NEW STREET RESEARCH JAPAN TELCO INVESTOR TOUR

Mobile dynamics in Japan are shifting again from a game of rising tide which pushes all operators to one where the winner takes all. This has been confirmed by Q4's performance, with the integration of consumer services into mobile as the key performance differentiator. This shift in thesis has prompt us to revisit the Japanese operators in September and we invite investors to join us so as to get a real sense as to where the industry is headed.

In addition, this is an opportunity to visit one of the largest Data Centres operators in the world (NTT) and better understand the incumbent's capex plans and AI strategy given that the 5G capex cycle has peaked. This will have direct implications on the operators' shareholder remuneration which have been moving in the right direction, through continued buybacks and rise in payouts.

The tentative schedule as it currently stands is as follows.
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Tuesday, 17th September: Tokyo, Japan

Wednesday, 18th September: 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.
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