Softbank Corp (Buy) - PayPay Conversion, Re-Valuation Gain Confirmed for Q3

Z Holdings (Neutral) - Q1 22 Results Reaction: Weak Results Highlight Tough Year Ahead

Softbank Corp (Buy) - Q1 22 Results Reaction: Largely In-Line with Reduced Expectations

Z Holdings Q4 21 Results Reaction: Growth Pushed Back a Year; Downgrade to Neutral

Z Holdings (Buy) - FY22 Should Be Brighter

Z Holdings (Buy) Q3 21 Results Reaction: Mostly Positive as Ad Sales Continues to Impress

Telco/Internet specialist

Kirk Boodry

Redex Research

Equity Bottom-Up

<ul>
<li>Z Holdings will integrate its eCommerce platforms in a move that boosts the PayPay brand and may generate some (very) modest synergies</li>
<li>We are publishing updated forecasts and setting a new target price at ¥550 but we remain cautious on the shares in the near term as consensus remains high</li>
<li>Shares of ZHD still appear expensive at 14-16x our estimate of FY22e EBITDA and are more expensive than Alphabet at these levels (12x EBITDA)</li>
</ul>


Z Holdings will integrate its eCommerce platforms in a move that boosts the PayPay brand and may generate some (very) modest synergies
We are publishing updated forecasts and setting a new target price at ¥550 but we remain cautious on the shares in the near term as consensus remains high
Shares of ZHD still appear expensive at 14-16x our estimate of FY22e EBITDA and are more expensive than Alphabet at these levels (12x EBITDA)


Z Holdings (Neutral) - PayPay Rebranding of ECommerce; We Remain Cautious in a Rebuilding Year

LY

Z Holdings (Neutral) - PayPay Rebranding of ECommerce; We Remain Cautious in a Rebuilding Year