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Recent Reports

4 January 2022

Softbank Group – SenseTime rally offsets some of China weakness but Q3 Vision Fund in the red

A strong public debut for SenseTime boosted Vision Fund performance after Didi released dismal results but the portfolio is likely in the red for Q3 and the discount to NAV remains high.

22 December 2021

KDDI (Buy) – New mobility offers expand consumer service offering

New offerings are a positive step as the consumer platform evolves and we expect more in mobility from KDDI and the industry over time. We have updated our forecasts after Q2 results.

3 December 2021

Softbank Group – A very bad week as China drives NAV weakness and discount round trip

Softbank’s value is still tied to Alibaba and other China investments even with a robust buyback. NAV is the lowest since July 2020 and the discount has returned to 48%.

18 November 2021

Softbank Group: Mixed Early Results for Indian IPOs

PayTM is falling 27% on its debut and whilst Policy Bazaar’s Monday listing was better (+40% so far) it’s not a good sign for the upcoming Oyo IPO. We have updated our SBG tables for the holding company discount and Vision Fund for Q2 results and recent Vision Fund listings.

12 November 2021

Arteria Networks (Buy) – Q2 21 results reaction: growth rates trending higher

Arteria posted Q2 results ahead of Redex Research forecasts and is on track to beat full-year targets as telework-driven demand remains strong and the company laps accelerated capacity investments a year ago.

11 November 2021

Rakuten Group (Neutral) – Q3 21 results reaction: record mobile losses with mixed results elsewhere

Accelerating mobile losses, which are unlikely to inflect until Q2 next year, overshadow progress in core segments.

10 November 2021

NTT (Buy) – Q2 21 results reaction: profit beat with good news in fixed and mobile

NTT followed up on its mid-term EPS guidance upgrade last week with a solid set of results driven by fixed-line growth and a return to mobile segment leadership.

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