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    4689   JP3933800009

Z HOLDINGS CORPORATION

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SoftBank Corp to spend $4 billion to up Yahoo Japan stake, sees profit rising 24 percent

05/08/2019 | 04:39am EDT
The logo of SoftBank Group Corp is displayed at SoftBank World 2017 conference in Tokyo

TOKYO (Reuters) - Japanese telco SoftBank Corp said on Wednesday it would spend $4 billion to up its stake in Yahoo Japan and turn the internet company into a subsidiary, which would help boost its profit by 24 percent this year.

The telco said it would buy 456.5 billion yen ($4.2 billion) worth of new shares to be issued by Yahoo Japan, increasing SoftBank Corp's stake to 44.64 percent from 12.08 percent.

With that addition, SoftBank Corp, which listed in December in Japan's largest ever initial public offering, forecast its operating profit would rise 24 percent to 890 billion yen in the current financial year.

The deal will strengthen cooperation between SoftBank Corp, Japan's third largest telco, and Yahoo Japan, an internet heavyweight in areas such as news and shopping.

Concern over the outlook for the telco, which faces government pressure to cut carrier fees and competition from new entrant Rakuten, has kept the share price below its IPO price. The stock closed up 0.6 percent ahead of the earnings.

But some analysts still see the telco as well positioned to weather the price squeeze as it targets data-heavy smartphone users with premium-priced plans while offering low-cost options for thrifty customers under separate branding.

The telco reported a 17 percent drop in quarterly operating profit to 84.5 billion yen from a year earlier, missing analysts' expectations even as revenue grew.

That compared with a 93 billion yen average of three analyst estimates compiled by Refinitiv.

SoftBank Corp, with its ample cashflow, is a key indicator of the health of parent SoftBank Group, which reports its fourth-quarter earnings on Thursday.

(Reporting by Sam Nussey; Editing by Himani Sarkar and Sonali Paul)

By Sam Nussey


© Reuters 2019
Stocks mentioned in the article
ChangeLast1st jan.
RAKUTEN GROUP, INC. -2.59% 1203 End-of-day quote.21.03%
SOFTBANK CORP. -0.73% 1429.5 End-of-day quote.10.56%
SOFTBANK GROUP CORP. -2.61% 6837 End-of-day quote.-15.15%
US DOLLAR / JAPANESE YEN (USD/JPY) 0.35% 109.787 Delayed Quote.6.49%
Z HOLDINGS CORPORATION -2.25% 546.5 End-of-day quote.-12.48%
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Financials
Sales 2022 1 551 B 14 132 M 14 132 M
Net income 2022 81 946 M 747 M 747 M
Net Debt 2022 115 B 1 045 M 1 045 M
P/E ratio 2022 52,4x
Yield 2022 1,15%
Capitalization 4 151 B 37 904 M 37 818 M
EV / Sales 2022 2,75x
EV / Sales 2023 2,43x
Nbr of Employees 22 531
Free-Float 34,5%
Chart Z HOLDINGS CORPORATION
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Technical analysis trends Z HOLDINGS CORPORATION
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TrendsNeutralNeutralBearish
Income Statement Evolution
Consensus
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Mean consensus OUTPERFORM
Number of Analysts 15
Last Close Price 546,50 JPY
Average target price 659,64 JPY
Spread / Average Target 20,7%
EPS Revisions
Managers and Directors
Kentaro Kawabe President, Co-CEO & Representative Director
Takeshi Idezawa Representative Director & Co-CEO
Ryosuke Sakaue Group CFO & Senior Managing Executive Officer
Chiaki Fujimon Group Chief Technology Officer
In-Joon Hwang Chief Global Investment Office
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