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    Yusuke Okumura • Okasan Securities Co., Ltd.

    Yusuke Okumura's questions to KDDI Corp (KDDIY) leadership

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

    Question

    Yusuke Okumura of Okasan Securities asked about KDDI's policy on financial leverage, specifically its net debt to EBITDA ratio, and the strategy for managing the high loan-to-deposit ratio in its financial business. He also inquired about the future balance between shareholder returns and growth investments.

    Answer

    Hiromichi Matsuda (Executive) indicated that KDDI is considering increasing its net debt to EBITDA ratio from 1.5x to a potential 2.0x to fund growth, which could unlock an additional JPY 1 trillion for investment. He acknowledged the need to lower the loan-to-deposit ratio by launching a group-wide project to increase deposits. He affirmed that using financial leverage is a key strategy to balance future investments with shareholder returns.

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    Yusuke Okumura's questions to LY Corp (YAHOY) leadership

    Yusuke Okumura's questions to LY Corp (YAHOY) leadership • Q4 2024

    Question

    Yusuke Okumura questioned the reasons for weakness in search and display advertising, the status of the LINE/Yahoo ad platform integration within the guidance, and the rationale for considering a U.S. listing for PayPay.

    Answer

    Executive Ryosuke Sakaue attributed the search ad weakness to client-side experimentation, an effect expected to persist into Q1. Executive Yuki Ikehata confirmed the ad platform integration is set for H2 FY'25, but its revenue impact is primarily factored into FY'26 and beyond. Regarding the IPO, an executive explained a U.S. listing for PayPay is being considered to facilitate global expansion and access a deeper fintech market, which could result in a higher valuation.

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    Yusuke Okumura's questions to LY Corp (YAHOY) leadership • Q1 2025

    Question

    Yusuke Okumura of Okasan Securities requested a breakdown of Q1 EBITDA performance by segment compared to the internal plan, asking which segments were particularly strong. He also questioned the sustainability of the high Media business margin. Secondly, he asked about the decision-making criteria for potential future share buybacks, such as EPS or ROE targets, and the likely method of execution.

    Answer

    An executive confirmed that, excluding one-time factors, the Media and Strategic segments outperformed internal targets in Q1. Regarding the Media margin, they stated that while the 39% level is 'too good to continue,' they aim to maintain a high level going forward. On future buybacks, the executive explained that decisions are made by comparing options against their capital allocation plan, including growth investments like M&A, and that no concrete plans for additional buybacks have been decided.

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    Yusuke Okumura's questions to LY Corp (YAHOY) leadership • Q4 2023

    Question

    Yusuke Okumura asked about the feasibility and timing of deeper personal data sharing for monetization via account linkage following the security incident. He also inquired about the impairment risk for the goodwill associated with LINE, given the changing relationship with NAVER.

    Answer

    CEO Takeshi Idezawa stated that ID linkage is progressing well, but a deeper ID integration has no set timeline. Executive Yuki Ikehata added that monetization can be improved with existing data and that there is currently no risk of goodwill impairment. The impairment test is based on the highly profitable Media business unit, which is not at risk of becoming loss-making.

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    Yusuke Okumura's questions to LY Corp (YAHOY) leadership • Q3 2024

    Question

    Yusuke Okumura questioned the potential financial impact of OpenAI's 'Cristal Intelligence' project on LY Corp's performance and costs. He also asked about the balance between M&A and share buybacks for the remaining JPY 370 billion capital allocation buffer.

    Answer

    CEO Takeshi Idezawa clarified that while the Cristal project is viewed positively, LY Corp has no material financial commitment and expects no significant impact in FY25, with fees based on usage. Regarding capital allocation, he stated the company will not force M&A to exhaust the buffer, which can be rolled over to FY26 or used for shareholder returns.

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

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

    Question

    Yusuke Okumura questioned the feasibility of the medium-term EBITDA plan, the required mix of organic growth versus M&A, and the commitment to EPS and shareholder returns if targets are missed. He also asked for NTT's view on the potential integration of NTT East and West.

    Answer

    Takashi Hiroi, Senior Executive Vice President, acknowledged that achieving the medium-term EBITDA target is challenging and may require a larger contribution from acquisitions than initially planned, but affirmed the company is currently maintaining the plan. An unnamed executive reiterated the company's consistent support for integrating NTT East and West, highlighting significant potential benefits from economies of scale and the ability to offer consistent nationwide services.

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

    Question

    Yusuke Okumura questioned the feasibility of the medium-term EBITDA plan, asking about the balance between organic growth and M&A, and the commitment to EPS and shareholder returns if targets are missed. He also asked for NTT's view on the potential integration of NTT East and West and its benefits.

    Answer

    Takashi Hiroi, Senior Executive Vice President, acknowledged that achieving the mid-term EBITDA target is challenging and may require a larger contribution from acquisitions, but affirmed the company is maintaining the current plan for now. He stated that management would carefully consider cash allocation between growth investments and shareholder returns if growth slows. An executive reiterated NTT's consistent support for integrating NTT East and West, citing significant benefits from economies of scale and the ability to offer consistent nationwide services.

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