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Telco/Internet specialist

Kirk Boodry

Redex Research

Equity Bottom-Up

<p>News reports indicate Softbank may lay off up to 10% of Vision Fund staff. This should not be surprising: last week, Softbank said that there would be a pause in new investments whilst it has become increasingly clear over the last three quarters that new cash from limited partners would be hard to come by.  Other recent Vision Fund news flow has been positive as headline financials for ByteDance last year are supportive of a $120bn+ valuation.  Softbank shares are up 8% since the Q4 report last week and the discount has narrowed to 49%. There is room for shares to run a bit higher from here as asset sales are finalized and management buys back shares. </p>

News reports indicate Softbank may lay off up to 10% of Vision Fund staff. This should not be surprising: last week, Softbank said that there would be a pause in new investments whilst it has become increasingly clear over the last three quarters that new cash from limited partners would be hard to come by.  Other recent Vision Fund news flow has been positive as headline financials for ByteDance last year are supportive of a $120bn+ valuation.  Softbank shares are up 8% since the Q4 report last week and the discount has narrowed to 49%. There is room for shares to run a bit higher from here as asset sales are finalized and management buys back shares. 

ソフトバンクグループ：ビジョンファンドの人員削減、しかしバイトダンスは好調