Although NTT DoCoMo, Inc.’s (NTT DoCoMo) FY 2009 revenues, EBITDA and operating income were in line with our estimates, net income was below our estimates. Although the current price supports a BUY rating, in light of anticipated decline in revenue growth driven by fall in wireless revenues and lower-than-anticipated bottom-line we do not anticipate a change in our current rating. We will reassess the common stock rating for NTT…

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Although NTT DoCoMo, Inc.’s (NTT DoCoMo) 9M 09 revenues and net income were in line with our estimates, EBITDA and operating income were above our estimates, primarily due to lower than expected operating expenses. Going forward we expect EBITDA margin to increase over the next two years due to an anticipated decline in cost of equipment sold and selling general & administrative expenses, as a percentage of revenues. Thus, in…

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Although NTT DoCoMo, Inc.’s (NTT DoCoMo) 1H 09 revenues were below our estimates, EBITDA1, operating income and net income were above our estimates, primarily due to lower than expected operating expenses. In addition, going forward we expect EBITDA margin to increase over the next two years due to an anticipated decline in cost of equipment sold and selling general & administrative expenses, as a percentage of revenues....