In today’s briefing:
- Cash Generation from the Sale of Subsidiary Shares Is the Default, but the Issue Remains Postponed
Cash Generation from the Sale of Subsidiary Shares Is the Default, but the Issue Remains Postponed
- By canceling the IPO of Rakuten Securities, it is assumed that Rakuten Group wanted to generate cash on schedule even if it was 10 billion yen less than originally planned.
- Although Rakuten Group could generate cash in the predetermined time. it remains unclear whether the company has secured a path to improve cash flow in the pending cell phone business.
- If Rakuten Securities went to public, another parent-subsidiary listing would have been created, so the cancellation of the IPO can be evaluated as positive for the quality of the market.
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