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For Masayoshi Son, these days are even better than the dot-com bubble.

Shares in the Japanese billionaire’s SoftBank Group Corp. surged in Tokyo on Tuesday to the highest close since the company went public in 1994, rising past a long-standing record two decades ago.

The shares rose 4.2% to finish at 10,420 yen, surpassing its previous record of 10,111.09 yen marked on Feb. 18, 2000. SoftBank’s recent share price gains have been backed by a surging stock market which lifted the value of its portfolio companies.

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The gains come on the heels of last week’s record profit at its Vision Fund. The fund reported an 844.1 billion yen ($8 billion) profit in the three months ended Dec., beating record numbers set just a quarter earlier. SoftBank is planning to take at least six more of its portfolio companies public this year, building on a 2020 turnaround. This includes South Korean e-commerce giant Coupang Corp., which just filed for a U.S. listing.

“The global equity market rally is boosting people’s view on SoftBank’s first and second Vision Funds," said Masahiko Ishino, an analyst at Tokai Tokyo Research Center.

It is “possible" for the stock to head for levels near 15,000 yen, as Son has asked investors to evaluate the stock based on its net asset value, or the value of its equity holdings less its net debt, he said. SoftBank currently calculates its net asset value at 14,935 yen a share as of Jan. 1, with much of that coming from China e-commerce giant Alibaba Group Holding Ltd.

With Tuesday’s rally, the stock has surpassed Ishino’s target share price of 10,000 yen. The stock also trades above analysts’ 12-month consensus of 9,592.14 yen, according to data compiled by Bloomberg. The 14-day relative strength on SoftBank stock hovers above the 70 mark, an indication that shares may be poised for a downward correction.

“My eyes are on how the net asset value growth takes its course from here," Ishino said. “Currently, it relies heavily on Alibaba. The focus will be on whether it is able to lift expectations for its other investments in the two Vision Funds, as it cuts back on Alibaba."

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