nicht. Das absolut "Falscheste" zur absolut falschen Zeit ....
Fundamental ist der Kursrückgang nicht zu begründen, aber das hilft wohl grad keinem ... Zähne zusammen beißen und durch ...
Friday March 24, 6:29 am Eastern Time
FOCUS-Softbank shares slide on report of new share
By Miki Shimogori
TOKYO, March 24 (Reuters) - Shares in high-profile Internet investor Softbank Corp took
another beating on Friday after a media report that it would raise some 300 billion yen ($2.80 billion) through an issue of new
shares at market prices.
The financial daily Nihon Keizai Shimbun said in its evening edition the new share issue -- to be one of the largest ever by a
listed Japanese firm -- was planned for next month in part to finance more investments in fast-growing Web-based startups.
A Softbank spokesman declined to comment on the report, which triggered a late-session tumble in Softbank shares to 87,000
yen -- down 13.86 percent on the day and less than half the record high of 198,000 marked in mid-February.
``It seems that Softbank's shares are caught in a downward spiral,'' said Makoto Ueno, an industry analyst at Daiwa Institute of
Research. ``It's among those issues moving on market momentum, not on its fundamentals. People buy those shares because
they are rising. So when they start falling, people jump in to sell.''
Softbank's shaky share performance has forced investors to rethink the true worth of the Internet investing giant, which can only
generate cash from capital gains on its holdings in other firms, not from its own operations.
Softbank, whose market capitalisation of around nine trillion yen is already among Japan's top five, had chalked up five trillion
yen in net unrealised gains on its investments in publicly listed Web-related firms across the globe, according to calculations at
the start of trade on Friday.
``The report comes at a bad time, just when investors are becoming more selective about high-tech shares as a whole,'' said
Kota Nakako, an analyst at Warburg Dillon Read.
The report came only two days after Softbank said it sold its holdings in anti-virus software maker Trend Micro Inc
(NasdaqNM:TMIC - news) for about 66.9 billion yen, creating the impression that it has few options for generating cash
besides selling shares it holds in other companies.
With Softbank, headed by billionaire Masayoshi Son, extending its reach further into Internet startups by setting up a series of
venture funds across the globe, analysts say more such sales of its holdings are likely.
But analysts doubted whether Softbank would dare to issue new shares at this time, after its share price had already lost half its
value over the past month as investors grew nervous about valuations of high-flying Japanese Internet-related shares.
The reported new share issue would amount to only three percent of Softbank's total market value, so it would not cause much
dilution, they said, but Softbank would have to deny it plans any issue in the immediate future of new shares if it wants to stem a
further fall in its shares.
But Softbank is likely to continue to attract buying by investors who feel they must hold the issue -- one of Japan's core Internet
stocks -- in order to diversify their portfolios.
``You don't have to be too pessimistic,'' said Soichiro Fukuda, an analyst at IBJ Securities.
He said Softbank shares would likely get a lift from the launch in June of Nasdaq Japan, where many companies in which
Softbank has invested are planning to make initial public offerings. Those offerings are expected to boost unrealised profits on
BID FOR FAILED BANK STIRS UNCERTAINTY
Nakako said that, in theory, Softbank shares could find support around 60,000 to 70,000 yen given the current unrealised
value of its stakes in other firms, including Internet portal Yahoo Inc (NasdaqNM:YHOO - news), the diamond in the crown of
Another factor clouding the outlook for Softbank is its leading role in a takeover bid for failed Nippon Credit Bank, which
would require it to pay a large part of the 101 billion yen takeover price.
``The takeover bid makes it look like Softbank has deviated a bit from its original Internet strategy, which should be based on
low-cost, flexible operations,'' said Nakako. ``Its strategy now looks less clear and more complicated to us.''
Credit rating agency Moody's Investors Service in January upgraded Softbank's long-term debt rating to Ba3, but that is still a
Senior Moody's analyst Naoki Takahashi said that, although Softbank can raise cash whenever it wants by selling its holdings in
listed firms, it will find it hard to raise its ratings to investment grade.
One risk factor for bond holders, he said, is its business model, under which subsidiaries pay no dividends to the parent holding
company -- and thus generate no cash.