软银集团（9984.HK）净资产价值折让：50%（较年初下降29.3个百分点），股价6500港元（年初至今上涨47.1%）

Morgan Stanley MUFG Securities Co., Ltd.+Tetsuro Tsusaka, CFAEquity Analyst Softbank Group(9984)| Japan NAV Discount: -50% (-29.3ppt YTD): Share Price ¥6.5K (+47.1%YTD) vs. NAV ¥13.0K (+133.4%YTD) Luyuan Yang, CFAEquity Analyst Keiji NishimuraResearch Associate NAV discount: -50% (-29.3ppt YTD): share price ¥6.5K (+47.1% YTD) vs. NAV¥13.0K(+133.4% YTD): YTD% within total (JPY) ARM: +294%, Others: +17% Softbank Group (9984.T, 9984 JT) Internet & Media|Japan Stock RatingIndustry ViewPrice targetShr price, close (Jun 12, 2026)Mkt cap, curr, basic (bn)Avg daily trading value (bn) Morgan Stanley does and seeks to do business withcompanies covered in Morgan Stanley Research. As a result,investors should be aware that the firm may have a conflict ofinterest that could affect the objectivity of Morgan StanleyResearch. Investors should consider Morgan Stanley For analyst certification and other important disclosures,refer to the Disclosure Section, located at the end of thisreport. += Analysts employed by non-U.S. affiliates are not registeredwith FINRA, may not be associated persons of the memberand may not be subject to FINRA restrictions oncommunications with a subject company, public appearancesand trading securities held by a research analyst account. Valuation Methodology and Risks Softbank Group (9984.T) NAV discount widened from 30% to 40%. Risks to Upside Recovery to a robust IPO situation Fall in interest rates, which enhances markets' investment to growth companies, and increase Risks to Downside Continuing bear stock market, leading to fewer IPOs and cautious investment decisions Disclosure SectionThe information and opinions in Morgan Stanley Research were prepared by Morgan Stanley MUFG Securities Co., Ltd. and its affiliates (collectively, "Morgan Stanley"). For important disclosures, stock price charts and equity rating histories regarding companies that are the subject of this report, please see the Morgan Stanley Research Disclosure Websiteat www.morganstanley.com/eqr/disclosures/webapp/generalresearch, or contact your investment representative or Morgan Stanley Research at 1585 Broadway, (Attention: Research For valuation methodology and risks associated with any recommendation, rating or price target referenced in this research report, please contact the Client Support Team as follows: US/Canada+1 800 303-2495; Hong Kong +852 2848-5999; Latin America +1 718 754-5444 (U.S.); London +44 (0)20-7425-8169; Singapore +65 6834-6860; Sydney +61 (0)2-9770-1505; Tokyo +81(0)3-6836-9000. Alternatively you may contact your investment representative or Morgan Stanley Research at 1585 Broadway, (Attention: Research Management), New York, NY 10036 USA. Analyst Certification The following analysts hereby certify that their views about the companies and their securities discussed in this report are accurately expressed and that they have not received and will notreceive direct or indirect compensation in exchange for expressing specific recommendations or views in this report: Tetsuro Tsusaka, CFA. Global Research Conflict Management Policy Morgan Stanley Research has been published in accordance with our conflict management policy, which is available at www.morganstanley.com/institutional/research/conflictpolicies. APortuguese version of the policy can be found at www.morganstanley.com.br Important Regulatory Disclosures on Subject Companies The analyst or strategist (or a household member) identified below owns the following securities (or related derivatives): Luyuan Yang, CFA -Softbank Group(common or preferred stock).As of May 29, 2026, Morgan Stanley beneficially owned 1% or more of a class of common equity securities of the following companies covered in Morgan Stanley Research: CyberAgent, Dentsu, Within the last 12 months, Morgan Stanley managed or co-managed a public offering (or 144A offering) of securities of LY Corporation, Rakuten Group,Softbank Group.Within the last 12 months, Morgan Stanley has received compensation for investment banking services from Dentsu, LY Corporation, Rakuten Group,Softbank Group.In the next 3 months, Morgan Stanley expects to receive or intends to seek compensation for investment banking services from Askul, CyberAgent, Dentsu, Hakuhodo DY Holdings, Kakaku.com, Within the last 12 months, Morgan Stanley has received compensation for products and services other than investment banking services from LY Corporation, Rakuten Group,Softbank Group.Within the last 12 months, Morgan Stanley has provided or is providing investment banking services to, or has an investment banking client relationship with, the following company: CyberAgent, Within the last 12 months, Morgan Stanley has either provided or is providing non-investment banking, securities-related services to and/or in the past has entered into an agreement to provide Morgan Stanley and its affiliates do business that relates to companies/instruments covered in Morgan Stanley Research, in