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    Tokunaga • Daiwa Securities Group Inc.

    Tokunaga's questions to KDDI Corp (KDDIY) leadership

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

    Question

    Tokunaga from Daiwa Securities questioned the competitive landscape following KDDI's price revision, especially since rivals had not yet followed suit. He also asked about the rationale for changing the reporting KPI to a consolidated 'mobile revenues' metric.

    Answer

    Hiroshi Takezawa (Executive, Personal Business Sector) stated it was too early to gauge competitive reactions but expressed confidence in the value proposition of the new plans. Hiromichi Matsuda (Executive) explained the KPI change was driven by the blurring line between communication and added-value services in their new plans, making a consolidated metric more representative of the business.

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

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

    Question

    Tokunaga from Daiwa Securities asked for an evaluation of the first-quarter results in the context of the full-year outlook and inquired about the current opportunities and future strategy for the domestic data center business.

    Answer

    Takashi Hiroi, Senior Executive Vice President, stated that the Q1 results were in line with the annual plan, despite some segment challenges, and expressed confidence in achieving the full-year targets. An unnamed executive added that domestic data center demand is very strong, driven by DX, cloud, and AI. While current new builds are compact, a significant expansion is planned for 2025-2026, with the 'global data center Japan' business unit leading new developments.

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

    Question

    Tokunaga asked for an evaluation of the first-quarter results against the full-year outlook, noting segment-specific challenges, and inquired about the strategy and opportunities for the domestic data center business.

    Answer

    Takashi Hiroi, Senior Executive Vice President, stated that the Q1 results were in line with the annual plan, despite variances and challenges in certain segments like NTT East and West and the consumer side of the Integrated ICT business. An executive added that domestic data center demand is very strong, with significant expansion planned for 2025 and 2026, driven by DX, cloud, and AI demand. They noted that revenue contribution from these new centers will take 2-3 years to materialize and that the 'Global data center Japan' business is responsible for new domestic development.

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

    Question

    Tokunaga from Daiwa Securities Group Inc. asked if the difficulty in meeting annual guidance was solely due to underperformance at NTT DOCOMO or if other segments were also facing issues. He also inquired about the progress of the mid-term plan, noting the negative EBITDA trend and asking about the timeline for seeing returns on growth investments. In a follow-up, he questioned which operating companies had the most capacity for further cost reductions to help meet the overall group target.

    Answer

    Executive Vice President Takashi Hiroi confirmed that the primary challenge to the annual guidance stems from NTT DOCOMO, where a weaker ARPU outlook and higher marketing costs have impacted profit. He noted other segments like NTT Data and NTT East/West are performing largely in line with expectations. Hiroi acknowledged that the return on investment, particularly for EBITDA, is slower than anticipated due to intense competition and inflation. He explained that while all group companies are working on cost efficiency, it will be difficult for others to fully absorb DOCOMO's shortfall, though they will work to accelerate any upside potential.

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

    Question

    Tokunaga of Daiwa Securities Group Inc. sought to confirm if the difficulty in meeting annual guidance was primarily due to underperformance at DOCOMO. He also questioned the progress of the mid-term plan, highlighting the negative EBITDA trend and asking which business units had capacity for further cost reductions to bridge the gap.

    Answer

    Senior Executive Vice President Takashi Hiroi affirmed that DOCOMO's performance was the main reason for the challenging outlook, citing weaker-than-expected ARPU and higher marketing costs. He conceded that the pace of EBITDA return is slower than planned due to intense competition and inflation. While DOCOMO is working on cost reductions, he noted that other group companies with upside potential are being pushed to accelerate performance to help achieve the overall group profit target.

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

    Question

    Tokunaga of Daiwa Securities sought to confirm if DOCOMO was the sole source of the company's struggle to meet annual guidance and questioned the progress of the medium-term plan given the negative EBITDA trend. He also pressed for details on which operating companies have the capacity for further cost reductions to help achieve overall targets.

    Answer

    Takashi Hiroi, Senior Executive Vice President, confirmed that DOCOMO's performance is the primary reason for the negative variance against the annual plan, while other segments are largely in line with expectations. He acknowledged that the pace of EBITDA return is slower than expected due to a challenging telecom market and inflation. Regarding cost reductions, Hiroi explained that while all operating companies are working on efficiency, it will be difficult for others to fully absorb DOCOMO's shortfall in the short term.

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