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Nippon Telegraph and Telephone Corporation

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NTT.N

ISIN: US6546241059
SEDOL: 2639996

Rating:

SELL

Target Price:

39.76 USD

Investment Horizon:

6 to 24 months
13th May 2009 View Report   Download

FY 2009 News Alert

Nippon Telegraph and Telephone Corporation's (NTT) FY 2009 revenues and adjusted net margin were in line with our estimate. However, adjusted EBITDA and operating margin were below our estimate due to higher-than-anticipated Selling, General & Administrative (SG&A;) expenses and cost of services, as a percentage of revenues. As our fundamental outlook for the company remains largely unchanged we maintain our BUY rating for the common stock....

23rd Mar 2009 View Report   Download

9M 09 Update report

NTT recorded healthy performance for yet another quarter despite the downturn in the Japanese economy. We expect NTT Data to continue to support the group’s top-line, while NTT DoCoMo will help restrict the fall in profit margin from other subsidiaries. Although various cost-cutting measures have been fruitful for the company, resulting in margin expansion, going forward margins are expected to remain under pressure due to increasing cost…

5th Feb 2009 View Report   Download

9M 09 News Alert

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Nippon Telegraph and Telephone Corporation’s (NTT) 9M 09 revenues and adjusted1 EBITDA were in line with our estimates. In addition, adjusted operating margin was below our estimate due to higher than anticipated Depreciation & Amortization (D&A;) expenses, as a percentage of revenues. However adjusted net margin was above our estimate as…

6th Jan 2009 View Report   Download

Company News Alert

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As required under the new Settlement Streamlining Law1, Nippon Telegraph & Telephone Corporation’s (NTT) common shares were split in the ratio of 100:1 on 05 January 2009. Accordingly, we have adjusted the common stock target price. As discussed in our company news alert dated 20 November 2008, the common stock will now be traded in multiples of 100 constituting one unit. However, as our fundamental outlook for the company remains broadly…

23rd Dec 2008 View Report   Download

Company News Alert

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Nippon Telegraph and Telephone Corporation’s (NTT) common stock achieved our target price on 22 December 2008, registering an appreciation of18.7% since our 1H 09 update report, primarily due broader market movements. Going forward, we expect strong performance from NTT DoCoMo to support top-line growth, however; we anticipate margins to remain under pressure beyond FY 2010 due to the expected increase in cost of services....