SoftBank’s 1Q Marred by Disappointing Domestic Telecom Business
SoftBank’s first-quarter fiscal 2017 (quarter-ending June 2017) result disappointed slightly with the domestic telecom business again reporting declining revenue and operating profit dampening group revenue and operating profits that were up 2.8% and 17%, respectively, year over year (ex- SoftBank Vision Fund). No management guidance was provided for fiscal 2017 and we broadly maintain our existing forecasts with our fair value estimate retained at JPY 11,000 per share. Our narrow moat rating is...SoftBank Group is a holding company. Domestic Telecommunications business provides mobile communication services, mobile devices, broadband services to retail customers, and telecom services to corporate customers in Japan. Sprint business provides mobile communication services and fixed-line telecommunication services in the U.S. Yahoo Japan business operates Internet-based advertising and e-commerce business. Distribution business distributes mobile devices overseas, and sells software and mobile device accessories in Japan. ARM business designs microprocessor intellectual property and related technology. SoftBank Vision Fund & Delta Fund business is engaged in the investment activities.
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