【出版时间及名称】：2009年12月日本电信行业研究报告
        【作者】：摩根斯坦利
        【文件格式】：PPT
        【页数】：54
        【目录或简介】：

In-Line Industry View
FCF improvement is the key
 Telecom industry earnings are brisk. Watch capacity to generate stable FCF and how the FCF is used
 Increased shareholder returns and investment in new areas using rich FCF should dictate the future of each firm
 Valuations are low; expect stock upside once market recognizes solid earnings
In the medium term…
＜Expect business field expansion＞
→Expansion of data user client base with the penetration of high-functional handsets (smartphones) and double-flat-rate charging
→Enhanced new contents & services with progress in infrastructure set up for high-speed data communication (HSDPA, LTE etc)
＜Expect cost reduction＞
→Streamlining of the wireline business
（NTT: FTTH investment has cycled through. Focus on controlled capex and business rationalization from F3/11）
（KDDI: Due to post restructuring costs in F3/10. Profitability in wireline business becomes a realistic aim for F3/11 on)
Stock recommendations
 NTT (9432, OW, PT Y5,100)：Faster than expected cost cuts in wireline business. Expect attractive shareholder returns. Appealing value stock.
 Softbank (9984, OW, PT Y2,600)：Attractive as both growth stock and value stock
 NTT docomo (9437, EW, PT Y158,000)：Stable earnings and shareholder returns good, but lacks near-term catalysts
 KDDI (9433, EW, PT Y575,000)：Undervalued, but falling competitiveness of core mobile business and continued loss of fixed business are risks
 eAccess (9427, EW, PT Y70,000)：Earnings improvement good, but mobile ARPU trend still bears watching