Softbank (9984 JP) – Klarna’s Coming “down Round”

Softbank – Director Shuffling At The AGM

Softbank Group - Semiconductor Weakness Expands Discount

Softbank Group - Expiration of SenseTime Lock-Up Has Lopped $1.5bn off the VF Valuation

Battle Lines Drawn As BABA Builds Out First/Last-Mile Capacity; But Who Will Fund 75+ Bn CNY CapEx?

Telco/Internet specialist

Kirk Boodry

Redex Research

Equity Bottom-Up

<ul>
<li>Vision Fund's public portfolio lost $10bn in Q1 marking the third time in four quarters that valuation losses were in the tens of billions</li>
<li>Global tech weaness remains the main challenge as portfolio losses are matched with concerns on the private portfolio, especially ARM</li>
<li>And worries about ARM also feed into leverage concerns as Softbank's QoQ decline in reported LTV was driven by an ARM upgrade.  Meanwhile, CDS prices are near all-time highs</li>
</ul>


Vision Fund's public portfolio lost $10bn in Q1 marking the third time in four quarters that valuation losses were in the tens of billions
Global tech weaness remains the main challenge as portfolio losses are matched with concerns on the private portfolio, especially ARM
And worries about ARM also feed into leverage concerns as Softbank's QoQ decline in reported LTV was driven by an ARM upgrade.  Meanwhile, CDS prices are near all-time highs


Softbank Group - First Look at Q1 22 Performance