japanese securities authorities given his senior research role.

    Satoru Kikuchi's questions to KDDI (KDDIY) leadership

    Satoru Kikuchi's questions to KDDI (KDDIY) leadership • Q4 2025

    Question

    Satoru Kikuchi asked for a 'symbolic' new goal or legacy project from the new President, noting a perceived lack of novelty compared to competitors' AI initiatives or the previous leadership's Lawson acquisition. He also questioned the long-term sustainability of KDDI's network superiority and inquired about the next strategic step beyond enhancing 'the power to connect'.

    Answer

    Executive Hiromichi Matsuda responded that his focus is on building upon the established foundation by enhancing communication quality and integrating data and AI across all business domains. He stated that while specific targets for the next mid-term plan are still being formulated, the strategy is to capitalize on existing strengths. Regarding network leadership, Mr. Matsuda identified speed-to-market with 5G infrastructure and embedding new technologies directly into service plans as key competitive differentiators KDDI will maintain.

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    Satoru Kikuchi's questions to NIPPON TELEGRAPH & TELEPHONE (NTTYY) leadership

    Satoru Kikuchi's questions to NIPPON TELEGRAPH & TELEPHONE (NTTYY) leadership • Q1 2025

    Question

    Satoru Kikuchi asked for a summary of the benefits realized from making DOCOMO a wholly-owned subsidiary and questioned the rising interest expenses from data center investments, inquiring about alternative solutions to manage this.

    Answer

    Takashi Hiroi, Senior Executive Vice President, responded that making DOCOMO a subsidiary has been positively received in the enterprise business, enabling bundled fixed-mobile and network system proposals. An unnamed executive added that while debt is increasing to fund data center expansion, the company is managing interest costs through cautious yen-carry trades and is considering transferring assets to a REIT to reduce the overall debt volume. They emphasized that this is a necessary phase for long-term growth.

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    Satoru Kikuchi's questions to NIPPON TELEGRAPH & TELEPHONE (NTTYY) leadership • Q1 2025

    Question

    Satoru Kikuchi asked for a qualitative assessment of the benefits of making DOCOMO a wholly-owned subsidiary and questioned the rising interest expenses from overseas data center investments, inquiring about potential solutions like REITs or other group finance measures.

    Answer

    Takashi Hiroi, Senior Executive Vice President, stated that making DOCOMO a subsidiary has been positively received in the enterprise business by enabling bundled mobile and fixed-line proposals, though consumer-side benefits are not yet apparent. An executive explained that data center debt is increasing due to expansion investments. They are managing this by cautiously considering yen-carry trades and exploring the use of REITs to reduce the overall debt volume, while noting that debt will continue to rise during this growth phase.

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    Satoru Kikuchi's questions to NIPPON TELEGRAPH & TELEPHONE (NTTYY) leadership • Q3 2024

    Question

    Satoru Kikuchi from SMBC Nikko Securities Inc. expressed concern about achieving the annual profit target, asking if major cost reductions or other profit-generating initiatives were planned for Q4, given the absence of large asset sales like in the previous year. He also questioned the sustainability of shareholder returns, noting that declining profits at subsidiaries like DOCOMO could pressure the parent company's non-consolidated income and cash flow, and asked about plans for cash flow enhancement, such as securitization.

    Answer

    Executive Vice President Takashi Hiroi conceded that achieving a large-scale profit recovery in Q4 through new cost reforms would be difficult. However, he assured that NTT DOCOMO is implementing various measures, including consolidating distribution sites and improving network operation efficiency. Regarding shareholder returns, Hiroi stated the policy remains unchanged, with plans for steady dividend increases and flexible share buybacks. He confirmed that the company is actively exploring expanding the volume and techniques of receivables securitization to improve cash flow, with more details to be shared at an appropriate time.

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    Satoru Kikuchi's questions to NIPPON TELEGRAPH & TELEPHONE (NTTYY) leadership • Q3 2024

    Question

    Satoru Kikuchi of SMBC Nikko Securities Inc. asked about the path to achieving profit targets without one-off asset sales, questioning if major cost reductions or structural reforms were planned. He also expressed concern that declining profits at subsidiaries like DOCOMO could threaten the parent company's cash flow and its ability to maintain shareholder returns.

    Answer

    Senior Executive Vice President Takashi Hiroi confirmed that fundamental cost reforms are underway at NTT DOCOMO and NTT Communications, but their effects will not be large enough to fully offset profit declines in Q4. He assured that despite lower dividend income from subsidiaries, the impact on cash flow is manageable and the company plans to maintain its policy of steadily increasing dividends and conducting flexible share buybacks. He also mentioned plans to expand receivables securitization to improve cash flow.

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    Satoru Kikuchi's questions to NIPPON TELEGRAPH & TELEPHONE (NTTYY) leadership • Q3 2024

    Question

    Satoru Kikuchi of SMBC Nikko Securities inquired about potential large-scale cost reduction or structural reform plans to offset profit declines, particularly in the absence of prior-year asset sales. He also expressed concern over the impact of lower subsidiary profits on the parent company's cash flow and its ability to maintain its stated shareholder return policies.

    Answer

    Takashi Hiroi, Senior Executive Vice President, confirmed that fundamental cost reforms are underway but are unlikely to fully mitigate the profit decline in the fourth quarter. He assured that cost structure reviews are ongoing. Regarding shareholder returns, Hiroi stated that despite lower potential dividends from subsidiaries, the decline is manageable and the policy of steady dividend increases and flexible share buybacks will continue. He also noted plans to expand receivables securitization to improve cash flow.

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