Recent Reports

Softbank Group – Q1 22 results reaction: so many surprises…a few were positive

Softbank posted record losses for the quarter as it aggressively wrote down the value of its private Vision Fund portfolio. That was a surprise as was the announcement of VF asset sales and a new ¥400bn buyback.

NTT (Buy) – Q1 22 results reaction: forex gains flatter top-line; signs of mobile stability

This was a solid report with forex-boosted revenue growth and positive signs for consumer mobile and DX-related sales.

IIJ (Buy) – Q1 22 results reaction: solid results and share split

A solid Q1 report and announcement of a second share split in three years somehow disappointed the market but headline numbers and underlying KPIs point to higher returns ahead.

Softbank Corp (Buy) – Q1 22 results reaction: largely in-line with reduced expectations

Softbank results were slightly below our expectations but consumer mobile downside tracks management guidance for the year. There were also bright spots (utility, corporate) whilst the PayPay change could surface other fintech value.

Z Holdings (Neutral) – Q1 22 results reaction: weak results highlight tough year ahead

The recent share price rally looks overdone with economic uncertainty lingering and PayPay consolidation ahead. Coming out of Q1, concerns on a downward revision to guidance are likely to rise.

KDDI (Buy) – Q1 22 results reaction: mixed quarter as consmer predictably weak

KDDI missed on profits despite one-time financial services gains but trends in mobile revenue and corporate sales were encouraging.

Softbank Group – BABA pressure has Didi read across but a 41% NAV discount provides cushion

The regulatory story in China continues as Alibaba is under pressure again. That is bad news for Didi too as market hopes for an app restoration and HK relisting may be pushed out.

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