New Street Research - SoftBank Corp. (9434) Softbank Corp (Buy, TP: ¥2,200, +44%) Q4 22 Quick Take: ¥100bn share buyback; near term guidance weak, but better FY25 net profit target

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New Street Research

Chris Hoare

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Softbank Corp (Buy, TP: ¥2,200, +44%) Q4 22 Quick Take: ¥100bn share buyback; near term guidance weak, but better FY25 net profit target

Softbank Corp reported in-line Q4 revenue and a 2% EBITDA beat. The slowdown in revenue was driven by a decline in Consumer business associated with mobile ARPU decline (-5%) despite being marginally better against last quarter’s decline (-5.2%).

10/05/2023 1 EN

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SoftBank Corp.

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Chris Hoare

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Softbank Corp (Buy, TP: ¥2,200, +44%) Q4 22 Quick Take: ¥100bn share buyback; near term guidance weak, but better FY25 net profit target

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.

Thai Telcos Auction concludes, no major surprises

VIPS 2Q25 Preview: Lowering 2Q Topline Estimates

Microsoft vs. OpenAI: Implications for investors?

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