New Street Research - SoftBank Corp. (9434) ... New Street: SoftBank Corp (Buy, TP: ¥1,975, +40%) Feedback from small group call with CEO/CFO

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New Street Research

Chris Hoare

New Street: SoftBank Corp (Buy, TP: ¥1,975, +40%) Feedback from small group call with CEO/CFO

We joined a small group call hosted by SoftBank Corp with the CEO, Junichi Miyakawa and CFO, Kazuhiko Fujihara, this afternoon Tokyo time. SoftBank Corp is transforming itself from a telco to a tech company.

27/05/2021 3 EN

Underlyings

SoftBank Corp.

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JP3732000009 Japan

Z Holdings Corporation

Yahoo Japan is engaged in the provision of Internet advertising and e-commerce services. Media Business segment provides marketing and advertising services including paid search, display, in-feed video advertising and other advertising-related services for corporations; and Yahoo! News and media-related services. Commerce Business segment provides e-commerce related services including YAHUOKU! (net auction site), Yahoo! Shopping, ASKUL, LOHACO and other shopping websites; membership services including Yahoo! Premium, Yahoo! BB and other services; and financial and payment-related services including credit card, e-money, foreign exchange margin trading and other related services.

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JP3933800009 Japan

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New Street Research

Provided by our team of experienced analysts, our work is idea driven, based on independence of thought, sector expertise, and firmly focussed on fundamentals and valuation.

New Street Research is an independent, partner-owned, research firm specialising in equity and debt research. Our equity research embraces the following sectors:

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Analysts

Chris Hoare

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New Street: SoftBank Corp (Buy, TP: ¥1,975, +40%) Feedback from small group call with CEO/CFO

Japanese Telcos Q4 FY24 review: Inflationary telco market

Autos & industrials, OpenAI/io deal, NVLink Fusion, AI cloud & capex, and more.

Takeaways from Meetings with the Japanese Telcos + Rakuten in Tokyo. Downgrade SoftBank to Neutral, stay Buyers of NTT and KDDI.

VIPS 2Q25 Preview: Lowering 2Q Topline Estimates

Microsoft vs. OpenAI: Implications for investors?

SATS, Carr, and the Art of the No Deal…Yet

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