Market Discounts SoftBank Over Leverage, Not Portfolio Quality
SoftBank Group posted a record net asset value of ¥72.3T on Jun 30, then saw that NAV fall by nearly ¥14T to ¥58.3T by Aug 5 while its share price remains deeply discounted to stated NAV. The disconnect between rising paper gains and a collapsing share price reflects market concern about the debt and short-term financing SoftBank has taken on to fu…