Client Call with NTT Head of Investor Relations

We will be hosting virtual meetings for NSR clients with NTT's Head of Investor Relations on 19th November, Wednesday. Format will be conducted in a small group setting with a focus on Q&A.

Post our recent virtual encounter with the Japanese operators (Notes HERE), we moved Softbank Corp back to our preferred pick. This is premised on Softbank's operational outperformance and the fact that the Japanese mobile market is increasingly favourable given the trajectory of price increases which means ARPU is likely to steadily rise from here. NTT, for instance, saw ARPU inflect in Q2 although marketing costs remained the offsetting factor. With SBI expected to be consolidated, we look towards NTT's strategy to defend its market share. In the call, we also seek to gain greater clarity on the timing and potential TAM for IOWN as NTT prepares for commercial launch next year.