Softbank (9984 JP): Focus on Vision Fund II (SVF2) And Masa’s Massive IOUs

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A Bull Investment Case for TSMC (Summary Version)

Telco/Internet specialist

Kirk Boodry

Redex Research

Equity Bottom-Up

<ul>
<li>Management pushed a conservative / defensive line for Q3 as markets remain uncertain and investment losses continue</li>
<li>Revenue growth at ARM was better than expected as licensing revenues rebounded strongly. Guidance for the timing of an IPO (sometime in 2023) remains unchanged</li>
<li>This was a slightly disappointing quarter but hopes were not high heading into the print with the discount hovering around 35%</li>
</ul>


Management pushed a conservative / defensive line for Q3 as markets remain uncertain and investment losses continue
Revenue growth at ARM was better than expected as licensing revenues rebounded strongly. Guidance for the timing of an IPO (sometime in 2023) remains unchanged
This was a slightly disappointing quarter but hopes were not high heading into the print with the discount hovering around 35%


Softbank Group (Neutral) - Q3 22 Results Reaction: Defensive Stance Intact as VF Losses Continue