Telco/Internet specialist

Kirk Boodry

Redex Research

Thematic (Sector/Industry)

<ul>
<li>The Japan telecom and Internet companies in our coverage universe held ¥1,253bn in public equities as of Q2(Sep) largely built through capital alliances tied to business collaboration</li>
<li>NTT has the largest portfolio at c. ¥958bn (7% of market cap) followed by KDDI. Toyota (¥354bn) and JTower (three strategic telcos) are the largest and most widely held </li>
<li>The P&amp;L impact of valuation changes in Q2 should be muted. We have included tables for all the companies in our coverage</li>
</ul>


The Japan telecom and Internet companies in our coverage universe held ¥1,253bn in public equities as of Q2(Sep) largely built through capital alliances tied to business collaboration
NTT has the largest portfolio at c. ¥958bn (7% of market cap) followed by KDDI. Toyota (¥354bn) and JTower (three strategic telcos) are the largest and most widely held 
The P&amp;L impact of valuation changes in Q2 should be muted. We have included tables for all the companies in our coverage


Japan Telecoms/Internet - A Quick Look at Public Equity Portfolios

<ul>
<li>Japan's telecom regulator has raised the issue of mobile spectrum auctions and is now soliciting public comments</li>
<li>We think this conflicts with national policies to boost ICT exports after years of trade deficits whilst new entrant Rakuten, which MIC supports to promote competition, would suffer</li>
<li>The proposals are for new spectrum only and current licenses and associated annual payments would not be affected. We remain overweight JP telcos, particularly NTT and KDDI</li>
</ul>


Japan's telecom regulator has raised the issue of mobile spectrum auctions and is now soliciting public comments
We think this conflicts with national policies to boost ICT exports after years of trade deficits whilst new entrant Rakuten, which MIC supports to promote competition, would suffer
The proposals are for new spectrum only and current licenses and associated annual payments would not be affected. We remain overweight JP telcos, particularly NTT and KDDI


Japan Telecoms - There Are Hurdles to the Introduction of Mobile Spectrum Auctions

<ul>
<li>5G-Capable devices now account for 25% of total devices in Japan. So far, 5G take-up appears to be quicker than 4G although that doesn't translate into higher revenue</li>
<li>MVNO subscriptions continue to grow despite former leader Rakuten moving users to its own network. IIJ remains the segment leader</li>
<li>Rakuten Mobile's subscriber woes have been well-flagged but another issue may be ahead as the migration of MVNO subs to the MNO platform has slowed in recent quarters.</li>
</ul>


5G-Capable devices now account for 25% of total devices in Japan. So far, 5G take-up appears to be quicker than 4G although that doesn't translate into higher revenue
MVNO subscriptions continue to grow despite former leader Rakuten moving users to its own network. IIJ remains the segment leader
Rakuten Mobile's subscriber woes have been well-flagged but another issue may be ahead as the migration of MVNO subs to the MNO platform has slowed in recent quarters.


Japan Telecoms - MIC Reports Telecom Subscription Data Including a Key 5G Milestone

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>The battle for online food sales continues to heat up, with Rakuten and Amazon squaring up to challenge for supremacy. </li>
<li>Although Amazon has signed two of the largest names, Life and Valor, Rakuten is quickly catching up, last month adding Comodi-Iida to existing members, Seiyu, Beisia and Inageya.</li>
<li>Other supermarket chains are already preparing to sign-up with Rakuten. </li>
</ul>


The battle for online food sales continues to heat up, with Rakuten and Amazon squaring up to challenge for supremacy. 
Although Amazon has signed two of the largest names, Life and Valor, Rakuten is quickly catching up, last month adding Comodi-Iida to existing members, Seiyu, Beisia and Inageya.
Other supermarket chains are already preparing to sign-up with Rakuten. 


Rakuten’s Netsuper Expands with New Partners

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>Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.</li>
<li>On the IPO front, a few large Hong Kong IPOs are lining up to launch soon.</li>
<li>Placements picked up this week in Japan and India with most being secondary deals.</li>
</ul>


Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.
On the IPO front, a few large Hong Kong IPOs are lining up to launch soon.
Placements picked up this week in Japan and India with most being secondary deals.


ECM Weekly (12th Sep 2022) - Onewo, CALB, YSB, Medanta, Beneunder, JMDC, SH Holdings, Indigo

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)

Japan Telecoms/Internet - A Quick Look at Public Equity Portfolios

Public equity portfolios in our coverage represent 3% of total market cap, driven by capital alliances tied to business collaboration. We thought...

Kirk Boodry

Japan Telecoms - There Are Hurdles to the Introduction of Mobile Spectrum Auctions

The regulator has taken up the issue of mobile spectrum auctions again but we think a focus on ICT export and concerns on competition stand in the way

Kirk Boodry

Japan Telecoms - MIC Reports Telecom Subscription Data Including a Key 5G Milestone

MIC data highlights the rapid proliferation of 5G as capable devices exceed 25% two years after launch. The latest also reiterates mobile strength...

Kirk Boodry

Rakuten’s Netsuper Expands with New Partners

Rakuten continues to maintain leadership in Japanese e-commerce against rivals Amazon and Z Holdings and could emerge as the top player in the...

Michael Causton

ECM Weekly (12th Sep 2022) - Onewo, CALB, YSB, Medanta, Beneunder, JMDC, SH Holdings, Indigo

Aequitas Research puts out a weekly update on the deals that were covered by the team recently along with updates for upcoming IPOs.

Sumeet Singh

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