Value Investing

Vladimir Dimitrov, CFA

Equity Bottom-Up

<ul>
<li>PayPal has significant competitive advantages, and the management is making the right moves to improve them.</li>
<li>PayPal continues to slide to multi-year lows, with a mixed quarter that was perceived as a very negative one.</li>
<li>PayPal has been in a strong position in the market for the past three years.</li>
</ul>


PayPal has significant competitive advantages, and the management is making the right moves to improve them.
PayPal continues to slide to multi-year lows, with a mixed quarter that was perceived as a very negative one.
PayPal has been in a strong position in the market for the past three years.


PayPal: Panicking As A Result Of Quarterly Trends And Narratives Is Not A Viable Strategy

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/rakuten-bank-ltd" target="_blank" data-smartkarma-citation="entities:35638:1" rel="noopener">Rakuten Bank (5838 JP)</a>, the online banking arm of <a href="https://www.smartkarma.com/entities/rakuten-group-inc" target="_blank" data-smartkarma-citation="entities:31:1" rel="noopener">Rakuten (4755 JP)</a>, aims to raise up to around US$900m in its Japan listing in April 2023.</li>
<li>RB is the largest internet bank in Japan, by number of accounts. As of Dec 22, it had 13.3m deposit accounts with a total deposit base of JPY8.8tn.</li>
<li>In our earlier notes, we have looked at the company’s past performance. In this note, we talk about the updates from its recent filings.</li>
</ul>



Rakuten Bank (5838 JP), the online banking arm of Rakuten (4755 JP), aims to raise up to around US$900m in its Japan listing in April 2023.
RB is the largest internet bank in Japan, by number of accounts. As of Dec 22, it had 13.3m deposit accounts with a total deposit base of JPY8.8tn.
In our earlier notes, we have looked at the company’s past performance. In this note, we talk about the updates from its recent filings.


Rakuten Bank IPO - Recent Filings Updates and Quick Thoughts on Valuation

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

<ul><li>PayPal Holdings delivered strong results in the last quarter surpassing Wall Street expectations in terms of revenues as well as earnings.</li><li>In the quarter, eBay Marketplaces revenue fell by 31%, and the take rate on these volumes dropped from 2.29% to 1.95%.</li><li>We give PayPal Holdings a 'Buy' rating with a revised target price.</li></ul>

PayPal Holdings delivered strong results in the last quarter surpassing Wall Street expectations in terms of revenues as well as earnings.In the quarter, eBay Marketplaces revenue fell by 31%, and the take rate on these volumes dropped from 2.29% to 1.95%.We give PayPal Holdings a 'Buy' rating with a revised target price.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/rakuten-bank-ltd" target="_blank" data-smartkarma-citation="entities:35638:1" rel="noopener">Rakuten Bank</a>, the online banking arm of <a href="https://www.smartkarma.com/entities/rakuten-inc" target="_blank" data-smartkarma-citation="entities:31:1" rel="noopener">Rakuten Inc (4755 JP)</a>, aims to raise around US$500m (estimated) in its Japan listing in April 2023. </li>
<li>RB is the largest internet bank in Japan, by number of accounts. As of Mar 2023, it had 13.39m deposit accounts with a total deposit base of JPY8.6tn. </li>
<li>In this note we take an early look at the IPO and talk about the positive aspects of its past performance.</li>
</ul>



Rakuten Bank, the online banking arm of Rakuten Inc (4755 JP), aims to raise around US$500m (estimated) in its Japan listing in April 2023. 
RB is the largest internet bank in Japan, by number of accounts. As of Mar 2023, it had 13.39m deposit accounts with a total deposit base of JPY8.6tn. 
In this note we take an early look at the IPO and talk about the positive aspects of its past performance.


Rakuten Bank IPO Early Look - The Positives - Has Grown Fast over the past Few Years

Articles from Caixin Global, Caixin Global

Caixin Global

Articles from Caixin Global

Caixin is a media group dedicated to providing financial and business news through periodicals, online content, mobile apps, conferences, books and TV/video programs. Caixin aims to blaze a trail that helps traditional media prosper in the new media age through integrated multimedia platforms.

News from Caixin

Cross Asset Strategy

<ul><li>In Depth: Why medical students in China are faking their way to a doctor’s license</li><li>China to send $6 million in emergency aid to quake-hit Turkey</li><li>Beijing tells Taipei that mainland is ready to resume cross-strait flights</li></ul>

In Depth: Why medical students in China are faking their way to a doctor’s licenseChina to send $6 million in emergency aid to quake-hit TurkeyBeijing tells Taipei that mainland is ready to resume cross-strait flights

CX Daily: Why Medical Students in China Are Faking Their Way to a Doctor’s License

United States

Paychex, Inc. provides comprehensive payroll and integrated human resource and employee benefits outsourcing solutions for small- to medium-sized businesses in the United States. The Company's services range from calculating payroll and filing tax payments to administering retirement plans and workers' compensation.

Cognizant Technology Solutions Corporation provides custom Information Technology (IT) consulting and technology services as well as outsourcing services. The Company's core competencies include technology strategy consulting, complex systems development, enterprise software package implementation and maintenance, data warehousing and business intelligence.

Fiserv, Inc. provides integrated information management and electronic commerce systems and services. The Company's solutions include transaction processing, electronic bill payment and presentment, business process outsourcing, document distribution services, and software and systems solutions.

Global Payments Inc. provides electronic transaction processing, information systems, and services.  The Company serves the financial, corporate, government, and merchant communities on a worldwide basis.  Global Payments provides funds transfer, merchant services, merchant accounting, Internet services, and other services.

Gartner, Inc. provides research and analysis on the computer hardware, software, communications, and related information technology industries.  The Company's business segments include research, consulting, measurement, events and executive programs.

Booz Allen Hamilton Holding Corp. provides management and technology consulting services to the U.S. government in the defense, intelligence and civil markets. The Company offers economic and business analysis, information technology, intelligence and operations analysis, modeling and simulation, organization and other consulting services.

Fidelity National Information Services, Inc. is a payment services provider. The Company provides credit and debit card processing, electronic banking services, check risk management, check cashing, and merchant card processing services to financial institutions and merchants.

Corpay, Inc. operates as a business payments company. The Company offers global payment, currency risk management, and invoice automation solutions which help businesses to control, simplify, and secure payment for vehicle related expenses, general payables, tolls, insurance, and lodging expenses. Corpay serves customers worldwide.

Jack Henry & Associates, Inc. develops, markets, and installs integrated computer systems for in-house and service bureau data processing to banks and other financial institutions.  Jack Henry also performs data conversion and software installation and customization for the implementation of its systems along with continuing customer maintenance.

Automatic Data Processing, Inc. is a global provider of business outsourcing solutions.  The Company's services include a wide range of human resource, payroll, tax and benefits administration solutions.  Automatic Data also provides solutions to auto, truck, motorcycle, marine and recreational vehicle dealers.

Infosys Limited provides IT consulting and software services, including e-business, program management and supply chain solutions. The Group's services include application development, product co-development, and system implementation and system engineering. Infosys targets businesses specializing in the insurance, banking, telecommunication and manufacturing sectors.

OBIC Co., Ltd. provides computer system integration, office automation, consultation, and system support services primarily for small and medium size companies.  The Company sells, leases, and maintains computers, peripherals, and related systems.  OBIC also develops and sells customized software and network systems.

Tech Mahindra Ltd. develops and markets computer software.  The Company markets software for telecommunications equipment manufacturers, telecom service providers, software vendors, and systems integrators.

NTT Data Corporation mainly provides large scale system integration and networking system services. System integration involves data transmission system design, sales, leasing, and services.  Network System Services include internet related and linked computer networks, and data provision and management of data. The Company is a subsidiary of Nippon Telegraph & Telephone Corporation.

Wipro Limited specializes in IT and computer related technologies. The Group's services encompass a number of areas, including software architecture, business intelligence systems, e-commerce, data warehousing, Internet access devices, network management, system administration, messaging systems, IT consulting and design. Wipro also has a presence in niche markets of consumer products.

Fujitsu Ltd manufactures semiconductor, computer, and communication equipment. The Company provides comprehensive information technology, network and telecommunication solutions, and Internet services.

Nomura Research Institute, Ltd. provides information technology, research, consulting, and analyzing for business strategy decision-making.  The Company also provides application software for system operation services.

HCL Technologies Limited provides software development and related engineering services.  The Group's technologies utilize a variety of technologies, including Internet and e-commerce, networking, internet telephony, embedded software, ASIC/VLSI design and testing, satellite and wireless communications, and component based object technologies, including COM, DCOM and COBRA.

Amadeus IT Holding SA processes transactions for the global travel and tourism industry.  The Company processes transactions for airlines, hotels, rail operators, cruise lines and ferry operators, car rental companies, and tour operators.

Cap Gemini SA offers computer and management consulting services. The Company develops software and offers information systems management, project management, and education and training services. Cap Gemini serves customers in the petroleum, financial services, automotive, aerospace, and telecommunications industries in Europe, the United States, Asia, and South Africa.

PayPal Holdings, Inc. operates as a technology platform company that enables digital and mobile payments on behalf of consumers and merchants. The Company offers online payment solutions. PayPal Holdings serves customers worldwide.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Paypal Holdings (PYPL US)

PayPal: Panicking As A Result Of Quarterly Trends And Narratives Is Not A Viable Strategy

PayPal continues to slide to multi-year lows, with a mixed quarter that was perceived as a very negative one. PayPal has been in a strong position...

Vladimir Dimitrov, CFA

Rakuten Bank IPO - Recent Filings Updates and Quick Thoughts on Valuation

Rakuten Bank (5838 JP), the online banking arm of Rakuten (4755 JP), aims to raise up to around US$900m in its Japan listing in April 2023.

Sumeet Singh

PayPal Holdings Inc.: Major Drivers

PayPal Holdings delivered strong results in the last quarter surpassing Wall Street expectations in terms of revenues as well as earnings. In the...

Baptista Research

Rakuten Bank IPO Early Look - The Positives - Has Grown Fast over the past Few Years

Rakuten Bank, the online banking arm of Rakuten Inc (4755 JP), aims to raise around US$500m in its Japan listing in April 2023. In this note, we...

Sumeet Singh

CX Daily: Why Medical Students in China Are Faking Their Way to a Doctor’s License

In Depth: Why medical students in China are faking their way to a doctor’s license. China to send $6 million in emergency aid to quake-hit Turkey

Caixin Global

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)