德意志银行：日本电信行业研究报告2009年7月

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Table of Contents
Ratings................................................................................................ 3
Buy on SoftBank .......................................................................................................................3
Telecom stocks significantly undervalued in light of long-term dividend yields ........................5
Multiples generally do not work for telecom stocks .................................................................7
Focusing on new fields, established fields saturated .................... 9
SoftBank overwhelming rivals...................................................................................................9
SoftBank: Strengths through its beachhead in China ..............................................................10
NTT: Future hinges on FTTH application development ...........................................................13
DoCoMo: Key lies in nurturing mobile broadcast and i-concier businesses............................15
KDDI: Long-term expectations for WiMAX .............................................................................17
Earnings outlooks based on current business .............................. 19
Profits to grow ........................................................................................................................19
Closer look reveals “economy class telecom” making inroads ..............................................19
Restraint on commissions in 2009 will leave carriers’ profits steady at high levels................20
The telecommunications industry of the future ........................... 22
2010 will be a prelude to big changes, the industry focus shifts from mass-oriented factors to
applications .............................................................................................................................22
Debate over NTT reformation may cast a discount cloud over NTT for a while......................23
Will NTT’s medium-term business plan lead to higher dividends?..........................................24
LTE will change the key players in mobile phones, and applications will also change............24
New spectrum allocations and the long-term value of communications companies ..............26
Individual company reports............................................................ 28
NTT (9432)..............................................................................................................................28
KDDI (9433)............................................................................................................................45
NTT DoCoMo(9437) ................................................................................................................58
SoftBank (9984).......................................................................................................................70

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