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TEHRAN, Feb 06 -SoftBank Group Corp shares jumped 17 percent on Thursday, adding $14 billion to the Japanese tech investment giant’s market value, after it unveiled a record share buyback and a surge in quarterly operating profit.
TEHRAN, Young Journalists Club (YJC) -Chief Executive Masayoshi Son has often complained about SoftBank’s lingering conglomerate discount and is using part of the windfall from the blockbuster IPO of its domestic telco to try and reduce the valuation gap.
The buyback “puts a floor under SoftBank stock”, Jefferies analyst Atul Goyal wrote in a note.
SoftBank shares soared to as much as 9,955 yen, notching up their biggest intra-day gain in a decade.
They are up 36 percent so far this year but still about 14 percent below the 11,500 yen high hit in September before tumbling on concerns about SoftBank’s financial ties to Saudi Arabia following the murder of Saudi journalist Jamal Khashoggi.
SoftBank said after the market closed on Wednesday it would repurchase up to 600 billion yen ($5.46 billion) of its stock, funded by the proceeds of the December IPO of SoftBank Corp.
“There was no consensus over how to value SoftBank,” said Ace Securities analyst Hideki Yasuda.
Following the IPO, the group “is more like an investment trust and is becoming easier to understand,” Yasuda said.
Source: Reuters
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