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    9984   JP3436100006

SOFTBANK GROUP CORP.

(9984)
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SoftBank targeting IPO for payment app PayPay

05/11/2021 | 05:26am EDT
FILE PHOTO: The logo of SoftBank Group Corp is displayed at SoftBank World 2017 conference in Tokyo

TOKYO, May 11 (Reuters) - SoftBank wants to list payment app PayPay, the CEO of its wireless unit said on Tuesday, adding that subsidiary SB Payment Service could also be a candidate for listing, as he seeks to illustate growth potential at Japan's No.3 carrier.

QR code payment app PayPay has acquired almost 40 million users since launch in October 2018 through aggressive rebates as Japanese consumers shift away from cash.

"We want PayPay to IPO in the future so they will become independent... I don't think that would be too far out," said Junichi Miyakawa, who became chief executive of SoftBank Corp last month, at an earnings briefing.

The telco is seeking to convince investors of its ability to grow new business lines as the wireless market matures.

SoftBank is offering financial services via the PayPay app and plans to expand in Asia via chat app operator Line, which completed a merger with the telco's internet subsidary Z Holdings in March.

As part of its "Beyond Japan" strategy, SoftBank seperately announced it is taking a 23% stake in the data analytics arm of Malaysia's Axiata Group.

Longer term, SoftBank wants to focus on autonomous driving, Miyakawa said. The telco announced development of an autonomous driving platform with partner Toyota in 2018.

SoftBank said PayPay's gross merchandise volume, a measure of transaction volume, reached 3.2 trillion yen ($29.4 billion) in the year ended March.

($1 = 108.9100 yen) (Reporting by Sam Nussey, editing by Louise Heavens)


© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
AXIATA GROUP 2.76% 4.09 End-of-day quote.9.36%
SOFTBANK CORP. -0.18% 1410 End-of-day quote.9.05%
SOFTBANK GROUP CORP. -0.80% 7834 End-of-day quote.-2.78%
TOYOTA INDUSTRIES CORPORATION -1.83% 9630 End-of-day quote.17.58%
TOYOTA MOTOR CORPORATION -3.88% 9833 End-of-day quote.23.58%
Z HOLDINGS CORPORATION -3.61% 534.1 End-of-day quote.-14.46%
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Financials
Sales 2021 5 657 B 51 116 M 51 116 M
Net income 2021 3 444 B 31 119 M 31 119 M
Net Debt 2021 11 316 B 102 B 102 B
P/E ratio 2021 3,89x
Yield 2021 0,57%
Capitalization 13 191 B 119 B 119 B
EV / Sales 2021 4,33x
EV / Sales 2022 4,61x
Nbr of Employees 80 909
Free-Float 47,1%
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Technical analysis trends SOFTBANK GROUP CORP.
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Mean consensus BUY
Number of Analysts 14
Last Close Price 7 702,00 JPY
Average target price 11 554,15 JPY
Spread / Average Target 50,0%
EPS Revisions
Managers and Directors
NameTitle
Masayoshi Son Chairman & Chief Executive Officer
Yoshimitsu Goto Chief Financial Officer & Senior Managing Director
Norikazu Oba Manager-Finance & Planning
Raul Marcelo Claure Chief Operating Officer & Vice President
Tim Mackey Chief Legal & Group Compliance Officer
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