NEW STREET RESEARCH Japan & South Korea Telco Investor Tour 13th–16th May 2025

Update: We have updated the schedule in Osaka which now includes the tour of the NTT Pavilion and access to the VIP Lounge at Osaka Expo. Please let us know if you will like to join us.

Previously, we had added new meetings in Tokyo. As part of our attempt to better understand the commercialisation potential of IOWN, NTT have confirmed that Shingo Kinoshita (Head of Research & Development Planning) will join the NTT meeting. Additionally, we will meet with Kirk Boodry, a long time Telecom Analyst/Advisor (and ex-colleague) from Astris Advisory.

JAPAN: With SoftBank continuing to gain share, and now the clear operational winner we think Japanese telcos are at a cross-roads. Continued share shift in SB’s favour could lead to a significant increase in competition as the others respond. Alternatively with inflation having returned, there is a chance for a more benign outcome if SB chooses to prioritise revenue over share gains. This makes a trip to understand tactics and strategies of the various operators highly worthwhile in our view. On this trip we will be meeting all 3 incumbents plus Rakuten to better understand market dynamics, as well as taking time to see some stores. NTT is our top pick given that the expectations bar is set low. Additionally, NTT has the potential to outperform on Fixed recovery and IOWN optionality. This trip seeks to confirm our thesis as we will travel down to the Osaka Expo for the IOWN showcase and meet directly with IOWN representatives in Tokyo. Additionally, the trip is right after the release of March year end results so investors in this space are highly encouraged to join us.

SOUTH KOREA: The South Korea dynamic is reminiscent of what the Chinese Telcos experienced in 2022 which ultimately led to a re-rating – benign competition, diversification through a deeper focus into enterprise and importantly, improving shareholder remuneration. All three have disclosed their Value Up plans, of which we think KT is the most aggressive in terms of cost cutting and share buybacks. This trip presents a great opportunity to get in touch with the operators' view on AI and look ahead on how they plan to deliver on their value up targets. Stocks have performed well, but we think are just on the start of this journey.

The tentative schedule as it currently stands is as follows.

​​​​​​Tuesday, 13th May: Seoul, South Korea

Wednesday, 14th May: Osaka, Japan

Thursday, 15th May: Tokyo, Japan

Friday, 16th May: Tokyo, Japan

If you are interested in joining us on the tour, please reach out to me directly on the email below, or your NSR Sales representative.