In today’s briefing:
- Toshiba – Why Renesas Might Be a Better Option for the Devices Business than an IPO
- Rakuten Bank Tearsheet – Japan Largest Internet Bank
- Softbank Group – Alibaba Remains the Key Share Price Driver as VF Diversification Stalls
Toshiba – Why Renesas Might Be a Better Option for the Devices Business than an IPO
- We have made no secret of the fact that we consider Toshiba’s restructuring plans to be unspectacular.
- Initially we saw no reason to separate the infrastructure business and saleable assets but with that issue addressed it is the position of the devices business which concerns us.
- This is because we feel it is rather undersized to stand on its own two feet… but we increasingly feel that Renesas could be the ideal home for the unit.
Rakuten Bank Tearsheet – Japan Largest Internet Bank
- Rakuten Bank (RB) is the largest internet bank in Japan, by number of accounts. It is a part of the Rakuten Group.
- The company is wholly owned by Raktuen and hasn’t taken any external funding.
- As per the public disclosures made by Rakuten, it aims to list the business unit within a year as was reported in September 2021.
Softbank Group – Alibaba Remains the Key Share Price Driver as VF Diversification Stalls
- Softbank Group (9984 JP) shares have fallen 46% since 31 March v a 52% decline for Alibaba Group (9988 HK) with little daylight between the two since August
- That reflects fading influence from Vision Fund which is shed $12bn in value Q4 to date and c. $30bn this fiscal year.
- The discount remains in the 50% range as tailwinds from the share buyback depend on a successful IPO of ARM, where the magnitude and timing remain uncertain
Before it’s here, it’s on Smartkarma
