Upgrade SoftBank’s FVE to JPY 11,900 on Flying Alibaba
We upgrade our SoftBank fair value estimate to JPY 11,900 per share from JPY 11,000 per share on the back of our upgrade in Alibaba’s fair value estimate to USD 175 from USD 148. Alibaba reported a strong result on Aug. 18 with revenue up 56% and net income up 96%. The company’s core China retail e-commerce platform grew revenue 57% with segment-adjusted EBITA margins improving 170 basis points to 62.7% and all other segments except digital media narrowing their operating losses. We have increas...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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