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WKN: 891624 ISIN: JP3436100006 Ticker-Symbol: SFT 
Tradegate
22.01.21
20:52 Uhr
69,88 Euro
+0,08
+0,11 %
Branche
Internet
Aktienmarkt
NIKKEI-225
Singapur
1-Jahres-Chart
SOFTBANK GROUP CORP Chart 1 Jahr
5-Tage-Chart
SOFTBANK GROUP CORP 5-Tage-Chart
RealtimeGeldBriefZeit
69,1170,6424.01.
68,3468,6907:36
ACCESSWIRE
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Woori BMO Group Comments On SoftBank Hitting 20-Year High

TORONTO, ON / ACCESSWIRE / November 27, 2020 / Woori BMO Group has today commented on SoftBank Group Corp. as the Japanese multinational conglomerate reaches a new 20-year high after the latest stock market rally increased the value of holdings such as Uber Technologies Inc., and boosted the expectations of several portfolio firms preparing to go public.

Following its initial public offering (IPO) last year, the U.S. ride-hailing giant has recovered from some setbacks, and its shares have now risen over 70% this year. The 13 percent stake Softbank owns is worth around $11 billion. The firm is also a major shareholder in DoorDash Inc., the U.S. food delivery giant which filed to launch its share offering earlier this month. On Friday, SoftBank's stock rose 2.3 percent to 7,250 yen, the highest value since March 2000 of the dot-com boom.

"Earlier this week, Citigroup increased its target price for SoftBank from 10,200 yen to 11,000 yen, this signifies stronger earning potential for the investments business of the Tokyo-based firm. Nomura Holdings also raised its target from 8,190 yen to 9,100 yen, indicating the same reason. Both of these brokerages has a buy rating on SoftBank," commented Director of EMEA Wealth Management at Woori BMO Group, Christian Harper.

In the last fiscal year, a series of shortcomings in the investment business, including the effects of the Covid-19 outbreak and a botched WeWork IPO led to record losses for the company. Masayoshi Son, the founder of Softbank, responded by announcing intentions to sell 4.5 trillion yen ($43 billion) in assets and reacquire a record 2.5 trillion yen of his own stock. Shares are up from their March low by more than 160 percent.

"Softbank has announced a record 784.4 billion yen profit for its technology-focused Vision Fund business for the three months ended September 30, indicating that the fund's startup investments are paying off during this strong rally in technology stocks," commented Andrew Williams, Director of Institutional Equity at Woori BMO Group. "The current bull market is also making it much easier for startups backed by Softbank to launch their IPO," he added.

According to researchers at Woori BMO Group, online real estate company Opendoor is going public via a merger with a special purpose acquisitions vehicle managed by Chamath Palihapitiya. Compass, another SoftBank-backed company, has recently appointed underwriters for a potential listing of its shares.

About Woori BMO Group

Founded in 2007, Woori BMO Group is a full-service wealth management company providing both corporate institutions and private clients a tailored financial advisory service from its retail office in Toronto, Canada.

Media Contact

Company: Woori BMO Group

Contact: Mr. Shinsato Masao, Chief Economist

Telephone: +1-647-946-8880

Email: shinsato.masao@wbginternational.com

Address: 25F Exchange Tower, 130 King Street West, Toronto, ON, Canada M5X 1E3

SOURCE: Woori BMO Group



View source version on accesswire.com:
https://www.accesswire.com/618589/Woori-BMO-Group-Comments-On-SoftBank-Hitting-20-Year-High

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