Expert on Japan Retail and Consumer Markets, JapanConsuming

Michael Causton

Expert on Japan Retail and Consumer Markets

Real Insight on Japanese Consumer Markets

JapanConsuming

JapanConsuming is a specialist research firm producing intelligence on Japanese retail and consumer markets. Founded in 2000, JapanConsuming has become the leading provider of insights on Japanese retailers and consumer trends to retailers, brands, government agencies and investors. As well as a highly regarded monthly report on the market, JapanConsuming produces in-depth reports on retail sectors, seminars on key trends and telephone consulting to investors on trends and retailers.

JapanConsuming was founded by Michael Causton and Roy Larke. 

Equity Bottom-Up

<ul>
<li>Rakuten still gets a lot of flak for its mobile business but its core e-commerce operation continues to improve.</li>
<li>Rakuten will launch Rakuten Mart this month,  an online supermarket but with Rakuten Ichiba vendors too.</li>
<li>Online food retailing is becoming a major source of competition with Amazon, Aeon and Seven &amp; I all investing heavily but Rakuten is holding its own.</li>
</ul>


Rakuten still gets a lot of flak for its mobile business but its core e-commerce operation continues to improve.
Rakuten will launch Rakuten Mart this month,  an online supermarket but with Rakuten Ichiba vendors too.
Online food retailing is becoming a major source of competition with Amazon, Aeon and Seven &amp; I all investing heavily but Rakuten is holding its own.


Podcast by Dom Cooke to explore big businesses, Business Breakdowns

Business Breakdowns

Podcast by Dom Cooke to explore big businesses

Learn how companies work from the people who know them best. We do deep research and interview industry veterans, investment professionals, and corporate executives to explain the inner workings of public stocks and private businesses. For each company, we break down their history, business model, financial statements, secret sauce, and bull/bear case. We believe every business has lessons to teach us and Breakdowns is here to highlight them. Learn more and stay up to date at www.joincolossus.com.

<ul><li>Rakuten is a Japanese conglomerate with a diverse portfolio of businesses, including e-commerce, finance, travel, and mobile telephony.</li><li>Founded during the late nineties global Internet boom, Rakuten has become a ubiquitous brand in Japan.</li><li>The loyalty point system has become a key feature of Rakuten's business model, connecting its various services together.</li></ul>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

Rakuten is a Japanese conglomerate with a diverse portfolio of businesses, including e-commerce, finance, travel, and mobile telephony.Founded during the late nineties global Internet boom, Rakuten has become a ubiquitous brand in Japan.The loyalty point system has become a key feature of Rakuten's business model, connecting its various services together.This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

Rakuten: Rewiring Japan's Digital Economy - [Business Breakdowns, EP.182]

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Today, <a href="https://www.smartkarma.com/entities/rakuten-group-inc" target="_blank" data-smartkarma-citation="entities:31:1" rel="noopener">Rakuten Group (4755 JP)</a> announced it would propose an amendment to its Articles at the AGM (28 March) to issue "Bond-Type Class Shares."   First reaction: You wot, mate?</li>
<li>The company states it wants to "strengthen its financial base through reducing interesting-bearing debt by equity-related financings and conduct proactive control of debt maturity schedule, etc."
</li>
<li>Now it wants to issue listed bond-type shares. Dividends not interest. The last Japanese issuer of something similar was NEC in 2001. Few will remember, so we study the situation.</li>
</ul>


Today, Rakuten Group (4755 JP) announced it would propose an amendment to its Articles at the AGM (28 March) to issue "Bond-Type Class Shares."   First reaction: You wot, mate?
The company states it wants to "strengthen its financial base through reducing interesting-bearing debt by equity-related financings and conduct proactive control of debt maturity schedule, etc."

Now it wants to issue listed bond-type shares. Dividends not interest. The last Japanese issuer of something similar was NEC in 2001. Few will remember, so we study the situation.


Rakuten's New "Bond-Type Share" Issuance - Quite Quirky to Quantulate Rakuten's Quisquous New Quoz

<ul>
<li>A couple of years ago, <a href="https://www.smartkarma.com/entities/rakuten-group-inc" target="_blank" data-smartkarma-citation="entities:31:1" rel="noopener">Rakuten (4755 JP)</a> - burning through cash to start its mobile business - announced it would its Bank and Securities units. Bank listed. Securities didn't.</li>
<li>Mizuho ended up buying 49% of Securities. Today, it was announced there would be discussions to put Bank, Securities, Card, and Insurance in a new listed Holdco.</li>
<li>How this works will end up being complicated. More complicated than it should be. But the complexity would make this more of a win-win for everyone. </li>
</ul>


A couple of years ago, Rakuten (4755 JP) - burning through cash to start its mobile business - announced it would its Bank and Securities units. Bank listed. Securities didn't.
Mizuho ended up buying 49% of Securities. Today, it was announced there would be discussions to put Bank, Securities, Card, and Insurance in a new listed Holdco.
How this works will end up being complicated. More complicated than it should be. But the complexity would make this more of a win-win for everyone. 


If Rakuten (4755) Combines Financial Units... Who Wins and How? Well... It's Complicated

Senior Credit Analyst, Lucror Analytics

Leonard Law, CFA

Senior Credit Analyst

High Yield Experts

Lucror Analytics

Lucror Analytics is a leading credit and ESG research specialist and a provider of technology solutions for differentiated fixed income strategies. Our roots are in bottom-up fundamental credit analysis with a specialization in high yield corporate credits from Europe, Asia and Latin America. We are one of few research specialists integrating ESG considerations with fundamental credit research through a dedicated ESG platform. Our ESG assessment covers five key criteria: Disclosure, E,S, & G Pillars, Controversies, ESG Impact on Credit and ESG Momentum.

Recognizing the importance and value-add of Factor Investing in fixed income, Lucror developed the Smart Quant Navigator (SQN), an intuitive platform that helps clients devise and implement factor-based strategies ranging from pure quant to active fundamental, with integrated ESG.

Our company has been at the forefront of developments in the fixed income markets, identifying opportunities and consistently delivering new products and value-adding solutions to clients. Lucror has close relationships with the largest and most reputable asset managers, family offices, hedge funds, investment and wealth managers globally.

Credit

Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region, based on key company-specific developments in the past 24 hours. Our Morning Views include a section with a brief market commentary, key market indicators and a macroeconomic and corporate event calendar.<ul><li><a href='#lucror-entity-433'>Fosun International</a></li><li><a href='#lucror-entity-13359'>Lenovo</a></li><li><a href='#lucror-entity-10946'>Lippo Malls Indonesia Retail Trust</a></li><li><a href='#lucror-entity-11842'>NTPC Ltd</a></li><li><a href='#lucror-entity-31'>Rakuten</a></li></ul>

Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region, based on key company-specific developments in the past 24 hours. Our Morning Views include a section with a brief market commentary, key market indicators and a macroeconomic and corporate event calendar.Fosun InternationalLenovoLippo Malls Indonesia Retail TrustNTPC LtdRakuten

Morning Views Asia: Fosun International, Lenovo, Lippo Malls Indonesia Retail Trust, NTPC Ltd, Rakuten

Japan

Rakuten Group, Inc. provides Internet services. The Company offers Internet finance services which including "Rakuten Card" and "Rakuten Bank". Rakuten Group also provides digital content services including electronic book services.

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Rakuten (4755 JP)

Rakuten Mart Launching This Month

Despite criticism of its mobile business, Rakuten's core e-commerce operation is thriving and set to launch Rakuten Mart, an online supermarket,...

Michael Causton

Rakuten: Rewiring Japan's Digital Economy - [Business Breakdowns, EP.182]

Rakuten is a Japanese Internet conglomerate known for its diverse range of services, unique loyalty point system, and strong presence in Japan,...

Business Breakdowns

If Rakuten (4755) Combines Financial Units... Who Wins and How? Well... It's Complicated

Today, Rakuten Bank and parent extended their "Fintech Reorganisation" timetable to Jan 1. I still think the best way is to have Rakuten Bk issue...

Travis Lundy

Morning Views Asia: Fosun International, Lenovo, Lippo Malls Indonesia Retail Trust, NTPC Ltd, Rakuten

Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region,...

Lucror Analytics

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Rakuten Mart Launching This Month

​Despite criticism of its mobile business, Rakuten's core e-commerce operation is thriving and set to launch Rakuten Mart, an online supermarket,...

Michael Causton

Rakuten: Rewiring Japan's Digital Economy - [Business Breakdowns, EP.182]

Rakuten is a Japanese Internet conglomerate known for its diverse range of services, unique loyalty point system, and strong presence in Japan,...

Business Breakdowns

Rakuten's New "Bond-Type Share" Issuance - Quite Quirky to Quantulate Rakuten's Quisquous New Quoz

Rakuten (4755) today announced they would seek shareholder approval to issue "Bond-Type Shares". MILES better than Toyota's AA Shares. But odd....

Travis Lundy

If Rakuten (4755) Combines Financial Units... Who Wins and How? Well... It's Complicated

Today, Rakuten Bank and parent extended their "Fintech Reorganisation" timetable to Jan 1. I still think the best way is to have Rakuten Bk issue...

Travis Lundy

Morning Views Asia: Fosun International, Lenovo, Lippo Malls Indonesia Retail Trust, NTPC Ltd, Rakuten

Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region,...

Lucror Analytics

Despite criticism of its mobile business, Rakuten's core e-commerce operation is thriving and set to launch Rakuten Mart, an online supermarket,...