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FT商学院

SoftBank: more buybacks and less investing the answer for Son
Lex专栏:日本软银应增持股票回购,减少投资

Where the Japanese technology investment group’s founder sees value, investors perceive risk
日本技术投资集团的创始人看到的是价值,而投资者看到的是风险。
A couple of months back Masayoshi Son asked his top team at SoftBank to slow their investment plans. No wonder. On Thursday, the Japanese technology investment group logged a record annual loss at its Vision Fund unit after technology shares worldwide collapsed. SoftBank founder Son, ever the optimist, nevertheless maintains the group deserves a higher valuation.
几个月前,孙正义(Masayoshi Son)要求他在软银的高层团队放慢投资计划。难怪。周四,在全球科技股暴跌后,这家日本科技投资集团旗下的Vision Fund出现创纪录的年度亏损。软银创始人孙正义向来是一个乐观主义者,但他仍坚持认为,软银理应获得更高的估值。
SoftBank’s annual net loss totalled ¥1.7tn ($13bn), while its Vision Fund unit posted an investment loss of ¥3.5tn ($27bn) for the year to March. This marked the biggest annual loss for the group since Son shifted from telecoms to tech investment. An 80 per cent plunge in shares of South Korean ecommerce platform Coupang — of which SoftBank is the largest shareholder — since it listed last year, as well as a mark down on some of its unlisted asset valuations all played a part.
软银的年度净亏损总额为1.7万亿日元(合130亿美元),而在截至今年3月的一年里,其旗下的Vision Fund公布了3.5万亿日元(合270亿美元)的投资亏损。这是自孙正义从电信转向科技投资以来,该集团最大的年度亏损。韩国电商平台Coupang(软银是其最大股东)自去年上市以来股价暴跌80%,以及该公司一些未上市资产估值下降,都是导致该公司股价下跌的原因之一。
Son deserves some credit for his effort at diversifying away from China as crackdowns intensified, down to around a tenth by portfolio worth. Part of that reduction is simply due to plummeting market valuations there.
随着股价和市值继续下跌,孙正义努力摆脱中国市场,实现多元化,其投资组合价值降至十分之一左右,这一点值得肯定。股价下跌的部分原因是当地市场估值暴跌。
SoftBank now also has a cash position of $23bn and $50bn in capital for investments. Despite the loss from its Vision Fund, SoftBank still managed to complete a record number of public listings and divestments of its portfolio companies last year.
软银目前还拥有230亿美元的现金头寸和500亿美元的投资资本。尽管愿景基金(Vision Fund)亏损,但软银去年仍成功完成了创纪录的公开上市和撤资。
Markets sensed what was coming. Its shares started falling well before results, down 8 per cent on Thursday alone. SoftBank has large exposure to the US equity sell-off as 43 per cent of its portfolio sits in the Americas. It also remains exposed to Chinese regulatory risk. E-commerce conglomerate Alibaba — whose shares have fallen two-thirds in the past year — still represents 22 per cent of its net asset value.
市场意识到了即将发生的事情。该公司股价早在公布业绩前就开始下跌,仅在周四就下跌了8%。软银在美国股市抛售中有很大敞口,因为其投资组合中有43%位于美洲。该公司仍面临中国监管风险。电子商务集团阿里巴巴(Alibaba)的股价在过去一年下跌了三分之二,目前仍占其净资产价值的22%。
That partly explains why SoftBank’s current $60bn market value is less than half the $150bn which is the group’s net asset value.
这在一定程度上解释了为什么软银目前600亿美元的市值还不到该集团1500亿美元净资产的一半。
Where Son sees value, investors perceive risk. Shares are down 47 per cent in the past year. Any meaningful rise in the stock price over the past two years has resulted from buybacks. Son would do well to continue his investing pause, and instead put money into those apparently cheap SoftBank shares.
孙正义看到的是价值,投资者看到的是风险。过去一年,该公司股价下跌了47%。过去两年股价的任何有意义的上涨都源于股票回购。孙正义最好继续暂停投资,而将资金投入到那些明显便宜的软银股票中。
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