The Point for Japan

Research evidence excerpt

The Point for Japan

Point |

Thursday, 02 July 2026

Company | Industry | Equity Strategy | Macro | Fixed Income | FX | Key Rating and Target Price Changes

Company

SoftBank Group (9984.T) - Executes $10bn additional investment (2nd tranche)

in OpenAI - NAV impact neutral

SBG announced today that it executed a $10bn (c ¥1.6trn) additional investment in

OpenAI. This represents the second round of the $30bn additional investment

announced in February this year. The company is funding this through a bridge

facility agreement related to its OpenAI stake (total of $40bn). The first tranche

was executed on April 26, and with this second tranche, $20bn of the total $30bn

additional investment has been completed. The third tranche is scheduled for

execution on October 1. While this investment increases the value of SBG's

shareholdings, borrowings increase by the same amount, making the impact on

NAV neutral. Moreover, since the additional investment was already planned, the

announcement comes as no surprise and we expectations the stock price impact

to be minimal.

Keiichi Yoneshima

Rakuten Group (4755.T) - Updating forecasts - setting TP to reflect fintech

reorganization

We revise our earnings forecasts to reflect FY12/26 Q1 results. Furthermore, the

scheme for the reorganization of fintech, centered on Rakuten Bank, has already

been announced, we set our target price based on the capital structure after the

fintech reorganization. Since the value of the fintech business will manifest itself

in Rakuten Bank's share price, the movement of Rakuten Bank's share price will

likely affect the Rakuten Group share price. We set our target price using an SoTP

method to reflect the realization of the fintech business's value. Our investment