SoftBank boss Masayoshi Son is focused on the long-term, big picture despite the Japanese group’s whopping 50% discount to its net asset value. So-so first-quarter numbers will add to investor impatience, writes JennHughes13
, following a regulatory crackdown just after quarter-end. SoftBank has slowed its China investments to 11% of its spend so far this financial year, compared with a 23% weighting in its current investments. This wait-and-see should be some relief to shareholders.
Yet all of this has left SoftBank shares at a 55% discount to the company’s net asset value – a level previously associated with offers to buy back its own shares. Son noted in an earnings presentation that previous share repurchases followed points when it had cashed in on investments, which wasn’t the case just now. The last buybacks, completed in May, cost $23 billion.
- The Japanese conglomerate’s Vision Fund unit, which holds many of its tech and startup investments, posted a 236 billion yen adjusted net profit in the three months to June 30. - The numbers followed record annual net profit for the year ended in March as markets rallied worldwide. However, some of its investments such as Chinese ride-hailing app Didi Global which debuted in New York just after quarter-end, have performed less well and prompted a wider selloff in Chinese markets.Breakingviews
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