Daily Brief Consumer: Rakuten, Makalot Industrial, Starbucks Corp, Golden Eagle Retail and more

• Rakuten (4755 JP) aims to raise up to US$2.4bn (JPY323bn) via a global offering.
• We have covered various aspects of the deal in our earlier notes, see here and here.
• In this note, we will talk about the updates since our last note, as well as the performance of some of the past large primary raises in Japan.

• In this insight, we take a look at Quiddity’s flow expectations for the June 2023 index rebalance.
• I currently see 5 ADDs/DELs. Some of these names are different from the ones I specified in my previous insight.
• I have also discussed some long-short trading ideas involving names with significant flow implications.

• Starbucks Corp. is a roaster, marketer, and retailer of specialty coffee with operations in approximately 83 markets.
• It has over 35,000 Company-operated and licensed stores.
• It operates through three segments: North America, which includes the United States and Canada; International, which includes China, Japan, Asia Pacific, Europe, Middle East, Africa, Latin America, and the Caribbean; and Channel Development.

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.

• Golden Eagle Retail
• Vedanta Resources