Japanese Telcos: Life in the Golden Age and Rakuten’s price target cut

Date and Time
July 7, 2022

10AM ET/3PM UK-It is now clear that NTT and KDDI have entered a phase of faster growth, which we call The Golden Age. We expect SoftBank to enter it in 1-2 years. Stocks are not priced for this, nor for the likelihood that Rakuten scales back or exits its MNO business.