AllAnalyst Report
logoMorningstarMay 17, 2021

KDDI Corporation: KDDI Relying on New Service Growth To Offset Mobile Price Declines; Lift FVE to JPY 4,100

Communication Services
Current Price
Fair Value
Economic Moat

KDDI is Japan's second-largest wireless operator (31% market share), the largest pay-TV operator (53% market share) and the second-largest provider of fibre-to-the-home broadband (12% market share). It has grown through acquisition and is focusing on increasing the number of customers who subscribe to more than one telecommunication service. It is also looking to grow its Life Design business which includes commerce, energy, and finance and had over 18 million IOT connections by the end of March 2021.

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Analyst Profile

Dan Baker

Dan Baker is a director of equity research for Morningstar Investment Management Asia Limited, a wholly owned subsidiary of Morningstar, Inc. He covers Asian telecommunications and technology companies. He is also team leader for the equity research teams in Hong Kong and China.Before joining Morningstar in 2014, he had 10 years’ experience as an equity analyst with Merrill Lynch and Mirae Asset Securities and two years in equity sales with RBS. He also worked for eight years in the telecommunications industry as an engineer with Ericsson and a telecom industry consultant with Ovum.Baker holds a bachelor’s degree in electrical engineering from the University of Melbourne, a diploma in applied finance and investment from the Securities Institute of Australia, and a master’s degree in accounting from Curtin University.