SoftBank Group: Sell off restores attraction - lifting to BUY

研报英文原文证据摘录

SoftBank Group: Sell off restores attraction - lifting to BUY

Deutsche Bank

Research

Rating Company Date

Buy SoftBank Group 26 June 2026

Japan Reuters Bloomberg Rating Buy

Japan 9984.T 9984 JP Price target (JPY) 8,000.00 Price at 24 Jun 26 6,597.00

52-week range 8,632.00 –

Telecom 2,242.16

Click or tap here to enter

text. Valuation & Risks

Sell off restores attraction - lifting to BUY

Peter Milliken, CFA

Open AI potential IPO delay adds to SoftBank’s recent retracement Research Analyst

+852-2203-6190 SoftBank has dropped 32% from its June 2 high, pushing the stock down to below

half our SOTP estimate. The share price drop has come despite the company’s

SOTP heavyweight ARM trading at approximately the same price as at the

beginning of the month. So most of the stock’s decline has simply been the Key changes

company swinging from an unusually tight discount to NAV back to a large Rating Hold Buy

discount. Adding to the sell-down has been The New York Times report on Open Price target (JPY) 8,700 8,000 -8%

AI delaying its IPO yesterday. The report noted that bankers cautioned that tech

volatility and recent IPOs could detract from retail demand. Source: Deutsche Bank

While the IPO could be delayed, a 2027 IPO may only be several months delay,

and not necessarily a one-year delay. Open AI will need to consider the firm’s high

cash burn and ambitious build out plans. We expect it will raise capital while the

sun shines, and not let Anthropic generate a lengthy balance sheet advantage,

that it could rapidly put to work. A lengthy delay in fundraising increases the risk

that the company could be doing its IPO into a market with increasing concerns

about the commoditization of LLMs by lower-cost, flexible, open source models.