SoftBank surprised the market on Tuesday with a 1.3 trillion yen net profit for the three months ending June 30, 60% higher than an average of analyst forecasts compiled by Refinitiv. The haul was partly due to an expected 736 billion yen pre-tax gain on the loss of its controlling interest in Sprint, following its April merger with T-Mobile US, and 422 billion yen booked from the sale of T-Mobile stock.
There are more to come. Vision fund managers will be eagerly watching the initial public offering of Chinese online real-estate services provider KE, which is attempting to raise $2 billion in New York this week. SoftBank owns a 10% stake in the company, which could be valued at $22 billion from the IPO. The sale of TikTok could be a boon for ByteDance and its backers, including SoftBank, although the deal is riddled with political risk.
Some of SoftBank’s spoils were ploughed into a jumbo share buyback programme, which has helped its market value more than double since March, far outpacing Japan’s benchmark Topix index. While the climate for dealmaking remains challenging, healthy markets will let Son keep coasting for now.Reuters Breakingviews is the world's leading source of agenda-setting financial insight.
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