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Technology Stocks : Softbank Group Corp -- Ignore unavailable to you. Want to Upgrade?

To: Jonas1 who wrote (2971)	1/2/2000 2:57:00 AM
From: TobagoJack	Read Replies (1) \| Respond to of 6018

Jonas, I am guessing (nope, actually counting on) that NASDAQ SFTBF will ... (1) allow 9984 to prospect for pre-IPO investments for its funds, compare business plans (2) shop for alliances amongst the IPO applicants (3) source IPO candidates for E*Trade Japan/USA (4) lists its own IPOs (5) make markets via subsidiaries and invested companies (6) earn an exchange fee (7) affect government policy (8) ride the biggest liquidity bubble in all times and (9) get us to Yen 800k Mr. Milken and KKR did not have a clue in the 1980s.

To: Jonas1 who wrote (2971)	1/2/2000 1:33:00 PM
From: Edwin S. Fujinaka	Read Replies (1) \| Respond to of 6018

Although I have some reservations myself about the income producing potential of owning Nasdaq Japan, I think that Jay has indicated many benefits that will accrue to Softbank even if there are no profits from Nasdaq Japan. You are, at the very least, in the position of an insiders insider. I have always felt that the ownership of Ziff Davis and ZD Net had somewhat the same effect, regardless of the profitability (or lack thereof) of Ziff Davis itself as a freestanding Company. Through ownership of ZD, Softbank was an initial insider with regard to information on how the computer, high tech, and internet was developing. But the owners and directors of Nasdaq US wear nice suits and eat at nice restaurants so I guess it will not be a money drag <G>. (Actually, I know that there is only a remote correlation between ones haberdashery and ones net worth <G>).

To: Jonas1 who wrote (2971)	1/4/2000 10:38:00 PM
From: Taikun	Respond to of 6018

Jonas, here are the Nasdaq financials as per Hoovers. $47m in net income in 98, 450m in equity. I don't hear much action from Nasdaq Japan, though. The buzz is with Mothers - they have first mover. Personally, I don't like the system for individual investors, though. The only way for individuals to get into the IPOs, though, seems to be via mutual funds (better vehicle to enrich securities companies and their high overheads on mutual funds than through Etrade Japan handled IPOs). Son's Softbank Technology on the TSE IPOed at 40,000 yen but on the Mothers IRI IPOs at $117,000, 1000 shares to the public. Something I don't understand perhaps but this looks like it is shaping up to be an institutional game, branded just the way Japanese investors like. Nomura, Nikko no longer pushing foreign securities, hedge funds on Japanese investors, Japanese securities exclusively. I don't see how Nasdaq Japan/Etrade led IPOs fit in. Even Wit has a JV with Nikko in Japan. I can't see 9984's branding. Nasdaq looks like it could be a nice money-maker, but I really can't see how the branding will work. Annual Financials Income Statement All dollar amounts in million except per share amounts. Dec 98 Dec 97 Dec 96 Revenue 739.5 634.4 556.1 Total Net Income 47.0 36.1 54.8 Net Profit Margin 6.4% 5.7% 9.9% Balance Sheet Dec 98 Dec 97 Dec 96 Cash 143.3 43.6 37.2 Net Receivables 112.2 76.2 -- Total Current Assets 644.2 228.4 175.7 Total Assets 921.2 697.6 548.2 Total Current Liabilities 371.0 243.5 163.5 Long-Term Debt 25.0 25.0 0.0 Total Liabilities 470.8 299.8 186.5 Total Equity 450.5 397.8 361.7